Opening a bitcoin checking account is the first step towards investing in bitcoin. Creating a bitcoin account is necessary so that you can trade, send, or receive bitcoin, convert it to cash, or use bitcoin for purchases. Unlike Fiat currency, Bitcoin is much simple to withdraw, and you may not have to wait for days to obtain your funds. All you require to do is get a service that is ready to purchase your cryptocurrencies. You can trade Bitcoin on the crypto exchange and get cash immediately to the bank account. Seventh, you can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account. Eighth, there is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them.

• Overview - Table of Contents

Many people ask, 'How do I get bitcoins?' The quick and dirty is covered in our comprehensive guide: 40+ Best Ways To Buy Bitcoins

The easiest and fastest way to buy bitcoins instantly with a credit card or debit card is via Indacoin where you can acquire $50 or less of bitcoin fast and usually within 10 minutes.

However, you may be new to the entire cryptocurrency concept and for that we recommend you learn a few things.

Bitcoin is extremely empowering but also different than the currency you know and use every day.

Step 1 ---> Get Started With Bitcoin

Before you start using Bitcoin, which is still experimental but has been operational without any interruptions for over eight years, there are a few things that you need to know in order to use it securely and avoid common pitfalls.

First, Bitcoins are impossible to counterfeit or inflate.

Second, you can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen.

Third, with Bitcoin you can directly control the money yourself without going through a third party like a bank or Paypal.

Fourth, Bitcoin transactions cannot be reversed or refunded. You should only deal with businesses or people you trust.

FifthTo be valid, a Bitcoin transactions must be confirmed at least once but preferrably 6+ times before it has happened and becomes irreversible.

Sixth, Bitcoin is not anonymous but there is tumbling. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address.

Seventh, you can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.

Eighth, there is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them and rate your experience to help honest businesses to gain more visibility.

Ninth, the Bitcoin industry is always changing and there are many Bitcoin news services to stay up to date.

Tenth, beware of the confusingly similar Bcash, BCH, Bitcoin Cash project.

Step 2 ---> How To Get A Bitcoin Wallet

Setting up your first Bitcoin wallet is simple. There are several quality mobile, desktop, and hybrid wallets available. If you want to do thorough research then you can read our comprehensive guide on how to find the best Bitcoin wallet.

A great path would be:

(1) a mobile wallet like Atomic Wallet (iPhone, Android).

(2) acquire bitcoins from a friend, as payment for a good or service or buy bitcoins from one of the many exchanges.

(3) if you decide to store large amounts of bitcoins and want to know they are absolutely safe then use Armory.

Best Mobile Bitcoin Wallets

iPhone and Android apps are available with popular choices including:

Copay

Copay is a Bitcoin wallet by Bitpay and available on iOS, Android, Windows Phone, Linux, Max OS X, and Windows. Because Copay is available on multiple platforms, it’s easy to use the same wallet or accounts across multiple devices.

Copay’s simple, clean user interface makes it a good choice for new Bitcoin users. Copay is also a good option for businesses due to a shared account feature, which requires a certain number of users to sign each transaction. Two co-founders, for example, could create a 2 of 2 wallet where both will be required to sign each transaction.

Atomic Wallet (Android)

Atomic Wallet is available on Google Play and fully optimized for Android devices. The app provides the option to seamlessly manage and exchange 300+ coins and tokens. Private keys are encrypted on users’ device and never leave it.

breadwallet (Android)

Breadwallet started out as the most popular wallet for iPhone, and now it is also available for Adroid devices running Android 6.0 or higher. The simplicity and easy-to-use security makes it a great place to start for users who are new to bitcoin.

Airbitz

AirBitz is another Bitcoin wallet that’s great for everyday use. It’s integrated with Fold, meaning you can get 20% discounts at Starbucks from within the wallet.

