How to Withdraw Bitcoin – 6 Best Options

How to Withdraw Bitcoin - 6 Best Options

Bitcoin is fascinating, but it can also be confusing and even scary. The fluctuations alone are enough to scare some, but what happens when you want to cash out your Bitcoin? Fortunately, there are several options.

In this article, we will cover the most viable options you have when it comes to withdrawing your Bitcoin.

Withdraw Bitcoin on Cryptocurrency Exchanges

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Our first option to withdraw Bitcoin is through a cryptocurrency exchange. What is a cryptocurrency exchange? Cryptocurrency exchanges are a popular way to withdraw Bitcoin.

Numerous exchanges offer this service, giving you the option to exchange your cryptocurrency for another digital currency or even fiat currency. The most popular cryptocurrency exchange today is Binance.

Binance allows you to buy cryptocurrencies with other fiat currencies. After buying Bitcoin, you can sell your cryptocurrency to withdraw Bitcoin.

Advantages:

  • Easy to use: Most cryptocurrency exchanges offer novice investors a familiar and user-friendly way to trade and invest in cryptocurrencies. 
  • Reliable: In terms of transactions and trading, cryptocurrency exchanges provide an extra layer of security and reliability.

Disadvantages:

  • Transaction cost: Cryptocurrency exchanges can charge high transaction fees, unlike peer-to-peer transactions when you trade large amounts.
  • Hacking risk: companies that operate cryptocurrency exchanges are responsible for their clients' holdings. Exchanges with a high volume of Bitcoin are a target for hackers.

How to withdraw Bitcoin via Binance

To withdraw your Bitcoin on Binance, you first need to sell your Bitcoin for money. Here are the steps:

Using a web browser:

  • Step 1: Select the assets tab to view your cash balance.
  • Step 2: Enter the withdrawal amount in the Withdrawal tab and click Continue.
  • Step 3: Next, select your cashout destination.
  • Step 4: To complete the transfer, click Cash Out Now.

With the Binance mobile app:

  • Step 1: Select > Withdraw
  • Step 2: Choose your transfer destination and cashout amount and tap on View cashout.
  • Step 3: Click Cash Out to complete the process.

Withdraw Bitcoin on P2P Services

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Local Bitcoins also offers options for purchasing cryptocurrencies via PayPal.

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P2P or peer-to-peer exchanges are decentralized cryptocurrency exchanges (DEX), such as LocalBitcoins, allowing users to conduct peer-to-peer transactions without the need for intermediaries.

Some users prefer decentralized exchanges due to specific issues with centralized exchanges.

Verified buyers and sellers can trade cryptocurrencies seamlessly on peer-to-peer exchanges.

Buyers and sellers meet through sophisticated matching algorithms.

As a buyer or seller, you may have additional features that you expect from your counterparty.

By allowing market participants to transact directly without an intermediary to process transactions and hold funds, a currency exchange platform criptomoedas P2P eliminates the need for order books and controls platform assets.

Our first option to withdraw Bitcoin is through a cryptocurrency exchange. What is a cryptocurrency exchange? Cryptocurrency exchanges are a popular way to withdraw Bitcoin.

Peer-to-peer or P2P is a computer network architecture where each of the points or nodes of the network acts as both a client and a server, allowing the sharing of services and data without the need for a central server.

Advantages:

  • Multiple payment options: Conventional exchanges do not offer as many payment options as P2P exchanges.
  • Security: decentralized exchanges increase security. Second, there are no third parties involved with decentralized exchanges. Users can control currency and other types of securities.
  • A global market: between The benefits of P2P exchanges is access to a worldwide marketplace of cryptocurrency buyers and sellers. In a matter of seconds, you can sell bitcoins and other criptomoedas for people all over the world.

Disadvantages:

  • Slower trading speeds: While P2P transactions can take place almost immediately after both parties confirm them, one party can defer them for various reasons. Traditionally, you don't have to wait for confirmation from the buyer or seller before starting to trade. However, P2P allows the buyer or seller to cancel the transaction midway through.
  • Low liquidity: P2P exchanges are not popular with professional traders, who rely on fast transactions to make big trades and prefer centralized exchanges. As of now, these exchanges can only be of benefit to individuals who are concerned about specific benefits such as privacy, security, and multiple payment options.

How to withdraw Bitcoin with LocalBitcoins

Ideally, you would have a LocalBitcoins account to withdraw your Bitcoin. Follow these steps to withdraw bitcoins if you already have an account.

