If you’re navigating the crypto world and need to convert Bitcoin to cash or switch between digital assets there are various tools to transfer or convert Bitcoin, buy/sell crypto, exchange Ethereum, or swap Cardano.
From exchanges to ATMs, here are five effective ways to cash out Bitcoin, Ethereum, and other cryptocurrencies as well as to buy/sell crypto.
Sell Through A Crypto Wallet App
With self-custody wallet apps, you can sell Bitcoin and select other cryptocurrencies directly from your wallet. Payouts can go to your bank account, debit card, or PayPal, according to Bankrate. The main benefit is having complete control over your funds without depending on a centralized exchange.
Use A Centralized Exchange
There are various platforms that et you sell crypto for cash quickly. If your coins are already stored on one of these exchanges, selling can be as simple as clicking “sell” and transferring the money to your linked bank account. Centralized exchanges usually process transactions faster than peer-to-peer methods. These, however, may charge service fees in addition to network transaction fees.
Peer-To-Peer (P2P) Sales
If you have extra time, P2P exchanges connect buyers and sellers directly. These allow users to set their own prices and choose from various payment options, such as bank transfers, cash, or even gift cards. Although fees can often be lower than on centralized exchanges, the transactions can take longer.
Cash Out At A Bitcoin ATM
Bitcoin ATMs offer a fast way to turn crypto into physical cash without having a bank account. These machines, available worldwide, generate a QR code for you to send your crypto to, and then they dispense cash at the agreed rate. There can be high fees.
Before cashing out, swapping, buying or selling your crypto assets, always do your research. Make sure to realize the tax consequences and fees.
