Many new crypto users wonder how to turn bitcoin into cash? While selling your bitcoin is not recommended, there are times where this may be necessary. There are various ways to accomplish this. This article will outline what is perhaps the quickest and easiest way to convert bitcoins to cash.
If you are new to bitcoin and crypto, check our introduction to the world of cryptocurrency here.
In order to make this transition from crypto to cash you will need:
- a Coinbase account
- a Paypal account
- some cryptocurrency that is supported by Coinbase.
You can use this method on your desktop or mobile device. Though it may appear slightly different on mobile.
How to Convert Crypto into Cash
Step one
In order to do this first you’ll need to login to coinbase.com and copy the wallet receiving address for the Cryptocurrency you are using.
If you don’t have a Coinbase account you can sign up for one here (AND you’ll receive $10 in Bitcoin once you buy or sell $100 or more).
Open your personal wallet or exchange wallet where you hold your crypto and open the send tab. You will need to send the funds to Coinbase.com.
Paste the address from Coinbase into the pay to/send to field, next add the amount you would like to send and press send. If you are sending from a exchange it may require confirmation from your email or a verification code from your phone.
Step two
Once the funds arrives click the buy/sell button in the top right corner of the screen, here it will give you the option to buy, sell or convert.
Click sell to cash and select the crypto you are trying to sell.
Step three
The cash should appear in your account almost instantly. Now that you have the cash, open up your portfolio by clicking the button on the left side of the screen.
Once you have the portfolio open it will show you your assets, click the US dollar option, here it will show the options to either add cash or cash out.
Select cash out, if you have a Paypal account already linked to your Coinbase account just click on that and it should go through instantly.
If you do not already have your Paypal linked you will need to link the account. To do this open settings under your name in the right hand corner.
Select payment methods, there will be a blue button that says add a payment method, clicking on that will give you the options for a Paypal account, bank account, debit card or wire transfer, select Paypal, fill in the required information and now your Paypal account should be linked.
Now your cash is in Paypal! You can use you Paypal debit card to use immediately or withdraw cash. You could also select instant transfer within your Paypal dashboard to send the funds to a linked bank account.
Note: this method can be used in the United States. If you use this method outside of the US, please comment below and share how it worked for you.
Alternative options
Bank account: On Coinbase you can also send your funds to your bank account, to do this instead of selecting Paypal select your personal bank account, though using this method will require you to wait longer for you funds.
Bitpay card: In order to use this option you will need the Bitpay app, and to order the card which may take some time to arrive.
Personal sale: Find a person who is willing to exchange their fiat cash for your crypto. Sites such as LocalBitcoin.com is helpful in finding buyers or sellers.
Bitcoin ATMs: there are a limited number of bitcoin ATMs that allow you to sell your bitcoin for cash. You can use Coinatmradar.com to assist you in finding one.
Explore our favorite Crypto Resources here.
