How to convert Bitcoin to cash

Whitepay Posted 06.09.2022 • 5 mins read
How to convert Bitcoin to cash

As we said in the previous articles, demand for bicton and other cryptocurrencies increases rapidly. Many consider cryptocurrency as the money of the future. Nowadays, bitcoin is widely used as a payment method. So, you can hold, buy and sell with crypto. And what if you want to convert bitcoin to cash? 

Let's assume you have bitcoin stored in your cryptocurrency wallet and want to make a profit and withdraw the amount in fiat currency to your bank account. Or you want to convert the crypto to pay for some service or product. The good news is that it's pretty easy to do. Let's explore the multiple options of converting bitcoins to cash and figure out the best way to cash out. 

What is the fastest way to turn crypto into cash?

So, you have some bitcoin in your wallet and want to convert your cryptocurrency to cash. There are typical ways of cashing out bitcoins:

  • Cryptocurrency exchange;

  • Peer-To-Peer Crypto Exchange;

  • Bitcoin ATM;

  • Crypto debit card. 

Each of these methods has its characteristics. You need to study each method in detail to find the one that suits your particular situation. Let's look at each way to convert bitcoin into cash.  

Exchange or sell Bitcoin

A central cryptocurrency exchange is one of the easiest ways to cash out crypto. Mainly if you already use any cryptocurrency exchange and have some crypto in your wallet. 

The process is quite the same as usual currency exchanges when you want to convert currencies. You must choose the coin and the amount you want to sell. Then select the currency to convert and confirm the operation. That's all! The withdrawal will be paid into your bank account. 

How to convert crypto? Use P2P crypto exchange

If you're looking for a faster and more anonymous way of converting bitcoin that's it. You can use a peer-to-peer platform to sell bitcoin for cash. When an operation occurs between two people, for example, merchant and customer, you can choose a payment method, avoid high fees, fraud, and stay anonymous. 

Use Bitcoin ATM to cash out Bitcoin

You can cash out bitcoin in unique places called Bitcoin ATMs. It's a specialized banking machine from which you can buy and sell crypto. These machines provide fast and easy way to convert Bitcoin and receive money right now without transferring it to a bank account.

Bitcoin ATMs allow you to scan a QR code, and then you can sell Bitcoin for cash. These ATMs are located in most countries and can be found on the Internet. If you need cash right away and want to sell crypto then this may be a good way for you to convert crypto into cash. However, it would be best if you remembered that such a method involves high transaction fees compared to other cash-out operations. 

Crypto debit card

In general, crypto debit cards operate the same as regular debit cards. However, there is one difference: instead of a bank account, you use your cryptocurrency wallet. Crypto debit cards allow you to cash out Bitcoin or other cryptocurrencies to any fiat currencies. Furthermore, you can pay with these cards in offline or online stores for goods and services, and cash out money using Bitcoin ATMs. 

How to convert Bitcoin: Whitepay method

One of Whitepay's products is a cryptocurrency exchange. Due to this product, you can sell Bitcoin or any other cryptocurrency to get cash. You can also buy cryptocurrency for cash and receive it on your cryptocurrency wallet. In addition, the Whitepay POS terminal accepts payments (in online and offline stores) in cryptocurrency and fiat.

Pay attention when cashing out or converting Bitcoin

To sum up, we’ve collected some facts to keep in mind when converting Bitcoin: 

Fees  most methods of converting or withdrawing Bitcoin to a bank account involve fees.  Aside from it depends on the method and transaction amount. They must also be taken into account.

Speed Bitcoin cash-out can take some time, it all depends on the method.

Taxes сonverting bitcoin into fiat is a taxable operation no matter which method you use. You should understand how crypto transactions are taxed in your area.