- The popularity of Bitcoin is continually growing and more and more people are embracing the digital currency along with others such as Ethereum, Litecoin, and Binance to mention a few.
- However, every crypto holder will need to change their virtual currencies to cash eventually due to various reasons.
And the good news is that there are several ways they can use to convert bitcoins or any other crypto to cash.
So, what are some of the reasons for selling Bitcoins for cash?
- To raise funds for other investments– selling Bitcoin is one of the fastest ways to liquidate your assets so if you need cash to fund a new investment or purchase other assets such as a house, you can sell your bitcoins for cash.
- To realize gains on your Bitcoin investment- a major reason for buying BTC is to cash out to get profits when the prices go up. So, if the price of Bitcoin has increased, you can sell your coins to get your hands on the profits.
- To avoid losses and some risks– the price of BTC and other cryptocurrencies rapidly fluctuates without any notice to the holders. Sometimes, the price may drop significantly and cause losses to investors in it. If there are indicators that prices may drop, you can sell your Bitcoin for cash to avoid losses.
- To diversify – if you hold much of your assets or wealth in crypto, you may consider selling some of your Bitcoin or other coins for cash and invest in other assets to avoid having all your eggs in one basket.
Ways to sell Bitcoins for cash
Are you searching “how to sell Bitcoins for cash?” You can consider liquidating your coins through one of the following ways:
Using crypto exchanges
You can sell your bitcoins for cash using one of the many online crypto exchanges. This is one of the best and simplest ways to cash out your crypto. The platforms offer a marketplace where buyers and sellers exchange crypto for cash, and some of the common exchanges include Coinbase, Binance, and Kraken.
Selling on online platforms is pretty easy because you need to open an account, connect it to your bank account, credit card, or payment wallet, and initiate an order to sell. When the sale is closed your cash will be deposited into your bank account or virtual wallet such as PayPal, or a credit card.
In addition, some exchanges have physical offices where people can visit and sell or buy bitcoins. For instance, if you are in Turkey, you can visit NakitCoins offices and sell your BTC for cash in a safe and secure place.
Using Bitcoin ATMs
Another way to sell your bitcoins for cash is to use Bitcoin ATMs. These are automated machines located in strategic locations such as shopping malls and airports. You need to start by locating an ATM near you, and there are online tools to help you find the nearest Bitcoin ATM, and then visit it.
When at the ATM, you follow a few simple steps, including scanning your crypto wallet QR code to transfer your coins, and in a few minutes, you have your cash. Although Bitcoin ATMs are convenient because you can use them any time, they charge higher transaction fees than other methods, so consider if it’s reasonable for you to use one to cash out your BTC.
If you did not know how to sell Bitcoins for cash, this article has helped you to know how you can liquidate your virtual currencies and have fiat currencies like USD, TRY, and others. Besides using crypto exchanges and Bitcoin ATMs to cash your BTC, you can also use peer-to-peer platforms to connect with buyers and sell to them. Irrespective of the method you use, you need to consider the security of the method, speed of transaction, and the fees charged among other things that matter to you.