“How do you cash out large amounts of crypto?” people ask. “What if I don’t have a bank account?” Well, we have some good news … you can turn your virtual currency into cash, and don’t need a bank to do it!
When you have large amounts of bitcoin to cash out – even if it’s a whole bitcoin or more, which is going to be over $10,000 with today’s prices – what are your options?
You can use a peer-to-peer (P2P) exchange, but you have to really trust the person you’re selling to, and they won’t likely have that much cash on hand. Basically, you go on a website, look for someone who wants to buy your bitcoin, and meet with them in person or arrange an online payment. But of course, online payments probably still require you to have your bank account connected, so you’ll likely have to fill out some forms and answer some questions.
For cash, you have to meet in person. Meeting strangers in seedy places isn’t fun, and you don’t have a lot of security or guarantees by using this method. P2P exchanges tend to attract more than their share of dark web activity too, so please be careful!
You can also use a Bitcoin ATM, like a Coin Cloud, depending on how much cash you need. A few thousand might not be a problem, but as you get closer to a whole bitcoin, this method becomes trickier. You can get your limits raised with special permissions, but most machines aren’t going to have a ton of cash inside because they get serviced by armored trucks regularly.
So, what’s the best option? Go OTC, baby!
If you want to cash out over $25,000 worth of bitcoin, the best option is to use the Over-the-Counter (OTC) trading desk service of a Bitcoin ATM company. The one you choose may depend on where you’re located, because it’s often done at the company’s head office. Or sometimes you can do it via wire service, like with Coin Cloud's Private Client Desk OTC service.
For in-person OTC transactions at Coin Cloud, you get to do the trade in fabulous Las Vegas! All you have to do is call our customer support team at 855-264-2046 and ask to do an OTC transaction. You’ll come into the Las Vegas Coin Cloud office with your digital wallet, and leave with your stash of cash (or, well, we'll actually wire it to you. But just as cool!).
Whatever the amount of bitcoin you want to cash out, there’s an option that allows you to do it on your own terms.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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