Are you interested in Bitcoin trading? Getting ready for a time when you will want to cash out your cryptocurrencies? Or maybe you are just interested to see how the selling process works. In this article, we will explain everything you need to know about how to sell Bitcoin!

We will explain the entire process of selling and cashing out your Bitcoin and other cryptocurrencies in a step-by-step fashion. Keep in mind that the procedure is virtually the same for all types of digital currencies, but we will mostly be using Bitcoin trading as an example. We will explain different selling procedures, bank transfers, and cash withdrawals. This way you will also be able to decide which method best suits your needs.

But naturally, if you want to sell Bitcoin, you must first own some. I kindly recommend you read our article on how to buy Bitcoin.

Now let’s find out how to convert Bitcoin to cash!

TABLE OF CONTENTS

Bitcoin is completely decentralized, so there is no financial institution (for example, a bank or state authority) that would manage its development and supply. Bitcoin is literally in the hands of the people. This is the fundamental difference between Bitcoin and the standard fiat money issued by governments.

Bitcoin has had a tumultuous past and undoubtedly has a very interesting future. Thus it is useful to understand the basics because — despite its growing popularity — many people still don’t know what is Bitcoin, how Bitcoin works, or where to sell Bitcoin.

One of Bitcoin’s main advantages is that you can use it for a Bitcoin transaction anywhere and anytime, regardless of the country in which you are currently located. You can read more about this technology in our article about Bitcoin.

Now, let’s focus our attention on the main topic of this article.

First of all, what does it even mean to cash out your Bitcoin? Well, this is simply a process of selling Bitcoin for fiat currency and then withdrawing the funds to your bank account. If you want literal cash out, you can physically withdraw the money from your bank account.

Fiat currencies are conventional state currencies issued by governments. Bitcoin can be exchanged for euros (EUR) in many different ways. You can also exchange smaller amounts of Bitcoin. The smallest unit is called a Satoshi (one hundred millionth of a single Bitcoin or 0.00000001 BTC).

You also need to understand the difference between a trading platform and an exchange. Most platforms don’t offer the option to deposit or withdraw euro funds. There are also the so-called fiat-to-crypto exchanges where you can do this. Kriptomat is one of them.

We will look at the different cashout methods in the chapters below.

How to Sell Bitcoin: Different Cashout Methods

First of all, you need to be aware that you have several different options which are suitable for different needs.

What are your needs?

• Do you want the fastest method?
• Do you want the simplest method?
• Do you want the cheapest method?
• Do you want to transfer money to your bank account or do you want cash?
• Into which currency would you like to cash out your Bitcoin?

These are questions only you have answers to, but we will help you find them.

How to Sell Bitcoin: Where Can I Sell Bitcoin?

The two most convenient methods are certainly selling via an online Bitcoin exchange and selling via the Bitcoin ATM. We will take a closer look at both options.

Sell Bitcoin using a web exchange

The easiest way to sell Bitcoin is by using an online Bitcoin exchange. Naturally, we recommend using the Kriptomat platform.

We will explain the entire selling procedure on the example of using our service. The registration process is extremely easy, and you can also use a mobile Bitcoin app which is available for use on Google Play for Android devices, as well as on the AppStore for Apple iOS devices.

Kriptomat allows you to sell Bitcoin for euros, which you can then withdraw to your bank account.

Please note that you can only withdraw euros to a previously connected bank account which was used to make a deposit at least once before. If you have not already done so, then we recommend that you purchase a small amount of cryptocurrencies (you can later sell them and withdraw the funds). This is necessary for the verification of your bank account and a critical security measure against money laundering.

Let’s take a look at the entire process for selling Bitcoin where we consider that you don’t even have a user account yet. If you already have one, then you can jump directly to the instructions for selling Bitcoin.

Registration to Kriptomat (instructions)

1. Go to Kriptomat and click on one of the registration buttons.
2. You will be redirected to the registration screen, where you will need to input your information.
3. Enter your real name and last name.
4. Enter your email address that actually exists.
5. Create a strong password that you don’t use anywhere else.
6. Solve the to confirm that you are not a robot.
7. Click the “Create an account” button.
8. Sign in to your email (the one from Step 4). You will receive a message from Kriptomat which will contain a confirmation link. Clicking on it confirms that you actually have access to this email.
9. After clicking the link, you will be redirected to a page where you have to enter your phone number. This is an additional security step to prove ownership of your user account.
10. You will need to enter the six-digit code that was sent to your phone number via SMS. This is how you verify your phone number.
11. Identity verification is the last important step before you can use the platform. You will need to upload images of a personal document (Kriptomat accepts National Identity Cards and Passports) and a “Selfie” where you hold the selected personal document in your hand (see the picture below for reference).

This is the correct way of taking a selfie with your document.

Check out our video guide for a better understanding of the process.

Check out our previous article on how to buy Bitcoin. Otherwise, let’s continue with the process of selling Bitcoin.

How to Sell Bitcoin (instructions)

1. 1. Sign in to your Kriptomat account and go to the “Buy/Sell” section.

1. Select the “Sell” tab.
2. Select Bitcoin (BTC) from a drop-down list of cryptocurrencies.
3. Enter the amount you want to sell. You can enter it either in euros or in Bitcoin. If you enter a euro amount, then the system will automatically calculate how much Bitcoin you will sell. If you enter a Bitcoin amount, then the system will automatically calculate how many euros you will receive.
4. Click the “Sell Bitcoin” button.
5. You will be redirected to a page where you can review and confirm the transaction.
6. You will soon receive euros to your Kriptomat user account! In most cases, the process takes a maximum of a few minutes.

Check out our video guide for a better understanding of the process.

At Kriptomat, you can sell all your cryptocurrencies directly to euro – even the ERC20 tokens that are available elsewhere only in pair with Ethereum (ETH). This means that you don’t need to make double exchanges from token to ETH, and then from ETH to euro.

In the example above, we sold Bitcoin while considering that we already have them on Kriptomat’s digital wallet. If you have Bitcoin on your private wallet, then you will first need to transfer them to your Kriptomat wallet. You can find your wallet address by following the guide below.

Sell Bitcoin using ATMs

A Bitcoin trade can also be done by using a Bitcoin ATM. This is a useful choice if you prefer to stay more anonymous because most ATMs do not require identity verification up to a certain withdrawal amount. You can use the ATMs to directly exchange your Bitcoins for cash.

It’s a slightly less convenient method because you need to find a physical location of the nearest ATM. Depending on your current whereabouts, this may not necessarily be such an easy task. A service like Coin ATM Radar can help you out because it shows you the locations of all the registered Bitcoin ATMs.

We are providing you with a general description of how to use a Bitcoin ATM. Just like conventional ATMs, they operate in a standardized way throughout the world.

How to sell Bitcoin on a Bitcoin ATM (instructions)

1. Select a cryptocurrency

Find the nearest Bitcoin ATM. You will first need to select a cryptocurrency if it supports more than one. In our case, we will talk about selling Bitcoin.

1. Choose a transaction method

If the ATM supports buying and selling (some of them support only one or the other, but most support both), you will have to select the “Sell Bitcoin” option.