How do i sell my crypto for cash on coinbase

What’s the difference between the Coinbase app and the Coinbase Wallet app?

The Coinbase app (available on iOS and Android) is the company’s product for individuals looking to buy or sell cryptocurrencies, also available at Coinbase.com. It is an easy, secure, regulated on-ramp to crypto using US dollars or other local fiat currencies. You can safely store crypto on Coinbase so you don’t have to worry about managing your own private keys. Coinbase.com and the mobile apps are available in more than 100 countries.

The Coinbase Wallet app is a separate, standalone app that allows users to store, or custody, their own crypto, and explore the decentralized web with a dapp browser. You do not need a Coinbase account to use the Coinbase Wallet app. Coinbase Wallet helps users manage their own private keys and store their crypto assets directly on their devices, not with a centralized brokerage or exchange. You cannot connect Coinbase Wallet to your bank account to buy or sell cryptocurrencies with US Dollars or other fiat currencies. You can download and use Coinbase Wallet anywhere in the world.

Coinbase was the first major crypto business to go public in the U.S. when it began trading at $381 in April on the Nasdaq, giving the cryptocurrency exchange an initial market cap of $99.6 billion on a fully diluted basis.

Maybe you’ve never heard of Coinbase. Or maybe you’re confused about what it even is. Here’s a quick explanation:

Coinbase is an app that lets you buy and sell all sorts of cryptocurrencies, like bitcoin, ethereum, litecoin and about 50 others. You can also use Coinbase to convert one cryptocurrency to another, or to send and receive cryptocurrency to and from other people. Like stock trading apps you may already be familiar with, Coinbase shows you the current price and trends for cryptocurrencies, a look at your portfolio of holdings, and news stories about the industry.

Here’s how to get started and how to buy and sell cryptocurrencies with Coinbase.

Coinbase: the simple, safe way to buy, store, trade and sell your crypto. The leading cryptocurrency exchange for you to build your portfolio, earn yield and stay up-to-date on crypto news.

SUPPORTED ASSETS
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), Solana (SOL), Tether (USDT), USD Coin (USDC)*, and many more.

We’re the world’s most trusted cryptocurrency exchange, with over 103 million users across 100+ countries worldwide. Coinbase allows you to securely buy, hold and sell cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and many more on our easy, user-friendly app and web platform.

Here’s a little taste of what our app does:

BUY AND SELL CRYPTO EASILY
– Own crypto in an instant. All it takes is linking a bank account or debit card.
– Buy and sell, convert crypto coins and securely send/receive crypto with external digital wallets.
– Earn yield on cryptocurrency like Ethereum.
– Buy crypto securely: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, Cardano, Solana, Shiba Inu, Litecoin, USDT and more.

SMART TOOLS TO BECOME A CRYPTO PRO
– Brand new to crypto? We’ve got you covered.
– Crypto news and articles: stay up-to-date on the latest news and build your crypto knowledge.
– Portfolio management: Easy-to-use and customizable, from market insights to automatic buys and price alerts.
– Crypto tracker & dashboard: Clear and user-friendly, helps you see crypto prices and asset values, any time of day, anywhere you are.
– Track prices with our crypto watchlist: Add Bitcoin, Ethereum, and other crypto to your watchlist to see live prices and trends.
– Bitcoin ticker: Track the latest trends in Bitcoin. See which cryptocurrencies have moved the most in the last 24 hours.

SECURE CRYPTOCURRENCY EXCHANGE
– Crypto accounts are subject to scrupulous safety standards, including multi-stage verification and bank-level security.
– Add a passcode to your crypto profile or remotely disable your phone’s access to the app if it gets lost or stolen.
– Blockchains enable crypto to be bought and sent across the planet quickly and securely.
– Transfer crypto: Safe and secure asset movement to crypto wallets outside of the app.

BEGINNER TO CRYPTO MASTER, WE’RE HERE
– Manage crypto portfolios on Coinbase. Whether you’re just starting your crypto journey, or are a crypto pro, you’ll find everything you need to build your crypto portfolio.
– Learn about blockchain, NFTs and crypto with articles on a breadth of topics: bitcoin mining, Ethereum games, bitcoin trading and more.

Interested in getting into cryptocurrency? Begin your crypto journey with Coinbase.

*Available in select territories.

NEED MORE HELP?
Visit help.coinbase.com for information and to contact Coinbase Support.

