How transfer Bitcoin to bank account
The beginning of the cryptocurrency market was directly Bitcoin, the world's first digital currency. Most of the population uses this digital currency as a full-fledged means of payment in everyday life. Thus, allowing the cryptocurrency to gain great popularity. The spread of this e-currency raises a lot of questions from people who are not familiar with the concept of e-money, and often new users are wondering how withdraw bitcoin to bank account?
What is Bitcoin?
Bitcoin is the ancestor of electronic currencies, they do not have a material body. BTC has its own rules for conducting transactions that are secure. The digital currency is not regulated by the government, therefore it has nothing to do with banks and bank transfers. This coin is stored on special wallets that were created for digital currencies.
Coins can be purchased with the help of mining, as well as on the exchange. Estimating the number of currency holders is not only difficult, but impossible in principle. But nevertheless, BTC users often have a question, how transfer bitcoin to bank account?
Why transfer bitcoin to a bank account?
How to transfer btc to bank account? It is known that despite the huge popularity of coins, the owner of a digital currency cannot make any purchases by paying with bitcoins. World central banks and other monetary regulators are constantly tightening the rules for trading in digital currencies. It follows from this that it will be easier to manage funds from a bank account.
Undoubtedly, with the development of the popularity of electronic coins, more and more transactions can be made using:
- Exchanges (platforms made it possible to use the BTC among the very first);
- Exchangers (coin users can exchange their bitcoins for fiat currencies);
- Online shopping (some online stores have added digital currency payments as they try to keep up with the times);
- Service bills (some establishments that offer various types of services, such as cafes, restaurants, and so on, allow you to pay BTC bills).
But in order for the owner of the coins to be sure that he can pay with digital currency, you need to know about it in advance, otherwise you can get into an unpleasant situation. It is more convenient and safer to keep funds in a bank account.
Despite the fact that crypto wallets prove to be as safe as possible and have different types of storage, they all have their drawbacks:
- Network connection (due to the constant connection to the Internet, there is a risk of hacker attacks);
- Closure of companies (in case of closure and termination of support by developers, users lose access to their funds);
- The more secure the storage, the slower the efficiency of transactions;
- More secure wallets, paid for by users;
- Long installation and wallet connection.
When transferring bitcoin to a bank account, funds can be used more efficiently, and their safety and reliability of storage will be guaranteed for more than a decade.
How can you transfer btc to bank account?
How transfer bitcoin to bank account ? The question is relevant, despite the fact that many are trying to expand the use of this coin. Coin exchange can be done in several ways:
- transfer BTC to a bank account from a debit card;
- convert bitcoin to cash through crypto exchanges;
- transfer bitcoin from an online wallet to a bank account;
- convert bitcoin through peer to peer platforms;
- change crypto assets through third-party brokerage exchanges.
The first step to the exchange is the sale of bitcoin for fiat currency, after which the funds can be transferred to a bank account.
Where are bitcoins stored?
To understand how to transfer btc to bank account, it is important to understand what sources it is stored on. Initially, coins can be stored on a more convenient source for the digital currency owner:
- Online wallet (hot or cold storage);
- Paper wallet (a simple sheet of paper with printed public and private keys);
- Bitcoin cards.
How to transfer bitcoins from crypto exchanges to a bank account?
How withdraw bitcoin to bank account? The user can trade bitcoins on different sources and immediately withdraw cash to their bank account. Currently, there are several ways that are designed not only to exchange cryptocurrency for another cryptocurrency, but also allow you to withdraw cash directly to a bank card.
How withdraw btc to bank account using an exchange? This method is considered the most common in the world. The most frequent transactions of bitcoin coins occur through exchanges and there are reasons for this. In order to easily carry out a transaction, the following need must be met:
- Enter your personal account on the exchange;
- Find "Withdraw funds" in the account menu;
- Specify the data required for the transaction (enter the amount, bank account address);
- Choose a network option (for digital currencies that work with multiple blockchains);
- Confirm the transaction;
- Expect replenishment to a bank account.
The positive aspects of this method:
- Security (due to the fact that an account on the exchange requires registration and identity verification);
- The presence of a fixed commission or its absence;
- Reputation (many exchanges have been operating for more than 10 years, which allows us to draw conclusions about their reliability and practicality for users).
Exchanges have some minor drawbacks, but remain the safest options:
- Registration and verification may take some time (but nevertheless, these processes are the guarantor of security);
- Withdrawal of funds takes some time (this is due to the fact that the transaction is processed first by the exchange system, and then by the system of the bank where the transfer is received).
There are several exchanges that are most popular with users who are interested in the question, how withdraw btc to bank account?
The CEX.IO exchange has been known among traders and investors since 2015. Although the project itself started in 2013. For the first few years, the platform positioned itself as a cloud mining service. However, after 2 years, this line of activity was discontinued - the company concentrated all resources on the development of services for exchanging digital currency for fiat money, trading digital assets.
Binance supports a huge number of cryptocurrencies, several hundred to be exact. Due to this, this exchange is one of the exchanges with the largest number of supported cryptocurrencies. Binance is regularly ranked #1, or at least one of the top 3 exchanges with the highest 24 hour trading volume, which means that this exchange is the most (or at least one of the most) trusted exchanges in the world.
Coinbase, already in 2012, began to implement the idea of providing everyone with the ability to quickly and easily send and receive digital currency. Coinbase serves clients from dozens of countries, employing hundreds of exchange staff to keep the exchange running and performing other duties. Among the advantages of Coinbase:
- regular creation and reliable storage of backup copies of the system for fast and accurate recovery after failures;
- availability of a professional trading platform (Pro);
- having your own wallet, in which transfers between accounts are made without commission;
- the presence of an API that is used in many applications;
- direct USDC support.
At the beginning of 2022, the number of active users of the exchange is in the tens of millions - all of them together form hundreds of billions of dollars of trading volume per quarter (with a company capitalization approaching one hundred billion US dollars).
The easiest way to transfer bitcoin to bank account is with the help of online exchangers. The transaction is fast and has the following sequence:
- Choosing an online exchanger (the owner of the currency must make sure that the site works with BTC);
- Registration (most often such sites do not require registration);
- Creating a request for a transaction (the user must specify the coin and select the type of account to which he wants to transfer)
- Course selection (as a rule, online exchangers allow you to get acquainted with the course on various sources)
- Receiving funds (the speed of the transaction depends on the type of exchanger, so you should pay attention to this when choosing a site).
The advantages of this method:
- Choosing the most profitable commission;
- Lack of registration (on most sites, there is no mandatory registration);
- Save time.
Cons of online exchangers:
- A large number of unverified sites (a bitcoin user can become a victim of scammers);
- Additional commission (an online exchanger may charge its own commission).
Every day, the demand for cryptocurrencies is increasing, and because of this, many are looking for ways to convert electronic money into fiat. There are a lot of such methods, but you should be careful, since not every one of them has a high level of security. Each individual method has a different cost, speed and difficulty level. Therefore, it is worth using proven methods to convert digital currency.
It is worth noting that making transactions in cryptocurrency is cheaper than in fiat money. And every day, the system is getting easier.