  • Step 1: Log in and click on “Sell Bitcoins” at the top of the page.
  • Step 2: Choose the currency corresponding to the money you want to receive.
  • Step 3: Choose your country of residence to find buyers in your region.
  • Step 4: Next, you choose a payment method. After that, click on “Search”.
  • Step 5: Study each offer until you find one that interests you.
  • Step 6: Check how many bitcoins you want to sell. Once this is done, click on “Submit Request”.

The buyer will receive a notification that you want to sell their bitcoins.

When your sell request is approved, you will transfer your bitcoins to the LocalBitcoins deposit account.

This will prevent the buyer from receiving their bitcoins until the buyer completes the payment.

Once the buyer completes the payment, he will contact you to let you know.

Check your bank account to see if you have received payment; if so, click on “Payment Received”. The buyer will then receive the bitcoins.

Instant exchange services

Our first option to withdraw Bitcoin is through a cryptocurrency exchange. What is a cryptocurrency exchange? Cryptocurrency exchanges are a popular way to withdraw Bitcoin.

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An instant exchange service aggregates pricing and liquidity from multiple custody exchanges. It allows for easy registration and provides a simple user interface.

This differs from escrow exchanges like Binance, which protect your cryptocurrency.

There are some limitations to the volume and price of trades on these exchanges, and their application processes can be lengthy.

They also feature a more professional interface for trading.

Advantages:

  • Fund security: One of the significant differences between instant exchanges and traditional exchanges is how funds are managed. You retain custody of the assets you trade on instant exchanges because the funds are received and deposited directly into your wallet versus custodian services that hold them for you. and enhanced security.

 

  • Easy registration and user-friendly interface: many Traditional exchanges require lengthy sign-up processes that require identity verification and long processing times. In contrast, you can trade cryptocurrency pairs using just your email, smartphone, or wallet address with instant cryptocurrency exchanges. Changelly, for For example, it requires you to sign up for your account via your email address or social media page — a process that takes just a few minutes.

Disadvantages:

  • Complicated for beginners: joining an instant exchange is simple, but wallets require knowledge and experience. The learning curve and responsibility of protecting your crypto assets can be daunting for first-time cryptocurrency users. As lost funds are usually not recoverable, users should thoroughly research how the wallets they work.

 

  • Higher fees compared to traditional exchanges: It is imperative to consider trading fees. On the other hand, many traditional platforms charge around 0,05 to 0,50%, while instant cryptocurrency exchanges charge around 0,25 to 0,50%. If you trade frequently and have a high price sensitivity, a traditional foreign exchange solution might make more sense.

How to withdraw Bitcoin via Changelly

  • Step 1: Click on the “Wallet” tab.
  • Step 2: Make sure your bitcoins are in your trading account before withdrawing. Firstly, if the funds are in your trading account, you should move them to your main account if necessary. Then click on “Remove.”.
  • Step 3: Enter the withdrawal amount. The number of symbols after the decimal point must not exceed eight. Otherwise, your order will not be approved.
  • Step 4: Enter the destination in the “Address” field.
  • Step 5: Review all details carefully before confirming the withdrawal. You will not be able to reverse the process once the funds are withdrawn.
  • Step 6: The next step is to enter your authentication code (if you have enabled 2FA) and then you will be asked to click “Withdraw”. You will need to confirm this withdrawal via email.
  • Step 7: Go to your email and open the Changelly PRO message titled “Withdrawal Confirmation.”.
  • Check that the information in the email (the amount and the destination address) is correct and click on the confirmation link.
  • Step 8: Congratulations! His withdrawal was successful.

Withdraw Bitcoin with Paypal

Withdraw Bitcoin with Paypal

With PayPal's push for cryptocurrencies in the recent past, users can now buy, trade, hold and pay with cryptocurrencies, including Bitcoin.

PayPal's Venmo mobile wallet also allows customers to buy and sell cryptocurrencies.

PayPal manages the wallets, so you don't always control your bitcoins.

Normally, when you buy Bitcoin, you are given two things: a public key and a private key.

The public key is your wallet address and your private key controls that wallet.

Your public PayPal address is accessible, but PayPal controls the private key.

For you to withdraw value from your Cryptocurrency Hub, you must sell your Crypto Assets (in this case Bitcoin) and withdraw the money from the sale or use the money to make purchases.

Advantages:

  • User-friendly interface: PayPal is a household name and a popular digital platform. It also has an intuitive user interface, which means that even beginners can use it.
  • Learn at your own pace: stay up to date on cryptocurrency news and understand the basics right in the app.
  • Your cryptocurrencies are protected: no there are no digital keys to lose, and they will replace your cryptocurrencies if your account is hacked.

