The common question raised by most of the Bitcoin earners is ‘How to convert Bitcoin to cash in an easy way?’. This is a reasonable question as we cannot use Bitcoin as a normal currency most of the time. The Bitcoin has to be converted to cash to use it in day to day life. Similarly, people buy Bitcoin for various reasons such as investments, trading, etc. This article will give you an idea of how to convert bitcoins into cash or local currency. Buy and Sell Bitcoin with higher profit, secure, with full control.
Recommended article for Indian users – Profitable sites to buy sell Bitcoin in India.
How to Secure your Bitcoin on Buy-Sell Transactions:
As Bitcoin is a digital currency, it’s always prone to get hacked if not secured properly. So, you should create a personal Bitcoin vault and accumulate your Bitcoin resource there and send it to your online bitcoin exchange wallet only when you wish to convert it into cash.
Read this article, to learn how to create a secure Bitcoin wallet on your computer.
After creating a wallet (only applies for the online wallet), create two-factor authentication to increase your account security.
Three-factor authentication includes primary mail verification, mobile phone verification, and Google/Microsoft authenticator verification i.e. if you want to send money to someone you have to pass all the verification to send money successfully.
Mobile phone number verification ensures your account is 99% safe, as only the mobile phone number you use can get the verification code. But, nowadays the mobile-based attacks have increased that even the SMS is being tracked. So, it’s recommended to safeguard your account with Google’s two-factor authentication.
Each Bitcoin buy sell site will have different terms to trade, buy, and sell Bitcoin. Follow the instructions given under the site to learn how to trade Bitcoin securely without losing them.
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How to Buy and Sell Bitcoin Online with Max Profit and high Security:
Find the list of two sites below where you can buy and sell Bitcoin anywhere around the world.
The first site is LocalBitcoin a well known BTC trading marketplace for the reputation where you can buy and sell Bitcoin in local currencies and withdraw through various sources (auto-withdraw unavailable). But the rates will vary so, you’ve to be cautious in selling your Bitcoin at a good rate. The advantage is using LocalBitcoin is you will have full control in choosing the trader with high Bitcoin price in the case of selling and low Bitcoin price in the case of buying, it’s not fixed like it’s on other Bitcoin trading sites.
The second best site to buy sell Bitcoin is Coinbase. It’s one of the very good sites to sell Bitcoin and receive cash directly to your bank account automatically (If auto-withdraw is enabled). Similarly, you can buy Bitcoin using PayPal, credit card, Debit card, and other supported payment methods that vary by country. And Coinbase mobile app will be very useful to trade from your smartphone itself.
Recommended article – List of best Bitcoin faucets.
How to Convert Bitcoin to Cash:
1. Local Bitcoin(Buy, Sell, Trade Bitcoin – Full Control):
Has option to get the cash in hand selling Bitcoin & Use cash to buy Bitcoin without bank transfers:
LocalBitcoins is one of the best sites to buy sell Bitcoin online instantly using hundreds of payment methods available in your country. The best thing about LocalBitcoins is that you can control the price of Bitcoin to a certain level compared to the market price.
So, apart from buying and selling Bitcoin to convert is for cash, you can make a profit from it.
You can convert Bitcoin to hot cash on LocalBitcoin without having to worry about showing banking transactions to the government while paying taxes. Similarly, you can buy Bitcoin using cash in hand from a trader near you.
How to Trade Bitcoin on LocalBitcoins.com:
Millions of Bitcoin users make use of Local Bitcoin to make a profit by trading Bitcoin. For example, if you have the cash you can buy Bitcoin and wait for the Bitcoin price to increase and sell the Bitcoin to make a profit and at the same applies to sell Bitcoin.
While you can buy and sell Bitcoin in several more sites, it’s LocalBitcoins which gives you full control over what you do. It includes various payment methods available in your country, choosing the trader based on the reputation, price variations, etc.
LocalBitcoins is not like Coinbase. Here you can buy or sell Bitcoin only through traders not via the site itself. So, it has own pros and cons.
Here is an example of a trade that should help you to get an idea of how to convert Bitcoin to cash and buy Bitcoin on Local Bitcoin.
Once you complete the signup process on Local Bitcoin, you will have to browse the offers posted by the merchants as shown in the picture above and choose the best merchant to buy or sell Bitcoin.
The search bar will ease your job of searching the right trader to buy or sell the Bitcoin with the payment method you prefer.
In the search bar, you can set the requirement like amount, currency, payment method and click search to find the right trader.
Another great facility in LocalBitcoins is you can search for a buyer or seller in your home town itself.
After choosing a buyer or a seller click buy or sell to know more about the seller or buyer, terms of the seller/buyer and his reputation.
Read the terms of the trader and send a message using the given space like how much you’re going to buy or sell etc.
