Important Tips To Move Bitcoin To Bank Account
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without the involvement of a central bank. It can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Bitcoin Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called Blockchain. Bitcoin is often criticized for its use in illegal transaction and thefts from exchanges. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about Bitcoin.
During the last few years, Bitcoin has gained popularity because of more capital injection and trading activity. Many investors are becoming wealthier with its use in no amount of time. But there comes a time when they want to convert the cryptocurrencies into government based currencies. Fluctuating prices of bitcoin have made it all more difficult to perform Bitcoin bank transfer. Turning your hard-earned cryptocurrencies into cash has indefinitely threatened the blockchain industry thus; Bitcoin bank transfer is turned into frustration for the investor. But how can we transfer Bitcoin to a bank account?
There are two options for a Bitcoin bank transfer:
1) Selling Bitcoins through an exchange:
Bitcoin bank transfer has now become effortless through exchanges. If you have your money of funds stored in your wallet, it’s easy to change it into legal currency. All you need to do is to open a bank account at the exchange. One generally needs verification and submission of authenticated documents in case of Bitcoin bank transfer.
LIST OF FIVE GREAT EXCHANGES FOR BITCOIN TRANSFER:
1) Coinbase :
Coin base is the most popular way of Bitcoin bank transfer due to its low rated transactional fees. It is really good especially for the beginners as it is customer oriented. It has high liquidity and buying limits. Also, it has an instant buying option available with the debit card.
Another effective method for Bitcoin bank transfer is Kraken; here one does not need to exchange their digital currency for bitcoin during cash out on Kraken, as Kraken permits users to exchange Ripple or Monaro for USD.
3) Bit stamp:
Bit stamp is quite reliable for Bitcoin bank transfer, as it accepts credit cards and acts as a boon for huge transactions.
It has a user-friendly interface and accepts credit cards too. Making its service availability worldwide, it’s quite effectual for Bitcoin bank transfer. Its major advantages are it has low 0.2 percent trading fee.
This tool for Bitcoin bank transfer has a user-friendly interface and assures greater security and analytic tools. It is fully authorized and licensed in the US with no deposit or withdrawal fees. Instant deposits will let you buy coins quickly.
BIT Panda accepts bank account payments via SEPA, SOFORT and Online Bank transfer. The major pros of Bitpanda are it demands the lowest fees on Bitcoin bank transfer with a debit/credit card.
It is one of the world’s largest Bitcoin exchanges. It makes it easy for Europeans to purchase large amounts of Bitcoins fast with SEPA bank transfer. Anyone in the world can utilize their bank account to send a wire transfer to Bitstamp, although fees may apply. The major advantage of Bitstamp is it offers a good range of deposit and withdrawal options.
Now set up an account and link it with a bank account
Once you open up an account at the exchange, all you need to do is to create a bank account with all the needed verification. One can also link it to their debit or credit card. Now you can move your digital currency to the exchange, or you can perform a Bitcoin bank transfer. If you have bitcoins on the external wallet, you can create a bitcoin wallet on an online exchange. The Bitcoin bank transfer process is complete when you create a wallet in your exchange with your cryptocurrency existed into it.
How to transfer Bitcoins to a bank account
In order to perform the last leg of Bitcoin bank transfer, all you are required is to barter your bitcoins with (any foreign currency) available at the exchange. The next step needed for the Bitcoin bank transfer would be to perform a sell order in a BTC –foreign currency market. One can easily transfer the bitcoins to a bank account by following the instructions provided by the exchange. You just need to follow the orders and your bitcoins will be converted into legal money. In case you are using a coin base for the Bitcoin bank transfer, you can contact the customer support. In case you are withdrawing from eurozone through Kraken and coin base, one must require to finish SEPA deposit. In such a way, one can have a safe and secure Bitcoin bank transfer.