PRIVACY
View Coinbase’s legal privacy policy at https://www.coinbase.com/legal/privacy

Coinbase is the world’s most trusted cryptocurrency exchange to securely buy, sell, trade, store, and stake crypto. We’re the only publicly traded crypto exchange in the U.S., with over 108 million users across 100+ countries.

SUPPORTED ASSETS
Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC)¹, Cardano (ADA), Polygon (MATIC), Polkadot (DOT), Solana (SOL), Tether (USDT), Dai (DAI), Uniswap (UNI), and hundreds of other cryptocurrencies.

Here’s a little taste of what Coinbase offers:

BUY, SELL & EARN CRYPTO
– Coinbase is the most trusted platform to build, manage, and track your crypto portfolio.
– Securely and seamlessly send and receive crypto.
– Stake crypto and earn yield on cryptocurrencies like Ethereum and Cardano.
– Easily set up automatic or recurring buys.
– Start earning crypto just by learning about how specific cryptocurrencies work²
– Follow the latest crypto news and track prices.
– Seamlessly transfer crypto internationally.

SECURE & REGULATED EXCHANGE
– Coinbase is the only publicly traded, US-headquartered crypto exchange (NASDAQ: COIN).
– All customer assets are held 1:1, and we never trade against our customers or leverage their funds without consent.
– Our financials are public and audited quarterly by a Big 4 accounting firm.
– State-of-the-art encryption and security are at the core of our platform, and our security team is constantly working to make sure you and your assets are protected from emerging threats.
– From auto-enrolled 2 factor-authentication (with security key support), password protection, to multi-approval withdrawals in Coinbase Vault, we provide powerful security features to all our users.

EXPLORE WEB3
– Start discovering what web3 has to offer with the Coinbase dapp browser and built-in MPC wallet.
– Collect NFTs, earn yield with DeFi, join a DAO, and much more.
– Connect your account to Coinbase Wallet to take control of your crypto, keys and data.
– Learn about web3 and dapps with our user-friendly guides and tutorials.

POWERFUL TOOLS FOR ADVANCED CRYPTO TRADERS
– Buy and sell crypto using advanced trading tools, earn staking rewards, and seamlessly spend with Coinbase Card using one balance on one platform.
– Access in-depth technical analysis, advanced real-time order books, and charting powered by TradingView.
– Advanced tools to research and analyze crypto markets to inform trading decisions.

NEED MORE HELP?
Visit help.coinbase.com for information and to contact Coinbase Support.

PRIVACY
View Coinbase’s legal privacy policy at https://www.coinbase.com/legal/privacy

¹ Available in select territories.
² Limited while supplies last and amounts offered for each quiz may vary. Must verify ID to be eligible and complete quiz to earn. Users may only earn once per quiz. Coinbase reserves the right to cancel the learning rewards offer at any time.

Updated on

Nov 14, 2022

Finance

At a Glance: You can use a third-party exchange broker or peer-to-peer transaction to sell your bitcoin. This is a faster and more anonymous method, as you sell your bitcoins directly to another person.

Demand for Bitcoin has increased dramatically. If you’ve owned Bitcoin for a while now you may be able to make a profit if you ‘sell’ your Bitcoin and transfer the equal value to your bank account. Or you may need to convert your Bitcoin to cash to be able to buy actual things. Whatever you need it for, you’re probably wondering how to turn Bitcoin into cash.

Here we look at the different options for how to turn Bitcoin into cash in a few simple steps.

What is Bitcoin?

Bitcoin is a digital currency, also known as a cryptocurrency. There is no physical bitcoin, merely digital data stored in blockchain. This means it is a secure form of currency that is devoid of government control.

Bitcoin has a stipulation, set forth in its source code, that there will only ever be 21 million bitcoins produced. This limited supply is also what gives bitcoins their value. As the demand for bitcoin increases, you can exchange a single bitcoin for more money or services. In this way, bitcoin has become a traded store-of-value commodity, like gold.

Why Transfer Bitcoin To Your Bank Account?

The ultimate idea is that bitcoin will replace traditional currencies. People are currently investing in bitcoin because they view it as a commodity that will grow in value over time. If you have bitcoin, you may want to hold on to it for that reason. But, since demand has increased recently, you may be able to make a profit if you ‘sell’ your bitcoin now and transfer the equal value to your bank account.

In theory, you will one day be able to use bitcoin for any type of sale. For now, there are still few businesses or individuals that accept payment in bitcoin. That is one reason you may want to convert your bitcoin to cash — to use the value of your bitcoin to buy actual things.

How to Move Bitcoin To A Bank Account?

