For those who purchased Bitcoin using a credit card, debit card or their bank account will find out that it is easy to convert Bitcoin back into cash. If you purchased Bitcoin through a service like Coinbase, one of the requirements to have that account is to connect a Bank or Checking Account to it. For new or existing users looking to convert Bitcoin into Cash, we offer in-depth solutions to follow below.
If you are a user who has not purchased Bitcoin using a fiat currency, but instead you acquired Bitcoin through mining, as a payment, or for a service, then these method below are for you.
Convert Bitcoin (BTC) to Cash Using Coinbase.
Their are a few ways to convert Bitcoin into Cash, here are the following methods:
Coinbase – Coinbase is a platform that allows you to buy, sell, exchange, transfer, and withdraw Bitcoin to your Bank Account.
- To do this, after successfully signing up to Coinbase and verifying your account, on the main dashboard, head to the top navigation and click on the Trade button.
- You will see three tabs in the popup window, select the Sell tab.
- Select Bitcoin as the cryptocurrency you want to convert to cash. The Deposit To field will automatically select your default countries currency.
- Enter the cash amount of Bitcoin you would like to Sell, then click on Sell Bitcoin.
- In the main navigation, click on Accounts.
- Locate your USD Wallet, then click on the Withdraw Button.
- Select the Bank Account you would like the money to be transferred to and send. Depending on your bank, transfers typically take 3 to 4 business days to reach your Bank Account.
After you have received the money in your Bank Account, you are now free to withdraw that money at your local teller or ATM using your debit card.
Adding Bitcoin to a Debit Card
Bitcoin has become so immensely popular that people all over the world are trying to find ways to spend it like cash. A few companies have taken notice of that need and wanted to fill in the void that consumers face. Below are 2 companies that allow you have convert Bitcoin to spendable cash using a Debit Card.
Blockcard – Blockcard is a company that provides users with a Visa Debit Card that allows you to convert Bitcoin, as well as other cryptocurrencies into cash. With a Visa Debit card you will be able to make purchases online or at your local stores just like a credit card or bank card. ATM cash withdrawals are also enabled. This method is popular since it eliminates the need to withdraw to a bank account, wait for the cash to clear, then be able to spend.
Blockcard’s process is simple. You transfer over your cryptocurrencies to a digital wallet that they provide you upon sign-up. After your account is funded, in order to use your digital coins as cash, they get converted into Tern (Blockcard’s coin). Cryptocurrencies supported by this service are Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Stellar Lumen.
A few things to take notice before you begin, Your account must be funded with at least $150+ to activate your card. You will also need to maintain a balance of at least $100 dollars to keep your card active.
Bitpay – Bitpay is a company that provides services for businesses and individuals looking to accept payments in Bitcoin and Bitcoin Cash. To start, you have the option of signing up as a business or as an individual user. When you sign-up you will be offered a Bitpay Prepaid Debit Card and a Bitpay account that allows you to convert Bitcoin and Bitcoin Cash into money that can be used on your debit card.
Bitpay has recently re-enabled ATM withdrawals which is excellent for individuals looking for quick cash in a moments notice. Converting from crypto to cash is very easy. In your Bitpay account you simply select your debit card and put the amount of Bitcoin or Bitcoin Cash you would like to convert. Once your account is funded, you are free to use your debit card anywhere where Visa is accepted.
Notable features of this card is that their are no minimum balances needed to keep your card active. Refill your card anytime be sending crypto to your digital wallet on your Bitpay account. Convert your digital coins into cash by transferring them over to your debit card, and now your all set. ACH Debit is also enabled with your debit card. Bitpay provides you with a account number and routing number. You can send and receive cash between any bank account around the world.
Converting Bitcoin into cash is a very popular subject, especially for individuals looking for the freedom to spend their money in other currencies. Whether your using Coinbase to convert Bitcoin and send to your bank account or using a debit card to do cash withdrawals at an ATM, you have the freedom to spend your money they way you want to.