Bitcoins and other crypto swap for cash

Cashout is when you exchange digital assets for fiat money. In all matters, it's pretty straightforward. However, this process can get a bit complicated by some complexities and shadows.Sure thing, the most important thing here is to comply with the laws of your country, as cashing out may be restricted or even prohibited.Yet we can help you with anything else you need. Read on for more details on cashing out cryptocurrency.

Bitcoins to cash – a little about withdrawing

Here's how you can cash out your cryptocurrency.

Use an exchange

Exchanges are platforms where one can swap cryptos for fiat money (or other altcoins), as well as do trading. Some of them even let you withdraw to a bank card. Also, they charge low fees for both withdrawals and exchanges, but you often have to go through KYC without it.

Use your broker

In case your broker supports it, simple execution of a trade within the platform may provide access to funds.

Use ATMs

ATMs offer a compelling (albeit unconventional) bridge between the digital and physical. To withdraw altcoins, one must perform a transaction, typically initiating it via a QR code generated by the machine.While this is somewhat doable, it often comes at a significant cost: fees are a common drawback, so careful consideration of transaction costs is essential before using an ATM method of withdrawal.

Use another currency

Some places don't let you directly sell coins for cash. So, you might have to jump through hoops, like swapping them for something else first, then selling that for dollars.

What to remember when converting Bitcoins and altcoins into cash

There are a few things to remember when cashing out:

1. Taxes – you still have to pay taxes on crypto too. As a general rule, this applies pretty much everywhere. On the bright side, some places provide lists of your previous transactions, which you can use to figure out what you owe.
2. Fees – most places charge you an arm and a leg to swap. Yet not all. Before you get started, it'd be a good idea to learn a bit about how this or that platform works and where its boundaries lie.
3. Speed – sometimes, waiting for your money is like watching paint dry – exchanges can take days. Nevertheless, transactions still can be instant, but that really depends on where you're performing them.

FAQ

How one can sell BTC (and other cryptocurrencies) on Binance P2P (desktop)?

Firstly, you'll need to log in to your account. Next, choose your preferred fiat currency, select a buyer from the list, enter the amount you want to exchange, choose a method (this varies a lot from country to country, so it's also a good idea to carefully read the terms and conditions), read the terms and conditions and accept them.That’s pretty much all of it.

How can one sell BTC (and other cryptocurrencies) on Binance P2P (app)?

The process is similar to the previous one. In this case, you'll just need to download a special app first.

What is P2P Cash Trade on the Binance app?

A service, which provides the location of t nearest stores that accepts cash from crypto-sellers. Could be quite useful sometimes.