Can Bitcoin be Converted to Cash?
How Can I Cash out Bitcoin Fast?
There are a few different ways to turn your Bitcoin into cash, but if it’s an emergency, you want to do it the fastest way possible. So, let’s look at your Top 3 options, counted down from slowest to fastest.
3. Online Exchange
If you have an online exchange account, you’ve probably noticed that they promise you the ability to withdraw your crypto to cash. But let’s be honest here … that’s not exactly what’s happening.
Online exchanges are connected to your bank account or credit card, so when you sell your Bitcoin or other digital currency, you can leave the USD in your online account or send it back to your bank account where you can use it. If you want cash, you’ll have to go get it from there.
As far as the process up to that point, online exchanges use typical bank transfer services; either a bank wire or automated clearing house (ACH) payment. Bank wires are done through banks exclusively, whereas ACH payments can be initiated from a variety of clearing houses in a national network. If your job pays you with direct deposit, they probably use ACH. In a nutshell, bank wires are processed individually by banks and ACH payments are batch processed by a network (similar to blockchain, but much slower).
Bank wires generally take 3 to 5 days for the money to reach your bank account, while ACH payments take 1 to 3. So, either way, you’re looking at a wait time of up to 5 days, unless the online exchange has special arrangements or promotions going on. Not really fast by any stretch, although everything is relative.
2. OTC Service
An Over-the-Counter (OTC) service, such as the one offered by Coin Cloud, is a white-glove service option if you have a lot of Bitcoin to trade for USD (usually over $25,000). Most often this process is done through ACH payment rather than actual cash, so you’ll still have a similar wait time to an online exchange using ACH — up to 3 days — although it will be faster than one using bank wire transfers.
The benefit here is that you’re dealing with real people and getting great service. You can either do it in person in our Las Vegas office, or remotely through a variety of methods. And if you absolutely, positively, must walk out with a suitcase full of cash (so you can feel totally legit), those arrangements can be made with the proper vetting.
If you’d like to explore your options with this process, call us at 855–264–2046 and ask for the OTC desk.
1. Bitcoin ATM
“Winner, winner, chicken dinner.” Well, hey, the phrase was invented in Las Vegas and so was Coin Cloud, so we think it’s especially appropriate here. But Coin Cloud Bitcoin ATMs are the winner when it comes to fast cash.
If you want to instantly cash out your Bitcoin, and you’re selling less than $25,000 USD worth, you can do it at a Coin Cloud Bitcoin ATM. Don’t think just any brand of Bitcoin ATM will work … only Coin Cloud has a nationwide network of 100% two-way machines, making more than 60% of all bidirectional bitcoin machines in the country Coin Cloud. That’s why we call them Digital Currency Machines (DCMs) … because they’re different. Dare we say … better?
To do a sell transaction at a Coin Cloud BTM, you can just walk up and start the process at any machine. Once you initiate the sell, you’ll have cash in hand within 10 minutes or so — just the time necessary to confirm the transaction and write it to the blockchain.
Or, if you want to skip the wait altogether, use the Coin Cloud Wallet app to set up your sell in advance and reserve the cash for up to 48 hours. Then you just walk up, enter your phone number, and voila! You have money.
What’s faster than that? Ummm … pretty much nothing!
What is Coin Cloud?
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the world’s leading digital currency machine (DCM) company. With over 2,000 locations nationwide, in 47 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell 30+ virtual currency options with cash. You can find your nearest Coin Cloud DCM here.