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.