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How to Cash Bitcoin?

You may be wondering how to cash Bitcoins but this is not really complicated to understand. One of the most common methods by which Bitcoin can be cashed out is through any third party cryptocurrency exchange like BitStamp, Kraken, or Coinbase. These cryptocurrency exchanges are like marketplaces where buyers and sellers can interact and trade their coins. They will charge you fees for transactions and they deploy effective security precautions to make sure your crypto assets are not at risk of thefts and hacks.

How is Bitcoin cashed out?

To start using a cryptocurrency exchanging for cashing out the Bitcoin you must create an account. You have to either buy BTC or deposit Bitcoins into this newly-created account. When the crypto exchange receives the BTC, it will give you cash in fiat currency through bank transfers. You must remember that cryptocurrency exchanges will have their own set of rules regarding withdrawals; therefore, you need to understand an exchange’s policies first prior to depositing the coins in it.

You will find that most exchanges allow you to get cash through a bank account that you are using for depositing funds. So, in short, you have to first put in some amount of traditional fiat currency to become eligible for a withdrawal. This is why the speed of transactions is slow and this is done to stop money-laundering and to comply with anti-money laundering regulations. Where you stay and the platform you choose to use will decide how long it takes for the Bitcoin to be cashed out; it is usually between 1 and 5 days. EU customers can get withdrawals in Euros and payment is made via SEPA while brokers will use SWIFT when you change the Bitcoin to US dollars. Some crypto exchanges even accept PayPal withdrawals for EU and US customers, and this may make the transactions faster.

You may cash out Bitcoins through a P2P or peer-to-peer exchange. Cryptocurrency exchanges are reliable platforms for converting Bitcoins or other crypto coins to fiat currencies. However, users will not stay anonymous in that case. Further, you can neither negotiate the transactions, nor control the prices. So, if you wish to cash out Bitcoins anonymously, you should choose to use P2P exchanges. The latter are secure platforms although there is no authority regulating the network. But some transactions can be delayed and complicated. The more popular P2P platforms are Paxful and LocalBitcoins. These allow transactions between users in a private manner without any middleman. While this guarantees anonymity, there are high risks of scams.

The user may choose from multiple payment methods such as cash deposits, bank transfers, Western Union, Skrill, Neteller, and even PayPal. Each of these will have its own waiting period and transaction fees. Some of these may let you sell Bitcoins for higher rates; so, you should try out different tools for maximizing your profit. To do that, you simply create an account in any of these platforms, submit proof of identification, find buyers, and make a transaction. You can use the exchange’s rating system to choose a buyer based on his online reputation.

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  2. 2018Q2 Development of CryptoMarketCloud begins
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