In as much as investing in Bitcoin is important, it Is also important to know how an individual can withdraw their money into bank accounts. One of the most arising questions that come up when an individual shows interest in making Bitcoin investment Is; “How Do I Withdraw My Bitcoin To My Bank Account?”
In most cases, how people buy Bitcoin is the same as withdrawing Bitcoin into their bank account. Well, there are several ways an individual can liquate their Bitcoin into traditional fiat (Paper Money). It can either be through Peer-To-peer (P2P), using of crypto exchange, or the use of online vendors.
In the substituents paragraph of this article, I will comprehensively be emphasizing these different methods of withdrawing your Bitcoin into your bank account.
Withdrawing Through Crypto Exchange
There are different kinds of crypto exchanges around the globe. Out of these exchanges, many do not support direct withdrawal of Bitcoin into bank accounts. Before investing in Bitcoin, investigate the kind of crypto exchange that permits direct withdrawal into your bank account in your region of residence. After selecting your preferred crypto exchange successfully, registering, verifying, and making an investment on $BTC already (E.g. Binance), follow the steps below to withdraw $BTC into your bank account;
Verify and link your bank account after downloading and creating your account with your preferred crypto exchange. Ideally, you will be asked to provide your bank account details, including your name, operating bank, and account number.
When your bank account is been verified and connected to your preferred crypto exchange, you can continue the process by withdrawing your Bitcoin into cash clicking the trading section sell, and choosing your country currency (E.g. NGN for naira, USD for dollar, etc). After that process, confirm the transaction details.
After the confirmation of the transaction details when withdrawing your Bitcoin, select the bank account details that you inputted into your crypto exchange when verifying your account and check for the transaction fee.
Initiate the transaction after making a review of the withdrawal processes. The crypto exchange will process the withdrawal and deposit the amount of Bitcoin sold into your bank account linked to the exchange. It takes a few seconds, minutes, or a day for the money to land on the bank account linked to the crypto exchange depending on the kind of crypto exchange that you are using.
Peer-2-Peer Method Of Withdrawing $BTC Into Your Bank Account
$BTC P2P trading allows individuals to trade/withdraw their $BTC into their bank account without the help of an intermediary. The trading platforms like Binance, Kucoin, etc help to connect users (buyers and sellers) to sell or buy $BTC or other cryptocurrencies directly on the platform.
Firstly, you will have a verified account with Binance,
- Register as a crypto merchant on the Binance P2P trading section,
- Advertise your $BTC on the Binance P2P trading section by the platform trading rate,
- When any buyer agrees with your listed price on the P2P trading platform, a transfer will be made to your registered bank account details with Binance,
- Confirm the payment if receive on your account and release the advertised $BTC to the buyer.
Online Vendor Method Of Withdrawing Your Bitcoin To Cash
Online crypto vendors are vendors who buy and sell cryptocurrencies, making payments to the seller in fiat or paper currency. In this type of crypto transaction, $BTC is not exclusive. Although, this system is precarious as the seller may encounter a scammer.
In most cases, the buyer should make a bank transfer to the seller first. In this kind of system of making withdrawers, it is good to carry out transactions with trusted individuals.
Summary
There are many methods that individuals can use to withdraw their $BTC directly into their bank account. Some of these methods are; P2P, direct withdrawal via the crypto exchange, use of online vendors, etc. Out of these methods listed above, using an online vendor is very risky and it is always advisable to transact with a trusted vendor. That will help to reduce your risk of losing your $BTC withdrawing funds to scammers.
