Bitcoin (BTC) has consistently proven to be a valuable crypto coin, attracting a lot of attention. Just like any other crypto, it has fluctuations in rates; hence, anyone buying or selling it should use the right timing.
How do you exchange Bitcoins for cash? If it is the right time to sell your BTC for a profit or to diversify your investments, then you need to know how to do this like a pro. Whether you are selling for the first time or not, this article will be invaluable to you.
How Do You Exchange Bitcoins for Cash? Choose an Exchange Platform
Typically, Bitcoin selling is done through an exchange. If you have been doing crypto trading, you probably know one or two reliable exchanges that you can use to sell your crypto. There are mainly two options for Bitcoin exchanges: online and in person.
How do you exchange Bitcoins for cash on each of these platforms? Well, let’s check over this.
- Online exchanges – These are both CEX and DEX that use web or app platforms and the internet to provide services. Crypto sellers only need to have an account with these platforms, where they will add the BTC they need to sell from their Bitcoin wallet and then click to sell for cash. After a successful sale, they will then need to withdraw their cash into a bank account or mobile money wallet.
- Physical exchanges – On the other hand, one can use physical Bitcoin exchanges such as BTC ATMs and physical offices to sell their coins for cash. However, one has to be there in person to sell Bitcoins or any other crypto with this option.
Prepare the Bitcoins for Sale
All Bitcoin holders should use secure BTC wallets, and for safety reasons, the wallet is not hosted by an exchange. Once you have decided on the amount of BTC to sell, you can then transfer it into the exchange account as mentioned.
Many people prefer to sell Bitcoins in small amounts, again for security reasons. But you can sell as many as you want, especially when using a trusted platform.
How do you exchange Bitcoins for cash? At this point, you need to prepare the Bitcoins. As you do this, make certain that you are sure about the currency you want in return.
How Do You Exchange Bitcoins for Cash? Follow the Right Procedures
How do you exchange Bitcoins for cash? Another important step is to follow the right procedure when selling BTC. Each platform may be slightly different, so pay attention to ensure that all important details are filled in correctly such as the number of BTC you want to sell and preferred currency of payment.
Additionally, you need to observe the established security procedures to avoid losing your investment to hackers and scammers. It is best to cancel the Bitcoin-selling transaction if you find any red flags.
Lastly, you need to withdraw your cash from the exchange account so that you can use it as you want or simply accept the physical cash if you are using a physical exchange. Most reputable online exchanges can link with your bank card for instant transfer, although you can send it to your preferred platform with a click of a few buttons.
How do you exchange Bitcoins for cash? As you can see, the process is straightforward regardless of the platform you choose.