A complete tutorial on selling Bitcoin for cash

To sell your Bitcoin for cash, choose a reputable exchange like OKX or Binance, verify your identity, set up your bank account, initiate a cash withdrawal, review and confirm the transaction, wait for the funds to arrive in your bank, and collect the cash from an ATM or bank branch.

Oct 21, 2024 at 06:53 am

A Comprehensive Guide to Selling Bitcoin for Cash

Step 1: Choose a Reputable Exchange

• Select a reputable exchange that supports Bitcoin withdrawals and cash withdrawals.
• Consider factors such as security, fees, and convenience.
• Recommended exchanges: OKX, Binance, Coinbase

Step 2: Verify Your Identity

• Complete the exchange's verification process by submitting personal information.
• This involves providing proof of identity (ID card, passport) and address.

Step 3: Set Up Your Bank Account

• Add your bank account information to the exchange.
• Ensure that the account is linked to your verified identity.

Step 4: Sell Your Bitcoin

• Navigate to the exchange platform and select the "Sell" option.
• Enter the amount of Bitcoin you wish to sell.
• Choose the "Cash Withdrawal" option as the withdrawal method.

Step 5: Review and Confirm

• Review the transaction details carefully, including the exchange rate, fees, and withdrawal amount.
• Confirm the transaction to initiate the withdrawal process.

Step 6: Withdraw Funds

• The exchange will process the withdrawal and transfer the funds to your designated bank account.
• Withdrawal times may vary depending on the exchange and your bank's processing speed.

Step 7: Collect Cash

• Once the funds have reached your bank account, you can withdraw cash from an ATM or visit a bank branch.
• Bring your ID for identification purposes.

Additional Tips:

• Monitor market rates to sell your Bitcoin at an optimal time.
• Consider using a Bitcoin wallet to store and manage your Bitcoin securely.
• Follow the exchange's security measures, such as enabling two-factor authentication.