It wasn’t very long ago people thought it was unrealistic to go buy groceries and pay with Bitcoin. Unfortunately, a lot of people still believe this isn’t possible, but they couldn’t be more wrong. One of the most common questions when people start with cryptocurrencies is:
“How am I going to cash out and get it as real money in my bank which I can spend on an everyday basis?
The last few years it’s been just as easy as withdrawing money from Paypal or other common payment processors. You can even spend it directly in the grocery store, and many online shops are starting to accept cryptocurrencies as a payment option. It has become simple to convert your Bitcoin and other currencies into cash, and here are some of the quickest and easiest crypto cashout options currently available.
Online wallet services
Withdrawing from online services is the easiest way, and it basically works like when you want to withdraw money from a payment processor to your bank. Some of the most popular services are Coinbase, Uphold and Binance.
While these services are easy to use, they don’t work for everyone. It depends on where you live. Coinbase works if you are in Europe, USA or Canada, but they also offer direct payouts to Paypal accounts for people in the supported countries. Uphold supports about the the same countries when it comes to withdrawing money, while Binance offer their services to more countries.
Cryptocurrency debit cards are one of the best ways to cash out Bitcoin or other cryptocurrencies. Debit cards, such as VISA and Mastercard, can be used almost everywhere, all over the world. A crypto debit card is linked to a wallet, and when you use the card, your crypto in that wallet is converted to fiat money. You can spend it anywhere, or withdraw it in ATMs. Some of the most popular cards are the Crypterium card, the Wirex Card and the MCO Card.
Metal Pay is a money transfer app that acts as a bridge to the world of cryptocurrencies, with the option to cash out. It is a very simple process. Download the app, link it to your phone number and complete the KYC to verify your account. Enter your bank details, and then you can buy, sell, send, receive and convert between 24 cryptocurrencies directly from the app. Just go into your crypto wallet and exchange it to convert it to the currency of your choice. You can link both a bank account and a debit card.
Converting crypto to cash is easy. Transfers typically show up in your bank within 1 to 3 business days, but withdrawals to debit cards are normally made the same day.
Wirex is also a mobile money app and it works just like Metal Pay. Get the app, verify your account with a KYC, link your accounts, and you are ready to trade, receive, exchange, buy and sell. You can also spend your money using the Wirex card, which costs just $1.50 per month, or withdraw it from an ATM.
Revolut is a popular mobile banking platform that works much like Wirex and Metal Pay. One reason you might choose Revolut is the number of supported fiat currencies. They have over 100, while Wirex has 3. They also have a one-off fee for their card, $9.99, and no monthly fees for it.
One of the drawbacks of Revolut is that you still can’t add cryptocurrencies from external sources to it. You can only cash out crypto you bought in the app or got from another user. To withdraw crypto from Revolut, just exchange it to fiat currency in the app, and then send it to your linked bank account.
There are third-party services like Localcryptos, which connect buyers and sellers. They act as escrow service to prevent fraud, so that users from all around the world can sell their cryptocurrencies for cash to the bank or to a payment processor of their choice. You would have to find a buyer offering a good rate, which can be difficult.
It lets users cash out their crypto peer-to-peer, without having to verify their accounts with a KYC. Similar to trading websites, a reputation system keeps buyers and sellers in check. Just select which cryptocurrency you are selling or buying, and which your preferred payment method is. Then you will see a list of buyers and sellers and the prices. Simply open a dialogue with one of them, and when you agree to a trade, fund the escrow account. When the amount you agreed on reaches your account, click “Release Escrow”, and the trade is done.