Can you convert bitcoin back to cash

can you convert bitcoin back to cash

Riple has the fastest transfer rate of coins from wallet to wallet. the destination wallet or exchange I pass the LTCs back to Bitcoin. The process of buying is relatively straightforward but if I want to convert my bitcoin back to cash, that's not so easy — there is no obvious way. In the web application, you can easily buy and sell cryptocurrency via simplified SEPA transfer and convert it into traditional money to send by bank.

Can you convert bitcoin back to cash

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can you convert bitcoin back to cash

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You could print the secret information that you can use your Bitcoin with, but it is not quite the same as cash. You could even get bank notes redeemable Bitcoin "vouchers" from a trusted party. That is pretty much what cash is. You would also take a lot of unnecessary risk, which could give you the authentic cash experience.

Yes, you can hold a "physical bitcoin" in your hand. You can trade it from person to person, and eventually turn it back into a digital coin if you wish. However, most often you will be only dealing in digital bitcoins. They are stored in a so called "block chain" - a ledger of all transactions on bitcoins. In order to spend them, you need your Bitcoin address and its private key - a really big random number. You can store it as a QR code, a file on a computer or anything, but you do need some special program to use those.

If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www. They will even send you your payment without you needing to show any ID. Completely anonymous way of converting your Bitcoins to cash. There are Robocoin ATMs now in general circulation but for traders, fees can be a problem. The more we use and develop BTC, the better for us all. The value is increasing rapidly in the BTC market. How else can we sell our BTC for cash?

Lets keep working on this. One final word, please be very informed before looking at Ripple. Search ripple scam for comment But you can hold a wallet though Holding a wallet in your hand is holding a sheet of paper with a buch of numbers and letters which are the public and private key that refer to your wallet Actually the private key is the only one needed, with it you can generate the public one. The accounting information is held in the blockchain spread arrown the world in thousands of computers.

But on the Internet there are many stores and the number is growing fast, where you can buy with your bitcoins. The article Bitcoin Funded Debit Cards might be useful to you. Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Collaborate and share knowledge with a private group. Create a free Team What is Teams? Learn more. How can I change BTC into normal cash? Ask Question.

Asked 9 years, 10 months ago. Active 4 years, 2 months ago. Viewed k times. Improve this question. Visruth 3 3 bronze badges. Abu-Hmida Abu-Hmida 1 1 gold badge 3 3 silver badges 3 3 bronze badges. I think the question goes something like: I am standing on my front porch and have one hundred US dollars; I want to send US dollars to someone else.

How do I get dollars worth of bitcoins to send? Add a comment. Active Oldest Votes. Improve this answer. David Schwartz David Schwartz Jeremias Jeremias 1 1 silver badge 2 2 bronze badges. They are just confusing at times. This is one of those times. When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use. These include:. 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. 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 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! Want to sell NFTs? 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! Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address!

You will then be shown your Bitcoin Coinbase wallet address. This is the address you need to send your Bitcoin to. Next, click on Sell. 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. This will change depending on where you are located.

For example, U. 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! Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update.

Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since , and processes the most Bitcoin to Euro transactions.

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 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. 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. 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. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password. You also need to enter and confirm your email address.

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. In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request. 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. The buyer should contact you to let you know that the funds have been sent. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods.

It is also a good idea to set up an advertisement. 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! Learn what is the best time to buy Bitcoins, and when to sell Bitcoin, too! Learn about the the most secure vaults in the world, and how you can acquire one of such vaults yourself!

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