Is it hard to cash out Bitcoin? Three common withdrawal methods
In Taiwan, more and more people are getting in touch with and investing in Bitcoin. However, many newcomers are troubled by the problem of "difficulty in cashing out Bitcoin". In fact, converting Bitcoin to cash is not an insurmountable problem, the key lies in choosing a suitable withdrawal method. Today, Mike will show you three common ways to withdraw Bitcoin and help you choose the most suitable method for you. Whether you're looking for quick cash or long-term planning, this article will give you useful information.
The first method: withdrawing money directly through cryptocurrency exchanges
In Taiwan, the most common way to withdraw Bitcoin is through a cryptocurrency exchange, which is the first step most newbies choose. All you need to do is transfer Bitcoin into your exchange account and follow the instructions provided by the platform to convert it to Taiwan dollars or other fiat currencies, and then withdraw it to your bank account. Platforms like Binance, Coinbase, and Taiwan's BitoPro all support this type of service.
It is important to note that different exchanges have different fee structures and you need to know the fees and time involved in advance when withdrawing funds. For example, BitoPro's handling fee for withdrawals in Taiwan dollars is $10, and the processing time takes about 1-2 business days. If you choose other large international platforms, you may incur higher fees for international remittances and the withdrawal time may be longer.
Advantages
- Multiple trading platforms, easy to operate
- Higher safety, regulated
- Faster withdrawals
Disadvantages
- Handling fee will affect the cash-out amount
- Authentication may be required
Second method: peer-to-peer trading using P2P trading platforms
Another common way to withdraw Bitcoin is to use a P2P (peer-to-peer) trading platform. These platforms do not require third-party guarantees and allow buyers and sellers to conduct transactions directly. On a P2P platform, you can choose to accept payments in Taiwan dollars and set the price and payment method according to your needs. Common P2P platforms include Binance P2P, LocalBitcoins, and Bithumb P2P.
The advantage of P2P transaction is that it can provide more payment options (e.g. ATM deposit, bank transfer, or even cash payment), which is a good choice for people who need cash urgently. Of course, P2P transactions carry higher risks compared to other transaction methods, so you should pay special attention to the credit rating and transaction evaluation of the other party when making a transaction.
Advantages
- Flexible Payment Methods
- More favorable price can be set
- Provide faster transaction settlement
Disadvantages
- Higher trading risk
- Need to choose a reputable counterparty
Third Method: Direct Withdrawal Using Bitcoin ATM Card
If you don't want to go through the hassle of going through an exchange or P2P platform, you can also consider using a Bitcoin ATM card to withdraw cash directly. This type of ATM card is actually a prepaid card that you can load up with Bitcoin and then use it to withdraw cash directly from an ATM. Common brands of Bitcoin ATM cards include BitPay and Wirex.
The biggest advantage of Bitcoin ATM cards is the convenience of converting Bitcoin into cash without having to rely on bank transfers or third-party platforms. However, the disadvantage of these cards is that they usually charge a high fee, especially for ATM withdrawals. The use of ATM cards is also limited, as they are not supported by ATMs in all countries or regions.
Advantages
- Direct withdrawals, convenient and fast
- Cash out at multiple locations
Disadvantages
- Higher withdrawal fees
- Limited scope of use
How to choose the most suitable withdrawal method?
Choosing the most suitable method of withdrawing Bitcoin depends on your needs. If you're a beginner and want to cash out quickly, going through a cryptocurrency exchange or P2P trading platform may be the most straightforward option. If you're more interested in convenience and don't mind paying some fees, a Bitcoin ATM card is a good choice.
Whichever method you choose, it is important to understand the associated fees, conversion times and risks in advance, and to choose a safe and reliable platform for your transactions. After all, although Bitcoin is a digital asset, it should be handled with care.
Frequently Asked Questions Q&A
Q1: What is the handling fee for withdrawing funds using the Exchange?
A1: Each exchange has different handling fees, for example, BitoPro's Taiwan Dollar withdrawal fee is around NT$10, while other international exchanges such as Binance may have fixed or proportional handling fees. For more details, please refer to the official description of each platform.
Q2: Are there any risks associated with P2P trading?
A2: Yes, P2P trading is risky compared to using exchanges directly because the transactions are negotiated between buyers and sellers and there is a possibility of fraud or disputes. Therefore, when choosing a counterparty, be sure to check the counterparty's trading history and ratings.
Q3: Are there any restrictions on the use of Bitcoin ATM cards?
A3: Although the Bitcoin ATM card offers convenient cash withdrawal, there may be some limitations on its use, such as a daily withdrawal limit, ATM fees, and unsupported ATMs in certain areas, so it is important to be aware of the card's terms of use and limitations before using it.
I hope this article will help you to understand more clearly the ways to cash out Bitcoin, whether you choose an exchange, P2P or ATM card, you can find the most suitable method for you to convert Bitcoin to cash easily.
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