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Transfering Bitcoin to Your Bank Account

Transferring Bitcoins to Your Bank account is the easiest way

September 22, 2021 | 

3105 Views | 

Jesus Guzman | 

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Public interest in cryptocurrencies has grown and the number of investors putting capital into the currency has increased. In recent years, the use of cryptocurrencies has increased enormously. For whatever reason, there will always be a need to transfer bitcoin into fiat currency.

Unfortunately, the process is not that simple and can be problematic, especially for newcomers. It can be quite frustrating, especially if you urgently need to withdraw money from a very volatile market. The numerous services available do not make it any easier; we have 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 transfer Bitcoin to your bank account. This requires a few intermediate steps first. However, thanks to developments in the FinTech industry, you can connect your crypto wallet to your bank account.

There are two main options for transferring bitcoin to your account. These include trading via an exchange or selling directly via P2P sites. Trading via an exchange is more popular. Here is an overview of how they work;

Transferring bitcoin via an exchange

Bitcoin bank transfer

While most crypto exchanges only offer crypto-to-crypto trading, there are also those with simple withdrawal systems. The first step is to open an account with your preferred exchange. There may be problems in the process, such as verification, where the exchanges require you to present identification documents issued by a government. You can use your driving licence, passport or identity card. The next step is to move your Bitcoin from cold storage to a fixed wallet. Then you transfer Bitcoin to the service for trading. The money is credited to your account when the exchange sells your Bitcoin.

It is important that you use the same bank that you used for the deposit so as not to violate money-laundering laws. On average, it takes 4-6 days for the money to appear in your account in the United States. The time frame varies by country and exchange. Different exchanges have different features and transaction fees. The longer the transaction takes, the higher the fees. There are many affordable options for transferring bitcoin as it is an established cryptocurrency. Here are some websites that offer these services;

  • Coinbase
  • Bitstamp
  • Kraken

Coinbase

This is the largest bitcoin trading platform in the world. It allows bitcoin transactions in about 190 countries. However, the buying and selling functions are only available in thirty-two countries. The transfer services are only accessible to people with bank accounts in Europe or the United States. It is customer-oriented and inexpensive for newcomers. The clear design makes for easy navigation. Transaction fees are low, which contributes significantly to its popularity.

Coinbase offers numerous payment options. You can make transactions via bank transfer, PayPal, SEPA and debit/credit cards. Mastercard and Visa debit cards speed up the withdrawal process. The accepted currencies are the dollar, the euro and the British pound. 99% of the funds are kept cool, which ensures security. Perhaps Coinbase's biggest drawback is its location restrictions and limited features. For example, you can only withdraw funds to your bank account if you have previously used the same account to purchase cryptocurrencies. Service fees also vary by country.

Bitstamp

Bitstamp offers some of the most impressive exchange rates on the market. However, they apply to traders rather than newcomers. If you transfer Bitcoin in large amounts, the service fee can drop from 0.25% to around 0.1%. The larger the transaction, the lower the cost. Bitstamp uses the same fiat currency as Coinbase. They also support credit card transactions, but for a high fee (between 5% and 8%). If you live in Europe, you can use SEPA for withdrawals. For those living in other parts of the world, a bank transfer is possible.

Kraken

Kraken ranks fourth among the largest cryptocurrency exchanges in the world. It has the largest euro dominance, which makes it very useful for people with euro bank accounts. However, bitcoin withdrawals are only available to people in Europe, the UK, Canada, Japan and the United States. Transaction methods available include SEPA, international bank transfers and Interact e-Transfer. Just like Bitstamp, low fees apply for bulk transactions.

General fees range from 0.15% to 0.25%, which is quite reasonable. Kraken is completely secure and requires its users to verify their identities. They also publish audit reports on their fund reserves as proof. You can transfer bitcoin with Kraken in 176 countries and 48 states in the United States.

Peer-to-peer method for transferring bitcoin

The main idea behind P2P is direct cooperation between computers. Unlike an exchange, Bitcoin holders do not need a central server. Basically, individuals negotiate without a central connexion. Parties are free to design their process and choose their preferred methods of transferring Bitcoin.

There are also no requirements to verify your identity. Peer-to-peer trading platforms work like dating platforms, where they match people's interests for a fee. They provide the trading history of each user to assess their reputation. The best-known P2P websites are Local Bitcoins and Coins.

On Local Bitcoins, users can post ads indicating their exchange rate and payment options. Users have the option to trade face-to-face or online. Over-the-counter trading is not under the control of Local Bitcoin. Users meet in public places and exchange Bitcoin for fiat. P2P transactions allow users to shop around for the best prices and avoid the service fees charged by exchange service providers.

For online transactions, users can use an escrow account for security. Coins have a similar functional system and only bring together users with enough bitcoin money.

Conclusion

There are numerous ways to transfer bitcoin into fiat and then transfer it to your bank account. It would be helpful if you research which method is easiest and fits your budget. As mentioned earlier, location has a significant impact. You also need to analyse security, especially for peer-to-peer transactions. The more the world embraces cryptocurrency, the easier it will be to trade your Bitcoin.

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