You are probably here because you want to convert your Bitcoin into money. Bitcoin was launched more than 10 years ago. In connection to that, the industry has formulated lots of options you can choose from to convert your bitcoins into cash.
So, without further ado, let’s get started!
Reasons to Transfer Bitcoin to Your Bank Account
Many experts believe that Bitcoin will replace fiat currencies in the future. That’s why lots of people start to invest in it. When fiat currencies, like the US Dollars, have been replaced by Bitcoin, anyone can make a purchase, book flights, and many more.
Currently, the number of individuals and businesses that accept Bitcoin as a payment is only a few. That’s maybe your reason you want to convert your Bitcoin into money. Some also convert their Bitcoin into fiat currencies as a preparation whenever the market starts to decline. No one wants to lose the money they invest when the Bitcoin’s price starts and continuously sink. That’s why it would be great to convert it into cash and wait for the time when the price of Bitcoin starts to get high.
Steps to Transfer Bitcoin to Your Bank Account
To transfer Bitcoin to your bank account, the first thing you need to do is to convert it into cash. The following are some of the ways to turn your Bitcoin price into a fiat currency.
- Sell Bitcoin on Kraken, Coinbase, or any platforms or sites that offer cryptocurrency exchange. This is one of the easiest and most convenient ways to exchange your Bitcoin into money. After that, the cash can be withdrawn from your bank account directly. To ensure that your money is safe from the malicious brokers, we recommend you to use only one account to deposit and withdraw your money. Even though this method is not the fastest, it is secure, easy, and simple to do.
- Sign in to your bank account and deposit the amount of Bitcoin you want to exchange into money.
- After that, you can now cash out your Bitcoin in the form of your opted fiat currency through PayPal or bank transfer.
- You can also use the Bitcoin ATMs. Compared to the other ATMs used for the traditional withdrawal process of money from any bank account, the Bitcoin ATMs are a physical center enabling anyone to sell or make a purchase using Bitcoin. Currently, there are more than 4000 ATMs for any cryptocurrency that is located to over 70 countries around the world. Take note that different machines offer a unique set of features. The use of Bitcoin ATMs is only applicable to make small transactions. That’s why most ATMs imposed their withdrawal and deposit limitations. One of the cons we found out from using bitcoin ATM is that it charges a high transaction fee that is ranging from 7 percent to 12 percent.
- Another method is through Peer-to-Peer transactions. If you are looking for a more anonymous and quicker method to convert bitcoin price into cash, a peer-to-peer transaction is perfect for you. The process of selling bitcoins to other users enables you to pick your preferred payment methods, such as bank transfer and cash deposit.
If you want to convert your Bitcoin price into money, you need to consider the ease of use and the cost of the payment method you choose. Despite your needs and requirements, there is always a right method that will enable you to transfer Bitcoin price to your bank account and withdraw it.
Bitcoin will replace the fiat currency in the near future. On the other hand, if you are planning to invest in Bitcoin, you may visit allin1bitcoin.com.