Bitcoin is an attractive option for many. The market is hot, and despite the tumble it took in 2017, it’s quickly getting hotter thanks to the financial problems from the COVID-19 outbreak. It’s a great investment and a great way to get away from traditional fiat currency, but if you want to withdraw Bitcoin wallet to bank account funds offline, there are ways to do that. Unfortunately, you may be a bit confused about the whole process. After all, it should be fairly easy to convert your Bitcoin to cash, right? It’s not quite as easy as it seems, but there are ways to do it. This quick guide can help.
Why People Withdraw Bitcoin Wallet to Bank Account Offline
There are a number of reasons people choose to withdraw their Bitcoin to their offline bank accounts. While Bitcoin may eventually replace fiat currency, not very many businesses actually accept payment in Bitcoin, and that’s one of the biggest reasons people decide to convert it to cash. Another reason is that Bitcoin can be an investment, and should the market be in decline, you may want to take what you have and protect your assets from further loss. In that case, taking it to the bank may give Bitcoin a bit of time to recover until you decide to buy back into the market once more. No matter what your reason for cashing out your Bitcoin, though, the process is a fairly simple one.
Moving Bitcoin with An Exchange
When you’re ready to withdraw Bitcoin wallet to bank account, the first step is to start an account with one of the many trustworthy exchanges. Keep in mind that there are exchanges that are not trustworthy, so you’ll want to select a tried and true option like Coinbase or Kraken. This is a fairly easy way to get your cash. You create your account, then complete the verification process. Deposit the money into your account on the Exchange. Then, once it’s sold, you’ll cash it out via a bank transfer or PayPal in some cases.
Withdraw Bitcoin Wallet to Bank Account Through an ATM
There are Bitcoin ATMs where you can accomplish something fairly similar. Unlike traditional ATMs, Bitcoin ATMs are places where you buy or sell your Bitcoins. There are nearly 5000 of them across the world today, and there are sites that list all of them available like Coin ATM Radar. This isn’t the best way to handle a high volume of Bitcoin, though, as there is a high transaction and most ATMs have withdrawal limits. As a result, it’s only really a good option if you’re looking to withdraw a small amount of Bitcoin.
Using Debit Cards for a Withdrawal
There are Bitcoin based sites that let you sell your holdings and in exchange for those holdings, you get a prepaid debit card loaded with cash. You use it as you might a traditional debit card, as each one is powered by the Visa or Mastercard network. They work for on or offline shopping, and you can typically use it anywhere you might be able to use a traditional debit card. In fact, in most cases, you can even use it at a regular ATM.
Selling Bitcoin for Cash
There’s another way to withdraw your Bitcoin holdings and receive cash in exchange. By using peer-to-peer platforms, you can sell your Bitcoins directly to other people. You decide what payment method you want a buyer to use. Keep in mind that because peer-to-peer networks are made up of individuals, you can decide what your price will be. Typically you need to decide between accepting PayPal, a bank transfer, or a credit card, though there are some peer-to-peer transactions that are cash only. Be sure to carefully vet these transactions, though, as they are not protected, and you’ll want to make certain you’re not about to become the victim of a scammer.
Getting Real Value Out of Your Bitcoin
While getting cash for your Bitcoin might seem like the best idea at the moment, keep in mind that once you do so, you may never be able to get Bitcoin quite as cheaply again. Bitcoin is an incredibly volatile market, and that means while you may be trying to protect your investment right now, you may actually end up creating some real damage in the end. If possible, you may want to hang on to that Bitcoin to watch its value soar. If that’s not possible, though, you may want to consider spending it as Bitcoin. There are many different places that now accept Bitcoin, and the number of places accepting Bitcoin is growing on a regular basis. In fact, there are even places where you can buy food with Bitcoin! One site will connect you with pizza chains that accept Bitcoin, and there are a few pubs that will take your Bitcoin as payment. There are many sites available that allow you to see where you can spend your Bitcoin in the UK and throughout the world. The key, though, is to do a bit of research. If you want to cash out your Bitcoin because you need to make a purchase, it’s worth it to do some research and see if the purchase you’re trying to make is available from a company or a seller that accepts Bitcoin as payment. With so many big names like Microsoft and Overstock now accepting Bitcoin, it’s just possible you could get more value for your actual Bitcoin than you might ever hope to get if you cashed out of the market.
No matter what you decide to do, keep in mind that you should be safe. If you intend to cash out all of your Bitcoin, make certain you’re using a secure source to do so. If you only intend to cash out some of your Bitcoin, you may want to make a separate hot wallet and leave your other Bitcoin assets in a cold wallet to help protect what you have available.