Many people have now embraced Bitcoin in a massive way because crypto offers so many benefits—including seamless transactions across borders given it’s a decentralized currency. However, as a Bitcoin holder, you will eventually need to cash out your holding, be it to spend as fiat currency where cryptocurrency is not accepted for payment or many other reasons.
To help beginners in the crypto world understand how to cash out Bitcoin, this article explores some of the methods you can use.
Use a Bitcoin ATM
Bitcoin ATMs (BTMs) are automated machines similar to conventional cash ATMs that dispense cash with your debit card. However, BATMs, give cash in exchange for your Bitcoin, helping you to conveniently cash out your BTC. They are conveniently located in high-traffic areas such as shopping malls and airports and they also offer users 24/7 service.
Pros of using Bitcoin ATMs
Here are the pros of using BTMs to cash out Bitcoins:
- Privacy: BTMs usually make minimal user identification and verification checks, especially when making small transactions. If you’re looking for ways to cash out Bitcoin without giving out too much of your details, this is a good option.
- Instant transactions: BATMs dispense cash instantly once you’ve completed the transaction and no need to wait like when using crypto exchanges that have waiting durations for withdrawals
- Convenience: BATMs allow you to withdraw cash any time you want.
Cons of Using BTMs
Some of the downsides of Bitcoin ATMs include:
- Higher transaction fees: they tend to charge higher fees than crypto exchanges
- Limited accessibility: not all areas have Bitcoin ATMs leaving out some users
- Limited amounts: Bitcoin ATMs may not be a viable option if you want to trade huge amounts
Crypto exchanges
Another option to consider if you’re looking for how to cash out Bitcoin is crypto exchanges. These come in the form of both online platforms and physical offices where Bitcoin holders can cash out their BTC safely and securely. Online crypto exchanges offer user-friendly experiences and have familiar interfaces where users can navigate easily.
For the physical offices, users walk in and transact within a few minutes with the help of well-trained and experienced staff. However, before using any crypto exchange, you need to consider things such as security, transaction fees, liquidity, speed of the transaction, payment options supported, and user-friendliness.
Pros of crypto exchanges
If you’re exploring how to cash out Bitcoin using crypto exchanges, you stand to enjoy the following benefits:
- Security: exchanges are secure and ensure your funds and information are safe.
- User-friendliness and convenience: crypto exchanges have interfaces similar to those of stock trading platforms. The interfaces are easy to navigate, even for beginners, allowing users to buy and sell in a few clicks.
- Variety of cryptos: many exchanges support several cryptocurrencies besides Bitcoins. Therefore, you can explore and invest in different coins.
Cons of crypto exchanges
Crypto exchanges have a few cons including:
- Limited control: users have limited control over their assets when they deposit them with centralized exchanges.
- Fees: crypto exchanges charge fees for various transactions including for making deposits or withdrawals, and so on.
Conclusion
You don’t have to struggle looking for how to cash out Bitcoin even if you’re a beginner in the trade. You can consider using Bitcoin ATMs and crypto exchanges. Other methods include peer-to-peer platforms and over-the-counter brokers. Before using any method, ensure it is safe, user-friendly, and charges reasonable fees.
