How to convert bitcoin back to my local currency?
One of the most common things newcomers in cryptocurrency want to understand is how to cash out Bitcoin or withdraw from Bitcoins to a government-issued currency (USD, EUR, Etc.).
Regardless of the intentions, there comes a time where you want to know how to sell your bitcoins, or try to convert bitcoin to USD or other fiat currency.
So how do you convert bitcoins into cash?
The easiest way of converting Bitcoin into traditional currency is through exchange platforms like Coinbase and Gemini. With user-friendly interface and KYC policy required to follow while setting up your account, these exchanges allow you to link your bank account for withdrawal thus making the procedure simple and straightforward.
Here is how to convert bitcoin to us dollar using Coinbase
If you have a Coinbase wallet with your cryptocurrency which you want to convert into fiat currency like US dollar, simply follow the steps outlined below:
Navigate to the Buy / Sell section of your wallet on the Coinbase website, and select the wallet from where you wish to make the withdrawal of coins. After that, select the bank account where you would love the funds to arrive. Next, enter the amount you wish to withdraw and Coinbase will automatically of BTC you need to withdraw to get the required amount in the USD. If you don’t have the amount of Bitcoin in your wallet you will be asked to enter a new amount.
Confirm the amount you wish to sell, take note of the fees, and then click “Sell Bitcoin.”
The ACH system used by Coinbase usually takes a few business days to complete transaction after the withdrawal has been initiated.
You can also turn your bitcoin to physical cash with LocalBitcoins.
LocalBitcoins.com may be a better solution for those looking to trade their bitcoin directly for real cash.
LocalBitcoins is a peer-to-peer exchange platform where you can post your bids for buying and selling Bitcoins for USD or other fiat currencies.
Here is how it works:
After determining the amount of bitcoin you are willing to sell, find a deal that suits your payment method in terms of currency or post your listing.
This platform gives each user a feedback score like on eBay where users can get comfortable with the buyers’ history and the number of deals they have executed through local bitcoin. Now that you are somewhat familiar with your buyer send the details of precisely what you want from them and make sure you are following the terms of the trade. With these, you will find out where and how to receive your USD payment.
Now that all parties have come to terms on the transaction and settled the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow. At this point, the buyer will find out how you want to get paid for your bitcoin and release the US dollar equivalent in cash over to you via the payment method agreed beforehand.
After receiving the payment, you will confirm to Localbitcoins that the payment has been made and the BTC will be released to the buyer from trade escrow. That is it the trade is done!
As cryptocurrencies continue gaining popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency quickly and efficiently.