How to Cash Out Bitcoin Easily and Fast
The fact that most Bitcoin owners look for a safe, quick and simple way to cash out their crypto is unlikely to be a revelation. And as in many other new fields of modern economic reality, there are skeptics and devotees, fraudsters and reliable market players, making people take this or that step even more complicated.
In this overview, we aim to tell you about the existing methods of cashing out Bitcoin such as bank transfer, PayPal and some others, compare them to the exchange for Ezzocard prepaid cards, so you could make a right choice depending on your personal requirements.
Before you continue reading, just ask yourself these few questions which will help you understand what you really need for yourself. Here they are:
What do you value most: speed and simplicity or time?
Will you use your bank account or PayPal account for cash out?
Do you need a fast cash out or are you ready to hold on?
What fiat currency would you like your Bitcoin funds to be converted to?
Do you require anonymity of your transactions?
Answering all this will provide a clearer picture of the options prevailing on today's crypto-market.
So, what does the market offer?
Cryptocurrency Exchange Platforms
Although, most cryptocurrency exchanges do not deal with direct fiat money deposits, some of them, like Coinbase.com, allow transactions involving conventional currencies.
The procedure seems very simple: you send an amount of your Bitcoin assets to the exchange platform and once the exchange receives your crypto, you may opt for a fiat money withdrawal, choosing e.g., a bank transfer. For that purpose, you need a banking account that you will have to further specify on the platform. As a rule, it takes approximately from 1 to 5 days for your transer to get to your account.
We advise you use the same bank account both for your deposit and withdrawal because of security and money laundering law concerns.
Note that while payments in dollars are carried out via SWIFT network, the EU customers' withdrawals are operated by SEPA and paid in Euros.
In fact, this cash out method is not anonymous, rather complicated and quite long, let alone further profit taxes you will most likely be subject to. So, before you decide to cash out in this way, learn more on your legal obligations.
However, if you are looking for some anonymous and not so lengthy method of Bitcoin-to-cash conversion, consider peer-to-peer platforms.
Peer-to-peer (P2P) marketplaces like LocalBitcoins.com facilitate off-exchange trading Bitcoin for fiat currencies between two parties. They provide a much faster way of cashing out with a fair degree of anonymity.
When using LocalBitcoins.com, you should determine the preferable payment method and agree upon it with your buyer. Here are the three payment methods to address:
Bank tranfer: you may ask your buyers to pay you off via a bank transfer. Do not forget, however, to request their identity documents for safety reasons. The transaction is rather simple: once you get the fiat money on your account, you send your Bitcoins to your customer.
Cash deposit: you may ask your buyers to put funds into your bank account. Do not forget to request their identity documents as well as a proof of payment before sending your Bitcoins.
Meet your buyers in person to get paid off: if the buyer is your local, you can always make an appointment with them and get your cash face-to-face.
Even though peer-to-peer transactions are regarded as safe, fraud cases may occur and vigilance should be essential. P2P platforms endeavor to ensure the general safety by using escrow services intended to keep your Bitcoin funds locked until a payment confirmation is obtained. It is quite easy to understand what an escrow is:
You want to purchase 1 Bitcoin and since you live in Germany, you look for your local folks who want to sell 1 Bitcoin to you on the P2P platform you prefer.
The P2P informs you that some David is ready to sell 1 Bitcoin at a fair price and he accepts a bank transfer as a payment method.
You send a request for 1 Bitcoin to David and he agrees to sell.
David places his 1 Bitcoin into the escrow on the platform to be kept until your payment funds are transferred to him and the confirmation is received.
You make the transfer of the agreed sum of money into David's bank account.
When David sees the payment on his account, he releases his 1 Bitcoin from the escrow and then this is forwarded to your account.
The P2P method may turn out to be quicker than cashing out via exchanges. However, it is less reliable, lacks security and there may be heavier losses on exchange rates. Taxes should not be ignored either if you use your banking.
Ezzocard prepaid virtual cards
The operation is very simple: you open the Main page of Ezzocard.com, choose one or several cards you need, select Bitcoin as a payment method, go to the Cart and finalize your purchase procedure. The principle of anonymity is respected at each step and you will not be required to make a registration, identify yourself and produce an ID or pass through a verification.
Everything is as easy as at an online store and purchasing will hardly take you more than 20-30 minutes in the end. As soon as your confirmation is granted, you receive your cards immediately. Card registration and balance checking is comfortably on the website as well.
