Crypto Currencies

How To Cash Out Bitcoin Anonymously?

Cash out Bitcoin

Today we explain How To Cash Out Bitcoin Anonymously for you.

Many crypto exchanges do not allow working with fiat and large amounts of money without confirming the identity of their owner, as this is required by financial regulators. To implement the human right to maintain confidentiality in financial transactions and, if desired, for one reason or another, to maintain complete anonymity, cash transactions come to the rescue. Transactions where no one asks for your passport. It should be borne in mind that when buying or selling for cash, the only cost item will be the network commission, without which no BTC transfer is possible.

Advantages and disadvantages of exchanging BTC for cash

Pros:    – Minimization of the commission;

– High anonymity;

– Many authorized PSs and exchangers support this feature.

Cons:   – It is difficult to find a counterparty in small settlements;

– Potential danger when meeting, if you contact an unknown person.

Ways to buy / sell BTC for cash

There are 6 main ways to cash out Bitcoin. Before choosing one of them, you need to consider the following factors:

  • what actions and steps the process will require
  • what amount you want to cash out
  • where do you want to send your funds after the sale of BTC: to a bank account or electronic wallet

After examining these factors, some methods will seem preferable to you than others.

  1. Cashing out bitcoin through a bank card

An easier way to sell BTC for cash is to deposit funds to your card and then withdraw from any ATM. The disadvantage of this operation is the reduction of anonymity: a large transaction will draw the attention of the bank, tax authorities, etc. But if the amount is not very large and anonymity is not important for you, then this is the most comfortable option.

The main ways to withdraw BTC to the card are:

  • Crypto exchanges
  • Electronic payment systems
  • Exchangers
  • P2P exchanges
  1. Cryptocurrency exchangers

Using the BestChange website, you can find cryptocurrency exchangers with the ability to exchange cash for bitcoin or vice versa. To do this, select cash in the first column, and BTC in the second. Then a list of all exchangers supporting this direction will be displayed to the left.

Exchange procedure:

-Leave a request by filling in the details.

-Write to the online chat of the exchanger, attaching the application number or wait for the operator to contact you.

– Agree on the time and place of the meeting.

-When meeting, the seller transfers bitcoin, the rate is usually fixed after one confirmation of the network.

-Buyer transfers cash.

Many exchange services also provide a courier money delivery service.

  1. P2P exchanges

Peer-to-peer exchanges allow you to cash out bitcoin anonymously and with the ability to choose an offer that is convenient for you. Most of these platforms are reasonably secure, even without a centralized governing body. For example: Paxful, LocalCryptos, Cryptolocator.

Transactions take place privately between users, without intermediaries, which makes the transaction anonymous. Market participants choose their own convenient payment methods, including different banks, payment systems and cash. Each option has its own conditions and fees. In most cases, you will be able to exchange cryptocurrency without having to disclose your details. Also, these sites have a rating system that helps you choose a reliable counterparty. An additional level of security is provided by the escrow system.

  1. Payment systems

Some payment systems also allow you to get cash for bitcoin. AdvCash makes it possible to withdraw cash in USD, EUR with a commission from 0 to 7% through cooperation with a large third-party exchanger. The minimum withdrawal amount must be equivalent to 3000 USD. Some cryptocurrency exchanges (Livecoin, WEX, EXMO) allow direct withdrawal of fiat money to the Advanced wallet. The principle of action in this case is quite simple.

Step # 1. After registering in the system, you need to replenish your account with bitcoins.

Step # 2. Open the “Transfer of funds” tab and select the appropriate option:

-via exchangers;

-to a bank card;

-to ADVcash card;

-between wallets within the system;

-in electronic currency (Payeer, Perfect Money, etc.);

-cash.

For those who plan to use the service for withdrawing cash on a regular basis, it is better to order an ADVcash / MasterCard (EUR or USD) card. This will make it possible to withdraw cryptocoins at the right time, since money can be cashed out at any ATM, in any fiat currency (an additional commission is charged for exchanging euros or dollars for rubles).

  1. Cryptomats

Another physical way to sell bitcoin is to use a crypto ATM. These devices can be found around the world, but not all of them provide the ability to sell bitcoins.

For example, consider the process of selling BTC for cash. To do this, select the “Sale” item. Enter the amount of BTC you want to sell. In most cases, you will also need to enter the SMS code. Download a bitcoin wallet to your mobile device, prepare it for work. You can generate a wallet address in advance so as not to do it near the ATM

6.Thematic forums

On forums and social networks, you can find a large number of posts and comments suggesting buying or selling Bitcoin for cash.

If you have friends or family who are willing to do this kind of deal with you, this is ideal. But financial interaction with a stranger without any guarantor is a significant risk.

Conclusion

There is nothing wrong with buying or selling bitcoins for cash as long as it is convenient for both parties. Therefore, all warnings about the danger are not in order to scare and dissuade from such a method, but simply because in any financial transactions, especially for large amounts, you should be extremely careful and be aware of various risks. Be responsible for storing and exchanging your cryptocurrency, especially now, when the value of bitcoin is at record positions, and may grow even more in the future.

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