Airbitz manages accounts with usernames and passwords, but doesn’t have access to your funds. This type of account creation is easier for less technical users who may have trouble backing up or understanding HD seeds.

breadwallet (iOS)

Breadwallet’s combination of simplicity and security has made it the most popular iOS wallet. iPhone users in search of their first Bitcoin wallet should find Breadwallet easy to understand.

Best Bitcoin Software Wallets

Bitcoin software wallets are downloaded to your computer, give you more control and do not depend on third-party services. Most software bitcoin wallets require a day or so to download the blockchain before they are ready for use.

How To Get Bitcoin Into My Bank Account

Best Hybrid Bitcoin Wallets

Hybrid Bitcoin allow you to both control the private keys and have the easy of use of a web wallet.

Copay

Copay is a Bitcoin wallet by Bitpay and available on iOS, Android, Windows Phone, Linux, Max OS X, and Windows. Because Copay is available on multiple platforms, it’s easy to use the same wallet or accounts across multiple devices.

Copay’s simple, clean user interface makes it a good choice for new Bitcoin users. Copay is also a good option for businesses due to a shared account feature, which requires a certain number of users to sign each transaction. Two co-founders, for example, could create a 2 of 2 wallet where both will be required to sign each transaction.

Best Bitcoin Web Wallets

Bitcoin web wallets are the easiest and most convenient to use but are potentially less secure than the above options because the private keys to your bitcoins are usually held by a third-party.

Due to the large number of security breaches where people have lost bitcoins, we do not recommend any of the current Bitcoin web wallets. Some wallets can be used on mobile & desktop. They provide the benefits of a software wallet and is easy to use across many devices.

Best Bitcoin Hardware Wallets

Bitcoin hardware wallets are the most secure because they do not expose your private keys to the network.

• COLDCARD Wallet - Cheap, Ultra-secure & Opensource Hardware Bitcoin Wallet
• Ledger Wallet - Smartcard based and malware proof
• OPENDIME - The Bitcoin Credit Stick

Step 3 ---> How To Get Bitcoins

How to buy Bitcoins

With the Bitcoin price so volatile many people seem curious about getting some. Below we have listed some of the best exchanges.

If you want to do your own research then check our guide on how to buy bitcoins in any country. Here are our recommendations:

Coinbase is one of the world's largest Bitcoin exchanges. Users in the United States, Canada, most of Europe, and Singapore can buy bitcoins with a connected bank account or SEPA transfer.

European users can purchase bitcoins with 3D secure credit or debit cards.

If it's the first time you use the card, you will receive a call from Indacoin with a 4-digit code, which should be entered on your order page. After that, you will have to enter a 3-digit code, which can be found on your online card statement next to the charge amount.

You will have the limit of $50 for the first transaction, $100 for the second transaction available after four days of the initial purchase and $500 after eight days of the first buy. The total limit for the first month will be $5,000 and then no limits at all.

Since your card is verified, cryptocurrency is sent automatically within ten minutes after the payment.

SpectroCoin is an all-in-one solution for Bitcoin offering an exchange, debit card and ability to buy bitcoins with credit cards.

How To Earn Bitcoins

Many people find that the best way to get bitcoins is to accept them as payment for the products or services they already sell. Just give your customers the option to pay in bitcoin.

To make it easy, you may want to sign up for a bitcoin merchant account which allows you to send invoices and integrate bitcoin payments into your order pages for the most popular online shopping cart systems.

• WeUseCoins Bitcoin Faucet - Get free bitcoins that are provided by sponsors
• BitPay - (Highly Recommended) - Merchant tools and account services
• Free Digital Money - Get free bitcoins by trying apps, taking surveys, watching ads, and much more
• Jobs 4 Bitcoin - Subreddit where you can find jobs
• SatoshiDisk - Write or Upload, Share and Sale your digital goods for bitcoins. Free service.

How To Deposit Bitcoin Into Your Bank Account

What Is Bitcoin Mining?

Mining bitcoins requires an investment in specialized bitcoin mining hardware designed to process double round sha256 hash verifications at high speed.