Moving bitcoin to a bank account is the same kind of process as converting currencies at the airport when you arrive in a new county. You are essentially ‘selling’ your bitcoin and ‘buying’ the equal value in dollars (or the currency of your choice).

The ‘exchange rate’ for this currency exchange is not determined by the economic actions of a government or a country’s central bank. Instead, the bitcoin exchange rate is determined by demand. How many people want to buy bitcoin right now and what they are willing to offer will determine how much money you will get for your bitcoin.

Moving bitcoin to a bank account is like exchanging currency. But because bitcoin is devoid of government control, the exchange process occurs privately. It is not mediated by world economic structures.

Cash-Out Methods

There are two main avenues to convert bitcoin to cash and ultimately move it to a bank account. Firstly, you can use a third-party exchange broker. These third parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate. It is simple and secure. Or, you use a peer-to-peer transaction to sell your bitcoin. This is a faster and more anonymous method, as you sell your bitcoin directly to another person.

Third-Party Broker Exchanges

A third-party broker is another name for a cryptocurrency exchange. The process is the same as currency exchanges in the airport of a foreign country. You deposit your bitcoin into the exchange. Once the exchange has received your bitcoin, you can request a withdrawal in the currency of your choice. The withdrawal will be paid into your bank account.

Brokers are restricted by money laundering laws, so you will need to withdraw to the same bank account that you deposited with.

It’s simple, easy, and secure, but it’s not the fastest method. The average time for money to reach your account is about 4-6 days but it varies by country. Any associated fees also depend on the country that your bank is located in.

Bitcoin ATMs and Bitcoin Debit Cards function in the same way as third-party brokers. In both cases, you create an account that allows you to sell bitcoins and withdraw physical cash. The biggest drawbacks are the high transaction fees.

Coinbase and Kraken are the most popular broker exchanges for buying and selling bitcoin.

How to Cash out Bitcoin Using a Broker Exchange

Using a broker exchange for your Bitcoin is also quite simple if you follow these easy steps:

  1. Decide which third-party broker exchange you want to use. Cashing out with Coinbase or Kraken are popular options.
  2. Sign up and complete the brokerage’s verification process.
  3. Deposit (or buy) bitcoin into your account. There is usually a fee ranging from 0.5% to 2% for this.
  4. Cash out your bitcoin by depositing it into your bank account or PayPal account (applicable to some services).

Keep in mind the withdrawal times may be 4-6 days. Transaction fees may also apply.

Peer-to-Peer Platforms

For a quicker, more anonymous method, you can use a peer-to-peer platform to sell bitcoin for cash. When selling bitcoins to other people, you can decide which payment method you want the buyers to use. This often allows for faster transactions with fewer fees. You can also often get a better exchange rate with an individual buyer than you can with a third-party brokerage.

You can ask the buyer to deposit cash into your bank account or to send you a bank transfer payment (you can even use PayPal).  Always ask for proof of ID and proof of payment before releasing your Bitcoins to them.

Peer-to-peer selling is safe if you know what you’re doing. However, it’s important to be aware of fraudsters. It may be useful to use a peer-to-peer platform that allows you to keep your bitcoins locked until you confirm the payment has been received from the buyer.

The most popular peer-to-peer platform is LocalBitcoins.

Turn Bitcoin into Cash Using a Peer-to-Peer Exchange

Here are a few simple steps for how to cash out Bitcoin using peer-to-peer exchange:

  1. Decide which peer-to-peer exchange platform you want to use. LocalBitcoins is a popular option.
  2. Sign up and choose the location of your ideal buyer.
  3. Use the marketplace to find buyers, and send a trade request.
  4. Most peer-to-peer platforms have an escrow option where your bitcoins are not released to the buyer until you have confirmed you’ve received payment.

Many peer-to-peer platforms allow you to create an advertisement for your bitcoin (although there are added fees associated with this method). There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you remain safe when choosing a buyer.

Peer-to-peer platforms also allow you to stay anonymous. You can use a VPN to secure your connection and choose payment methods such as web money or gift vouchers.

Considerations When Cashing Out Bitcoin

Before you convert all your bitcoin to cash, consider the following pitfalls:

  • Taxes – If you are making a profit on selling your bitcoin, you will have to pay taxes on your profit income. Keep this in mind while planning your tax year. Any reputable third-party broker exchanges will report their transactions for tax purposes.
  • Fees – Most bitcoin-to-bank-account methods will entail exchange fees.
  • Speed – Third-party broker exchanges may take a couple of days to transfer the money into your bank account.

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