Choosing the right service
Choosing the right service will mainly depend on the reviews of the site and on exchange fees. Remember to research the fee of the service you’re about to use beforehand. Some exchanges also have many reports of lost funds, transaction problems, etc. so keep an eye out on these alerts. Furthermore, a factor that will also play a role is transfer time. Some offer faster processing of transactions which is definitely an advantage.
Exchanges
If you keep your bitcoin at the exchange (bad idea), you have saved yourself one step. That is sending the coins from a wallet to your exchange account.
For example, on Coinbase you can deposit a certain amount of your bitcoins through a simple transaction of sending the coins to a generated address. After that, you navigate to the sell tab where you request the coins to be sold for USD. Once the funds are available in your account as USD you can request a cash out to your desired bank account. For convenience, you can use any exchange account with which you bought the bitcoins at first. Bear in mind that this process will take several business days thanks to security precautions and the lengthy processing of the bank transfer.
Some services even allow sending funds directly to debit cards. Unfortunately, these types of services are often under heavy fees.
LocalBitcoins.com
This service has gained popularity thanks to the process of changing your bitcoins into cash directly with other users on the website. You simply punch in the amount of BTC you wish to sell and for what price. This offer is then listed on the website for other users to see. You can then finalize the transaction in person or through a physical cash service like WU. The service is secure and available in more than 200 countries around the globe.
Published: 10/09/2018
