Bitcoin ATM is a very convenient way to convert bitcoin into cash. Note, however, that not all bitcoin ATMs dispense fiat currencies. Some allow you to withdraw only bitcoins, while others only allow for. Australia has a number of Bitcoin ATMs available in major cities, which provide a quick way to convert Cryptocurrencies like Bitcoin and Litecoin into real cash just like a regular ATM does. Having this Bitcoin ATM is very convenient especially for people who get paid in Bitcoin since it converts their earnings into cash so they can spend it. Bitcoin & Taxes. Cash App will provide you with your Form 1099-B based on the Form W-9 information you provided in the app. It is your responsibility to determine any tax impact of your bitcoin transactions on Cash App. Cash App does not provide tax advice.
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Guarda Wallet and Simplex are introducing a new feature – now, you can sell cryptocurrency right in the comfort of your wallet. Cashing Bitcoin out is a feature we have been asked to have onboard for a while – so, we are proud and happy to have it go live. In this article, we will break down everything you need to know about converting Bitcoin BTC to cash.
Due to some issues with banks that our partner is having – this feature is currently unavailable.
Stay in touch for the updates.
How do I convert crypto to cash?
The question of cashing crypto out to your bank card or account is one of the basic queries that come to a user’s mind. However, the usual struggle of choosing a good service for crypto selling pops up on this stage. To make sure the choice is easier to make and there are no questions left unresolved, the Guarda team will break down the in-wallet selling feature in this article.
How do Bitcoin withdrawals work?
Basically, crypto withdrawal is a chain of transactions ultimately leading to the desired exchange sum in fiat currency ending up in one’s bank account. Cash-outs are possible with the help of online services and, in some cases, real-life Bitcoin ATMs. The latter is still not spread widely enough, but there is definitely a demand in more BTC ATMs installed all around the world.
Coming back to the question of withdrawals – the most common way to get cash for Bitcoin is by using a third-party exchange. Exchange giants have enabled selling crypto – however, making cash-out transactions in the comfort of your own wallet is not only more secure but generally handier. This brings us to the point of enabling in-wallet selling features.
Why is having in-wallet cryptocurrency selling feature important?
The ability to sell Bitcoin and available altcoins are certainly one of the functions crypto wallets need to have on board. As wallet development is progressing and the users becoming more demanding for their crypto storages to behave more like banks (in the best of ways), adding features is something service providers are always working on. Guarda is not an exception – we have partnered with Simplex to provide handy cryptocurrency purchases for fiat already, and now we are here with the ability to sell crypto for a variety of national currencies! Here’s how it works.
How do I sell cryptocurrency?
- First of all, you will need to get a wallet on Guarda or log in to your existing cryptocurrency storage.
- After this, choose the wallet you would like to use. Currently, cashing out is available for Bitcoin BTC – More coins will be added for Sell in the future. As you have picked the right wallet, select the amount of BTC to convert to cash.
Click Proceed to Check Out. - On the next step, you will need to fill in the fields needed to proceed with crypto-to-fiat exchange: your email, bank card details and KYC information. The documents suitable for KYC are ID cards, passports or driver’s licenses, backed with your picture with the document you have used and the address.
- After all the fields are filled in and verified, choose to return to your wallet on Guarda. When you are back to the page, the selling transaction details will be shown.
- The details of your outgoing transaction are available in the History tab of your wallet – in there you can also monitor the status of your Sell order.
- Once the KYC procedure is passed, transaction status in History will be changed to “Sell. Action Required”. All you need to do on this step is to verify the transaction.
- After you have confirmed the transaction, you will be able to track the order until the fiat equivalent is on your bank card.
- Congratulations, you have just converted Bitcoin to cash with Simplex and Guarda Wallet!
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How Do I Convert Bitcoin To Cash In South Africa
In 2017 Bitcoin Cash forked out of Bitcoin and the amount of buzz it created is no more a secret.
