The crypto world keeps evolving in a big way and many people have been looking for ways to get their hands on a slice of the lucrative pie to enjoy the benefits of Bitcoin (BTC). If you are one of them, it is possible that you have been asking yourself “How can I sell bitcoins for cash?”
The process of selling bitcoins for cash can seem complex, especially for newbies in the crypto world, but we’re here to help you understand how you can do it before you jump onto the crypto bandwagon. This article walks you through the various ways you can sell BTC for cash.
Reason to sell BTC for cash
People sell bitcoins for cash for various reasons, including:
- To realize profits – you can sell your BTC for cash to realize the profits accrued from your cryptocurrency holdings
- To get liquidity – some people convert BTC into cash to have access to liquidity allowing them access cash for different purposes, especially for making payments where Bitcoin is not accepted
- To diversify their portfolio – selling BTC for cash allows the investors an opportunity to spread their funds across various assets and investments
- To invest in more lucrative ventures — some people liquidate their digital assets to get funds to invest in more profitable ventures
- To avoid losses — you could consider selling your bitcoins to preserve your wealth or avoid losses if the price of the assets is on a downward trajectory
Way to sell BTC for cash
So, have you been asking yourself “Can I sell bitcoins for cash?”
The answer is that you can sell your BTC for cash, and in various ways, including:
Using Bitcoin ATMs
These are machines that resemble conventional bank ATMs that dispense cash by linking to bank accounts. They allow users to sell BTC for cash in person. The best thing is that they allow you to cash out your Bitcoin quickly and anonymously.
Bitcoin ATMs have the advantage of executing transactions faster and offering users the convenience of being able to trade at any time of the day or night. On the other hand, they have the disadvantages of having lower transaction limits and charging higher fees than some of the other methods like crypto exchanges.
Using crypto exchanges
Crypto exchanges are digital marketplaces that allow users to buy and sell BTC, and other cryptocurrencies. So, you can consider these platforms if you’re searching “How can I sell bitcoins for cash?”
To sell bitcoins for cash through an exchange, create an account, validate your identity, and transfer your BTC into the exchange’s wallet. After that, you can place a sell order at the current market price, or state the price at which you wish to sell, and once the market attains it, your sell order will be executed.
The advantages of exchanges include: that they are secure, support more cryptocurrencies, and have cash withdrawal options. On the downside, it can take longer for the transactions to be closed and most exchanges may not allow you to transact anonymously.
Using peer-to-peer platforms
Some platforms such as LocalBitcoins and Paxful connect buyers and sellers so they can trade directly without any third parties needed to facilitate the trade. They offer users many payment options and allow them to pick the most convenient ones for them. However, when using P2P platforms, you should do your due diligence on the buyers you are dealing with to reduce the risks of scams and fraud.
Conclusion
Now you have answers if you’ve been asking yourself, “How can I sell bitcoins for cash?” You can use Bitcoin ATMs, crypto exchanges, and P2P platforms, to mention just a few methods. The crucial thing is to be vigilant pick the most secure option, and ensure it charges reasonable fees and is convenient for you.
