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2. In his campaign to become the next New York City mayor, Yang has shown he is a passionate proponent of digital currencies and is equipped to turn the cultural capital into a major cryptocurrency hub.

Cryptocurrency exchanges are the traditional destination for buying and selling cryptocurrencies with fiat money and for exchanging one for another as well. To turn Bitcoin into cash, you can head to any cryptocurrency exchange and create an account.

Contents

• 2 Converting Cryptocurrency to USD
  • 2.1 Converting Altcoins to BTC, ETH, LTC, BCH
• 3 Conclusion

Cryptocurrency is on the tip of everyone’s tongue with Bitcoin and other cryptocurrencies seeing a massive rise in their valuations in 2017 and early 2018.

While some would like to see cryptocurrencies overtake fiat currencies like the United States Dollar (USD), Euro (EUR) and others completely, we are still far from that point. As such, most want to know how to convert cryptocurrency to fiat in order to take some (or all) of their paper profits off the table.

In this article, we’ll go over how to convert cryptocurrency to USD, perhaps the world’s most popular fiat currency.

Are You Converting Bitcoin or Less Popular “Altcoins” to USD?

First, you’ll have to know whether you’re aiming to convert Bitcoin (BTC) and other top cryptocurrencies like Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) to USD or if you’re converting less popular altcoins (altcoins being cryptocurrencies that aren’t Bitcoin) to USD.

Top cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash are easier to convert to USD because places like cryptocurrency exchanges usually have direct pairings of Bitcoin, Ethereum, Litecoin and Bitcoin Cash to USD.

In other words, you can sell the aforementioned cryptocurrencies for USD, and then withdraw to a payment method, such as a bank account.

For less popular altcoins, such as OmiseGO (still popular but less so than Bitcoin, Ethereum, Litecoin, and Bitcoin Cash), you usually first have to sell the altcoin for coins like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, then sell one of those coins for USD, which you can again withdraw to a payment method like your bank account.

Converting Cryptocurrency to USD

Converting Altcoins to BTC, ETH, LTC, BCH

Again, the process for converting less popular altcoins to USD is usually more complicated than converting coins like Bitcoin, Ethereum, Litecoin and Bitcoin Cash to USD. You usually need to sell altcoins for BTC, ETH, LTC, or BCH before cashing out in USD.

This isn’t always the case—it varies depending on factors like which altcoin it is, which exchanges allow you to sell it and if so, whether you can sell it for USD, etc.

Since trying to convert an altcoin to USD can involve one more step in the process of converting cryptocurrency to USD, we’ll go over that first.

Assuming that you already have an altcoin like OmiseGO and are looking to ultimately convert it to USD, you first want to sell the altcoin for a top cryptocurrency like Bitcoin, Ethereum, Litecoin or Bitcoin Cash.

Perhaps the easiest way to do this is by going through a cryptocurrency exchange such as Binance or Bittrex, known as the top exchanges for buying and selling altcoins. For the sake of simplicity, we’ll use Binance in this example.

Note:

You want to make sure that your altcoin is supported by Binance. If not, you can go to the page for your altcoin on Coinmarketcap.com and hit the “Markets” tab to see where your coin or token is traded. Try to use an exchange with lots of volume so that it is easy to sell your altcoin for BTC/ETH/LTC/BCH.

For example, the “Markets” tab for OmiseGO, shows that there is a lot of volume for the OMG/BTC pairing on Binance (as of April 6, 2018), which is what we want.

Once you’ve confirmed where you will sell your altcoin for one of the top cryptocurrencies (BTC/ETH/LTC/BCH), you want to move your altcoin to the appropriate exchange. In this example, we will move OMG to Binance. If you don’t have an account, it’s free and easy to sign up.

If your OMG is in a wallet that isn’t the one provided by Binance, you first want to withdraw your OMG to the wallet provided by Binance. Click “Deposit” on the OMG wallet provided by Binance to get the deposit address and send your OMG from your wallet to that address.

Once your OMG is on Binance, go to the trading page for OMG/BTC. Where it says “Sell OMG”, enter the amount of OMG you want to sell. Then, enter the BTC price that you want to sell it at.

To make it easy, take a price from the order book on the left (red = sell prices). Otherwise, you can just hit the “Market” tab and sell for the market price.

Once you’ve converted an altcoin like OMG into a more popular cryptocurrency like Bitcoin (or maybe you already had a crypto like BTC to begin with), it’s time to convert that Bitcoin into USD.

Cryptocurrency Exchanges

Cryptocurrency exchanges are currently the easiest way to convert cryptocurrency to USD. They offer high liquidity (you can sell your crypto for USD quickly) and can be tied to payment methods like bank account and PayPal account for easy USD withdrawal.

