Exchanging your bitcoin for cash doesn’t have to be a difficult task. In fact, there are many options to choose from. You can simply choose the exchange method that is most convenient for you.
In this post, we will take a quick look at how to exchange bitcoins to USD using various methods like PayPal, cash deposits and bank transfer. We will also look at how you can exchange bitcoin to USD using a peer-to-peer exchange or a broker.
At the end of this post, you will have a few exchange options to choose from.
DIFFERENT METHODS TO CASH OUT BITCOIN
There are a lot of things to take into consideration when you want to cash out your bitcoins. Here are a few of them;
- Do you prefer the cheapest method or the easiest one?
- Do you intend to deposit cash into your PayPal or bank account?
- How long can you wait to receive your cash?
Answering these questions will help you choose which payment method will be best suited to you.
BROKER EXCHANGE FROM A THIRD PARTY
The term “third-party broker” is simply another name for an exchange. Typically, you are not allowed to deposit funds on most cryptocurrency platforms using cash; however, there are a few exceptions. In other to ensure that brokers are following relevant laws involving money laundering, you have to withdraw to the same account that you deposited with. You will need to wait 1-5 days for the cash to reach your account if you cash out using a broker. The SWIFT payment method is what most brokers use when you want to sell Bitcoin for USD. You can make fast exchanges with a reliable platform like Nakit coins
PEER-TO-PEER EXCHANGE METHOD
If less time and stress is what you are after, the peer-to-peer exchange method is a better approach than a broker. There are peer-to-peer exchange platforms online that allow you to exchange bitcoins for cash without having to wait for three days. This payment method involves you receiving payment from an individual that is interested in buying bitcoin from you. They have the USD you need and you have the bitcoins they want. It is usually a typical buying and selling event. Here are a few payment methods that you can request from a peer-to-peer platform;
- Cash Deposit: You can ask the buyer to pay the USD equivalent of the bitcoins you intend selling directly to your bank account. For this method, always ask for a proof of payment before sending the bitcoins to them.
- Meet in Person Payment Method: You can set a meeting point with a buyer at a mutually convenient location. When you meet, you can check the cash and transfer the bitcoins. Always choose a neutral and public location for safety reasons.
The exchange rate from bitcoin to USD varies when it comes to using a peer-to-peer payment method. You will need to negotiate a rate that will suit both the buyer and the seller.
The exchange methods highlighted above will help you exchange your bitcoin to USD without any complication or difficulty.