If you are following the Bitcoin exchange rate closely and wish to sell fast at the right time — you need to be able to withdraw Bitcoin to cash in several ways. Several, because, according to Murphy’s law, “what can go wrong — will go wrong”, and obviously at the wrong time.
So what’s the best way to cash out your Bitcoin? Let’s go through a list.
Localbitcoins is a website that brings together buyers and sellers willing to trade Bitcoin for all kinds of local payment methods. Localbitcoins is great because of its’ reliability: it has an escrow service, a reputation system and an active moderator team that hates scammers. Register at Localbitcoins and find Bitcoin buyers near you -> sell -> bingo!
2) Prepaid Bitcoin VISA/MasterCard
This is an extremely convenient way of withdrawing Bitcoin into your leather wallet — all you need is a card issued to your name and an ATM. Check the bitcoin debit cards list, select a provider that will work for you and you will receive a wallet address that corresponds your ATM card. Load Bitcoin to that address and it will be available for withdrawals at any ATM. Be sure to know your fees and limits, of course.
Currently most Bitcoin ATM cards are having issues because of the VISA/Mastercard pressure, but one of the companies has found a sound alternative — it’s SpectroCoin, partnered with Bankera who are ambitious enough to set out for all-inclusive crypto banking (see their impressive ICO), so make sure you sign up if you need a crypto ATM card.
3) Directly to your bank account.
Large centralizes exchanges like Coinbase and Gemini will have an option of sending your Bitcoin directly to your connected bank account. There is one problem though: it’s not advisable to store your Bitcoin on exchanges for the long term. If you are a “hodler”, make sure you hold your BTC in a secured wallet and use ways #1 and #2 whenever you want to sell off a portion. Exchanges have been and will be hacked, so no point in trusting them too much.
If you want a more in-depth post on how to withdraw Bitcoins to cash — click here