Getting started with Bitcoin mining can be a daunting endeavor and it has become highly specialized so you may want to leave it to professionals with Bitcoin cloud mining services.

Nevertheless, there are many excellent bitcoin mining systems available.

It is important to point out that bitcoin mining is highly competitive and risky for would-be participants. Please see our bitcoin mining guide for more detail.

If you want to try your luck at bitcoin mining then this Bitcoin miner is probably the best deal.

Step 4 ---> How To Use Bitcoins?

Starting to use bitcoins can be exciting because it is a new technology. Bitcoins can be used to purchase just about anything you want. Dental services, a brand new car, travel and even luxury real estate.

We recommend searching the Bitcoin merchant directories below to locate the merchants you are interested in. You can buy gift cards with bitcoin and shop easily at most of the stores you already use.

Bitcoin Merchant Directories

• Airbitz - Find bitcoin friendly merchants near you and online
• Open Bazaar - A decentralized marketplace
• Coinmap - Find bitcoin friendly merchants near you

One of the best things to buy with Bitcoin is virtual private network (VPN) services to keep your Internet traffic safe, secure and private. We put together a comprehensive list of VPNs you can buy with Bitcoin.

Another tool many people like to buy is a Bitcoin debit card which enables people to load a debit card with funds via bitcoins.

Promotional Images

Are you a merchant or freelancer that would want to start accepting bitcoins for goods or services? We have a few high resolution graphics that can help you.

So this is exactly the typical sign as you can also find on the Bitcoin Wiki.

Just that it is in fully scalable PSD form so even blowing it up to huge printable resolutions will do no harm to them. And you can edit them easily.

All images have transparent corners.

Gold Version

A bit more exciting. Same deal: PSD and resolutions available with no copyrights to worry about by using and modifying an existing coin design. Scaling the PSD up more than 500% is fine but after that it may get blurry.

Buy Gift Cards With Bitcoins

Available from Gyft and spendable at:

Charity

• BitGive - a non-profit foundation that is accepting donations from the Bitcoin community and providing charitable gifts to environmental and public health causes worldwide.

Step 5 ---> Staying Informed With Bitcoin News

Michael Casey and Paul Vigna of the Wall Street Journal authored The Age of Cryptocurrency which has become a best seller on the topic of Bitcoin.

This may be a great book for you to start with when forming an intellectual foundation on this new technology.

There is the WeUseCoins News Section and these are the 5 most recent articles:

Here are some good places to keep up with bitcoin news and discussion:

• Research Library - papers from companies and academics
• r/bitcoin - Bitcoin links and discussion by the Reddit community
• @Bitcoin - The hub of the Bitcoin Twitter community
• Crypto Research Report - Institutional quality analysis of the crypto-industry
• MWC - Learn something new like Mimble Wimble for scalability, privacy, anonymity and fungibility.
• Bitcoin Charts - price charts
• Bitcoin Knowledge Podcast - Interviews with top people in the Bitcoin world

You want to know how to cash out bitcoin to your local currency and directly into your bank? This is arguably the only guide you will need to read to start cashing out or spending your cryptocurrencies like fiat starting from today.

In this guide we will be looking at seven (7) ways to cash out bitcoins and other cryptocurrencies you might have accumulated:

1. One-on-One Transactions
2. Cryptocurrency Exchanges
3. Peer-to-Peer (P2P) Exchanges
4. Crypto Loaded Prepaid Cards
5. Crypto-Backed Loans on DeFi platforms
6. Your Local Private Bank
7. Over the Counter (OTC) Markets

These are practically the safest, fastest, and least expensive ways of converting your bitcoin and other cryptocurrencies to fiat.

Fiat refers to your government-issued physical currency.

