How to Sell Bitcoin

Can You Sell Your Bitcoins for Cash?
By 
Coin Cloud Team
, published on 
August 21, 2020
How to Sell Bitcoin

Once you own Bitcoin, you need to know how to sell it as well. And if you want to sell it for cash … well, the options are limited.

Use a Bitcoin ATM (BTM)

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 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 let you buy AND sell. 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:

How to sell Bitcoin for cash

  1. Press the “Start” button
  2. Enter your mobile phone number
  3. Enter the unique identifier code texted to your phone
  4. Select the “Sell” option
  5. Select the “BTM” or “DCM” option
  6. Enter the amount you wish to withdraw (in denominations of $20, $50 and $100)
  7. Scan the QR code that appears on the BTM screen with the camera function on your mobile wallet app
  8. On your Bitcoin wallet, enter the EXACT amount the BTM is requesting
  9. Send the funds to the QR code you scanned
  10. Transactions take approximately 10-15 minutes to process on the Bitcoin network
  11. Once the transaction has fully processed, you will receive a text message informing you to return to the BTM to withdraw your funds
  12. At the BTM, log in with your phone number once again to retrieve the dispensed cash

By the way, if you’re using the Coin Cloud Wallet app, several steps here become faster and easier:

  • The app automatically generates the EXACT amount of digital currency that the BTM is requesting.
  • You can set up your sell in advance on the app. Your chosen machine will reserve your cash for up to 48 hours, and you don’t have to wait for a text message or go back to the machine twice.

Over the Counter (OTC)

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

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.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,000 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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