Your investment in Bitcoin has yielded good profits and now you would like to take some of this profit and turn it back into cash to spend on vacation, groceries, or whatever you choose. Turning Bitcoin into cash is easy and there are a few ways you can do this.
If you purchased your bitcoins from an exchange, chances are you can cash them in if your bank account is linked. The more popular ones like Coinbase and Gemini gives you the option to cash in your bitcoins and have the funds sent directly back to your bank account or PayPal account. Decentralized exchanges like BitQuick work a little differently than typical exchanges. When a buyer is found, your Bitcoin is held in escrow until the buyer deposits the funds directly into your bank account. The Bitcoin will be released once the deposit is confirmed.
Bitcoin ATMs have started popping up in tourist areas and airports. These ATMs work just like regular ATMs and some of them let you sell your Bitcoin in exchange for fiat cash. Simply set up an account and log in on the Bitcoin ATM. Select the “Withdraw Cash” option and enter the amount to be withdrawn. You will be given a QR code or wallet address to which you send the Bitcoin. Usually, within 30 minutes the transaction will be confirmed on the blockchain, and your cash can be collected. Bitcoin ATMs are great if you want to keep your purchases and sales anonymous as most do not require any identification to use. Be aware that Bitcoin ATM transaction fees tend to be quite a bit higher than exchanges.
Private sales are great if you want to stay totally anonymous. This is for people who know and trust each other like friends or relatives. Sales are done in person and there is no need to use an exchange. Bitcoin conferences are good places to meet like-minded people and make private sales. In some areas, you can search and find Bitcoin meetups where folks meet and discuss Bitcoin and related subjects. These are great places to meet people that are interested in the same thing you are.
Bitcoin has become highly popular again now that the price has risen back up to near-record highs. This will make it easier to sell as there will be more people looking to buy into this phenomenon that is Bitcoin.