Every investor wants to know how to liquidate some of their investments. Exchanging stocks, commodities, or cryptocurrencies for cash transforms the investment into a flexible and convenient form. If you are a Bitcoin investor, you should become familiar with how to sell Bitcoin for cash using numerous cash payment methods available to receive payment for your Bitcoin when you eventually decide to cash out. In today’s article, we will be looking at the best possible ways to cash out your Bitcoin. Let’s start!
Cash in Person:
The term “cash in person” refers to face-to-face (F2F) interactions between the buyer and the seller where the seller takes payment in cash for a pre-agreed upon amount of Bitcoin and completes the transaction by sending the Bitcoin to the buyer’s crypto wallet address. The buyer and seller always agree to a meeting place and time to complete this transaction. This is a cash payment option for individuals wondering how to sell Bitcoin for cash.
Peer-to-peer (P2P) trading is now also supported by centralized exchanges like Binance P2P, which have added support for in-person cash transactions as a payment option. Keep in mind that this payment method is offline.
How to Sell Bitcoin for Cash Using a Local Bank Transfer:
The banking industry has made it simple to exchange money between parties without going to a bank. This entails transferring money to the account of a different person who lives in the same nation. Nevertheless, they might be in other provinces, states, or cities.
In an online transaction on a P2P exchange that supports local bank transfers as payment, a seller can list a local bank transfer as a payment method and provide their contact information. The potential buyer strikes a contract and sends the money via bank transfer. However, this method can prove to be a hurdle if both the buyers and sellers are from different countries.
How to Sell Bitcoin for Cash Using a Mobile Wallet:
For those considering how to sell Bitcoin for cash, another way to take payment in cash in a Bitcoin transaction is using a mobile wallet. The mobile wallet is a digital wallet that houses payment card data and offers consumers a practical way to utilize a mobile device to make in-store and online purchases. These wallets can be used at businesses that are listed with the provider of the mobile wallet service.
This option is one of the ways to sell Bitcoin for cash. Both the buyer and the seller must have a mobile wallet compatible with the exchange for the transaction to be valid. PayPal and Venmo are examples of this type of mobile wallet. There are numerous such wallets available across the world.
Bank Cash Deposit:
A cash deposit to a bank account is another option for how to sell Bitcoin for cash. This method might have a two-way resolution. A buyer could deposit money into a seller’s account, or a seller could deposit money from a buyer’s account.
If the buyer makes the payment into the seller’s account, the seller will hold on to the Bitcoin until the payment has been confirmed. However, this method has a disadvantage. The confirmation period could be extended because you must wait a few hours before the bank confirms the deposit.
However, this method is otherwise safe, since the transaction is happening in person in a real bank, and the money is being transferred to the seller in a safe way effectively.
SWIFT is the shorthand for Society for Worldwide Interbank Financial Telecommunication. It enables bank interactions across borders. Direct deposits and foreign bank transfers are two examples of SWIFT transfers. These transfers typically take one to five business days. As a condition of use, the bank processing the payment may impose a fee of between 3% and 4%.
A SWIFT transfer is a potential option that can help you determine how to sell Bitcoin for cash. Also, this is supported globally, enabling you to transact with anyone from any part of the world.
Now that you know how to sell Bitcoin for cash using some popular ways of accepting payment, you can think of even more. Whatever method you select, ensure you receive payment before sending Bitcoin to the buyer.