Selling Bitcoin and Other Cryptocurrencies: A No-BS Guide

robot
Abstract generation in progress

So you've made some money on your Bitcoin and now you wanna cash out? I've been there. After watching BTC hit another ridiculous all-time high, I decided to take some profits myself. Let me walk you through how I did it without all the corporate jargon.

The Two Ways to Get Your Cash

Look, there are basically two ways to turn your crypto into actual money you can spend:

  1. Sell your crypto for fiat and then withdraw that money
  2. Withdraw fiat you already have sitting in your account

Quick Method: Withdrawing Existing Fiat

If you've already converted your crypto to cash and it's sitting in your account, just:

  • Hit the "Assets" button
  • Find your fiat balance (like USD)
  • Click "Withdraw"
  • Choose your preferred payment method
  • Enter your bank details

Remember though - your trading account and bank account MUST match names. They're super strict about this anti-money laundering stuff. And you'll need to withdraw at least $10 or whatever minimum your platform has.

Full Process: Converting Crypto to Cash

On Desktop:

  1. Log into your trading platform
  2. Navigate to the "Buy/Sell" section
  3. Click "Sell" and select Bitcoin (or whatever crypto you're dumping)
  4. Enter how much you want to sell
  5. Choose your local currency and withdrawal method
  6. Hit "Sell BTC" and confirm if you're happy with the rate

On Mobile App:

Most platforms have both "Pro" and "Lite" versions of their app. If you're not a day trader, just use the Lite version:

  1. Tap the trading icon in the middle of your screen
  2. Hit "Sell"
  3. Choose Bitcoin or whatever you're selling
  4. Enter the amount (either in crypto or fiat)
  5. Select your withdrawal method and follow the instructions

I tried both methods last week when BTC was pushing $110K, and honestly the app was faster. The fees were the same, but the desktop interface kept lagging - probably too many people trying to sell at once!

And that's it. Your money should hit your bank account pretty quickly depending on your withdrawal method. Remember that P2P transfers can sometimes be faster but carry different risks.

The hardware wallet crowd will tell you to HODL forever, but hey, sometimes you need actual money to live in the real world. Just don't sell everything - this bull run might not be over yet!

BTC-0.11%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)