There are people who always seek info about exchanging their Bitcoin for cash and today we are here to solve all the related queries about how to cash out Bitcoin in the USA keep yourself reading this article so will get to know about one of the best ways to exchange your bitcoin to cash.
How to Get Cash Out of Bitcoin in the US: Exchanges, Brokers, and ATMs
As of March 2024, Bitcoin was worth more than US$1 trillion, making it the most valuable cryptocurrency in the world. A lot of people have put money into Bitcoin and seen their money grow over time.
But how do you get cash for your Bitcoin when you need it? We’ll look at some of the best ways to cash out Bitcoin in the US in this post.
Use A Crypto Debit Card
A Bitcoin debit card, like the BitPay Card, is one of the easiest and fastest ways to get cash for your Bitcoin. With a crypto debit card, you can use your cryptocurrency amount at any store that takes Visa or Mastercard.
You can also use the card to buy things online and get cash from ATMs. Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, Shiba Inu Coin, and other cryptocurrencies can be used with the BitPay Card.
You can link the card to your Coinbase account or use the money in your BitPay wallet to load it. The BitPay Card has low fees and quick transfers, which makes it an easy and cheap way to send cryptocurrency to someone else.
Also Read: Top IPOs To Look Out For In March 2024
Go To An Exchange And Sell Crypto
People also often sell their Bitcoin on a cryptocurrency market like Coinbase, Binance, Gemini, or Kraken to get cash. An exchange is a website where you can buy and sell cryptocurrencies with either regular money or other cryptocurrencies.
Before you can cash out your Bitcoin on an exchange, you have to sign up for an account, prove who you are, and link your bank account. After that, you have to send the Bitcoin to the exchange.
After that, you can sell your Bitcoin for USD or another fiat currency and get the money in your bank account. Depending on the exchange and bank, the process could take a few days.
The market and the amount of Bitcoin being sold may also change the fees. For instance, Coinbase charges a 0.5% markup on cryptocurrency sales, plus a fee that changes based on the type of payment and the location.
Make Use Of A P2P Exchange
There are no middlemen in a peer-to-peer (P2P) market. Instead, buyers and sellers of cryptocurrencies can connect directly with each other.
You can choose your own payment method, prices, and terms on a peer-to-peer exchange, which can give you more freedom and privacy than an organized exchange.
However, a peer-to-peer trade is riskier because you have to believe the other person and follow the platform’s rules for escrow and dispute resolution. LocalBitcoins, Paxful, and Bisq are three of the most well-known peer-to-peer markets.
First, sign up for an account on a P2P exchange. Then, find a buyer who is willing to pay you in cash or another method. Finally, send your Bitcoin to the platform’s trust service.
Then, make sure you have the money and give the buyer the Bitcoin. Time and fees may be different depending on the site and the transaction.
Go To A Bitcoin ATM
A Bitcoin ATM is a real-life store where you can use cash or a debit card to buy and sell Bitcoin. There are about 30,000 Bitcoin ATMs in the US. They can be found at gas stops, grocery stores, malls, and other places.
To get cash for your Bitcoin at a Bitcoin ATM, read the QR code on your wallet, enter the amount of Bitcoin you want to sell, and get cash or a receipt that you can use at a nearby ATM.
The fees and limits may be different depending on who runs the ATM and where it is located. Fees are usually between 5% and 15%, and the largest amount that can be transferred at once is $10,000 USD.
More: Top 3 Most Secure Cryptocurrencies For New Investors In 2024
Buy Gift Cards With Crypto
One last way to get your Bitcoin back is to trade it in for gift cards that can be used at many stores, both online and off. This might help you avoid fees and taxes while still spending your coin on things you want or need.
You can trade your coin for gift cards on sites like Bitrefill, Gyft, eGifter, and Fold. To exchange your Bitcoin for gift cards, choose the store and amount of gift cards you want, then send your Bitcoin to the site.
You will then get an email or text message with the gift card code or voucher. The fees may be different for each shop and site.
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