How Do I Convert Bitcoins to Cash?
Last week we talked about How to Sell Bitcoin, but sometimes you really need to know how to sell it stat. Like, immediately.
If you already have an online exchange account, and your bitcoin is stored there, you can sell it … but usually not instantly. Depending on the exchange, it could take 1–3 days for a wire transfer to your bank account, or 4–5 days using ACH. There may be a special case for debit cards or certain payment processors that allow you to transfer your money faster, based on agreements between the exchange and those platforms.
But if you really want your money NOW, the fastest (and easiest) way to get it is to sell it for cash. And while you do have some options there as well, including OTC services, those also take time. Plus, you have to be doing a high-dollar transaction and you have to be in a certain city, because trading counters are not that common. Usually you will find it at the head office location of a Bitcoin ATM company; so, for example, with Coin Cloud you can do it in Las Vegas, and another company might have the service in Atlanta or Chicago, or wherever they’re based.
Or you can use a P2P exchange, but you’re pretty much on your own, dealing with a stranger. They’re not especially safe … and still take awhile to set up the transaction with somebody else, so it’s not instant.
So then, what can you do? How can you convert bitcoin to cash, immediately?
The answer is to use a Bitcoin ATM, like a Coin Cloud.
Two-Way Bitcoin ATMs
We have to make something clear here … you can’t use just any “Bitcoin ATM” to convert your bitcoin to cash. Only 30% of all Bitcoin ATMs actually let you “cash out,” or sell your digital currency for cash. The rest will let you BUY cryptocurrency, but not SELL it.
However, if you choose a Coin Cloud, you can do both. Coin Cloud has the world’s largest network of two-way Bitcoin ATMs, and almost 55% of all two-way BTMs in the USA are Coin Clouds.
Other companies may offer SOME machines that allow you to sell, but the next two biggest networks besides Coin Cloud have over 95% buy-only machines. So, if you’re looking at another brand, make absolutely sure it allows you to do a sell transaction before you go to the location.
Fastest Way to Sell
Here’s one more tool to add to your arsenal: the Coin Cloud Wallet app. It’s free to download in the App Store or Google Play store, and it will make this whole thing so much faster and easier than it already was.
Selling your bitcoin for cash at a Coin Cloud is simple enough, but here’s what happens when you add the Coin Cloud Wallet app into the equation:
- The app automatically generates the EXACT amount of digital currency that the BTM is requesting to match your desired dollar withdrawal.
- You can set up your sell in advance on the app. Your chosen machine will reserve your cash for up to 48 hours, and you don’t have to wait for a text message or go back to the machine twice.
Then, all you have to do is go to your Coin Cloud, enter your phone number, confirm it with the texted verification code, and your cash will be dispensed right away. All of the processing occurs while you’re heading to the machine (or stopping off for a hamburger, or waiting for your girlfriend to finish getting ready).
There’s no easier, safer or more immediate way to turn your bitcoin into cash. And with over 1,300 machines nationwide, there’s a Coin Cloud near you.