Withdrawing bitcoin to a bank account is easy when you know the right app to use. Whether you are involved in the financial market or you own Bitcoin to make some interesting purchases, sooner or later, there will come a time when you want to withdraw Bitcoin from your wallet to your bank account.
And while most services offer peer-to-peer crypto transactions, sometimes you need a reliable service to sell your crypto and be way more flexible and you can do that on the Koyn App. In this article I will review 5 essential ways and methods to withdraw bitcoin (BTC) to a bank account.
Key Takeaways on five methods to withdraw Bitcoin to your Bank Account for cash
- Crypto Exchanges
- Broker Companies
- Peer to Peer Trading
- Bitcoin ATMs
- Over-the-Counter (OTC)
Now let me help you see how you can use these methods
5 Methods to withdraw Bitcoin to a bank account
Withdrawing Bitcoin to a bank account is straightforward and achievable through several platforms and services. Each method offers different features and caters to various needs of the Bitcoin users.
1. Crypto Exchanges
Crypto exchanges are a great choice for crypto enthusiasts looking to cash out their crypto to a bank account.
Koyn is the number one platform for anyone that wants to withdraw their bitcoin to a naira bank account.
How to sell bitcoin for cash on the Koyn app
- Download the Koyn App and register
- Add your bank account details
- Send your cryptocurrency to the wallet address provided by Koyn.
- Once confirmed, your crypto will be converted to naira at the best rate and sent to your bank account
2. Peer-to-Peer Trading
Disclaimer: Due to some recent regulations Nigerians may not be able to use this method effectively so should constantly use other methods to Withdraw BTC to Bank Account in Nigeria
Peer to Peer Trading is a go-to method for many to sell Bitcoin for Cash. This is due to the elimination of bank interferences and transaction fees. So the process to achieve these are :
1. Choose a P2P platform: There are several reputable P2P platforms available, allowing you to trade Bitcoin directly with other users. Some well-known options include LocalBitcoins, Paxful, and Binance P2P. Make sure to research and choose a platform with a good reputation and strong security measures.
2. Find a buyer: These platforms will typically have listings from buyers who want to purchase Bitcoin with various payment methods, including bank transfers. You can browse these listings and filter them based on your preferred payment method (bank transfer in this case), price, and other criteria.
3. Initiate a trade: Once you find a suitable buyer’s offer, you can initiate a trade. This usually involves placing a sell order for your Bitcoin, specifying the amount and the price you want.
4. Escrow service: Most P2P platforms offer escrow services. This means the platform holds your Bitcoin in a secure vault until the buyer confirms they have received your payment via bank transfer. Once confirmed, the platform releases the Bitcoin to the buyer.
5. Receive your money: After the buyer confirms the bank transfer, you’ll receive the equivalent amount in your chosen currency (usually your local fiat currency). The platform will then release your Bitcoin to the buyer.
3. Bitcoin ATMs
Bitcoin ATMs consist of a monitor, QR scanner, bill acceptor and dispenser. On the backend, these components are tied together via software to make the buying and selling of Bitcoin quick, easy and secure.
However, Bitcoin ATMs are different from traditional ATMs in that they are not connected to a bank account. Instead, they are connected directly to a cryptocurrency exchange via the Internet. These exchanges are what allow users to buy and sell Bitcoin instantly. Buying and/or selling Bitcoin using a Bitcoin ATM can be broken down into two (2) simple steps:
Step 1: Verify your identity. When a user first comes up to a machine, he or she must verify their identity. This can be done through a variety of different ways depending on the machine.
Step 2: Decide to Buy or Sell. Once a user is logged into the BTM, he or she must decide whether or not they want to buy or sell Bitcoin. To buy Bitcoin, a user feeds cash into the machine, then generates a QR code from their cryptocurrency wallet on their mobile device, which is scanned to receive their purchased Bitcoin.
To sell Bitcoin, a user sends Bitcoin from their digital wallet to the QR code provided by the Bitcoin ATM. Depending on the machine, some Bitcoin ATMs will dispense cash to the user immediately, while others may take a bit of time to process the transaction.
4. Over-the-Counter (OTC)
OTCs are here to stay because of their rocket speed and ease of using. This method can work for Crypto Holders to cash out Bitcoin without the need of an Exchange. KOYN is a fast and reliable OTC service in Nigeria to quickly cash out your BTC in no time at rocket speed, so once you are looking to Sell Your Bitcoin comfortably and with utmost security look to downloading the Koyn App. You can also do other great things on the App like buy airtime, subscribe for utility bills amongst others and importantly cash out at rocket speed.
5. Broker Companies
Broker companies are tailored for users who prefer a more personalised service when converting Bitcoin to fiat currency. These companies, such as eToro and Robinhood, cater to beginners and experienced traders and develop well-optimised platforms for selling Bitcoin.
After selling, users can withdraw the fiat currency to their linked bank account. Broker companies often provide additional financial services, insights, and tools for a comprehensive trading experience.
They are ideal for users looking for a blend of trading and banking services but might need to be more convenient for everyday people who want to utilise crypto transactions
Frequently Asked Questions?
Why Do People Withdraw Bitcoin to Bank Account?
1. Realising Profits
Investors often withdraw Bitcoin to bank accounts to realise profits. When Bitcoin’s value rises significantly, converting it to fiat currency like USD or EUR locks in the gains. Such a strategy is standard among traders who bought Bitcoin at a lower price and wish to capitalise on market highs. When you withdraw Bitcoin to a bank account, you transfer digital assets into tangible, spendable money.
2. Liquidity Need
Bitcoin, while valuable, is only sometimes quickly spendable for everyday transactions. If you convert Bitcoin to cash, it enhances liquidity and makes funds available for immediate use. People often need liquid assets for day-to-day running costs like bills, emergencies, or large purchases. Transferring Bitcoin to a bank account provides access to funds in a universally accepted form. It makes things easy, and sometimes ease is what you need.
What are some factors to consider when choosing a withdrawal method?
You should consider, Speed, Convenience, Security, Regulatory Compliance, Fees and all these factors will favour you when you use the Koyn App
Are there any security risks to consider when withdrawing Bitcoin?
1. Ensure the platform has strong security measures and two-factor authentication enabled for your account.
2. Be cautious of scams! Only deal with users with positive reviews and use the platform’s escrow service. Never release Bitcoin before receiving payment.
What are some additional tips for withdrawing Bitcoin?
`1. Compare fees and rates: Look for the most cost-effective option considering all applicable fees.
2. Start small: If you’re new to withdrawing Bitcoin, start with a small amount to familiarise yourself with the process.
3. Store your Bitcoin securely: Use a reputable and secure Bitcoin wallet to store your Bitcoin before withdrawal.
Conclusion
When the right time comes, you must know how to withdraw Bitcoin to a bank account. In the article, we already mentioned some of the things you need to check before you choose your next provider and some of the benefits of operating your Bitcoin just like any regular currency.
With the services of KOYN, the best app to sell bitcoin for cash, you no longer need to take time withdrawing your BTC to your Bank accounts. You can convert your Bitcoin and other assets on the go.
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