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6 Options for Getting Paid in Bitcoin


Bitcoin is great, but sometimes, you need cold hard cash.

Bitcoin tokens and dollars

Bitcoin has been around since 2009 and, if you’re one of the early investors, it might be the time to cash out. But how can you sell your Bitcoin for cash?

The most common method might be using a crypto exchange. But if for whatever reason this doesn’t work for you, there are other ways. You can use a Bitcoin ATM, peer-to-peer trade your tokens, or even pay directly with Bitcoin.

1. Use a Crypto Exchange

screenshot of binance sell webpage

If you’ve just started trading crypto, chances are you’re using a crypto exchange such as Binance or Coinbase.

However, you should keep in mind that the crypto exchange fees might quickly add up. Besides the fees associated with the transaction, there’s also a fee collected by the crypto exchange to cover its business costs.

At first, you’ll exchange Bitcoin for USD or another currency that’s available on the crypto exchange. Then, you have to make a cash withdrawal to your bank. And you’ll pay a withdrawal fee as well.

While using a crypto exchange to cash out your Bitcoin might not be the most efficient method, it has the advantage that you can contact customer support in case something goes wrong.

2. Money Transfer Apps

Most of the time, the most efficient way to cash out your Bitcoin is to use the same platform you’ve used to buy it. So, if you bought crypto on Robinhood, PayPal, or a similar platform, you should stick with them.

3. Peer-to-Peer Trade

screenshot of binance peer to peer buyers list

If you plan on turning Bitcoin into currency, you can also try peer-to-peer trading. There are plenty of crypto exchanges that support peer-to-peer trading, so you can sell your Bitcoin without having to withdraw it to a non-custodial wallet. Since you’re selling your Bitcoin directly to another person, fees are usually lower. Also, most P2P platforms support multiple payment methods.

However, P2P trading may have slower trading speeds, as you and the buyer have to both agree to the terms of the transaction. Also, if you’re not using a reputable platform, you risk getting scammed out of your hard-earned Bitcoin.

4. Go to a Bitcoin ATM

Bitcoin ATM offering various crypto withdrawals

Another way to sell your Bitcoin for cash is to use a Bitcoin ATM. These ATMs work similarly to the classic ones, except you use your crypto wallet to fund the transaction. Basically, you send your token to a specified address, and you’ll get cash in return. Depending on the Bitcoin ATM, you might get the cash right away, or you’ll have to wait a few minutes while it confirms the transaction.

As always, when doing a crypto transaction, check the fees before approving it. Bitcoin ATMs are known for their large fees, so they might not be the best option to sell your Bitcoin.

While they are becoming more popular, Bitcoin ATMs aren’t available everywhere. You can go on Coin ATM Radar and find the one closest to you.

5. Get a Crypto Debit Card

Crypto coins and debi card on top of laptop
Image credit: DealDrop/Flickr

If you want to convert Bitcoin into cash to pay small amounts of money, using a crypto debit card might be the best idea. There’s no imposed minimum amount, and you can use the crypto debit card as a classic payment card.

Also, you can use it to withdraw cash from supported ATMs, making it one of the fastest ways to turn Bitcoin into cash. If you’re already using a crypto exchange, you can get a crypto debit card and use the funds within your wallet.

6. Pay Directly With Bitcoin

There are plenty of things you can buy with Bitcoin. Depending on your wallet funds, you can get a new car, games, electronics, or even your morning coffee. So you can skip the process of selling your crypto.

If you’re a freelancer and you get new clients through websites that pay in cryptocurrency, you can avoid the hassle of converting currency to crypto tokens and vice versa.

Turn Bitcoin Into Cash

There are multiple options to choose from when you want to cash out your Bitcoin. However, not every option might be the right one for you. You have to consider fees, transaction time, and accessibility.

Sources


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