How to Exchange Bitcoin to USD
Let’s say you have some bitcoin, and you need to exchange it for USD. While you could buy bitcoin-friendly gift cards and purchase stuff that way — maybe even buy your groceries and put gas in your car — it’s not very likely that you can pay your rent or car insurance with a gift card.
Online or P2P Exchange
You can turn your BTC into USD with an online exchange, but then you’ll probably need to wait a few days to receive your money. And if you don’t have a bank account, that route likely isn’t going to work anyhow.
You could go to a peer-to-peer (P2P) exchange and find someone who wants to trade you cash for your bitcoin, but that takes time, you don’t know if you’re getting a fair deal, you could easily get scammed, and … well, you either need to deal with a personal transfer of funds or meet some stranger in a public location. Usually a coffee shop, casino, back alley or other seedy place. Do you REALLY want to do that? We don’t.
The easiest, fastest and safest way to turn BTC to USD is with a Bitcoin ATM, like a Coin Cloud. But not just any Bitcoin ATM has the functionality to cash out. In fact, almost 80% of BTMs in the USA only let you buy bitcoin with cash, not sell it.
You need a two-way Bitcoin ATM to turn your bitcoin to cash, and over 60% of all two-way machines in the USA are Coin Cloud BTMs. So go the route most trusted and recommended, because that way you know what you’re getting, you know there’s 7-day customer service, and you know your money is safe.
Hack: Coin Cloud Wallet App
If you’re using another wallet app to store your bitcoin, that’s cool — you can cash out at a Coin Cloud machine with any app. BUT (and it’s a big BUT), if you do use the Coin Cloud Wallet app, you’ll cut down the time required to withdraw your cash as well as the number of steps. The app will automatically generate your BTC amount, and you don’t need to return to the machine twice. You can also reserve your cash for up to 48 hours at any BTM.
So here are the instructions using the Coin Cloud Wallet:
How to Change BTC to USD
- Open your CoinCloud Wallet app
- Under “Nearest Coin Cloud ATMs,” find your favorite one
- Choose “Quick Cash” under your closest machine
- Enter the unique identifier code texted to your phone
- You will see the Sell Limit for that machine; proceed by choosing “Start”
- Enter the amount in USD that you wish to withdraw (in denominations of $20, $50 and $100)
- Choose “Proceed” and confirm your cash amount
- Select the wallet you are selling from, or enter your wallet address if it’s not displayed
- Head to the machine while the transaction is being processed (about 10–15 minutes on the Bitcoin network); your cash is reserved for up to 48 hours
- At the BTM, log in with your phone number to dispense your cash
If you’re using a different app, just search for the nearest Coin Cloud machine online and proceed to do the transaction in person. Note that you’ll have to enter the exact bitcoin amount requested by the BTM manually, and you’ll have a short waiting time of 10–15 minutes while your transaction is verified on the blockchain before you can retrieve your money.
What is Coin Cloud?
Coin Cloud is a digital currency machine (DCM) company founded in 2014 in Las Vegas, Nevada. With over 1,500 locations nationwide, Coin Cloud is the world’s largest and fastest-growing network of two-way DCMs, a more advanced version of the Bitcoin ATM. Over 60% of all two-way bitcoin machines in the US are Coin Cloud DCMs, empowering you to quickly and easily buy and sell 30+ virtual currency options with cash. You can find your nearest Coin Cloud DCM here.