The whole purchasing process is totally safe and secure. Even if for whatever reasons you are having trouble getting your cards after you have paid, just contact Ezzocard Support Team, report your payment data to them and your cards will be delivered. Moreover, the card data remain linked to your payment for ever, so you can always restore your Ezzocard bankcards even if you lose them by addressing the Support and giving them the payment information to get your lost cards resent any time within the validity period.
You should remember that you do not receive physical cards, but virtual ones, which function just in the same way as plastic prepaid bankcards if you pay on-line and they are accepted on the web wherever prepaid Visa and Mastercard cards work. However, off-line settlements and ATM withdrawals are not possible.
This is by far the most convenient and anonymous method of Bitcoin cashing out, though, probably, the most expensive, since cards' cost is higher than the prepaid amount (or their face value).
Now, let's look how to do when you want to withdraw cash using one of the above-mentioned options.
How to Use an Exchange Platform to Cash Out Bitcoin
We will take Coinbase.com as an example, since this is the most renowned digital currency exchange on the Internet with more than 13 million customers worldwide.
Cashing out is only possible through a bank account. So, if you don't have one, you should proceed with first, attaching your deposit account to Coinbase, and then, purchasing a small amount of Bitcoins to check how it all works.
Note that transaction fees depend on the country where your bank is situated (e.g., if your cash out is made in USD, the electronic transfer fee will be charged 25 US dollars. If you are in a EU country and use SEPA, the transaction will cost only $0.15).
Deadlines also vary depending on your bank's location. Withdrawals in the US usually take 4-6 business days, while in the EU the time limits are a little shorter and are about 1-3 working days.
Here is the step-by-step procedure:
Step 1. Open a Coinbase account, link your bank account to the exchage and deposit your funds. If you need assistance, refer to our guide here. If no, continue with Step 2.
Step 2. Once your Coinbase account is set up, you may proceed to sending your Bitcoin to your Coinbase Bitcoin address. To do that, tap “Accounts”, open your Bitcoin wallet and click “Receive”. Your Coinbase Bitcoin address will be shown next. You will need to use this address for your Bitcoin transactions.
Step 3. Once your setup is made, tap the “Buy / Sell” tab above
and select the “Sell” inset.
Step 4. Now, you continue with your Bitcoin wallet. Provided you have already sent your Bitcoins to Coinbase, your Bitcoin wallet on the exchange is displayed, as well as your default fiat currency. The picture below shows that the customer is located in the European Union and the deposit wallet is in Euros (EUR). This may differ, as we said, depending on the customer's location: the US users may withdraw in USD and for example, people from Japan may cash out in Yen (JPY). Your withdrawal limits are also shown, and you your account has already been verified, the limits are pretty high. Although, in case you want to raise them, you should click on the “See Limits” and follow the additional verification instructions.
Step 5. Now, you will need to exchange your Bitcoins for your local currency (Bitcoin for Euro on the image). Enter the amount of Bitcoin you need to sell and the amount of your local currency will be updated next.
Step 6. Tap on the “Sell Bitcoin Instantly” tab and your funds be will converted and sent to your local currency wallet on the exchange platform.
Step 7. Now, and this is the final stage, click your local currency wallet (eg., EUR/USD/JPY) and tap the “Withdraw” button. The funds will be transferred to your bank and your cash out is done!
It is worth noting here that another well-known exchange is Kraken, which has been operating since 2011 and is popular for Bitcoin-to-Euro transactions, though other major fiat currencies like US dollars, Canadian dollars or Japanese yen are also welcome.
It supports cashing out to a bank account and Kraken transaction fees are very low (SEPA cash-outs are charged €0.09 and Bitcoin-to-USD fee is $5.00).
Withdrawal time limits are normally from 1 to 5 working days.
You may check their website for more information.
How to Use a Peer-to-peer Platform to Cash Out Bitcoin
Actually, LocalBitcoins.com would be a good example in this case. This P2P marketplace was launched in 2012 and now operates worldwide. This is a reliable platform welcoming Bitcoin buyers and sellers and offering a wide range of payment methods for cashing out, among which: national bank transfer, international wire (SWIFT), PayPal, Skrill, Payoneer, Western Union, gift vouchers, WebMoney, bank cash deposit, Perfect Money and many others.