How to Cash Out Bitcoin – Factors to Consider:

Your choice of which method to use in cashing out your cryptocurrencies may be influenced by:

How Do I Get Bitcoin Into My Bank Account On Amazon

• The ease and cost of cashing out your crypto.
• How you want the money – physical cash, bank deposit, or other forms of electronic money like PayPal.
• How soon or urgent you need the cash.
• The local currency and your government’s regulations regarding bitcoin transactions.
• The amount of bitcoin you want to cash out.

So, without much ado let’s examine in detail how to cash out your bitcoin and other cryptocurrencies to cash and directly into your bank account.

1. How to Cash Out Bitcoin in One-on-One Transactions

This is probably the fastest and least expensive way to cash out your cryptocurrency – cash out your bitcoin by selling it directly to another individual looking to buy the coins and get them to pay you in your local currency either by physical cash or bank deposit.

What do you need for successful one-on-one bitcoin cash-out transactions?

1. Someone else who wants to buy bitcoin and willing to deal directly with you.
2. Your ability to transfer bitcoin from your wallet to their wallet.
3. The person’s ability to pay you the physical cash equivalent of your bitcoin.

This transaction can happen face-to-face in your living room, at a bar or restaurant in your neighborhood; and it can also be executed via text, chat, mail or other means of communication if the other person is not within the same geographical location as you.

However, you can’t do a long-distance transaction with a stranger –will you? NO. So this method is only workable when dealing with someone you know so well like your parents, siblings, spouse, colleague, and other close acquaintances.

2. How to Cash Out Bitcoin through Cryptocurrency Exchanges

Cash Out Bitcoin Directly to Bank from Exchanges

Several major cryptocurrency exchanges such asBinance, Kraken, Bitstamp, and Coinbaseto name a few have integrated fiat gateways that make it possible for their customers to transact between fiat and cryptocurrencies.

Binance, for example, has partnered with Advcash (Advanced Cash LTD) to make deposits and withdrawals of fiat currencies such as EUR, RUB, UAH, and KZT possible on their platform.

Coinbase also, –one of the most regulated and trusted cryptocurrency exchanges in the world offer a safe and convenient way to cash out your bitcoin to fiat on their platform; but first, you have to link your bank account or Credit and Debit Cards to the exchange and complete the compulsory KYC verification process –this is standard practice and requirement among all cryptocurrency exchanges that deal with fiat.

More so, in compliance with KYC and international Anti-Money Laundering (AML) regulations; most cryptocurrency exchanges will require you to verify your bank account by making a small “test deposit” before you can cash out bitcoin through their services and you may only withdraw to the same account that you deposited with.

It’s something you should take note of when trying to initiate crypto cash-out transactions.

How long does it take to get my money from Exchanges?

Let’s take Coinbase for an example.

• For US customers on Coinbase, withdrawals to the bank take between 1-5 business days (depending on the method used)
• For European customers withdrawals to your bank account via SEPA transfer generally takes 1-2 business days and 1 business day for withdrawals via wire transfer.
• UK customers can expect to get the money into their bank account within 1 business day.
• PayPal withdrawals are instant for US, Europe, UK, and CA, customers –check theCoinBase FAQfor daily payout limits

Please note that there are usually transfer fees and other charges you might incur for the withdrawals.

Check with the respective exchanges you use for the latest information on applicable charges and withdrawal policies.

One of the major advantages of using this method is that you can withdraw a reasonable amount of money based on the level of your KYC you have completed without much stress and they’re relatively safer.

More so, you can cash out several other supported cryptocurrencies on the exchanges along with bitcoin.

However, if you prefer a more anonymous and faster method of cashing out your crypto, then you may want to consider using peer-to-peer exchanges like Paxful and LocalBitcoins.

3. How to Cash Out Bitcoin Using Peer-to-Peer Exchanges

The most popular peer-to-peer exchanges you can use to convert your bitcoin to fiat are LocalBitcoins and Paxful.

These two popular bitcoin market places operate in almost all countries of the world so anyone reading this guide right now can access them and use their platform to cash out bitcoin to fiat and directly to their bank.