Disadvantages:

  • Account limitations: Unlike other traditional cryptocurrency platforms, PayPal may limit your account for the slightest reason, thus restricting your access to the service. This can lead to several inconveniences.
  • Fees: PayPal is known for charging high fees.

How to withdraw Bitcoin via PayPal

If you want to withdraw your Bitcoin on PayPal, you need to sell your Bitcoin. Then withdraw the money from the sale or use the money to make purchases.

Here are the steps to withdraw your Bitcoin:

  • Step 1: Login to your PayPal account.
  • Step 2: Click on the cryptocurrency tab and select Bitcoin.
  • Step 3: then click sell. You will need to confirm some tax information before indicating the sale value.
  • Step 4: Once done, click on “Sell Now” and the sale proceeds will go to your cash account.

Withdraw Bitcoin at ATMs

How Does a Bitcoin ATM Normally Work?

At Bitcoin ATMs, customers can deposit cash that can be converted into bitcoins or convert bitcoins into cash and then withdraw it.

Bitcoin ATM makes it possible and convenient for people to exchange their bitcoins for cash.

The convenience of withdrawing funds from bitcoin wallets can be convenient in malls, hotels and other places where people may need cash.

On some ATM models, a paper wallet is printed with a scanned QR code for Bitcoin deposits.

No need for a digital wallet! Depending on the ATM model, you may need a digital wallet on your phone to use it.

Advantages:

  • Convenience: With Bitcoin ATMs, people can conveniently turn Bitcoin into cash. A Bitcoin ATM allows people to walk to the machine and scan their Bitcoin address with a QR code. You can deposit fiat currency or convert Bitcoin to fiat currency and withdraw it. The process is simple and convenient.
  • Ease of use: many people believe that cryptocurrencies are too complicated to use. A Bitcoin ATM is a significant way for cryptocurrencies to become more accessible to people. It is easy to use Bitcoin ATMs in many cases because people are already used to using traditional ATMs. It is therefore no surprise that over sixty countries have adopted Bitcoin ATMs.

 

  • Velocity: Bitcoin ATMs also dramatically speed up transactions. A Bitcoin ATM eliminates the need to transfer money from Bitcoin wallets to bank accounts or vice versa. Transferring money using this method can take up to a day. On the other hand, you can instantly convert Bitcoin into fiat currency with a Bitcoin ATM. It takes a few Bitcoin ATMs to complete a transaction in just 15 seconds. Easier access to money abroad: travelers can use Bitcoin ATMs to exchange Bitcoin for local fiat currency rather than resorting to currency exchanges in foreign countries. As a result, obtaining local fiat currencies is simplified for people who are trying to get money in foreign countries.

Disadvantages:

  • Unavailability: Although Bitcoin ATMs are now available in over 60 countries, that doesn't mean they can be found on every street corner in every city. Most people probably don't know where the nearest Bitcoin ATM is. Due to the difficulty of finding Bitcoin ATMs, people cannot trust that they are easy to locate everywhere, unlike fiat ATMs.

 

  • High fees: Bitcoin ATMs are often criticized for their high fees. Standard fiat ATMs do not charge fees for withdrawals or deposits made at bank ATMs. However, if the transaction is done at an ATM of another financial institution, the charges are usually more expensive. Bitcoin ATMs tend to be quite expensive compared to standard fiat ATMs. However, Bitcoin ATMs are so expensive because they are relatively new. There are still not that many competitors in the cryptocurrency ATM business.

 

  • Low service reliability: the Bitcoin ATMs are still having issues with the reliability of the service as the infrastructure is still emerging. Bitcoin ATMs, for example, are often reported to be non-functional and out of cash. If too many people discover an ATM right away, their cash stock can run out quickly.

 

  • If the Bitcoin ATM runs out of cash and cannot exchange Bitcoin for cash, then this is a problem. As a result, Bitcoin ATMs fail to fulfill their primary purpose. I hope these issues become less frequent in the future. In the meantime, they remain a significant concern.

How to withdraw Bitcoin at ATMs

Here are the steps to withdraw your Bitcoin:

  • Step 1: Locate a Bitcoin ATM
  • Step 2: At the ATM, select the cryptocurrency you want to sell (in this case, you will choose Bitcoin).
  • Step 3: then accept the terms and conditions.
  • Step 4: You will need to choose a cash limit after accepting the machine's Terms of Service.
  • Step 5: The next step is to enter your phone number to receive a one-time password so you can complete the transaction. You will receive the password by text message.
  • Step 6: After confirming your phone number and name, you will have to enter how much Bitcoin you want to exchange for cash.
  • Step 7: When you decide how much cryptocurrency you want to exchange for cash, the Bitcoin ATM will print a QR code receipt for you. Then open your cryptocurrency app on your smartphone.
  • Step 8: Wait for the network to confirm your transaction. Upon confirmation of your request, you will receive an automatic text message informing you that your funds are available for withdrawal.
  • Step 9: When you receive a confirmation of your transaction blockchain, you can withdraw money from the ATM. To do this, you need to scan the QR code on the ticket with your ATM camera. You will need to enter your phone number again to verify your identity. The machine will dispense your money once you establish your identity.

