How to sell Bitcoin for USD

Many of you guys have Bitcoins sitting somewhere on an online wallet such as Blockchain.info, Coinbase, Circle or BTC-e, but you think it is time to cash it out before their value goes down, but don’t know how. We get so many questions from readers, such as “How can i sell Bitcoin for USD?“, “how to withdraw Bitcoins to Paypal?”, “How to sell Bitcoins for cash?“. Well, as many of you may or may not know, there are many exchangers out there that can help you convert your Bitcoins to cash, but most of them are not easy to use, take very long to process, or simply have very high fees. All of these reasons make the exchange very inconvenient for the user.

Of course, we know that converting Bitcoins to other crypto-currencies is much easier than simply cashing them out. But how is exchanging the King of coins (BTC) to other inferior alternatives such as Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE) can be useful if what you need in the first place is to turn them into real money so you can spend it to buy things you want? We all know that the Bitcoin market has not mature yet, that you can buy your groceries, pay your mortgage, buy a car or a house with Bitcoin. That is simply not possible at this moment. So it makes a lots of sense if/when people decide to cash in their coins and turn them to USD.

Worry not! Because we have baked for you a list of the best exchanges out there, that will make the process of withdrawing Bitcoin to cash (via Paypal, Western Union, Moneygram, Bank transfers) as easy as it can be. The following are, in our opinion, the best websites where you can sell bitcoins for cash:

How to Cash in Bitcoins

So you have a few dozen bitcoins in your wallet that you need to sell for cash. Now you are wondering how to cash in bitcoins fast and easy. Sure you can spend them on pizza as well as loads of electronic gadgets via an online retailer that accepts cash in bitcoins but perhaps you are looking to cash your bitcoins into US Dollars so that you can spend that cash at McDonald’s or Starbucks or the grocery store or any brick and mortar store that does not accept bitcoins just yet.

Let’s face it, bitcoins are great and you can flip those BTC into almost any alternative coin at your favorite btc exchange like btc-e but the simple facts are bitcoin is not a widely accepted currency outside of the internet. You can’t pay your car loan or house mortgage with btc just yet. You can’t pay your cell phone bill or your credit card bill today with bitcoin. Perhaps someday you will be able to but right now you can’t, so you need to cash in your bitcoins.

Alright, so you need to find a place to cash out bitcoins. The most obvious place is one of the many alternative coin market exchanges. The process of converting bitcoins to cash at an exchange can be terribly slow but if you are not in a huge rush, it’s probably a safe method and you will sell Bitcoin for cash at a good price. We have compiled some very good websites where you can sell your Bitcoins in a timely manner.



List of Best Websites to Sell your Bitcoins


Below is a list of some of the best websites that will allow you to cash out your Bitcoins:



1- CashYourBitcoin.com is a relatively new Bitcoin exchanger, yet it is one of the best places where you can convert your Bitcoins to cash. Trades are usually completed within 30 minutes, which is very fast. At 5% rate, their exchange fee is among the lowest in the market, which is very hard to beat. Customers don’t need to provide any documents to withdraw Bitcoin into USD, EUR, GBP or any other currency. Many websites will require you to sign up for an account and provide so many personal info, which defeat the purpose of Bitcoin being an anonymous decentralized currency. Unlike those exchangers, this website requires no sign up, so you can quickly and easily
turn Bitcoin into real money. They have a minimum order of 0.3 BTC and a maximum order of 20
BTC.

Concerns with withdrawing funds

The universal way to move money around the world is international wire transfers. Most (if not all) online bitcoin markets support this method of transferral.

Another way to transfer money to your bank after selling bitcoin is via the "Single European Payments Area" (SEPA) system. SEPA was designed to make international transfers between member states of the European Union more efficient. Some exchanges (such as Kraken and BTC-e) support these payments.

However, transfers take a very long time (around four days), and can incur large charges – potentially making trading prohibitively expensive. HSBC, for example, charges £4 per SEPA payment made via online banking and £9 per WorldPay transaction. Barclays charges £15 per SEPA payment and £25 for other international transactions.

If you are opening an account with the specific purpose of receiving funds from bitcoin trading, you may find high street banks refuse to do business with you. HSBC has explicitly refused the author of this guide accounts for bitcoin trading.

You can also use third-party payment processors to withdraw and receive fiat funds. The numbers of these services is dwindling, however. OKPAY recently stopped engaging with bitcoin businesses.

How to Sell Bitcoin

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Selling bitcoin isn't quite as straightforward as buying bitcoin, but fortunately CoinDesk is here to help. This guide will give you all the information you need to cash out your digital currency.