You can also personally contact the trader via phone call, messaging and Whatsapp if the buyer wants to.
Once both of them agree the currencies can be exchanged.
Trading example of Selling Bitcoin:
Here is the example of the Bitcoin selling process made in LocalBitcoins within minutes. Once the trader has been chosen, the amount we chose to sell has to be entered to send trade request.
Once the trade request has been sent, the buyer will ask for the payment details to process the payments.
Once the trader completes the payment, he/she will inform us. Usually, this happens within minutes.
All we have to do is check the arrival of payment to our account and confirm the payment has been received.
If the payment transfer is complete, after the confirmation we can release the Bitcoin to the buyer.
Once the confirm button is clicked the trade will get over. We get cash, the buyer gets Bitcoin.
In the case, if you feel the Bitcoin price is low to sell Bitcoin for cash, you can create an ad yourself to fix the price and wait for the buyer to buy your Bitcoin for cash.
Since LocalBitcoins gives us full control, it’s the best sites to buy and sell Bitcoin compared to other sites that control the price lower on the market price.
Sign up at LocalBitcoins to enjoy full freedom in Bitcoin trading.
Registration link – LocalBitcoins.
Advantages of using LocalBitcoins to Buy Sell Bitcoin:
- While most of the sites only accept LocalBitcoins offers the facility to exchange Bitcoin in local currencies for almost every country in the world.
- Finding a local trader, even next to your house is possible only on LocalBitcoins so that you can exchange cash directly.
- Through LocalBitcoins you can buy or sell currencies through hundreds of sources of which Paypal, Google Wallet, NEFT, Yandex money, IMPS, STP, Paytm, web money, PM, UPI, Ethereum, are the few examples.
- LocalBitcoins allows you to sell Bitcoins at the rate you fix. The rates are not fixed by the site like in Coinbase.
Disadvantages of using LocalBitcoin to trade Bitcoin:
- No mobile app at this moment. This is a major disadvantage for people who wish to trade from anywhere. But, LocalBitcoin has promised to release a Mobile app for Android and iPhone very soon so that you can trade Bitcoin using the mobile app.
- No vault. Though LocalBitcoins has a two-factor authentication secure option to secure Bitcoin, the unavailability of the vault makes it save Bitcoin directly in the wallet.
- Fluctuation in rates. As we have to find the trader every time, the buy-sell rate might vary. This condition makes you lose more money in the case of an emergency.
- The vulnerability of getting cheated by a fake trader. But, this does not apply in most of the cases as LocalBitcoin is very safe. The problem is the trader will have to claim a dispute to solve the problem.
Related article – FreeBitcoin.
To create an account, click here – Coinbase.
You will be asked to verify your email address before you can use their services. I highly recommend you to activate your mobile phone number authentication to secure your account.
To sell Bitcoin, click buy/sell Bitcoin on the left panel and again click sell Bitcoins to see the selling panel as shown in the picture below.
Before you can withdraw your cash you need to verify your bank account and phone number as said earlier.
Coinbase also sends payment through Paypal, Bank transfer. So, if you wish to withdraw through your payment processor account you can choose this method. However, this option is available in only selected countries.
Coinbase has a great feature called ‘instant exchange’. If you enable this feature your bank account will be automatically credited with money if available. But, I recommend you to disable if you wish to sell when the Bitcoin price increases.
Make use of Coinbase Vault to add an extra security layer to protect Bitcoin:
You can use Coinbase as a primary Bitcoin vault and save your Bitcoin in a highly protected Coinbase vault.
Coinbase vault will be very helpful to secure your Bitcoin. So, there will be no need for creating another private Bitcoin vault.
The Coinbase Mobile App:
Another great feature of Coinbase is its mobile app. The free Coinbase Bitcoin mobile app is available for Android and Apple iPhone users.
By using the mobile app you can send, receive, request, sell, buy bitcoins anytime, anywhere without using the computer.
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Advantages of using Coinbase to Buy Sell Bitcoin:
- The easy navigation and attractive design make Coinbase good and understandable even for a person who doesn’t know what is a Bitcoin.
- Direct conversion of Bitcoin without any middle man makes us feel safe
- Coinbase is very reliable through which you can convert the Bitcoin and withdraw the cash directly to your bank account.
- Coinbase mobile app is one of the main reasons for a handful of customers owned by Coinbase. Coinbase mobile app allows you to trade anywhere, anytime.
- Coinbase secure vault adds more advantages to it.
Disadvantages of Coinbase:
- Coinbase does not operate to buy/sell activities in many countries. So, if you find that Coinbase trade is disabled in your country you should go for alternatives.
- Mostly Coinbase transactions are made in the United States Dollar ($ – USD) and European currencies.
I hope you have got an idea on how to convert Bitcoin to cash and Vice versa. Feel free to leave your comments below.
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