Withdraw Bitcoin from cryptocurrency wallets

A cryptocurrency wallet keeps your private keys — the passwords that allow you to access your cryptocurrencies — secure and accessible for sending and receiving cryptocurrencies like Bitcoin.

These wallets come in a variety of sizes and shapes, from hardware wallets like Ledger to mobile apps like Binance Direct Wallet.

These wallets make cryptocurrency as easy as making online purchases with a credit card.

We recommend Ledger as one of the most trusted cryptocurrency wallets for withdrawing Bitcoin.

You can also sell your Bitcoins through Ledger's partner Coinify.

Your hardware Ledger wallet allows you to securely and conveniently manage your crypto assets.

Also, you can sell your bitcoins whenever you want through Ledger Live.

This is how it works: you send Coinify your cryptocurrency securely through the Ledger sale, and then they send the amount of money (US dollars) to the bank account you specify.

First, you would select the amount you would like to trade and Coinify would let you know how much you would receive in return. Your Ledger device will not be able to sell cryptocurrencies without your permission.

Advantages:

  • Simple and easy to use live interface: the interface of these wallets is easy to understand and use when you sell your cryptocurrency.
  • High security standards: Wallets offer a number of security features to protect your assets.
  • Allows instant transactions across geographic regions.
  • Low transaction fees

Disadvantages:

  • Bluetooth integration can be used as a vector for cyber attacks.
  • It can be challenging for beginners.

What is the best way to withdraw Bitcoin?

What is the best way to withdraw Bitcoin

Essentially, it depends on what you're looking for in terms of comfort and ease of use.

Beginners looking for an easy way to withdraw Bitcoin can use a cryptocurrency exchange.

A P2P service can be of interest to beginners or advanced users as it eliminates the need for an intermediary.

A Bitcoin ATM is an excellent choice that offers convenience.

How to spend Bitcoin directly?

You don't always need to withdraw your Bitcoin to spend it. There are alternative ways to spend your cryptocurrency.

Some of these ways include:

  • Pay with Bitcoin anywhere it accepts, including Microsoft, Rivalo and Overstock
  • Invest your Bitcoin. You can use your Bitcoin to buy shares or funds. You can do this on the platform where you have your Bitcoin or use an investment service.
  • Donating to charities. Several organizations accept Bitcoin donations. You can get involved in ICOs and other cryptocurrencies.
  • You can also use it to buy things online, like video games and gift cards.
  • Offline, some restaurants and other merchants now accept Bitcoin.

Summary about withdrawing Bitcoin

Bitcoin, like other cryptocurrencies, will continue to enjoy a bright future driven by investor enthusiasm.

Whether you are interested in trading, buying or selling Bitcoin, you will find no shortage of options.

If you want to withdraw Bitcoin and convert your digital assets into cash, these methods are viable options.

The option you deploy will depend on your personal preference and experience level.

If you want to start with something simple, buying on an exchange is a good option.

If you're looking for more control, a P2P platform might be right for you.

Our first option to withdraw Bitcoin is through a cryptocurrency exchange. What is a cryptocurrency exchange? Cryptocurrency exchanges are a popular way to withdraw Bitcoin.Bitcoin withdrawal frequently asked questions

 

How can I withdraw Bitcoin?
The most effective ways to withdraw Bitcoin are through a third-party broker, OTC trading, or third-party trading platforms. Peer-to-peer trading is also an option.
Can you withdraw Bitcoin for real money?
In a way, you can “withdraw” your bitcoins by purchasing online through a service like Moon or Lolli that accepts Bitcoin as currency. However, if you want to convert bitcoins, you will have to convert them into fiat currencies.
How do I transfer bitcoins to a Cash app?
Here's how to deposit bitcoins in your Cash app: — Navigate to the Bitcoin tab on the home screen. — Click on Deposit Bitcoin. — Use an external wallet to scan, copy or share the Cash App Bitcoin address. — Verify with your PIN or Touch ID.
Can I buy a house with Bitcoin?
Yes — but you and the seller need to agree. You will also need to work with bond insurers and custodians who are comfortable dealing with cryptocurrencies rather than 'real world' money.
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