Have you just completed your first crypto trades? In this case, you might be wondering what are the next steps. True, cryptocurrencies are not yet widely acceptable at your local grocer or coffee house. So, how to withdraw bitcoins to cash? Let’s find out!
Where to Start?
Are you just getting started with crypto? In this case, you might have many questions. Can crypto even be converted to cash? How to do it? And how long does it take? Let’s look at these questions one by one.
Can You Withdraw Bitcoins to Cash?
It is essential for you to understand what you can do with your crypto assets. So, can you convert bitcoin to cash? In short – yes. Bitcoin has been around for more than a decade. When the crypto first started out, there weren’t many withdrawal options. Luckily, the industry has developed a lot. By now, there are several methods for cashing out. But why would you want to cash out anyway?
This depends on your goals. If you invest into crypto for the long term gain, you are probably a visionary. You might believe that crypto will gradually replace fiat currency. You are investing now to one day use bitcoin for everyday purchases.
But this is certainly not the only reason people trade or invest in crypto. If you are a trader, you are looking to return profits. At present, Bitcoin is not universally accepted for everyday purchases. So, you need to convert your crypto into fiat to use your funds.
So, can bitcoin be converted to cash? Yes. You can read more about this in our comprehensive guide.
How to Withdraw Bitcoins to Cash?
By now you know that it is possible to withdraw crypto into cash. So, how to actually do it?
As mentioned before, the crypto industry is still evolving. So, depending on your withdrawal method and exchange, the process can be a bit inconvenient. The good news is that there are several withdrawal methods. You can choose your favorite depending on your preference. So, you can decide if you prefer lower fees or faster processing times.
One of the most common withdrawal methods is using an exchange. When doing this, make sure to check the fees of the exchange. Some exchanges have hidden fees and high commission rates. So, make sure to look for a transparent and fair platform. For example, there is no fee on top of the fixed price when withdrawing on CoinMetro. Other withdrawal options include peer-to-peer transactions and bitcoin ATMs. There are some risks to note when using these methods. You can learn more about them in our blog post on how do I transfer bitcoin to my bank account.
How Long Does it Take?
So, now you know how to withdraw bitcoins to cash. The only question remaining is – How Long Does it Take to Transfer Bitcoin to Your Bank Account? This depends on the withdrawal method you are using. If you are using an exchange, it also depends on the policy of the exchange. Some of the best exchanges have made this process very swift and user friendly. Let’s look at an example. If you are withdrawing with CoinMetro, it is a matter of 1-2 days. This is because the exchange uses SEPA payments. So, if you are withdrawing early on a business day, you can see the funds on your account the same day. The maximum timeline for having your funds on your bank account is the next business day.
Sounds easy, right? Well, when choosing a convenient withdrawal method and provider, it is. Now that you know how to withdraw bitcoins to cash, why not get to practice? You can start trading BTC to GBP or EUR on CoinMetro. In case you need any help, reach out to our support team. They are happy to help you.