However, many require identity verification, especially for large withdrawals, which some cryptocurrency users are against.

Going along with our example, we will convert our Bitcoin into USD on Coinbase, one of the world’s most popular exchanges that is also known for its ease of use.

From Binance (or wherever we have our Bitcoin), we want to send our Bitcoin to Coinbase. As with Binance, we will deposit our Bitcoin into the Bitcoin wallet provided by Coinbase.

After our Bitcoin is in our Coinbase Bitcoin wallet, we will go to the Buy/Sell tab, where we can sell our Bitcoin for USD. Sell the BTC amount you desire from your Bitcoin Wallet and deposit it to your preferred payment method like a bank account or PayPal account.

Peer-to-Peer (P2P) Services like LocalBitcoins

As mentioned, cryptocurrency exchanges can ask for identity verification, which can turn off a lot of cryptocurrency users, who tend to be privacy advocates.

LocalBitcoins is a popular service that allows users to sell their Bitcoin to other users directly instead of going through an exchange. LocalBitcoins merely provides an escrow service that holds Bitcoin until the transaction is confirmed as complete.

While exchanges like Coinbase usually offer a limited amount of withdrawal options for users to convert their Bitcoin or other cryptocurrencies to USD, LocalBitcoins has many payment methods for users to convert Bitcoin to USD.

The following list is not exhaustive and Bitcoin conversion methods vary from country to country but assuming that you are in the United States and converting your Bitcoin to USD (since that is what the US uses), you can sell your Bitcoin for USD in many ways:

• Cash by mail
• Cash deposit
• Moneygram
• Serve2Serve
• Western Union

The above options are some of the most popular ways to convert Bitcoin to USD in the US on LocalBitcoins. However, you can even sell your Bitcoin for things like gift card codes or even cash in person.

Also, you can also sell a few altcoins like Dash, Ripple, Litecoin, Monero and Ethereum for BTC on LocalBitcoins instead of using an exchange, such as Binance or Bittrex.

Bitcoin ATMs

Bitcoin ATMs can be a convenient way to convert cryptocurrency to USD. However, fees tend to be high and, of course, you need Bitcoin to withdraw cash from a Bitcoin ATM.

Moreover, Bitcoin ATMs are not always available in every country or city. You can use websites to see if Bitcoin ATMs are available in your area.

With Bitcoin ATMs, you go to the ATM and hit “withdraw” or whatever the relevant option is for the ATM to start the process.

Enter the amount of Bitcoin that you want to sell for USD. Large amounts may require an ID at some ATMs.

The ATM will give you an address to which you will send the Bitcoin you wish to sell.

After the Bitcoin transaction is confirmed, the ATM will dispense the cash. If the transaction is slow, the ATM may provide a redemption code for you to claim your cash from the ATM later.

Cryptocurrency Debit Cards

Cryptocurrency debit cards are another way to convert cryptocurrency to USD and can be pretty convenient.

As with normal debit cards, you top up your account and spend the card as you would a normal debit card. Cards can be topped up using Bitcoin or other cryptocurrencies depending on the card. The card company converts your Bitcoin or other cryptocurrency to USD when you use the card, such as at stores or ATMs.

Getting a prepaid cryptocurrency card usually requires ID verification.

Popular examples of cards that allow you to convert cryptocurrency to USD include Monaco and TenX.

Take Out a Loan

Taking out a cryptocurrency-based loan is a more unconventional way to convert your cryptocurrency to USD.

How it works is you take out a loan by putting up your cryptocurrency as collateral.

The cryptocurrency is held in a smart contract, or self-executing contract of computer code, and you receive USD in your bank account. You then pay back the loan like you would a normal loan.

The benefits of taking out a loan in this manner include avoiding taxable events like paying short-term capital gains tax on cryptocurrency sales as well as not missing out on price rises in cryptocurrency.

To elaborate, as you get back your cryptocurrency after paying back the loan, it is possible that in that time the value of the cryptocurrency will go up whereas if you converted it to USD by selling it outright, you would miss out on any potential price increases.

Ethlend and Salt are two companies that offer crypto-based loan services.

Sell to People You Know

This takes the P2P element of services like LocalBitcoins one step further.

Instead of going through a service like LocalBitcoins, you could just convert your cryptocurrency to USD by selling crypto to someone you know.

In this way, you could also sell smaller altcoins like OMG directly for USD if you know someone that is willing to buy OMG for USD.

Conclusion

Unfortunately for most cryptocurrency enthusiasts, for many purchases, you still need fiat currencies like USD.

Luckily, however, there are many ways to convert cryptocurrency to USD, and methods like using cryptocurrency exchanges, LocalBitcoins, Bitcoin ATMs, prepaid cards, loans and selling to people you know are just some of the ways you can do so.

