If you are interested in converting your bitcoin to cash, there are many ways to do this. This post will cover the quickest and easiest ways to get your Bitcoin into cash using these five popular and simple to use apps: Cash App, Binance, Gemini, Coinspot, Coinbase.
There are just 4 steps you need to cash out your Bitcoin. Where you start depends on where your Bitcoin is. You need to make sure it’s on some kind of wallet. You’ll probably start with the Bitcoin in one of these locations:
- in a hardware wallet like Ledger or Trezor
- in a cryptocurrency wallet app like Celsius or BlockFi
- On a crypto exchange like Binance, Coinspot or Coinbase
- in a mobile trading app like Cash App or Robinhood.
The process is simple – you need to sell your Bitcoin into dollars and then transfer that USD into your bank account, where you can withdraw it for cash.
4 steps to get your Bitcoin to cash
Step 1 – sign up to your ‘cash out’ wallet or exchange
Open an account with a wallet or exchange that allows you to sell your Bitcoin directly to USD. The wallet or exchange also needs to either:
- link with your bank account and allow you to send cash to your bank account, OR
- come with a debit card that you can use at an ATM to get your cash
Here is a list of ‘cash out’ wallets and exchanges where you can change Bitcoin to cash easily:
- Coinbase – US based cryptocurrency exchange platform with a mobile wallet app
- Cash App – US based investment and banking app that includes Bitcoin
- Binance – non-US crypto exchange platform with mobile wallet app
- Coinspot – Australian crypto exchange platform (no mobile wallet app available)
- Gemini – US based crypto exchange with a mobile wallet app
Step 2 – Transfer your Bitcoin to your ‘cash out’ wallet
Send your Bitcoin from its current location into the wallet account you have opened. If you chose a wallet from the list of 5 above then the wallet will provide you with a public address to transfer you Bitcoin in. Look for either a ‘deposit’ or a receive’ button.
You will need to pay a network fee to transfer your Bitcoin over to your ‘cash out’ wallet.
Step 3 – sell your Bitcoin to cash (your fiat currency of choice)
You need to trade your Bitcoin for the fiat currency of your choice. The apps and exchanges we’ve selected above allow you to sell your BTC to either USD (for US) or AUD (for Australia) directly.
Step 4 – transfer your dollars into your bank account
Some of the Apps listed above, like Cash App, have a debit card attached which means the money is available to spend as soon as your Bitcoin is sold.
The ‘how to’ guide to carry out these four simple steps is going to be slightly different in each App. Let’s look at the most popular Apps.
3 popular Apps to change your Bitcoin to Cash – a step by step guide
Coinbase (includes US citizens)
To convert your Bitcoin into cash on Coinbase follow these steps:
- Login to your Coinbase account.
- On the homepage, tap “Sell”
- Choose how much you want to sell and select USD Wallet as your payment method. Your bank account will be selected by default so leave that button alone if it is not already active.
- Tap ‘Confirm Sell’.
The funds should show in your linked bank account 1 to 5 days after the transfer is completed.
Cash App (US only)
To cash out your Bitcoin on Cash App follow these steps:
- Open the Cash App and tap ‘+’.
- Tap “Cryptocurrency” then select BTC, BCH or LTC (your wallet address will already be there).
- Enter how much you want to sell and hit Sell. You’ll have a choice of tax options. Enter your Cash pin if you chose to use one and hit Sell again. The cash will be in your Cash App wallet after the transfer is completed (usually within minutes).
- Withdraw this cash from an ATM using the Cash App Cash Card if you have one set up in your account.
If you don’t have a Cash Card you can get the cash out of Cash App and into your regular bank account using these steps:
- Tap the Balance tab on your Cash App home screen.
- Press ‘Cash Out’.
- Choose an amount and press ‘Cash Out’ again.
- Select a deposit speed.
- Confirm with your PIN or Touch ID.
Binance (non US citizens, e.g. Australians)
- Go to your wallet on Binance, tap BTC and chose the trading pair you need to get the cash you want. In this case it would be BTC/AUD.
- Select how much Bitcoin you want to sell and the price. The wallet will calculate your AUD payout.
- Tap ‘Sell BTC’.
- The transfer will show on your Balance page after it’s completed (usually within minutes).
Now you have AUD sitting in your Binance wallet.
You need to go through KYC to transfer your fiat cash out of Binance. You can check if you’ve done this by clicking your profile, then ‘identification’.
To transfer dollars out of Binance to your bank account:
- Go to your wallet
- Choose the currency you would like to withdraw from your wallet. In this case, choose AUD.
- Select Withdrawal and enter the withdrawal amount $AUD.
- Select ‘Bank’ as the destination account and press Confirm & Make Payment when ready.
- After Binance sends the money out, your bank will receive it in a few days.