According to me, it was a planned fork to overtake Bitcoin. A form of attack on Bitcoin or Bitcoin core as the Bcashers call it. But it is no 2019, and the dust has settled.
The market has come to a conclusion which is the original Bitcoin and which is merely an altcoin. This realization of the market is making many Bcashers (BCH) to flock to Bitcoin.
Some of you might be exchanging Bcash (BCH) to BTC for the first time. Use this step by step guide for your purpose to do it cautiously because crypto transactions are irreversible.
Let’s get started:
How & Where To Exchange Bitcoin Cash (BCH) To Bitcoin Core?
Step #1.Changelly is my go-to service to exchange or swap one cryptocurrency to another easily and swiftly. Sign-up on Changelly using your email ID. At the start, you are not required to produce any KYC documents, but in the future, as your transaction volume increases, you might be required to provide some ID documents.
Step #2. Check your inbox once you have signed-up for Changelly. Confirm your subscription if you have received an email from Changelly. Ignore this step if you haven’t got any mail.
Turn Bitcoin To Cash
Step #3. Once you have logged-in to Changelly, you will see this screen. Enter the amount of BCH you want to convert to BTC. As you enter the amount, the BTC field will get auto-filled showing you the number of bitcoins you will get for this conversion.
Step #4. Now click on ‘Exchange Now’ button as shown in the above screen. As you do that you will see this screen showing you the high-level details of the conversion such as fees, exchange rate, time, etc. You can here too, change the amount of Bitcoin Cash that you wish to exchange for Bitcoin.
Step #5. Once you have checked the details, click on ‘Next Step’ as shown in the above image and you will see this next screen asking for your Bitcoin address. This is the address on which you will receive your bitcoins so enter this very cautiously as shown below.
Note: If you don’t have a Bitcoin address yet we recommend you to get one for yourself by choosing an appropriate Bitcoin wallet from this list of reliable wallets.
Step #6. Now click on ‘Next Step,’ and you will be shown on this screen. Check all the minute details of the exchange like time, fees, exchange rate, address, etc. This is the final check before you proceed for actual exchange, so do make sure to verify everything thoroughly.
Convert Cash Into Bitcoin
Step #7. After checking the details, click on the ‘Confirm & Make Payment’ option shown in the above image. Once you do that you will see this screen asking you to deposit BCH coins on a particular address. Use your BCH wallet or exchange to send BCH on this address by either scanning the QR code or copying the address.
Step #8. Once you have transferred the funds to this address, it will run on autopilot. You will see this screen telling you about the exchange ‘Wait for exchange’. This wait time is basically for the BCH blockchain to confirm the transaction, and once sufficient confirmations are achieved, it will confirm.
The swapping process itself is almost instantaneously, but the blockchain network takes the rest of the time. Typically, the exchange comprises of these three stages:
- Getting confirmations
- Exchanging BCH to BTC
- Sending Bitcoin to your wallet
Step #9. Sit back, relax and do nothing. Just wait for your transaction to confirm and Changelly to exchange your BCH to BTC. Once that is done, you will automatically see this screen informing about the successful conversion. You can also check the actual transaction on the blockchain by clicking on ‘See transaction on the blockchain.’
Congratulations, Tada….!!! You have done it
Note: BCH to BTC conversion can take up to 3 hours because of the large number of confirmations that BCH exchanges are taking these days for precaution.
Conclusion: Convert or Exchange BCH To BTC-Is It Wise?
That’s how you can safely convert your Bitcoin Cash to Bitcoin core using Changelly. Changelly is a renowned name in cryptosphere serving the industry from 2015, so don’t worry about your funds as their support is quite supportive.
On the other hand, exchanging BCH to BTC is a wise call because I don’t think BCH will continue to exist in the top 10 currencies in the next ten years. Moreover, the grounds on which it was forked are already shaky, and there have been again a fork of BHC into BCH SV, which just increases the drama with no substance.
That’s why I think Bitcoin, which is the most liquid of all cryptos is a safer bet than Bitcoin cash.
How Does Bitcoin Convert To Cash
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