Bitcoin is the first and still the biggest of all the cryptocurrencies. If you were savvy enough to
buy around 20 or 30 bitcoins in the mid-2000s when it launched, you’d be a millionaire today.
It’s a digital currency stored on the blockchain, and one of the most exciting and lesser-known
facts is that there is a limited amount of bitcoin available. That’s right — as stipulated in the
source code, there will only ever be 21 million bitcoins produced.
The price might’ve gone up and down over the last few years, but it truly is mind-boggling when
you look at its meteoric rise from inception to now.
Bitcoin is usually treated as a long-term investment, so you speculate by spending some
investment cash — and then you wait.
However, exchanging bitcoin into cash is increasingly popular.
Online searches for specific phrases related to this have been soaring and people are mainly
asking the following questions online:
— “How do I convert bitcoin to cash?”
— “Can I transfer bitcoin into my bank account?”
— “Where can I exchange my bitcoin?”
If you’ve asked the same questions, you’re in the right place! However, before we get to the
methods of converting bitcoin to cash, let’s first look at the reasons.
Why Transfer Bitcoin to Cash?
Bitcoin is a long-term investment, and the earlier you got in, the happier you probably are right
now! There are, however, many reasons that people might need to exchange bitcoin into cash
and transfer it to their bank accounts.
The Rise in Value
For some people, especially those who invested early, the lure of the current profit margin is
just too strong. For example, if you bought 100 bitcoins in 2011 for a mere $100, you could cash
in for almost $5 million today. Understandably, this is often tempting for many people, and they
need a platform to exchange bitcoin into cash.
The Limited Purchasing Power
Bitcoin might be the global currency of the future, but for now, you’re pretty heavily limited in
what you can purchase for bitcoin. Cash is still king, and many people want to cash in — and
spend — some of their bitcoin investments.
The Weak Economy
Let’s face it: Times are tough. Fuel has never been this expensive and groceries are at an
all-time high. As a result, many people are looking to cash in some investments as an alternative
to relying too much on credit to get by.
How to Convert Bitcoin to Cash
Exchanging bitcoin is almost the same as converting currency when you travel. You’re selling
bitcoin and then buying that same value in dollars.
The difference is that while market factors and economies determine currency value, bitcoin
value is determined by demand.
The other difference is that the transaction is private and doesn’t occur via
government-sanctioned financial institutions.
There are two basic ways to convert bitcoin to cash. The first is via third-party broker exchanges,
and the second is via peer-to-peer transactions. Let’s take a look at both.
Third-Party Broker Exchanges
These are also known as cryptocurrency exchanges. They operate in a similar way to currency
exchanges: You deposit bitcoin into the exchange, and then request a withdrawal in cash.
It’s important to note that specific rules apply, mainly to make it harder to launder money.
These third-party exchanges are not always the fastest ways to get you cash and transactions
can take up to four to five days, depending on your country and your bank.
It’s a very straightforward and safe way to convert bitcoin into cash and it’s the method most
Step 1 — Decide which third-party broker you want to use.
Step 2 — Create an account, sign up, and get verified.
Step 3 — Buy bitcoin or deposit bitcoin into your account.
Step 4 — When you’re ready, sell the bitcoin in return for a cash deposit into your banking or PayPal account.
We mentioned the massive upswing in search phrases like “bitcoin machine locations” and
“bitcoin ATMs near me.” These searches are directly related to the enormous rise in popularity
of one of the most convenient and quick ways to get cash for bitcoin.
Bitcoin ATMs are physical entities, much like a regular ATM, allowing the deposit and withdrawal
of cash for bitcoin transactions. That’s right — you can deposit cash and buy bitcoin, or you can
sell your bitcoin and withdraw cold hard cash from the ATM.
There are transaction fees, and you need to remember to check the regulations because
different bitcoin ATMs have different rules. However, this is one of the quickest and simplest
ways to get cash for your bitcoin.
But before you go Googling “bitcoin machine locations” and “bitcoin ATMs near me,” let’s learn
a little more about converting bitcoin to cash.
Another way to get cash for your bitcoin is via peer-to-peer platforms. This is a faster and more
anonymous method than third-party exchanges, and it involves selling your bitcoin to other
private individuals for cash.
The payment method is entirely up to you, and you save on fees and get a better exchange rate
than other methods. You can use cash, PayPal, or a bank account deposit, whatever is easiest
and quickest for all parties.
The downside to this method is that it’s very attractive to fraudulent operators. You need to
know what you’re doing and you need to be aware of the various scams out there. Most
important, it’s best to always choose peer-to-peer exchanges that are well known, safe, and
Step 1 — Choose a credible and upstanding peer-to-peer exchange.
Step 2 — Register and go through the verification process.
Step 3 — Find buyers in the marketplace and connect with them.
Step 4 — Send a trade request and go through the process.
Step 5 — Wait for the money to clear, and when it does, the bitcoin is released to the buyer
We mentioned crypto ATMs earlier, and you might just have Googled the phrases “bitcoin
machine locations” and “bitcoin ATMs near me” after hearing about how popular they are.
And now that you understand more about converting crypto into cash and bitcoin ATMs, we’d
like to introduce one of the premier providers of bitcoin ATMs in the United States —
A Crypto ATM in Your Store
Bitcoin ATMs are becoming extremely popular ways to get cash for crypto, and they’re one of
the most reliable and discreet ways to buy bitcoin.
As a business owner, you can cash in by hosting a bitcoin ATM in your store. All you need is the
space to place the machine, and we’ll handle the rest!
We hope that you better understand how to get cash for your bitcoin after reading this article. If
you have any further queries, please Contact Cryptobase ATM today.