Can you eventually hold the bitcoins in your hand, like real cash dollars or euros or something? If so, how? Does a Bitcoin account rely on having a credit card, and will the coins you gather be added to your bank account? Bitcoins are a purely electronic currency. If you want to sell them in exchange for dollars or euros, you can do that. But as Bitcoins, they exist purely electronically. You can have 10 Bitcoins just like you can have 10 ounces of gold. The key difference is that the Bitcoins exist electronically rather than phyiscally.
If you have Bitcoins and want dollars, you have to find someone who has dollars and wants Bitcoins, then you exchange with them. Bitcoins are not a payment or fund transfer system for national currencies like PayPal and Western Union are. Bitrcoins are a currency that has an efficient built-in transfer system. For example, using localbitcoins. What you are looking for is likely a person-to-person exchange where you provide bitcoins and in exchange you get EURO currency.
While there is some of this happening in various places, it is not found everywhere. There are no buyers or sellers listing Libya, Bitcoin was born out of discontentment with traditional central banking, monetary, credit and transaction systems. How much one bitcoin is worth is entirely decided by free market dynamics within the community.
It will be entirely up to initiatives in your community to build services that exchange to and from traditional Libyan currencies, to offer goods and services, or to manufacture physical coins similar to Casascius to put into circulation although these are rather seen as a gimmick, it may be much more convenient to use mobile phone clients nowadays for meatspace trading. Money is a tool to transfer value after all.
Bitcoins have no central authority. There is no bank required. All Bitcoins are digital. You need only a computer a PC, Smartphone, etc! You could print the secret information that you can use your Bitcoin with, but it is not quite the same as cash. You could even get bank notes redeemable Bitcoin "vouchers" from a trusted party.
That is pretty much what cash is. You would also take a lot of unnecessary risk, which could give you the authentic cash experience. Yes, you can hold a "physical bitcoin" in your hand. You can trade it from person to person, and eventually turn it back into a digital coin if you wish. However, most often you will be only dealing in digital bitcoins. They are stored in a so called "block chain" - a ledger of all transactions on bitcoins. In order to spend them, you need your Bitcoin address and its private key - a really big random number.
You can store it as a QR code, a file on a computer or anything, but you do need some special program to use those. If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www. They will even send you your payment without you needing to show any ID. Completely anonymous way of converting your Bitcoins to cash. There are Robocoin ATMs now in general circulation but for traders, fees can be a problem.
The more we use and develop BTC, the better for us all. The value is increasing rapidly in the BTC market. How else can we sell our BTC for cash? Lets keep working on this. One final word, please be very informed before looking at Ripple. Search ripple scam for comment But you can hold a wallet though Holding a wallet in your hand is holding a sheet of paper with a buch of numbers and letters which are the public and private key that refer to your wallet Actually the private key is the only one needed, with it you can generate the public one.
The accounting information is held in the blockchain spread arrown the world in thousands of computers. But on the Internet there are many stores and the number is growing fast, where you can buy with your bitcoins. Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update. Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet.
Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken!
Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since , and processes the most Bitcoin to Euro transactions. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange.
There are a few to choose from, however, the one I most recommend is Local Bitcoins. LocalBitcoins was created in and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to. The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for.
However, if you sell to a buyer that has listed the price they want to pay, there are no fees. There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection.
However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password. You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you.
In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell. In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them.
Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember? So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. The buyer should contact you to let you know that the funds have been sent. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods. It is also a good idea to set up an advertisement.
In this case, you will receive a notification from buyers when they want to buy from you. LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid!
Learn what is the best time to buy Bitcoins, and when to sell Bitcoin, too! Learn about the the most secure vaults in the world, and how you can acquire one of such vaults yourself! Learn how to convert Bitcoin to cash on Binance P2P, and start exchanging today! If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods — the broker exchange way Coinbase , and also the peer-to-peer way.
They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners , whilst LocalBitcoins allows you to remain anonymous and sell at a higher price. So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange? We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! The general opinion, however, is that utilizing a cryptocurrency broker or an exchange is still the best way to go about it.
Brokerages such as Coinbase offer users the highest levels of security , and some of the better cashing-out options , in general. In general - yes. Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally.
That said, many users believe that Coinbase is one of the simpler exchanges on the current market. The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity. No, definitely not!
While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.
Find out right here! By Laura M. All the content on BitDegree.
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