Can you actually sell bitcoins

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But if you think crypto may rebound, it might be better to stick around and wait out the downturn. Here are five ways you can cash out your crypto or Bitcoin. One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase.

From there, you can transfer the money to your bank account if you wish. If a broker holds your crypto coins, then the easiest route is simply to go with that broker. You can also do a direct trade, selling your cryptocurrency directly to another person through another entity. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed.

With an online peer-to-peer trade, you can sell cryptocurrency online in exchange for dollars. These transactions are often facilitated by an exchange, and Binance runs a well-known online peer-to-peer platform called Binance P2P.

After agreeing to a trade, the platform escrows your crypto. Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform.

Another popular option is the online platform Paxful. Sellers have the ability to set their own rates and can choose from more than payment options, such as cash, gift cards or other digital currencies. Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. You simply wait a couple of minutes and receive your cash.

Depending on which exchange you use, you may need to transfer or convert your cryptocurrency to another popular currency such as the stablecoin Tether, before finally converting to dollars.

Traders have a number of ways to sell their cryptocurrency. Popular crypto exchanges are always a good bet, as they are reliable and well-known, while online platforms with peer-to-peer selling may allow for flexibility of payment.

You can go the convenient route and use a Bitcoin ATM to get fast access to your crypto but at a significantly higher commission.

Michael M. Georgina Tzanetos. Bankrate reporter Georgina Tzanetos covers investing and retirement. James Royal. Bankrate principal writer James F. Royal, Ph. Bankrate logo The Bankrate promise. Investing disclosure: The investment information provided in this table is for informational and general educational purposes only and should not be construed as investment or financial advice. Bankrate logo Editorial integrity. Key Principles We value your trust.

Bankrate logo How we make money. Edited by James Royal. Related Articles. The exchange will convert your crypto to cash and use it for the purchase. For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make.

You can also earn crypto rewards that deposit into your Coinbase account reward rates vary. The downside to crypto debit cards is the fees associated with selling the crypto for cash by the ATM. Coinbase charges high fees for small purchases, which might make this an expensive option.

An alternative is to use the Crypto. Read more: Best crypto credit cards. As a decentralized currency, Bitcoin was originally designed as a peer-to-peer payment system. Sticking with those roots, using a peer-to-peer P2P crypto exchange allows you to sell your Bitcoin directly to another individual in exchange for cash. In turn, you will receive payment through Zelle, PayPal, or another method of deposit to your bank account. The downside to P2P exchanges is the risk of losing your funds Bitcoin sent, but no cash received , and the time it takes to sell, as you need to find a prospective buyer and negotiate the sale.

Many crypto wallets have built-in crypto exchanges, and some even allow you to exchange your crypto for cash directly. While crypto wallets are designed to store and secure your crypto, many of them partner with crypto exchanges to offer trading services. Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Currently, only Bitcoin selling is supported through Ledger Live. The downside of selling from your crypto wallet is fees. Read more: Best crypto wallets for stashing your Bitcoin.

Apps like Cash App and PayPal have built-in crypto exchanges, making it easy to purchase crypto, as well as cash out crypto holdings.

If you hold Bitcoin or other crypto within Cash App, PayPal, or another money transfer app, you can sell it pretty easily. Read more: Best payment apps. If you are looking to cash out your crypto holdings to make regular purchases, you may be able to do this directly from your digital wallet at a crypto-friendly business. Many retail businesses are now accepting Bitcoin and select other crypto to make purchases.

You can even buy Tesla accessories with Dogecoin. Most retailers that accept Bitcoin have a sticker on their storefront, or if shopping online, look for the Bitcoin symbol on the checkout page. This can be done with a QR code, or by typing in the Bitcoin wallet address to your digital wallet, and sending the requested Bitcoin amount. Making purchases with Bitcoin does not directly turn your crypto into cash, but it allows you to utilize your Bitcoin like cash. Just be aware that sending crypto over the blockchain requires paying network fees, which can be high during times of crypto market volatility.

Read more: What can you buy with Bitcoin? In the U. If you purchased your Bitcoin at a lower price, and sell it at a higher price, you may owe taxes on the gain in price from that sale. Taxes can get complicated, especially when it comes to crypto assets.

With many unique ways to earn money from cryptocurrency, and both centralized exchange and decentralized applications you can interact with over the course of a year, there may be a lot of transactions to track.

If you are looking to sell your crypto for cash, it may be a good idea to use a crypto tax software to automatically track your digital wallets and accounts, and see what your tax situation looks like before selling.

As always, it is also a good idea to consult with a tax professional when buying and selling assets. Read more: Best tax software, compared. Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits.

When selling crypto for cash, always check the fees before executing the transaction. On the whole, it is cheaper to sell crypto through a centralized exchange or online broker than through other services. But if you sell when the markets are down, the opportunity cost may be huge. Before selling off your crypto to stash piles of cash under your mattress, evaluate your overall crypto investing strategy. If you are a long-term investor and believe in the assets you hold, you may regret selling after prices recover.

Instead, take a level-headed approach to your investment strategies, and make decisions based on your long-term goals � not short-term feelings. Read more: What is the future of crypto? There are quite a few ways to cash out your Bitcoin, but you need to know what your goals are before selling.

If you simply want to use your crypto to make purchases, you can solicit Bitcoin-friendly businesses, or use a crypto debit card to use the value of your crypto at the store. If you want to cash out your crypto, using a centralized exchange, online broker, or money transfer app is a low-fee way to sell, but be aware of the limitations that each app has.

You can save on fees, but lose flexibility with these methods.

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