Have you been thinking of how to sell Bitcoin and which are the easiest ways to cash out?
That’s exactly what you will find in this article:
- First of, you will learn when is the right time for selling BTC
- Which are the fastest ways to sell Bitcoin
- And review other options for cashing out
At the end of the day the big decision is often accompanied by many questions and doubts.
Therefore, after reading this post, you will be able to make an informed decision about cashing out your BTC.
Topics we'll cover
- Benefits of selling Bitcoin
- Fastest ways to sell Bitcoins
- Sell Bitcoin in 5 minutes (to digital wallets)
- Sell Bitcoin to Credit Card or Debit Card (BTC to FIAT)
- Selling Bitcoin for Cash (with ATMs)
- Sell Bitcoin Directly to your Bank Account
- Sell Bitcoin Through Peer-to-Peer Exchange
- Taxes to pay after selling Bitcoin
- Wrapping up
- 1. When I sell my Bitcoin, do I receive FIAT instantly?
- 2. Can I sell Bitcoin in my location?
- 3. Are there any fees when selling Bitcoin?
- 4. How easy is it to sell Bitcoin?
- 5. Where can I sell Bitcoin online?
- 6. Is it possible to sell Bitcoin in Nigeria?
- 7. Where can I sell Bitcoin in Australia?
- 8. What’s the best way to sell Bitcoin in Canada?
- 9. Where can I sell Bitcoin in Austria?
- 10. How to sell Bitcoin in India?
Benefits of selling Bitcoin
Selling Bitcoin is not an easy decision to make. Some see it as the ultimatum of their crypto journey, the end game.
Others see it as a way to “lock” their profits and free their minds from price speculation.
Whatever your reason for selling may be, there are several benefits that come with it.
- After selling your Bitcoin, the FIAT value of your capital will remain the same, whether Bitcoin increases or decreases in value.
- You will spend less time checking the surges and plunges of the charts, saving time as a result.
- You will be able to use your capital wherever you prefer.
For more information feel free to watch this video:
When is the right time to sell bitcoin?
Experienced cryptocurrency traders will tell you that the best time to sell is during the peak of a bull market, a term that here means a long term value uptrend for Bitcoin.
But obviously ain’t that easy!
The latest peak of the bull market cycle was reached on the 17th of December 2017, with Bitcoin’s value topping at $19,783.06 per coin.
Imagine how it would feel to cash out BTC at these price levels.
Of course, if you missed the opportunity to sell during this time, you can also sell Bitcoin once a target profit is achieved by trying to benefit from price fluctuations.
This practice is often used when Bitcoin’s price is in a downtrend, also known as bear market.
So, whether you invest in Bitcoin as a trader or a long term investor, the right time for selling is very hard to predict and one needs a really good gut feel before making an informed decision.
Fastest ways to sell Bitcoins
Once you have made up your mind – selling fast might be really important.
When looking at all the possible ways to sell Bitcoin, it is always useful to know which methods are the quickest and most reliable.
So, start by looking at the Trustpilot reviews.
In the case of Paybis reviews, they are near perfect.
Once you have selected where you want to sell your Bitcoins – here are three of the quickest ways to cash out:
- Digital cash
- And Bitcoin ATMs
Sell Bitcoin in 5 minutes (to digital wallets)
The fastest way to sell Bitcoin is by exchanging it for online digital money such as:
- Payeer – Sell your Bitcoin for Payeer
- The great thing about Payeer is that it doesn’t require verification for up to $10 000 per year.
- Advanced cash – Sell your Bitcoin for Advanced cash
- The same as with Payeer also AdvCash doesn’t require ID verification for up to $10 000 per year.
- Skrill – Sell your Bitcoin for Skrill
- Neteller – Sell your Bitcoin for Neteller
The transaction process from beginning to completion takes approximately 5 minutes.
So, it’s rocket fast.
But if you are looking for the fastest way to go from Bitcoin to FIAT – this is it!
Sell Bitcoin to Credit Card or Debit Card (BTC to FIAT)
To some people, this is a no-brainer.
For obvious reasons, you will want to sell BTC directly to your Credit or Debit Card – you will be able to spend your money as soon as it lands in your card.
Unfortunately, there aren’t that many exchanges that offer this option.
Luckily enough – Paybis has this feature.
Now you can exchange Bitcoin to Euros, Dollars, Pounds, or basically any other currency thanks to the direct card withdrawals.
So, to get started, here are the steps to follow for cashing out Bitcoin directly in your Credit Card or Debit Card:
STEP 1: Start the Transaction
To proceed with selling Bitcoin, on the left side select Bitcoin (1) and on the right side click Credit/Debit Card (2). Once you enter the amount of Bitcoin you want to sell (3) – press Start Transaction(4).
Note: Using this feature you can sell to any currency you wish and we support more than 150 countries including United States, Brazil, Spain, Germany, Portugal, etc. Nevertheless, here’s the list of restricted countries.
STEP 2: Verify Your Identity
Next, you will need to verify your identity. That’s important for two reasons:
- This information is important to check if you are the owner of your Bank Card
- And verification of your identity is important because it helps Paybis ensure that you are compliant with EU KYC/AML regulations.
Here are the sections where you will need to upload your documents:
STEP 3: Verify that you are the owner of your Bankcard
Now, you will need to verify that you are the owner of your Credit Card or Debit Card.
Simply enter your Debit Card or Credit Card details and Paybis will do the rest:
Usually, it takes less than a minute and you will be ready to proceed with the transaction:
STEP 4: Send Bitcoin to Paybis BTC address
Last but not least, you will need to actually sell your Bitcoins and send them to Paybis BTC address:
Once Paybis receives your Bitcoins, money will be sent to your Credit Card or Debit Card.
