Skip links

Can Bitcoin be Converted to Cash?

Bitcoin is the world’s most popular cryptocurrency. A lot of retailers and payment processors accept Bitcoin payments, but you may need to convert bitcoin to real money at some point. Can Bitcoin be converted to cash?

You can and we’re going to show you how.

Cash Out Methods

When you learn how to cash out Bitcoin, you’ll find that:

  • Some methods are cheaper than others
  • Some methods are easier than others
  • There are options for different currencies
  • Time to receive your cash varies

Every method has its own perks and disadvantages. Be sure to take time and look over the options available to find the method that works best for you.

Broker Exchange

A third-party broker exchange is one of the most popular choices when trying to convert digital currency into cash. These exchanges require that you deposit the Bitcoin into the exchange before asking for a withdrawal.

Wire transfer is the most common method of withdrawal.

The broker exchange may require that you deposit money into the broker account at least once before requesting a withdrawal. You can withdraw your currency to fiat currency, but you’ll likely need to use the same bank account for your deposits and withdraws.

Anti-money laundering laws are in place that may not allow you to make deposits from accounts not the same as the withdrawal account.

Broker exchanges will require 1 to 5 days to receive your money.

SEPA or SWIFT payments are made depending on if you’re in the EU or US. The downside of an exchange is that it’s a time-consuming process and doesn’t come with the anonymous benefits that other forms of withdrawing money do.

Fees will exist when withdrawing your crypto and turning it into cash.

The fees are different for each broker and may have multiple different fees depending on how you withdraw the currency. Since there are so many different brokers, it’s impossible to list all of the fees for each respective broker.

Turn Bitcoin into Cash Using Nebeus

Can Bitcoin be converted to cash using Nebeus? Yes. The platform is one of the most robust, easiest methods of converting your Bitcoin. If you use the wallet, it makes it even easier to begin storing, exchanging and ultimately converting the currency to cash.

The platform now supports three main currencies for withdraw and transfer:

  • Pound – £
  • Dollars – $
  • Euro – €

If you store your currency in one of the Savings or Loan products, you can transfer the money into a MasterCard that’s registered on the platform. You can convert from one currency to another using the platform.

It’s a simple, straightforward method if you want to know how to withdraw Bitcoins to cash using a rapid conversion method.

Multiple restrictions are in place for withdrawals, including:

  • £250 limit per month for only tier 1 verification (Phone & Email)
  • £25,000 limit per month / £15,000 per day for tier 2 verification (Phone, Email, Passport and Address)
  • £555,000 limit per month / £50,000 per day for tier 3 verification (Phone, Email, Passport, Address and Verified Selfie)

Fees are 2.5% + 0.8 EUR and are different for withdrawing to SWIFT or SEPA.

Peer-to-Peer Exchange

A lot of investors want to know how to convert Bitcoin to cash rapidly. The problem is that rapid transfers often have the highest risks. Peer-to-peer platforms are going to offer the fastest exchange, but the issue is that there’s a lot more risk involved.

Buyers can scam you if you don’t know what you’re doing – no one wants that.

Payment methods can vary greatly from buyer to buyer and will often be one of the following:

  • Cash Deposit allows you to receive money directly into your bank account. Scammers will leverage this form of payment because they’ll say the money is sent and you never know if it is. Cash deposits should provide you with an ID and proof of payment before you transfer any Bitcoin to the individual.
  • Bank Transfer is another option where the buyer will transfer payment directly into your bank account. This method is risky, so you’ll need to request proof of ID from the buyer.
  • Cash arrangements can be made that require the two parties to meet and make the exchange. This can be a dangerous venture because you never know who you’re going to be meeting up with.

When you use P2P, be sure to use a platform to conduct the trade. Some platforms will provide a higher level of safety than others, so be sure to do your due diligence. An exchange that offers an escrow service is the best option. These escrow services will hold your Bitcoin safely and only release the currency when the money has been deposited.

There are a lot of risks with a P2P exchange because you have to rely on a third-party. The third-party will be responsible for holding up their end of the agreement, and you’re less likely to sell at the going rate. Buyers that use exchanges are often after bargain deals, so they’ll try and negotiate the price down.

You’ll find that there are additional options that allow you to withdraw crypto for cash. A few of the most popular options for withdrawing include:

  • ATMs. There are Bitcoin ATMs available that allow for the purchase and sale of Bitcoin. There are options in over 75 countries, so this may be an option for you depending on where the closest ATM is located.
  • Prepaid. A lot of exchanges and services allow you to withdraw your funds into a prepaid debit card. This is one of the most popular options.

When you convert your Bitcoin to cash, you’ll find it’s easier to make purchases on both online and offline retailers.

Conclusion

You can change Bitcoin to cash using a multitude of methods. Nebeus allows you to withdraw your funds directly to a card in over 100 countries. The Nebeus wallet makes it easy to use the integrated exchange, send crypto to other users and withdraw your Bitcoin to a card that is widely accepted worldwide.

When you need to convert your digital currency to cash, Nebeus offers the easiest solution.

Leave a comment

Close Bitnami banner
Bitnami