Blog Misc How to Withdraw Bitcoin: What You Should Know

How to Withdraw Bitcoin: What You Should Know

date October 13, 2021 time 5 min read 255 views

Even though bitcoin has become one of the most trusted cryptocurrencies on the market, many people are still unsure of how to convert bitcoin to cash. This guide will assist you in determining is it too late to invest in Bitcoin and how to withdraw bitcoin. Let’s find out.

You might wonder “what would happen if I invest $100 in bitcoin today 2021?”. The fact that Bitcoin has repeatedly set new price records and rose above the $60,000 mark for the first time this year. However, cryptocurrency prices have been volatile, so at times you might want to cash in quickly when your bitcoin reaches a certain price. The information provided below will assist you in preparing to withdraw your bitcoin. 

There are many ways to convert bitcoin to cash depending on your preference.
There are many ways to convert bitcoin to cash depending on your preference. (Source: Pixabay)

How to withdraw bitcoin?

1. Withdraw bitcoin from cryptocurrency exchanges

One of the simplest ways to convert bitcoin to cash is through an electronic exchange. This platform is a trusted third party that allows you to sell and cash out your bitcoin for fiat currency such as US dollars, Euros, Japanese Yen, or Pound sterling,…

You can easily buy and sell bitcoin on an exchange if you already have an account there. To cash out bitcoin, you must first open a bank account. However, you need to be aware that some countries have their regulation of surveillance. Some exchanges are not available in certain regions.

When you have bitcoin in your account, all you have to do now is submit a sell order, which specifies the currency you wish to exchange as well as the expected price per unit. If a buy order matches your offer, the exchange will complete the transaction automatically.

After converting bitcoin to cash, you will need to withdraw it to your linked bank account. It could take up to 5 days for your funds to appear in the bank account and impose a limit on the quantity of money you can withdraw depending on the bank. Another thing to bear in mind is that there may be withdrawal costs based on the platform you use. Although withdrawing bitcoin from an exchange can take a long time, it is a quite safe and secure process.

Investors can easily convert their bitcoin into cash using the cryptocurrency exchange.
Investors can easily convert their bitcoin into cash using the cryptocurrency exchange. (Source: Pixabay)

2. Withdraw Via Peer-to-Peer Exchange

Peer-to-peer (P2P) exchange puts you in direct contact with potential bitcoin buyers so that you can convert bitcoin to cash. Because there is no third party to facilitate the transaction, this method is more anonymous and takes less time. Some of these exchanges serve as escrow services, mediating transactions to help prevent fraud. You need to create an account with a popular P2P exchange. Verify your identity before looking for a buyer to complete a transaction with. Here are some of the steps you can take to request a P2P payment:

  • Find a working exchange in your country.
  • Create an account: Some platforms allow you to create an account for free, but you must verify your identity first.
  • Use the marketplace to find a bitcoin buyer.
  • Create the transaction: Enter the amount of bitcoin you want to sell as well as your payment information. If the buyer accepts your offer, you will transfer your bitcoins to the exchange’s escrow account for holding.
  • Get paid for your bitcoin: A bitcoin transfer is complete only when the seller acknowledges receipt of payment.

Escrow functions are commonly used on P2P platforms to provide a measure of protection for both parties and to help assure asset transfer. The seller of bitcoin may get a transfer immediately to their bank account or credit card, depending on their payment choice.

3. Use bitcoin ATMs

With a leading position in the cryptocurrency market, bitcoin has its own ATM system. bitcoin ATMs (BTMs) were first introduced in October 2019, and there are now nearly 14,000 bitcoin ATMs around the world. Unlike typical ATMs, the bitcoin ATM is connected to the internet and allows users to connect to numerous exchanges and wallets to buy and sell bitcoin with cash or card. 

You may find your local BTM by doing an internet search. Bitcoin ATMs allow you to scan a QR code from your wallet and then sell bitcoin to cash. However, when compared to other methods, they frequently impose large transaction costs.

So, how to withdraw bitcoin by BTMs?

  • Select ‘Withdraw Cash’ from the BTM interface.
  • Enter the amount of bitcoin you’d like to cash out.
  • To send bitcoin from your wallet or exchange, scan the QR code provided.
  • You can withdraw your money once the transaction has been executed.

However, one thing to keep in mind when looking for a BTM to convert bitcoin to cash is that not every bitcoin ATM has both buying and selling capabilities. To conduct selling activities, bitcoin ATM operators request customers authenticating their identities, which is a time-consuming process for new users.

Moreover, bitcoin ATM operators must adjust their machines’ settings by the location that they are installed. Several countries have laws prohibiting the installation of any ATMs. As a result, it will be extremely difficult for investors in certain nations to convert bitcoin to cash via BTM.

Bitcoin ATMs are now available in a variety of locations.
Bitcoin ATMs are now available in a variety of locations. (Source: Pixabay)

Important Things to Consider When converting bitcoin to Cash

When you’ve figured out how to withdraw bitcoin, there are a few factors to keep an eye on.

Take a look at the price volatility

Because of the decentralized nature of the market, cryptocurrency values are very volatile. If you want to sell for a profit, you must act quickly. In some cases, you want to make a withdrawal, but the price will decrease unexpectedly, lowering your profits. In other instances, the price may also see a sharp increase and you never know. The cause for the volatility can be influenced by investors and trade volumes, so do your research before withdrawing.

Enhance your security

There are many security risks associated with bitcoin due to the storage of the coins on the online pools. You must approach legitimate cryptocurrency exchanges to trust them with your bitcoin and withdraw for cash. Also, make sure 2FA (Two Factor Authentication) is enabled and used so that no one else can access your account.

Take into account the time factor

When converting bitcoin or bitcoin ETF to cash, you must factor in the time it takes for the funds to arrive in your bank account. Withdrawals to your bank account can take several business days, even if there is no chance of an error. So, if you need cash quickly, consider other options besides trading on a bitcoin exchange.

Exchange Fees

Most exchange platforms charge a fee to convert bitcoin to cash. As a result, choose the best method for you so that the fees do not reduce your profits.

Before deciding to withdraw bitcoin, follow the electronic board to see how the price is moving. (Source: Pixabay)
Before deciding to withdraw bitcoin, follow the electronic board to see how the price is moving. (Source: Pixabay)

Withdraw your bitcoins with MyConstant

MyConstant is a great option when you’re looking for a reputable and low-risk platform to convert bitcoin to cash. In addition, if you require cash quickly, you can collateralize your cryptocurrency and receive crypto loans at a low interest rate. Following that, you can select some of the best coins to invest in then use that loan to purchase them and earn interest on cryptos.

Our services include:

  • Rates as low as 6%
  • 24/7 customer service no matter where you live.
  • Anytime withdrawals
  • Minimum investment just $10
  • Flexible terms.

How to withdraw bitcoin? Sign up for a free account today and sell your bitcoin for cash!

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