Can You Transfer Your Bitcoin To Cash
You must have a balance of at least 0.0001 bitcoin to make a withdrawal. You can withdraw up to $2,000 worth of bitcoin every 24 hours and up to $5,000 within any 7-day period. Transfers to external wallets usually take between 30–40 minutes but can take longer. To view your bitcoin limits and progress. To transfer between Binance and Cash.App wallet, all you need is the address of the recieve wallet then hit withdraw on Binance.com, try not to get anything wrong, everything is your responsibility, don't send BTC to ETH wallet address for instance or you'll lose those coins forever, it's recommened to transfer $1 first to make sure everything works. The good thing is, some payment methods allow you to sell your Bitcoins at a higher price — so it’s worth getting used to If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www.bitcoin-brokers.org because they will buy your Bitcoins from you and send you cash can i exchange bitcoin for cash via. Digital assets such as bitcoin can be used to transfer funds around the globe in seconds. This gives customers numerous advantages over native cash transfer systems and financial institutions. A few years back, transferring bitcoin into your bank account was almost impossible.
- Can You Sell Bitcoins For Cash
- How To Transfer My Bitcoin To Cash App
- How To Cash In Bitcoin
- How Do You Get Bitcoin Cash
With the rise in the number of people that want to buy Bitcoin, exchanges are putting things in place to make trading of bitcoin easy for their users.
In fact, exchanges like Remitano now allow users to sell their bitcoin and transfer the equivalent to their bank account.
Sending cash to families, business partners, and friends all over the world is almost inevitable.
However, the fee charged to send cash through financial institutions is always high, with an average of 10% per transaction.
Digital assets have proven to be useful tools for seamless international remittances, promoting fast transactions at reduced costs.
Cryptocurrencies have reduced transaction fees for local and international payments by about 90%.
Digital assets such as bitcoin can be used to transfer funds around the globe in seconds.
This gives customers numerous advantages over native cash transfer systems and financial institutions.
A few years back, transferring bitcoin into your bank account was almost impossible.
Bitcoin holders couldn’t cash their bitcoin and transfer the money into their bank account easily.
The only possible way was to go through the local P2P exchangers, which is very risky.
Recent innovations by exchanges have now made it possible to link your crypto wallet to your bank account to make it easy to cash out your bitcoin.
For example, you can buy BTC on Remitano, convert it to Naira, and send it straight to your bank account easily.
What Are The Steps Involved In Sending Bitcoin To A Bank Account?
Most cryptocurrency exchanges are only ideal for crypto to crypto transactions, which means that you can’t convert your bitcoin into fiat and vice versa.
However, few exchanges allow you to buy bitcoin with fiat and convert your bitcoin fiat. But they are rare.
Typically, users will need to send bitcoin from their wallet to exchanges that allow fiat-to-crypto transactions, sell it to naira and then transfer the naira equivalent to their bank account.
The process can be broken down into these steps.
- Move BTC from personal wallet to exchange
- Sell the cryptocurrency for naira
- Send to a supported bank account
Keeping that in mind, let review some of the exchanges that allow you to send your bitcoin straight into your bank account.
Remitano
Remitano P2P is the ultimate exchange for sending bitcoin funds into your bank account.
Can You Sell Bitcoins For Cash
The exchange offers an easy and secure feature that allows users to send their crypto assets into local bank accounts.
The Remitano fiat wallet feature is used to store your local fiat. For instance, the Naira NGN wallet stores Naira, and the SA wallet stores the South African Rand.
This fiat wallet allows you to instantly sell your bitcoin for any currencies supported by Remitano, and then transfer it into your local bank account.
How to use Remitano fiat wallet
Step 1 – Sell your bitcoin
Once you transfer bitcoin from your personal wallet to your Remitano bitcoin wallet, go to the P2P section of the exchange to sell your bitcoin.
Sell to the buyer of your choice from the ads that are displayed on the page.
The completion time of 0s shows that the transaction will be processed instantly and the naira equivalent will be credited to your fiat wallet immediately.
Step 2 – Transfer to your bank account
Go to your wallets in the dashboard section. You will see your Naira balance in your Nigeria Naira wallet.
Click on the withdraw button to enter the amount you want to withdraw and add the details of the bank account you want to send the money to.
Once you create the account, click on the confirm button to initiate the withdrawal. Confirm the account details and click on withdraw.
After submitting the withdrawal, you can check the status of the withdrawal in your NGN wallet transaction history.
The withdrawal process is seamless and intuitive on Remitano, thanks to the easy-to-use interface.
It doesn’t require any prolonged documentation or verification, you only need to do your KYC to have access to this feature.
You can also deposit Naira into your fiat wallet to buy bitcoin on Remitano.
What Other Options Are Out There?
Binance
Binance is one of the few exchanges that allow you to send your crypto funds straight into your local bank account.
Binance exchange has been in the crypto market for over 4 years now and they are arguably the biggest exchange.