Let me guess… It’s time for you to convert and cash out your bitcoin into traditional cash bills like; Pound, Dollar or Naira, right?

Do you want to know how to turn your Bitcoins into cash?

Are you looking for the best place to sell Bitcoin for real money?

Oh i get it… you want to start trading bitcoins for cash, right?

Don’t do anything about converting your bitcoin to cash yet – at least, not until you must have gone through this whole tutorial to understand how to get cash from Bitcoin instantly.

Prolly, you have intention of making money online by selling Bitcoins for USD, but you need to know how Bitcoin converts to real money that can be withdrawn – that’s why you’ve started searching for how to cash out of cryptocurrency into cash.

How To Turn Crypto Into Cash Coinbase

Well, it will be very good to count yourself as being one of the luckiest investors by landing on my blog this time around today.

I am going to show you many ways on how to get cash for Bitcoins investment, and actually change that digital currency into real cash, or fiat money in the bank account.

In the world today, everybody is caught up one way, or the other in this cryptocurrency investment and trading thing. And the most asked questions are;

1. Have you invested in bitcoin?
2. How do you make money online with bitcoin?
3. How do you cash out your bitcoin investment proceeds?

Anyways, there’s no way it will not become a trend, since it’s far better than Gold, or the traditional fiat currency, and that’s not to mention it’s limited supply, which also suggest its future growth by economic laws and guides.

If you would like to know more about bitcoins and how it originated, simply read beginner’s guide on bitcoin.

Since 2009, the value of the bitcoin cryptocurrency has increased to pass that of Gold, and any of the traditional fiat currencies in so many ways.

Many companies and startups these days, are beginning to accept Bitcoin as a mode of payment. Examples are: Amazon, Ebay, ASOS etc.

I wrote a post on how cryptocurrencies are being valued, and how their valuation increase within time. Bitcoin crypto and all other cryptocurrencies (known as Altcoins) increase in value within time.

How is Bitcoin converted to cash?

It’s only when bitcoin value has increased, that is when profit comes in, and that is when most investors deem fit to withdraw their profit yields.

To realize the profits, you will need how to sell Bitcoins for USD, or convert the BTC to any of fiat currency guide acceptable in the region you’re situated, so questions that come to mind when someone is about to sell bitcoins for cash are as follows:

• How to convert Bitcoin to Euro (EUR), Pound (GBP), Dollars (USD) or Naira?
• What is the fastest way to cash out Bitcoin?
• How can Bitcoin be converted into cash?
• How do you convert Bitcoin to cash?
• How do you trade Bitcoins for cash?
• Can Bitcoin be turned into cash?
• Can i turn my Bitcoins into cash?
• Can you turn Bitcoins into cash?

Well, there are easy ways you can convert Bitcoins to Dollars, Euro, Pounds, Rupee, or Naira and as you read further, am going to discuss some of the best way to withdraw Bitcoin.

How do you cash in Bitcoin?

However, before you choose any of the methods we’re going to discuss in this post of how to withdraw bitcoins to cash, you’ll first of all need to consider, or find out how you want to receive your money as the aim to sell Bitcoin for cash has been finally achieved.

To be honest, you can actually sell your bitcoin investment in person-to-person transaction, or you can also make use of crypto exchanges to sell it and redeeming bitcoins for cash directly, as well as deposited into your bank account.

Additionally, you can even use Bitcoin cryptocurrency to buy goods from online merchants like Amazon for instance. Amazon uses a service known as Purse.io for this particular purpose.

Well, I presume the reason you’re here today, is to know how you can have your BTC converted to physical cash, or which will be transferred into the bank account of your choice.

Now let’s get straight into discussing of the methods you can get your BTC converted to fiat currencies.

Via Exchanges that Accepts Fiat

This is one of the easiest ways to get your Bitcoin cryptocurrency to be sold for fiat cash like; Dollars, Euros, Pounds and Naira.

There are many exchanges that accept fiat exchange for bitcoins, but you will have to find out the one that works perfectly in your country or region.

Examples are:

• Coinbase – USD/EUR
• BitMex – USD
• Kraken – USD/EUR
• BitFinex – USD/EUR
• BitFlyer – USD/EUR
• Luno – USD/NGN
• NairaEx – NGN

Mind you that some of the exchanges listed above may not be working globally, so you really need to check thoroughly before having your bitcoin investment transferred to them for conversion into fiat cash currency.

This can be said to be very risky, if don’t check very well before trying to use an exchange to cash out Bitcoins to real money.

If you happen to be a Nigerian, you can always make use of Luno to sell bitcoins instantly. Cashing bitcoins with Luno exchange is very easy, thought a withdrawal fee will be deducted during the process.

