Before we get into this topic, you might be wondering: “What is Bitcoin?”. It is a cryptocurrency which was created by someone or a group of people known as Satoshi Nakamoto back in 2008, and is based on the Blockchain technology. Bitcoin is the world’s first decentralized currency that nobody can control, because it is not issued by a bank or a financial institution.
So far, the Bitcoin network proved to be invulnerable to hacking, and that could be due to the decentralization of the network. It is the most secure network in the globe. Bitcoin can be transacted between two users, without the need for a third party such as a bank. One of the many features of this relatively new digital currency, is the near-anonymity it offers its users, as well as the transaction speed, and fee. You can basically transfer billions of dollars from an account to another for a few cents, up to a couple dollars. You simply cannot get such rates using fiat and regular banks.
Bitcoin has lately appreciated in value enormously. When it was first introduced to the masses in early 2009, Bitcoin was only worth a fraction of a dollar, but it has recently seen some huge gains, that it is valued at $4000 USD, which is about 3 times the value of gold. According to many analysts, Bitcoin is likely to see some immense gains in the not-so-distant future.
If you happened to invest a few dollars back in 2009-2010 into Bitcoin, then you might be sitting on a fortune. If you are reading this article, it would be safe to assume that you own Bitcoins and are looking for ways how to turn Bitcoin to cash. Cashing out Bitcoins makes a lot of sense, because using the digital currency to purchase stuff can prove to be a major headache. If you want to go to grocery stores, or buy electronics or buy a house, chances are you won’t be able to pay for those commodities in Bitcoins, at least not at the moment. “So how am i supposed to convert Bitcoins to Cash?” you might be wondering! Well, this can easily be done using any of the cryptocurrency exchanges.
The following is a list of the Best exchanges that will allow you to sell Bitcoins for USD:
CashMyBitcoin.com: is a simple website that will allow you to withdraw Bitcoins into cash using many different methods, such as: Western Union, Moneygram, Bank transfer or Paypal. Some of the reasons why this gets our top pick are as follows:
1- Speed: exchanging your Bitcoin to cash can be done fairly fast.
2- Fee: at merely 5%, their fee is one the lowest.
3- No verification: you are not required to provide any ID to withdraw Bitcoins to cash.
Kraken: is a popular exchange that offers its users to convert Bitcoin to fiat or to other cryptos like: Ethereum, Litecoin, Dash, Monero…etc. However, just like most large exchanges, in order to withdraw bitcoin to cash, users will have to undergo verification, which can be problematic for many people.
LocalBitcoin.com: is the largest Peer-to-Peer exchange platform. Users can convert Bitcoins to Western Union, Vanilla cards, Wire transfer, Netspend, Cash in mail…etc. Users should be careful though, because many scammers lurk on this platform.
Bitstamp.com: is another big player in the Bitcoin exchange market. Bitstamp offers a variety of methods to convert your BTC to real actual money as well as other cryptocurrencies. It became popular mainly due to the collapse of Mt. Gox back in 2014 because of the infamous hack. Bitstamp also had its share of hacks, specially the one that took place in 2015. With that said, this is an exchange with a great reputation.