How do you Cash out a Bitcoin?

Question

How do you convert bitcoin to cash? What all are the various possible ways to cash out a bitcoin? What all are the platforms that allows such facilities to the cryptocurrency investors?

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Anonymous 3 months 1 Answer 68 views 0

Answer ( 1 )

  1. Note that each cryptocurrency exchange has specific rules for withdrawals, so make sure you go through their policies before depositing your crypto assets.

    Most platforms allow you to cash out only with the bank account you used to deposit funds. This means that you need to deposit a small amount of fiat first to be able to make a withdrawal. This step slows down transactions, but it’s meant to prevent money laundering and comply with international AML regulations.

    Depending on the platform you work with and your country of residence, cashing out your Bitcoin can take from one to five days. When you change Bitcoin to USD, brokers usually use the SWIFT payment method. For EU customers who ask for withdrawals in euros, payments are made via SEPA.

    The good news is that some third-party exchanges accept PayPal withdrawals for both US and EU customers, which speeds up the process.

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