Once you own Bitcoin, you need to know how to sell it as well. And if you want to know how to sell Bitcoins for cash … well, the options are limited.
The easiest and fastest way to sell your bitcoin for cash is to use a Bitcoin ATM – but not just ANY Bitcoin ATM. Most BTMs in the market are one-way, only allowing you to buy bitcoin, but not to sell it.
However, the largest Bitcoin ATM operator in the USA, Coin Cloud, happens to have 100% two-way machines that allow buying AND selling. And in fact, since most BTM companies have only a few, if any, two-way Bitcoin ATMs, it turns out that over 54% of all American BTMs are Coin Clouds.
If you are cashing out $10,000 USD or less worth of Bitcoin, you should use the nearest Coin Cloud machine to do your transaction (amounts over $10,000 will use the second option, OTC, which is listed below).
First you need to find the nearest Coin Cloud, which you can do with our Coin Cloud BTM locator map.
Next, take your mobile phone with you and follow these steps:
By the way, if you’re using the Coin Cloud Wallet app, several steps here become faster and easier:
If you want to trade your bitcoins for cash and you have over $10,000 USD, you will use the Over-the-Counter (OTC) trading desk and do your transaction in person (alternatively you can get special permission from Coin Cloud customer service to withdraw a higher limit of cash).
The OTC option takes place in Las Vegas only, and requires you to give additional information on your account and make an appointment to trade your bitcoins for cash.
In either case, you can call or text our customer support team at 855-264-2046 or email Support@Coin.Cloud
Can You Sell Bitcoin for Cash at Any Time?
Generally speaking, yes, you can sell cryptocurrency for cash anytime you choose. The main way you do this is through a crypto exchange. These platforms act like intermediaries that facilitate crypto transactions, including a BTC to cash transfer.
Thanks to our digital world, exchanges are open 24/7 to process sell requests. This is by far the most convenient method to cash out in terms of time.
You can also ask exchanges to transfer your BTC earnings directly to your bank account, although note that this might be readily available. If you processed it during off-hours, you’d have to wait for the next banking day (or possibly more if it’s the weekend).
But here’s something to consider. Technically, yes, you can sell your Bitcoin at any time. However, this doesn’t take into account the timing of the sale. This is important because when you sell your Bitcoin will impact how much profit you’ll get from it.
Later on, we’ll discuss some factors for finding the right time to sell Bitcoin and other cryptocurrencies for cash. But before we do, let’s get another question out of the way: how long does it take to sell Bitcoin?
Because remember, while a sale might be instant, in some cases, it takes time for that cash to reflect in your bank account. So let’s get a few specifics down.
How Long Does it Take to Sell Bitcoins for Cash?
As a rule of thumb, the time it takes to sell Bitcoin and see the cash in your account depends on the cash-out method you picked.
The time is usually negligible when transferring from crypto exchanges to other digital payment platforms. Transfers to Paypal, for example, are typically instantaneous, although it might take time for the balance to reflect this.
Where the process takes time is when you want to transfer from crypto exchanges to your bank account. Unfortunately, it is not easy to nail down an exact time because it varies wildly depending on the country and institutions involved.
Reputable exchanges typically take 1-5 business days on average to process cash proceeds. Coinbase users in Europe, for instance, can look forward to cash funds via SEPA transfer to take around a business day or two.
Note, however, that if your transaction happens to occur early on the weekend, it’s going to take much longer than usual.
Now, if you’re in a hurry to cash out your Bitcoins (for example, you’re in an emergency and cash-strapped), the fastest way is through a Bitcoin ATM.
These machines allow you to receive cash from a Bitcoin sale in minutes – as fast and as easy as withdrawing money from a regular ATM. What’s more, if you need physical cash, there’s no need to wait for a wire transfer from your crypto exchange to clear.
However, you need to be careful because not all Bitcoin ATMs will allow you to sell BTC for cash. Many of them are just one-way ATMs (only supporting buying with cash but not selling), and you can waste your time if you’re unaware of this.
Your safest bet is to specifically search for Coin Cloud ATMs, which support buying AND selling Bitcoin for cash. Luckily, we have over 4,500 ATMs nationwide, so questions of “where to sell Bitcoin?” will be a thing of the past.
When is the Right Time to Sell Bitcoins for Cash?
This is one of the hardest questions to ask in many ways because there’s no right answer. Timing your sale will largely depend on your goals.
But as a rule of thumb, it’s best to sell your Bitcoin when you’ve hit a profit margin of at least 300% - 400% of your original investment. This can give you a decent profit, plus it allows for a buffer to account for the volatility during the sale.
If your goal is to maximize your profits in shorter periods, this is the easiest way to do it. However, it’s also the riskiest and most time-consuming. In addition, there’s always the risk that your profit will be easily reversed with a sudden downswing, which is entirely possible given BTC’s volatility. Thus, you always need to be on your toes.
Alternatively, you can take a long-term approach and adopt a HODL (‘hold on for dear life) strategy. The idea is that you can weather short-term volatility and still get considerable returns, in the long run, thanks to price appreciation.
If you don’t mind sitting on your investment for years, or you prefer not to endure the crazy volatility of the crypto market, holding on might be a viable strategy.
Of course, this strategy banks on the fact that Bitcoin will continue to grow in the future. While highly likely, a situation where BTC reverses drastically is still possible.
The bottom line is there’s always a risk whether you sell or hold Bitcoins, so you need to be prepared for that going in. It also helps if you keep abreast of Bitcoin news so you can react accordingly.
Considerations to Make When Selling Bitcoins for Cash
Apart from the time frame, there are also things you need to consider before you cash out your Bitcoins. This enables you to pick the best option that can maximize your returns.
One thing that most people forget is the tax implication of their sale. Yes, like any investment profit, you need to pay taxes when selling your Bitcoin.
Another thing to consider is the fees charged by your cash-out method. For instance, you’ll incur a 0.50% fee on Coinbase for every BTC to cash transaction you make.
You should also ask your credit card provider if they have additional fees for crypto transactions. Some cards, for example, treat such purchases as cash advances, which can carry fees as high as 5%.
These taxes and fees are important because they can erode the earnings you’ll get from a BTC to cash sale. If you’re not aware of them, you might get blindsided that you’re receiving a lower amount than you’ve anticipated.
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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