You own your bitcoin, and you are ready to turn this in cash? Fortunately, now that BTC is around for more than 10 years, this industry has totally caught up, offering many good options for converting the bitcoins in cash that we will discuss in the article. There are many ways you can convert 1 BTC to USD and ultimately move this in your bank account:
- Sell your bitcoin on the cryptocurrency exchange. It is one easiest way if you wish to sell bitcoin & withdraw resulting cash straight to the bank account. To ensure brokers don’t break down money laundering laws, then you will have to withdraw to same bank account, which you have deposited with. It is simple, easy as well as secure, but it is not a fastest method. For US, an average time for the money to reach the account is around 4 to 6 days but this varies by the country. Any linked fees depend on a country that the bank is located. The steps include:
- First sign up & complete your verification process.
- Deposit BTC in your bank account
- Cash out BTC to fiat through bank transfer and PayPal
- Bitcoin ATMs: Not like traditional ATMs and where you may withdraw the currency from bank account, bitcoin ATM is the physical center, which allows you buy and sell BTC’s with fiat money. While writing, there’re more than 4990+ crypto ATMs over 76 countries & you may use this website to find the bitcoin and other crypt currency close to you. Remember that not all the machines are same, and the method is just suitable for the small transactions as most of the ATM machines have deposit & withdrawal limits One biggest drawback for using the bitcoin ATM is the high transaction fee that generally ranges between 7 to 12%.
- Bitcoin Debit Cards: Many websites allow you sell the bitcoin & get the prepaid debit card, and allowing you use this like the debit card. Every card gets powered by Mastercard or VISA that means they work for online & offline shopping at many businesses anywhere across the world. Apart from the purchases, you may use bitcoin cards to withdraw the cash at ATMs and where VISA and Mastercard will be accepted.
Determining exact time that it takes to mine 1 BTC depends on many things like the computing power, type of equipment, and competition.