The platform allows users to buy and sell cryptocurrencies with their local currency.
Binance supports over 50 fiat currencies, which means that you can send money to any country of your choice.
However, this is no longer possible in Nigeria due to the newly implemented crypto ban in the country.
Bitstamp
This is another trusted cryptocurrency trading platform that permits you to buy Bitcoin and send funds to a financial institution account.
If you reside in Europe, you can utilize SEPA, or utilize wire transfer if you reside outside of Europe.
You are charged a transaction cost of about 5% – 8%. Although, this cost reduces with bigger transactions.
OKEx Exchange
OKEx is a renowned spot crypto exchange like Binance.
They also allow users to send their bitcoin funds into their bank account with the Funding Account feature.
The Funding Account acts as a bank account where you can store your bitcoin funds after exchanging the BTC to naira and then send the funds out to your local bank account.
Just like Binance, the crypto ban in Nigeria has also affected the ability to withdraw money directly from OKEx into local Nigerian banks.
Conclusion
Bitcoin is an inexpensive way to transfer money to people around the world, which is one of the reasons why people are rushing to buy bitcoin.
But we are faced with the difficulty of sending the funds into bank accounts for basic daily transactions.
There are many ways to exchange bitcoin into Naira and send it to a local bank account.
Some of them are easy, some faster and some are quite technical.
Of all the exchanges mentioned in the article, only Remitano P2P (peer-to-peer) has not been affected by the crypto ban in the country.
The good news is that innovations like the Remitano P2P wallet are making it easier to do so.
In fact, you can complete the process in less than 3 minutes.
How To Transfer My Bitcoin To Cash App
Even though Bitcoin transactions aren’t nearly as anonymous as everyone hoped, there are still several ways how you can convert your Bitcoin funds to USD cash while keeping your identity hidden to a considerable extent.
Are you looking to cash out your Bitcoin?
LocalBitcoins is the best way to exchange Bitcoin to cash. You can make the exchange anonymously with private and experienced sellers. And in some areas, it might be the only way to exchange Bitcoin where exchanges are not available. Get started here.
Trade Locally Using LocalBitcoins
LocalBitcoins is a Finland-based service that facilitates the over-the-counter trading of local currency in exchange for Bitcoins. The service allows you to trade Bitcoins in 15,650 cities and 248 countries around the world, and all that’s required from you to use it is a simple account registration and verification, which can be completed in just a few minutes.
LocalBitcoins displays advertisements from users, who state exchange rates and payment methods for buying or selling Bitcoins. Other users may reply to these advertisements and negotiate the terms of trade. LocalBitcoins acts as an intermediary, providing an escrow and conflict-resolution service, in addition to the platform itself.
Most local trades using LocalBitcoins happen in larger cities. Two LocalBitcoin users agree on a meeting place and a time for the trade to occur and typically use a smartphone Bitcoin wallet to perform the transaction itself. LocalBitcoins has its Android app, which is a must-have for any local trading.
Withdraw Cash from Bitcoin ATM Near You
There is a growing number of Bitcoin ATMs, which are Internet-connected machines that allow people to exchange Bitcoins for cash, and vice versa. Bitcoin ATMs can be typically found in high-traffic areas, such as shopping malls or train stations.
The Bitcoin ATM Map app from CoinATMRadar allows you to find all Bitcoin ATMs near you quickly. It even lists all the cryptocurrencies each ATM supports as well as its address, fees, limits, and sometimes even pictures and other useful information.
Just keep in mind that Bitcoin ATMs usually charge very high transaction fees. It’s not unheard of to pay more than $50 in fees alone for a single transaction performed using a Bitcoin ATM.
Spend It or Buy Gift Cards
Thousands of retailers and services around the world accept Bitcoins, including such giants as Amazon and Overstock.com. If you’re willing to jump through a few hoops, you could purchase some high-demand items, for example, the Samsung Galaxy S8 Edge or the iPhone 8 Plus, with your Bitcoins and then sell the item on eBay for cash.
Read our previous article for more recommendations of Bitcoin-friendly stores, including Gyft, which provides a great way how to buy gift cards online for retailers like Amazon, Starbucks, and iTunes with Bitcoins.
Best way: Coinbase/GDAX
Coinbase is a very popular digital currency exchange headquartered in San Francisco. Coinbase users can trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat currencies in 32 countries. Because Coinbase complies with the Bank Secrecy Act, which prevents money laundering, it requires its users to go through a simple verification process.
As such, Coinbase isn’t anonymous, but it is reliable and trustworthy. What’s more, the exchange offers a fantastic app for Android and iOS, which has even become onf of the most downloaded app in the Apple App Store.
Are you looking to cash out your Bitcoin?
How To Cash In Bitcoin
LocalBitcoins is the best way to exchange Bitcoin to cash. You can make the exchange anonymously with private and experienced sellers. And in some areas, it might be the only way to exchange Bitcoin where exchanges are not available. Get started here.