As the name suggests, Peer-to-peer exchanges provide the platform for individuals to trade bitcoin among themselves without involving a third party.

Peer-to-peer exchanges are mostly escrow-based with a transparent and straightforward fee structure.

These exchanges offer certain advantages which make them appealing to many cryptocurrency enthusiasts looking to cash out bitcoin:

1. Peer-to-Peer exchanges offer greater anonymity.
2. Peer-to-Peer exchanges offer users the ability to negotiate exchange rates.
3. Peer-to-Peer exchanges offer greater speed

However, there’s a high possibility of getting scammed if you’re not vigilant –that’s just the basic draw-down of this option to cash out bitcoin -security is not top-notch like the regular cryptocurrency exchanges.

How Does Peer-to-Peer Exchanges Operate?

First, you need to open an account on any of the exchanges –for example, LocalBitcoins; then complete your profile setup and place a trade request to sell bitcoin.

You can specify your preferred payment method. Some of the payment options include:

• Bank transfers
• Cash deposits
• Gift vouchers
• Skrill, Payoneer
• Western Union
• Neteller
• PayPal
• Mobile money
• Meet in person in your neighborhood and trade for cash settlement

Once you get a buyer, both of you can negotiate rates and then initiate the transaction. Your coins are locked in the escrow wallet until you confirm receipt of cash.

Neither you nor the buyer can access a coin that’s held up in escrow during a trade until the deal is successfully closed and if any problem arises along the line; the admins will step in to verify your claims and settle the dispute accordingly, based on evidence.

Make sure you’re trading on reputable peer-to-peer exchanges to avoid scams. The platform itself can scam users, so be vigilant and read exchange reviews before you move your funds there.

4. How to Cash Out Bitcoin Using Crypto Loaded Prepaid Cards

Crypto Loaded Debit Cards

The drive for crypto mass adoption has led to many projects introducing innovative products aimed at bridging the gap between crypto and fiat; thus making it super easy for ordinary people to be able to buy and sell cryptocurrencies easily.

One of such efforts to make the crypto to fiat conversion smooth and convenient for most users is Crypto Debit Cards.

The cards are preloaded with bitcoin and any other supported cryptocurrencies the issuing Company supports and can be used to withdraw your funds across millions of ATMs around the world or simply use for shopping on thousands of online merchant stores and in-store POS terminals that accept Visa or MasterCard worldwide.

Does this sound like a way to go in your search for how to cash out bitcoin to fiat?

Let’s examine the various Crypto Debit Card providers in the market, then you can decide which of them you will apply to get their card and start spending your crypto wealth easily.

Best Crypto Debit Cards:

Some of the best cryptocurrency debit card you can consider applying for include:

• Nexo Mastercard–access your money worldwide with zero foreign exchange fees. Monitor your transactions on Nexo Mobil App and enjoy 5% cash-back on all your purchases with the Nexo Mastercard.
• Coinbase Card–allows you to instantly spend the funds in your Coinbase account. Available to Coinbase customers in the UK, Spain, Germany, France, Italy, Ireland, and The Netherlands. The Card is useable anywhere that Visa payments are accepted.
• Wirex–One of the most established companies in the space with over 2 million customers and transaction volume of $2 billion.
• Revolut–Spend abroad with no fees.
• BitPay Visa Card– The BitPay prepaid Visa card is only available to US citizens and are globally useable everywhere Visa cards are accepted.
• MCO Visa–available in Singapore and over 30 US states and counting
• Bitwala–a secure card designed for global spending

This list is by no means exhaustive but they’re the top existing products in the market for you to choose from.

So what factors should guide your choice of a card?

1. Is the card supported in your region?
2. Is it user-friendly or full of complicated processes?
3. How secure are the card and the issuing platform?
4. Is the card reliable? Visa and MasterCard linked cards are more reliable.
5. What are the fees structure and is this transparent? You wouldn’t want to SHARE your money with some crypto card Companies in the name of transaction fees.
6. Does the card support multiple cryptocurrencies and fiat? How many fiat currencies does it support? Is it globally useable?

