So, you hopped on the Bitcoin train. You bought your own fabled BTC. But now, you’ve gotten to the point where it seems like a good time to sell it. With the Coin Cloud Wallet app there are a few ways to sell your long hodl-ed Bitcoin.
The first way is to sell your Bitcoin to someone else. This is basically the old-school P2P method, although you can choose someone you know and trust. They would send you funds through a standard payment app, and you send Bitcoin straight to their wallet. Just tap the “Send” option in your Coin Cloud Wallet and scan or enter their Bitcoin wallet address.
You also have the option to sell your BTC for cash with the Coin Cloud Wallet app. In fact, you have the option to completely “cash out” if you want to. So, let’s look at the step-by-step process on how to do just that! Keep in mind that this tutorial only applies to withdrawals under $25,000.
The Coin Cloud Wallet app offers you the option to find the DCM closest to you. Using this function, select a DCM that you want to withdraw your money. Once you find your desired DCM (where you will go to pick up your cash), select “Sell Crypto for Cash.”
After you select the option to sell for cash, you will be texted a unique identifier code. Once you receive this, enter it back into the application. Then you’ll see the sell limit for the specific machine you selected. This limit is determined by how much cash is currently in the machine. So, if there’s not enough cash in the machine you selected, you can choose another machine and see if that one has enough for your withdrawal.
Once you’ve found your machine, enter the amount of USD that you want to withdraw (in denominations of $20 and $100). Then tap “Proceed” and confirm the amount. Next, select the wallet you want to withdraw from, or copy and paste in the address (you can manually type it as well, but we don’t recommend that).
Now that you’ve wrapped up everything in the app, it’s time to head to the machine you selected. It can take between 10 and 20 minutes for your transaction to be processed on the Bitcoin blockchain. But the cash that you entered to withdraw will be reserved in that machine for up to 48 hours. Once you arrive at the DCM, all you have to do is log in with your phone number and withdraw your cash.
If you intend on trading over $25,000 worth of Bitcoin for cash, no machine is going to have that much money in it. So Coin Cloud offers an over-the-counter (OTC) Private Client trading desk. Just call 855-264-2046 and ask to do an OTC transaction. This is done through wire transfer technology, so you’re not walking out of our office with a suitcase full of cash.
That’s it! Easy right? So, get out there and enjoy your trading.
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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