How to convert bitcoin to cash in australia

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In fact, Bitcoin is a non-anonymous or pseudonymous cryptocurrency. Therefore, every Bitcoin transaction leaves digital footprints. As we said previously, Bitcoin is pseudonymous. What this means is that anyone can create an encrypted Bitcoin address on its public blockchain, and then use this address to receive and send Bitcoin. In fact, the blockchain works as a public record of all Bitcoin transactions on the network. This means that every Bitcoin transaction you make is stored immutably on the blockchain.

Your transaction history is open for everyone to see, including the addresses of the other people that were involved and the balance of your address. To summarize, there is full-on public access to all of the Bitcoin transactions that were made until this day, even if the sender is pseudonymous i. This is a double-edged sword as it makes Bitcoin a transparent cryptocurrency, but on the other hand, it jeopardizes your privacy. Anti-Money Laundering AML is a combined set of processes, rules, and regulations that combat money laundering, terrorism funding, and other financial crimes like identity fraud.

This protocol allows the exchanges to ensure that their customers are who they claim to be and to avoid any scams or malicious activity through their services. Although both AML and KYC protect the users and their digital assets, these protocols also infringe on the ability of the user to remain anonymous when they want to use and buy Bitcoin and other altcoins.

If you choose to use a cryptocurrency exchange that implements KYC checks before accepting you as a customer, you should know that the cryptocurrency exchange would have your personal information thereafter. This makes it easy to tie the public Bitcoin address to your IP address. So, if you want to convert Bitcoin to cash anonymously, we recommend you avoid these types of Bitcoin exchanges. A peer-to-peer P2P platform is an exchange that works like an online marketplace that connects sellers and buyers from all around the world.

By using P2P trading platforms you can accept various payment methods, such as paying in cash using PayPal or bank account , wire transfer, or paying with other cryptocurrencies. P2P trading platforms still operate as a third party, so they charge you a small fee for their services. There are a handful of these trading platforms online, such as LocalBitcoins. This can help you choose a more trustworthy buyer.

If you want to trade on LocalBitcoins, you simply put up an advertisement on the platform or respond to a prospective advertisement that was put up by a buyer and work out a deal. There is a catch, though. Unfortunately, LocalBitcoins recently introduced a mandatory verification process. The advantage of LocalBitcoins is that it has a secure escrow service, which means that LocalBitcoins holds your BTC until the buyer completes the payment and only releases the BTC after the transfer of money is completed.

The escrow service protects the seller and the buyer and shields their identities at the same time. The easiest way to do this is by joining a local group on Telegram or Facebook and seeking buyers there. After you find a buyer, you two can arrange the price, payment method, and the place where you can meet. To minimize your risk of running into a scam, you can meet with this person at a public place, put on a hat or glasses to hide your face, ask a friend to keep you company, etc.

Bitcoin has seen astronomical growth in the last 12 months with a increase global adoption and suitability as a potential hedge against inflation. This is a difficult question to answer as it depends on various factors. However, we will help provide guidance on how to cash out of Bitcoin using the best exchanges in Australia when the time is right. Best exchange for. Overall 4. Our Pick.

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information. To covert Bitcoin to cash or crypto in Australia, follow these steps:. The best place to sell Bitcoin in Australia is using a digital currency platform that is regulated in Australia. The table below provides a comparison of exchanges in Australia to cash out of Bitcoin based on our reviews. Our review and assessment of the best exchanges in Australia to cash out of Bitcoin is based on important factors such as ease of use, reputation, fees, security and live support.

Swyftx is our top-rated exchange to sell Bitcoin into AUD or another cryptocurrencies. The platform offers the most crypto assets in Australia which can be traded for Bitcoin. Individuals can sell Bitcoin to AUD and withdraw directly to a bank. The withdrawal takes between 1 and 3 business working days.

Other great features such as a mobile app and a tax calculator to assist with declaring any capital gains. Digital Surge is an Australian crypto exchange provides a fast and easy way to sell digital currency to AUD.

The platform has focused on providing a beginner-friendly exchange website for everyday Australians to cash out of crypto assets. The exchange is focused on simplicity which starts from the verification process which is automated. That means, users can sell BTC quickly and easily in a few steps. CoinSpot was founded in and has built up a solid reputation and trustworthy image for an Australian cryptocurrency platform.

The exchange is focused on helping newcomers to sell Bitcoin and cryptocurrency in Australia into AUD. Coinspot has historically been one the best place to sell Bitcoin over the last few years. CoinJar is a trusted crypto exchange in Australia and also one of the longest-running digital currency exchanges. CoinJar allows users to sell digital assets. With over , users and counting, CoinJar exchange is one of the best places to sell Bitcoin that will suit both beginners and experience investors.

The exchange was founded in and has gained the trust of over , individuals and 8, SMSF accounts. There are several ways for Australians to sell Bitcoin which largely depends whether the customer wants to convert BTC to AUD or sell Bitcoin to trade for a different coin.

Each method of selling Bitcoin will comprise of different effort levels and fees that must be considered before making any transaction. Creating an account with a regulated and trustworthy exchange in Australia is the safest and best way to convert Bitcoin into AUD.

The exchange allows users to deposit Bitcoin to a secure wallet which can then be converted into cash and withdrawn to a bank account. Australian crypto exchanges can also be used to convert Bitcoin into other digital currencies such as Ethereum , Litecoin , XRP or other altcoins.

Using a local exchange provides the individual with the flexibility to instantly sell Bitcoin into cash or another crypto when the price is at a desirable value. To sell Bitcoin to cash using an exchange, follow these steps:. Bitcoin can be sold for cash in person with a trusted friend or family member who are willing to pay with Australian dollars. A mobile phone wallet or laptop will be required to send the Bitcoins to the buyers address and to confirm the transaction on the blockchain.

The downside with this method is the speed of the overall transaction process. Peer to Peer P2P exchanges such as Paxful connects willing buyers and sellers on the internet. Sellers can advertise their order on a P2P exchange and the preferred payment method to receive money in AUD. These platforms do not always require the buyer or seller to complete ID verification. However, use an escrow service to ensure the transaction is completed on both sides before the Bitcoin is released.

Bitcoin owners that want to cash out and remain anonymous can convert Bitcoin into a gift card using a P2P platform. The payment method is not common so will be limited opportunities for find a buyer. There are websites such as Bitrefill that accept Bitcoin as payment to purchase a gift card which can then be spent like money. Cryptocurrency platforms like Digital Surge offers its users the ability to pay bills with Bitcoin.

This means the owners do not need to liquidate their Bitcoin holdings into cash to spend on daily living expenses. There are several Bitcoin cards on the market that allow investors to spend BTC instead of selling it to cash at any online merchant, store, shop and ATM that accepts debit card. Platforms such as Coinbase , Binance and Crypto.

The card will automatically sell the stored Bitcoin into the accepted fiat currency e. This method will be suitable for individuals that need to sell Bitcoin for money to pay for everyday living expenses.