A few years ago it would’ve seemed bizarre to cash out Bitcoin when in all likelihood it could be worth a lot more in a few months’ time. But as the cryptocurrency becomes a firm fixture on the payments landscape, using Bitcoin to buy everything from coffee, to groceries, to designer shoes is now a viable option. If you’re looking to learn how to cash out large amounts of Bitcoin you’ve come to the right place, we’ll run you through a few options and offer some helpful tips along the way.
Withdrawal Bitcoin With Tap
You can use the wonderfully convenient world of Tap Global to withdraw an unlimited amount of Bitcoin. You just need to Here are 4 easy steps to cash out your Bitcoin:
- From the homescreen on the app select the Menu icon in the bottom right hand of the screen then select Sell/Exchange.
- From the Sell Crypto page, select Bitcoin.
- Enter the amount that you wish to withdraw and select either the Pound Sterling option or the Euros option. You will then be asked to fill in your personal and banking information (to verify that it’s really you).
- You’ll receive a notification once the payment has been confirmed and can expect the funds to appear in your bank account within 2 – 5 working days.
It’s that easy! Alternatively you could sign up for the Tap Prepaid Crypto Card that allows you to spend your cryptocurrencies anywhere in the world that Mastercard is accepted.
If the amount of Bitcoin is larger than the Tap app withdrawal limit, an OTC (over the counter) exchange might be a better option. OTC counters are designed to connect buyers and sellers with matching or similar criteria. These brokering services also do not publicize the sale, ensuring that there is no impact on the market, an excellent and preferred option for crypto whales.
Another advantage of using an OTC broker is that the fees are generally minimal as the transaction takes place between two parties. While you should check the fees with your OTC platform before engaging in trade, it is also worth noting that this is one of the more “anonymous” options when cashing out Bitcoin.
Another option when looking to cash out large amounts of Bitcoin is a Bitcoin ATM. Similar to a regular ATM, these payment processors allow users to sell their crypto for cash. There are currently over 16,000 Bitcoin ATMs darted around the world, you can find one in your area here.
There are a number of different companies that build these ATMs so each one might vary when it comes to withdrawal limits. Coinsource, one of the largest Bitcoin ATM companies, has recently increased their withdrawal limit to $5,000, to offer some indication. A word of warning: check the rates and fees before withdrawing large amounts of Bitcoin from a Bitcoin ATM, they are notorious for being on the expensive side.
Peer To Peer
Trading as Satoshi Nakamoto intended it, there are a number of excellent peer to peer crypto trading platforms that connect buyers with sellers. While it would be ideal to sell to someone you know, when this isn’t an option users can easily connect to a seller, or various sellers, through a reliable platform. Look out for peer to peer services that make use of escrow. This ensures that funds are kept safe between transactions, so if one of you is a bad actor there will be no fowl play.
While you’re unlikely to find a buyer for the “large amount” of Bitcoin you’re wanting to cash out, you might be able to find a few buyers that could make up the bulk. Looking at LocalBitcoins, the minimum amount you’re allowed to create a sell ad for is 0.4 BTC and you’re liable to a fee of 1%.
Important Note Of Trading Bitcoin
While trading Bitcoin in most jurisdictions is legal, it is important to check up on the taxes applicable when selling the cryptocurrency. Most countries use a capital gains tax law that stipulates any losses or profits made from trading Bitcoin (or any other cryptocurrencies) will need to be declared. You might like to contact a tax advisor specialising in cryptocurrencies before making any trades.
How To Cash Out Large Amounts Of Bitcoin
That concludes our guide on the ins and outs of withdrawing large amounts of BTC. If you have any questions be sure to contact our live support team through the app, or reach out on social media. Join us as we tap into the future with crypto.