You will need to take your time and evaluate the various options and choose cards that provide the features that are most important to you.

Now you can carry your crypto everywhere you go with a smart crypto card.

How Do I Deposit Bitcoin Into My Bank Account

5. How to Cash Out Bitcoin Using Crypto-Backed Loans on DeFi platforms

What if you never really need to cash out bitcoin?

What if you can spend all the cash your bitcoin is worth without actually selling your bitcoin?

What if you go on this spending spree and still enjoy any future price appreciation of the same bitcoin?

All these are made possible by Crypto-Backed Loans on DeFi platforms.

We can simply call them “crypto banks” or “blockchain banks” providing financial services on the blockchain.

How does it Work?

1. You deposit your crypto into the platform.
2. You request a cash advance and the Company transfer the fiat into your bank account.
3. Your deposited crypto is held as collateral for the cash advance.
4. Once you pay back the money you collected, you get your coins back.

That’s just how simple it can get.

So what are the benefits of using this method?

1. It’s a legit way of avoiding being taxed as you are not selling your bitcoin. You’re simply taking loans and loans are not taxable.
2. You still enjoy any future appreciation in the price of bitcoin or whatever cryptocurrency you have deposited. If bitcoin was $10, 000 when you took the loan and when you come to pay it back the price had risen to $20, 000 your wealth just doubled even while you’re spending it –amazing.

Several companies providing this service including MakerDAO,Nexo,EthLend,Salt, and many others in the market.

As is always the case, review the platforms carefully before depositing your bitcoin.

6. How to Cash Out Bitcoin Using Your Local Private Bank

Cash Out Bitcoin Through your local bank

How Do I Get Bitcoin Into My Bank Account Without

If you are trying to cash out bitcoin worth millions of dollars, you will find that going through a private bank may be the best choice for you.

The bank can help you facilitate both the sale as well as the movement of the fiat equivalent to your desired destinations.

More importantly, why you may want to consider using a private bank is that you will get more professional help with receiving your funds without getting your account frozen due to heavy and sudden cash flow.

7. How to Cash Out Bitcoin Using Over the Counter (OTC) Markets

A certain volume of crypto transactions is simply not possible with any of the aforementioned options and that brings us to the last item on the list of ways to cash out bitcoin –Over the Counter (OTC) Markets.

What are OTC Markets?

Over-the-counter markets are avenues for participants to trade directly between each other, without the use of a central exchange or other third parties.

In practice, traders in an OTC market really don’t trade directly with each other but goes through what we call OTC desks or exchanges.

OTC desks are maintained by some of the major exchanges such as Binance, Coinbase, and Circle to accommodate traders who are willing to sell large amounts of coins, like miners or early crypto investors who have accumulated millions ad even billions of dollar worth of coins.

More so, there are crypto millionaires and billionaires looking to buy crypto without using the public exchanges.

You can cash out bitcoin worth millions of dollars by approaching any of the popular OTC market providers and negotiate rates with them.

They have been known to facilitate the large volume of crypto transactions this few years and so far remains the top place to cash out a large amount of coins anonymously and securely.

If you think the OTC market is free of scammers –you’re wrong. The big scammers – like hackers operate here and the same caveat “beware of scammers” applies in this market too if you don’t want to lose huge.

On a Final Note

There we have it –seven (7) ways to cash out bitcoin. As the cryptocurrency industry matures, better and more advanced means of converting your crypto wealth to cash are being developed and released into the market.

Spending your cryptocurrency shouldn’t be a difficult process and we hope that with this guide you find at least one method that works just fine for you –balancing anonymity with security and speed.

Always speak with your lawyer, banker, and other relevant experts when large amounts are involved so you don’t fall on the wrong side of the law or worse –get scammed of your crypto money.

What other ways do you cash out bitcoin to fiat and bank? Share with us in the comments section below.

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