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Can I transfer Bitcoin to my bank account?

Bitcoin bank transfer

January 11, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Get Into Cryptocurrency Trading Today

In the last few years, the use of cryptocurrency has grown tremendously. There is an increase in the public interest in crypto and a rise in investors injecting capital in the currency. For whatever reasons, the need to transfer bitcoin into fiat currency will always arise. Unfortunately, the process is not as straightforward and may be troubling for especially for newcomers. This may be quite frustrating, especially when you need to cash out of a highly volatile market urgently. The numerous services available do not make it easier; we've all experienced the confusion.

This article will give you a clear insight into all the options, their advantages, and disadvantages. It is not possible to send bitcoin to your bank account. There are some intermediary processes first. However, you can link your crypto wallet to your bank account, thanks to developments in FinTech. There are two primary options when transferring bitcoin to your account. They include trading through an exchange or selling directly through P2P sites. Trading through an exchange is more popular. Here is a breakdown of how they work;

Using an Exchange to transfer Bitcoin

Whereas most crypto exchanges deal only in crypto-to-crypto trades, there are those with easy cash-out systems. The first step is to open an account in your preferred exchange. There may be challenges such as verification, where exchanges require you to provide identification documents issued by the government. You can use your driving license, passport, or I.D. The next step is to move your bitcoin from cold storage to a hard wallet. You then transfer Bitcoin to the service for trading. The money will reflect on your account when the exchange sells your bitcoin.

It is essential to use the same bank you used to deposit to avoid breaking the money laundering laws. On average, it takes 4-6 days for the money to reflect in your account in the United States. The time frame changes with countries and the exchange. Different exchanges have varying features and transaction fees. The longer the transaction, the higher the charges. To transfer Bitcoin, there are numerous affordable ways as it is an established cryptocurrency. Here are some sites that offer the services;

Coinbase

This is the largest Bitcoin trading platform in the world. It facilitates bitcoin transactions in about 190 countries. However, the buy and sell features are only available in thirty-two countries. Transfer services are only accessible to people with bank accounts in Europe or the United States. It is customer-centric and favorable for newcomers. The clean design ensures easy navigation. It has low transaction fees, which contributes mainly to its popularity. 

Coinbase has numerous payment methods. You can make transactions using bank transfer, PayPal, SEPA, and debit/credit cards. Mastercard and Visa debit cards speed up the withdrawal process. The acceptable currencies are dollars, the Euro, and the British pound. It stores 99% of its assets in cold storage, which ensures security. The most significant setback with Coinbase is perhaps the location restrictions and the limitation in features. For example, you can only withdraw into your bank account if you have previously used the same account to buy cryptocurrency. The service fees also differ by country.

Bitstamp

Bitstamp offers some of the most impressive exchange rates in the market. However, they apply more to traders than newcomers. When you transfer Bitcoin in large amounts, the service fee may drop to about 0.1% from 0.25%. The larger the transaction, the lower the costs. Bitstamp uses the same fiat currency as Coinbase. They also support credit card transactions, although at a high fee (between 5%-8%). If you are in Europe, you may use SEPA for withdrawals.  Wire transfer is available for those located in other places around the world.

Kraken

Kraken ranks fourth among the largest cryptocurrency exchanges in the world. It has the most extensive euro domination, making it very useful for people with Euro bank accounts. However, it only allows Bitcoin withdrawals for people in Europe, Britain, Canada, Japan, and the United States. Available methods of transaction include SEPA, international bank transfer, and Interact e-Transfer. Just as in Bitstamp, low charges apply for bulk transactions. 

The general fees range from 0.15%- 0.25%., which is quite affordable. Kraken is entirely secure and requires users to verify their identity. They also publish audit reports of their fund reserves as proof. You can transfer Bitcoin using Kraken in 176 countries and 48 states in the United States.

Peer to Peer Means to transfer Bitcoin

The main idea behind P2P is direct working between computers. Unlike in an exchange, bitcoin owners do not need a central server. Essentially, individuals negotiate without a central link. Parties are free to set their process and select their preferred methods to transfer Bitcoin. There are also no requirements to verify your identity. Sites that facilitate peer to peer trading act like dating platforms, where they match people's interests at a fee. They provide the trading history of each user to help in gauging their reputation. The most common P2P sites are Local Bitcoins and Coins.

Local Bitcoins allow users to post advertisements that show their exchange rate and their payment methods. The users have the option of conducting the trade face to face or online. Over the counter transactions are beyond control by Local Bitcoin. Users meet in public places and exchange bitcoin for fiat. P2P transactions allow uses to look out for the best prices and avoid the service fees charged by exchange service providers. In online transactions, users can use escrow for security purposes. Coins have a similar working system and only match users with sufficient bitcoin balances. 

Conclusion

There are numerous options for you to transfer Bitcoin into fiat then send it to your bank account. It would help if you researched which method is less of a hassle and fits your budget. As indicated above, the location has a considerable influence. You must analyze the security as well, especially with peer-to-peer transactions. As the world continues to embrace cryptocurrency, it will be easier to trade your bitcoin.

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