Talking about how to cash out large amounts of bitcoin, if you’re into crypto trading, there is yet another easy option using P2P buying and selling of Bitcoins with a platform known to be globally recognize, and that’s what brings me to the next option.

Via LocalBitcoins P2P platform

LocalBitcoins is a popular P2P exchange platform, and Bitcoin start-up specifically establishes to make it very easy to exchange the crypto-coin among the users. LBC is based in Helsinki, Finland, and it’s been in operation since 2012.

It has users as buyers and seller in over 15,000 cities across 248 countries in the world. No doubt, you will definitely find buyers in your own country when you register an account on the platform.

Why many bitcoin traders who mostly search for; ‘how to cash out bitcoins to PayPal’, like using LocalBitcoins, is because you’ll always deal with a buyer or seller directly – plus you can as well receive your money in any supported currency format of your choice.

Examples of currency formats you can receive the money you converted using LBC are; Bank Fiat Deposit, Bank Cash Transfer, PayPal and Payoneer.

This is exactly why LocalBitcoins is one of the most preferred choices for those investors that doesn’t want to be using crypto exchanges. You can get to meet both buyers and sellers online, and transact offline. The money for transaction can be paid in cash or wired.

Even if you are looking for how to convert bitcoins to cash anonymously, just Register an account with LocalBitcoins to start exchanging BTC to cash.

However, be sure to check the buyer/seller reputation first before making trades. The higher the reputation, the more secured and trustworthy a seller/buyer will be.

Using Bitcoin Debit Card/ATM

Are you in a country that doesn’t have all these BTC to USD exchanges listed above already? And you wonder how to convert bitcoins to cash anonymously?

This is the only way you can convert that your BTC to cash bills, without having to submit all the documents requested by some other platforms.

Well, there are ways available for you to transfer bitcoin to your cash bank account. You should also check to see countries that have Bitcoin ATMs in the world.

There are even services like VirWox that issues Bitcoin credit cards for using BTC to buy items online, where debit/credit cards are needed online.

Via Digital Fiat Currency

If you’re not all that hasty in having your Bitcoins converted to traditional cash equivalent of your base country, and you may want to avoid tax liabilities, you can simply convert the BTC cryptocurrency to USDT (known as Tether).

Convert Cash Into Bitcoin

USDT is more like having your bitcoins converted to traditional money, but this time it’s still going to be in a cryptocurrency trading platform that supports Tether coins. This is a way to avoid taxes due to movement of cash to-and-fro your bank account often.

Also, you need not worry about volatility of cryptocurencies when you switch to USDT, because it always keep up parity with real US dollars, hence maintaining its value of $1 per USDT always.

This will also cut your headache of always transferring in fiat currencies to exchanges to buy Bitcoins, because USDT can be used to buy Bitcoins later if you want.

Good thing about USDT is that unlike many fiat exchanges, USDT is supported by many exchanges across the world. But the best i have used this feature of intermediate conversion to USDT myself is Binance.

Trade gift-cards for Bitcoin

If you’re up for how to instantly sell, or convert bitcoins to cash anonymously, many big companies like Amazon and Overstock accepts bitcoin as a mode of payment on their platform.

What you need to leverage this method, is simply by purchasing any of high-demand products like, mobile phones from Amazon third-party site, Gyft, which provides a great way how to buy gift cards online for retailers like Amazon, Starbucks, and iTunes with Bitcoins.

Then you can still retail the already bought items for cash on the main amazon e-commerce site. This way you can cash out large amounts of bitcoin anonymously.

Conclusion on how to cashout Bitcoin

Just know that there’s no other ways to convert Bitcoins into cash without following these methods above, because they are the most simplest and easiest ways you can convert Bitcoin to real cash like; GPB, USD, NGN, or any other fiat cash of your desired country.

While you may want to keep your investment till it increases in value, so you can make profit while you sell Bitcoin to cash, i will advice you to always store your coins in a secure cryptocurrency wallet.

Bitcoin hardware wallet such as Ledger, is designed to hold or store your investment asset in offline mode, using the heuristic deterministic (HD) feature for encryption.

Visit Ledger official website to see some other models of the branded cryptocurrency wallets you can buy.

Beware of taxes whenever you want to bitcoin to cash. There are some Bitcoin to cash converter tools you can use to calculate the tax you need to pay for any amount of cryptocurrency that you may have converted into fiat cash currency.

Beware of crypto-scams that may ask you to use their wallet software, and do not disclose your private keys to anyone – not even your family, as that it will grant full control of your bitcoin investment.

Good-luck as your continue to invest in bitcoin cryptocurrency for making cash profits.