STEP 5: Money will be sent to your Account
At this point, Paybis will send money directly to your bank account.
And you are done – you just sold your Bitcoins.
To receive your money it can take from 1 to 3 days.
If you are ready to start the transaction simply head over to Paybis and follow the steps from above.
Selling Bitcoin for Cash (with ATMs)
You can also sell Bitcoin for money by using cryptocurrency ATM machines.
You will need to find an ATM in your local area and visit the actual location to sell your Bitcoin.
Next, all you need to do is visit the ATM, follow the instructions and within a couple of minutes you will have the money in your pocket.
It’s really that simple!
So, here’s where you can find the Bitcoin ATMs in your city – CoinATMradar.
While there, you can also take a look at the fees and limits for buying and selling Bitcoin.
So, now you know the fastest ways to sell Bitcoin for different payment methods.
Moving on, we’ll show the process for selling Bitcoin on a cryptocurrency exchange.
At the end of the day, these are the most reliable and fastest options.
In order to cover every possible option and just so you have the complete list on how to sell Bitcoin – here are rest of the options.
Sell Bitcoin Directly to your Bank Account
Depending on the bank and the currency, bank transfers take a little longer.
Nonetheless, in some locations, a wire bank transfer might be your only option.
So, it may be useful to know that the value of the Bitcoin you exchange is “locked” the moment you start a transaction.
Even if the price of Bitcoin fluctuates before your funds have been received, you will still get the full amount that you saw at the start of your transaction.
Sell Bitcoin Through Peer-to-Peer Exchange
There is also an option to trade Bitcoin directly to someone who’s interested in buying it.
All of this happens online and takes a little longer than other transactions.
To do this, you will need a peer-to-peer Bitcoin exchange, which will act as the intermediate (escrow) between you and the buyer.
And because you are dealing with individuals directly, you will also be able to acquire your funds through many different methods, ranging from digital wallets, all the way to cash exchanges.
In case this is something you are looking for, these are the most popular peer-to-peer exchanges – LocalBitcoins, BitBargain, and Bitsquare.
So, that’s all on how to sell Bitcoin.
The next important topic we need to cover is Taxes.
That’s the (un)fun thing about actually selling your BTC stash.
Taxes to pay after selling Bitcoin
When the tax season comes around and you have decided to sell your Bitcoin, you will most likely have to pay taxes over your profits.
Therefore, it is important to get a clear understanding of your legal obligations before you decide to sell.
But doing so is not always easy.
Since cryptocurrencies are still relatively “new” and seen as either an asset class or digital currency, depending on the country you are in, paying taxes can quickly become a vague and complicated process.
For example, if you live in the United States, you are taxed every time you exchange, divest or sell Bitcoin. As far as the IRS is concerned, every time your Bitcoin exchanges hands, it is a taxable event.
On the other hand, if you reside in Latvia and decide to sell your Bitcoin, you will have to pay 20% taxes from your capital gains.
There are also countries that take a more relaxed stance towards cryptocurrencies. In Germany, Bitcoin profits are completely tax-exempt after a holding period of at least one year.
If you decide to sell your Bitcoin, it is best to consult an accountant in your country/state. This will help you get a better understanding of your country’s tax laws and prepare accordingly.
Before heading over to cash out your BTC, we understand that some of you may be left with unanswered questions.
So, we gathered all the frequently asked questions about selling Bitcoin and here are the answers:
1. When I sell my Bitcoin, do I receive FIAT instantly?
When you exchange your Bitcoin for online currencies supported by digital wallets, such as Perfect Money, Advanced Cash, Payeer, Skrill and Neteller, you will get your funds in around 5 minutes.
If, on the other hand, you choose to withdraw BTC using a WIRE or SEPA bank transfer, 90% of the time you will have to wait 1 working day before you receive the money.
2. Can I sell Bitcoin in my location?
Paybis accepts customers from all countries except the ones specified here.
3. Are there any fees when selling Bitcoin?
When you sell Bitcoin for any other currency, there are 3 types of fees:
- Bitcoin network fees (a fee that is rewarded to miners to confirm the transaction on the blockchain)
- Paybis fee (our fee that is taken for providing the service)
- A fee that Paybis pays for sending funds to you (usually charged by digital wallets such as Skrill, Perfect Money, and similar.
4. How easy is it to sell Bitcoin?
Selling Bitcoin is very fast. You can practically transfer the value of your Bitcoin into any possible payout method, thanks to the current state of the exchange market.
It is best to choose an exchange that has the ability to offer many different payout options when it comes to the type of currency you receive.
For that reason, we recommend using Paybis, as you can transfer your funds to your card, bank or a wide variety of digital wallets.
5. Where can I sell Bitcoin online?
The best way to sell Bitcoin online is by using a cryptocurrency exchange. We recommend using Paybis as you can choose many different payout methods.
6. Is it possible to sell Bitcoin in Nigeria?
The best way to sell Bitcoin if you are a resident of Nigeria is by using Paybis, a platform that supports more than 180 countries and allows for fast and reliable transactions.
7. Where can I sell Bitcoin in Australia?
The best way to sell Bitcoin if you are a resident of Australia is by using Paybis, an exchange that allows more than 180 countries to exchange their crypto in the most convenient way.
8. What’s the best way to sell Bitcoin in Canada?
The best way to sell Bitcoin if you are a resident of Canada is by using Paybis. You can buy or sell your cryptos in just a few clicks in a very simple way.
9. Where can I sell Bitcoin in Austria?
The best way to sell Bitcoin in Austria is by using a cryptocurrency exchange. For that reason, we recommend Paybis, a platform that supports more than 180 countries and allows for fast and reliable transactions.
10. How to sell Bitcoin in India?
That’s all from us – we hope this was helpful.
And just in case you have any more questions – feel free to message us.