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So, youve made your millions, and now you want to know how to cash out Bitcoin? Well, this guide will tell you everything you need to know!

This guide will include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I will show you how to withdraw Bitcoins to cash using a broker (namely, Coinbase) and through a peer-to-peer exchange. And to make it easier for you, I will also include some helpful images.

By the end of this guide, you will be able to decide which method is best for you.

Cool fact: Did you know that more than $2 billion worth of Bitcoin transactions happen every day?!

There are many things to consider when cashing out Bitcoin. Here are a few:

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These are some of the questions that you will need to ask yourself. So, read through the following methods on how to cash out bitcoin and then decide which is best for you.

A third-party broker is just another name for an exchange. Most cryptocurrency exchanges do not allow you to deposit funds using fiat money - however, some do.

This is how it works: you deposit your Bitcoin into the exchange, then, once the exchange has received your Bitcoin, you can request a fiat currency withdrawal. The most common way to do this via a bank (wire) transfer.

To make sure brokers do not break money laundering laws, you will need to withdraw to the same bank account that you deposited with. If you have never deposited fiat on to a broker exchange, then you will more than likely need to make (at least) one deposit first.

This can be annoying, I know but thats the way it goes.

If you decide to cash out your Bitcoin using a broker exchange (such as Coinbase), then it will normally take about 1-5 days for the money to reach your account. For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method.

And thats how to cash out Bitcoin using a broker exchange skip the next section to follow instructions on how to do this.

However, if youd prefer the more anonymous & less time-consuming approach, lets look at how to sell Bitcoin for cash using a peer-to-peer platform!

If you dont like the thought of having to wait three days for cashing out Bitcoin, you should consider using a peer-to-peer selling platform like LocalBitcoins.

When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use. These include:

P2P selling is safe if you know what youre doing. However, its important to be aware of fraudsters. LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer.

I bet youre still a little confused as to what an escrow is, so lets use an example:

Thats it! Now you know how to sell Bitcoin for cash using a P2P exchange!

So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using broker exchanges!

Coinbase

Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million.

Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look!

To make things a little easier for you, I will now show you how to cash out Bitcoin at Coinbase.

1. First, you will need to open an account with Coinbase, link your bank account, and make a deposit. If you need help on how to do this, view our guide here. If you have already done this, proceed to step 2!

2. Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! To do this, click on the accounts tab, open your Bitcoin wallet, and click Receive. You will then be shown your Bitcoin Coinbase wallet address. This is the address you need to send your Bitcoin to.

3. Once you are all set up, click on Buy/Sell at the top of the page.

4. Next, click on Sell.

5. The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here. In the example image below, I opened an account from the EU, so my deposit wallet is in Euros (EUR).

This will change depending on where you are located. For example, U.S customers have the option to withdraw to USD, and Japanese users can withdraw to JPY.

You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high. However, if you need to increase this, click on See Limits and follow the additional verification instructions!

6. Before you can withdraw, you need to exchange your Bitcoin to your local currency. In my example, I am exchanging Bitcoin to Euro (EUR). Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update.

7. Once you click on Sell Bitcoin Instantly, your funds will now be in your fiat currency wallet.

8. Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Click on your fiat currency wallet (for example, EUR/USD/YEN), and click on withdraw.Your bank account details will already be saved from when you set it up earlier.

Congratulations! You now know how to turn Bitcoin into USD, EUR, and other fiat currencies using Coinbase! Dont forget, there are many other brokers that you can use. Another popular choice for Bitcoin sellers is Kraken!

Kraken

Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since 2011, and processes the most Bitcoin to Euro transactions. However, they also support other major currencies like USD, CAD, and JPY!

Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange.There are a few to choose from, however, the one I most recommend is Local Bitcoins.

LocalBitcoins was created in 2012 and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to.

The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:

Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. You can do this by creating an advertisement, which will charge you a fee of 1% of the total sale.

However, if you sell to a buyer that has listed the price they want to pay, there are no fees.

There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback.

Local Bitcoins allows you to stay anonymous, too (when choosing such payment methods as web money or gift vouchers), especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers (those who have no feedback) to supply identification.

Heres a step-by-step guide on how to turn Bitcoin into cash using a peer-to-peer exchange:

1. First, you will need to open an account at Local Bitcoins. You can do this by clicking here.

2. Choose a username and a strong password. You also need to enter and confirm your email address.

3. Once you are logged in, click on Sell Bitcoins at the top of the page.

4. Then you need to choose the country where your ideal buyers are located. I recommend using your own country (of course), however, this is up to you. In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell.

5. As you will see below, there are many different ways to cash out your Bitcoin.

6. In this example, I will show you how to cash out Bitcoin using PayPal. As you can see, the buyer has a 100% feedback rating, and has completed more than 1000 trades! This is a sign of a serious, legitimate buyer.

7. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request.

8. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow (I explained an escrow earlier, remember?). So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so.

9. The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received, and you're finished.

Congratulations! You now know how to cash out Bitcoin using a P2P exchange.

Once you become more experienced with Local Bitcoins, you can practice selling using different payment methods. The good thing is, some payment methods allow you to sell your Bitcoins at a higher price so its worth getting used to.

It is also a good idea to set up an advertisement. Even though it will cost you 1% in fees, you can set up your own price and choose your own payment method. In this case, you will receive a notification from buyers when they want to buy from you.

LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid!

Browse our collection of the most thorough Crypto Exchange related articles, guides & tutorials. Always be in the know & make informed decisions!

If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods the broker exchange way (Coinbase), and also the peer-to-peer way.

They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners, whilst LocalBitcoins allows you to remain anonymous and sell at a higher price.

So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange?

Leave your genuine opinion & help thousands of people to choose the best crypto exchange. All feedback, either positive or negative, are accepted as long as theyre honest. We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours!

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How to Cash Out Bitcoin: Complete Guide