Those, who already cashed out their crypto and not once, may set a special price to sell at by making an advertisement which will cost 1% extra of the sale price. Yet, if the price is listed by a buyer, no fee is applied to the seller.
Just like on eBay, buyers and sellers are rated, making it possible for users to choose the right and safe partner. Newcomers should always deal with those who have 100% positive ratings.
Although LocalBitcoins.com is considered to provide a good level of anonymity at some payment methods like WebMoney or gift vouchers, some users, however, may ask newcomers to identify themselves for security reasons.
Here is the step-by-step procedure on how to cash out on LocalBitcoins.com:
Step 1. Open an account at LocalBitcoins.com (click here)
Step 2. Choose a user name and a strong password. Then, enter and confirm your email.
Step 3. When logged in, tap on “Sell Bitcoins” at the top of the web-page.
Step 4. Select the country where you want to find your buyers (the United Kingdom in this example). Enter the amount of Bitcoins you are planning to sell.
Step 5. As you may see on the picture below, there are various ways to cash out your cryptocurrency.
Step 6. Let us take PayPal to illustrate the procedure. As you may see on the example image, the buyer has 100% feedback score and has made more than 1000 trades on the platform what proves the reliability of the buyer.
Step 7. Confirm the amount of Bitcoin you wish to sell, then specify your PayPal email address and tap on the “Send Trade Request” tab.
Step 8. Your buyer will be notified that you seek to sell your Bitcoins to them. Once they accept, your Bitcoins will be forwarded to the LocalBitcoins escrow (as explained previously in the article) and remain there until the buyer's payment is received and your confirmation is given.
Step 9. The buyer should inform you of the payment sent and you should check your PayPal account to see if the funds have arrived. Once the payment is there, click on the “Payment Received” tab finally and that's it!
As for advertising on LocalBitcoins, this is often a good opportunity to set your own price and preferable payment method, and thus get notified of interested buyers, even if it costs 1% of the total trade amount.
Although there are other P2P platforms on the web (and there are plenty of them, indeed), the key feature, which secures transactions, is the escrow. You should never send your crypto to the buyers before you get paid!
How to Use Ezzocard Cards to Cash Out Bitcoin
Ezzocard is the fastest and completely anonymous way to cash out your cryptocurrency, letting you exchange your Bitcoins for prepaid virtual bankcards you can further use for your online operations. Ezzocard.com started in 2016 and has a fairly positive feedback on the forums.
As for withdrawal methods, Ezzocard allows you to trade your Bitcoin funds for Visa prepaid virtual cards with their face value varying from 5 to 900 USD or Mastercard prepaid VCCs with the face value ranging from 20 to 250 Canadian dollars (CAD).
No additional fee is charged on transactions. However we'd like to point out that the final amount to be paid is higher that the card's face value owing to the commission included in the price. The lower is the card's face value, the higher is the commission charges.
This cash out methods can be described as immediate as compared to other ways of withdrawal. Purchasing is automatic and you receive your cards right after the site gets 3 confirmations of the payment made.
Ezzocard.com trades not only Bitcoin, but also other cryptocurrencies. The on-line support service is big perk. It operates on working days and promptly respond to the requests.
Since a detailed step-by-step illustrated guide is available in the “How To Pay With Bitcoin or Etherium” section on Ezzocard.com, we give no purchase instruction here.
On top of that, the Blog section on the site offers you extra information on the subject (e.g., see the article “Best Solutions to Buy Bitcoin Anonymously”)
The three cash out methods we have outlined in this article have their benefits and drawbacks either way:
Coinbase is the cheapest and rather secure option, though the longest one. In addition, using exchanges similar to Coinbase.com will involve paying taxes, since a withdrawal to your bank account will be regarded as income generation.
LocalBitcoins allows you to exchange faster and provides greater anonymity, albeit at a higher price and more risks. You should remember that when choosing this cash out approach and opting for a non-anonymous payment method, you will also be liable to pay taxes.
Ezzocard is the quickest (practically immediate), fully anonymous and the most convenient way to cash out Bitcoin equal in safety and reliability to Coinbase. This is, nonetheless, the most expensive option among the above-mentioned. Besides, receiving your funds on a prepaid Visa or Mastercard virtual bank card, registered in any name and address, is just another great advantage if you further need to pay anonymously.
As usual, the choice is up to you.