When deciding how to sell your bitcoin, you first need to consider which method best suits your situation: selling bitcoin online or selling bitcoin in person. Each option has its own advantages and disadvantages.

Selling bitcoin online

Selling bitcoin online is by far the more common way of trading your bitcoin. There are now three ways to go about selling bitcoin online.

1. The first way involves a direct trade with another person, an intermediary facilitating the connection.

2. The second way is through an online exchange, where your trade is with the exchange rather than another individual.

3. New peer-to-peer trading marketplaces that allow bitcoin owners to obtain discounted goods with their bitcoin via others that want to obtain the cryptocurrency with credit/debit cards. The two groups are brought together to solve both problems in a kind of peer-to-peer exchange.

1. Direct trades: Websites that offer this type of selling structure include Coinbase and LocalBitcoins in the US, and BitBargain UK and Bittylicious in the UK.

On these sites, you will usually have to register as a seller. This involves verifying your identity, which we will discuss again later. Once you have registered, you can post an offer, signalling that you want to sell, and the website will alert you when a buyer wants to trade with you. From there, your interaction is solely with the buyer, but you use the website to complete your trade.

The process of selling on Bitbargain UK and (more so) Bittylicious can be quite involved and requires some patience. However, support at the former site has been great in our experience. Bitcoin users with bank accounts in the United States should consider using Coinbase or Circle, which have both won many fans with their simplicity.



2. Exchange trades: The other way to sell bitcoins is to register with an online exchange. You will still have to verify your identity, but in this case you won’t have to do as much work when it comes to organizing the sale.

Exchanges act as an intermediary who holds everyone's funds. You place a ‘sell order’ (just as you would place a buy order), stating the volume (amount) and type of currency you wish to sell (eg bitcoin), and the price per unit you wish to sell for.

As soon as someone places a matching buy order, the exchange will complete the transaction. The currency will then be credited to your account.

The downside that accompanies this ease of use is that, if you are selling bitcoin for fiat currencies, you will need to withdraw those funds to your bank. If the exchange is facing liquidity problems or issues with its banks, it can take an inordinate amount of time to receive your funds.

Mt. Gox became infamous for this problem before it went bankrupt, and BTC-e has recently been plagued with reports of similar difficulties. Therefore, you should carefully research the exchange you intend to use before committing funds.

Examples of other crypto-to-fiat currency exchanges include Circle, Kraken and Bitstamp.

Alternatively, you could use a pure cryptocurrency exchange to change bitcoin for another cryptocurrency. It's less likely that anyone would want to do this, but there are reasons such as arbitrage, or the rare occasion if a shop accepts something other than bitcoin (for example, Bitcoin Shop now accepts litecoin and dogeoin too, for a wide range of goods).

Examples of these types of sites are: BTER, CoinCorner and Cryptsy.

In addition, you’ll have to pay a fee to use some exchanges. BTC-e charges a flat 0.2%. For overviews of what fees are charged by the various cyrptocurrency markets and what volumes are being traded, see CoinCompare and Bitcoin Charts for up-to-date information.

Another consideration is that there will be some limit to the amount of money you are allowed to store (subject to change over time) on an exchange. Regardless, it is not wise to use exchanges to store your entire pot of coins, even though it can appear to be the easy option if all you are doing is speculating.

You should take responsibility for your own funds, and store any unneeded amounts on your own devices or offline, rather than trusting an exchange that might one day be hacked.

3. Peer-to-peer trading marketplaces

A new development in the bitcoin space is the advent of sites like Brawker and Purse, which set out to bring together two groups of people with specific and complementary needs.

The first group are individuals who want to be able to use bitcoin to buy goods from sites which do not yet directly accept digital currencies. The second comprises of others who would like to buy bitcoin with a credit or debit card. The marketplace brings together individuals with matching requirements to effectively sell bitcoin to one and provide discounted goods for the other.

The marketplace acts as an intermediary, offering users the platform, bitcoin wallet and escrow for transactions.

How it works:

Alice posts her required Amazon wish list on the marketplace, stating the discount she would like (normally up to 25%).
Bob has a credit/debit card and wants to buy bitcoin matching the value of Alice's purchase(s). He accepts the trade and, through the marketplace, buys the Amazon goods and requests they be delivered to Alice's address.
Once the goods are delivered, Alice notifies the marketplace and Bob's bitcoin are released from escrow and arrive in his wallet, minus Alice's agreed discount and a small fee for the marketplace.
This system does mean that Bob will be paying a relatively high fee for the service, but also means he will be easily able to acquire bitcoin via bank card.