how to cash out bitcoin to Your Debit Card
So you’ve made it big in crypto, and it’s time to cash out! Or maybe you just want to start using your Bitcoin in your day-to-day life. Accessing and spending your funds may seem complicated but don’t worry! We’ll look at how you withdraw funds to your debit card and the best alternative available.
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How Do You Spend Bitcoin?
You can spend Bitcoin in a few stores that accept payment in Bitcoin. However, most merchants only accept fiat. So you’ll need to convert your Bitcoin to cash. This is often done by converting Bitcoin to fiat at market price on a cryptocurrency exchange or similar crypto services.
Then you’ll have to transfer it from the exchange to your bank account before spending it. It can take a couple of days. So it’s understandable you may want a speedier alternative.
how to cash out bitcoin: Transferring Bitcoin to a Bank Account
Most bank accounts don’t support cryptocurrencies. You won’t be able to transfer your Bitcoin to your bank account without first converting it to fiat. You’ll need to sell your Bitcoin got cash on a crypto exchange, then transfer your cash to your bank account. Bank transfers and wire transfers may take a couple of days to clear.
What You Should Know About Converting Bitcoin to Fiat
You’ll be able to convert Bitcoin or other crypto assets to fiat using a cryptocurrency exchange. If you hold crypto assets in your own wallet, you’ll have to connect it to the Bitcoin exchange or transfer it to a wallet on the exchange. You can do this by creating an account with the exchange.
You’ll have to pay a conversion fee too. This can vary hugely from platform to platform. Some exchanges also have hidden fees for cryptocurrency transactions or withdrawals.
Once your Bitcoin, Ethereum, or any other crypto is is converted to fiat currency, you’ll be able to use one of the supported withdrawal methods to access your cash balance.
how to cash out bitcoin: Can You Withdraw Bitcoin to a Debit Card?
You can withdraw Bitcoin to a debit card now that several platforms offer the option. You’ll have to check with your bank if your card supports the feature, and confirm that your within the daily limit for spending.
how to cash out bitcoin: Can You Withdraw Bitcoin to a Credit Card?
You can withdraw Bitcoin to a credit card on any platform that offers the option. You’ll have to check with your bank or card issuer if your card supports the feature.
Benefits of Withdrawing Bitcoin to a Debit Card
Withdrawing Bitcoin to a debit card saves you time and money. Usually, withdrawing to a bank account can take several days. If you withdraw to a debit card, you’ll be able to access your funds immediately. You’ll be able to use your card immediately for ATM withdrawals. You may also avoid extra bank fees, including withdrawal and transaction fees.
Guide: How to Withdraw Bitcoin to Debit Card
With so many platforms and methods of accessing your funds, spending your Bitcoin using a debit card may seem complicated. We’re going to guide you through the entire process, from choosing a platform all the way to spending your hard-earned cash.
Select A Platform That Offers Debit Card Connection
While withdrawing Bitcoin to a debit card is now offered through several platforms, not every exchange has this service. You’ll have to check if your chosen platform has this option.
Binance is a popular platform that offers a Sell-to-Card feature. Trastra and Coinbase Card are two alternative exchanges supporting the feature. It’s worth shopping around to find the right platform for you. Be sure to check out the trading fees or other fees terms involved. Some platforms have a daily limit on the amount you can withdraw.
Once you’ve selected a trading platform, it’s time to create an account. You’ll be asked to go through a verification process, and you may have to conduct an initial transaction. Once you’ve completed the identity verification process, you’ll be able to add Bitcoin. You can do this either by purchasing some on the platform or moving it from another crypto wallet to the exchange.
Connect Your Debit Card
usually find the option to connect under your account’s Buy/Sell or Withdraw section.
You may be asked to make a minimum transfer to verify and connect the card. You may also need to confirm this on your bank’s mobile app as part of 2-Factor Authentication. So, be sure to have this on hand when trying to connect.
Conduct A Withdrawal Transaction
Now that you have crypto to cash out and a card linked, you can initiate a withdrawal transaction. You can often find this under the Buy/Sell tab or Withdrawal tab.
Enter the amount of Bitcoin you’d like to cash out, and if you’re happy with the exchange rate, you can hit Sell/Convert. Then choose a preferred method and select your linked debit card. Once you hit confirm, your newly converted fiat will be withdrawn to your linked card.
Spend Your Funds
That’s it! You’ve done it, and it’s time to start spending. Happy shopping!
Other Considerations
While withdrawing to a debit card is one of the fastest methods, there are other factors to consider when choosing how to spend your Bitcoin. With other methods available, it’s crucial to include all elements when deciding.
Card & Wallet Compatibility
Not every card supports direct withdrawals. Many cards require you to transfer your fiat cash to your bank account before you can use the card. You’ll have to check if your card is a Visa Fast Funds or MasterCard Send card and if your bank supports the transaction. It also depends on which country you reside in. If unsure, you can contact your bank or debit card provider to find out more.
Many exchanges also only support using their hosted crypto wallets. If you hold your assets in a self-custodial wallet (meaning you hold the keys), you may have to transfer your assets to the exchange. Many crypto traders are wary of moving their assets out of a digital wallet they have complete control over to an exchange where a third party holds the keys.
Fees
Each platform will have its own fees, including a conversion fee or on crypto transactions. Always look closely at the exchange rate and fees when converting crypto into fiat currencies. Your bank may also charge a fee for credit card purchases or withdrawing to a card. Be sure to check for any hidden costs in the small print!
Which Currency Are You Using?
Does the exchange you’ve chosen support the cryptocurrency you want to spend? Some platforms only support a handful of major cryptocurrencies like Bitcoin, Ethereum, or Ripple, while others have a much broader range.
Other Solutions: CryptoWallet.com Debit Card
The CryptoWallet.com crypto card launches in 2023 and is available for pre-order at the whitelist. The card supports over 800 cryptocurrencies, the most out of any card on the market, along with competitive fees and great rewards. Best of all, you can spend crypto directly with no conversion required!
Key Features
The CryptoWallet.com bank card has some great features that make it an excellent alternative to withdrawing to a debit card. Not only do we support a vast range of cryptocurrencies, but you’ll also be able to connect your hardware or software wallet to the card, meaning you have complete control over your funds.
Shop anywhere
Our card is accepted anywhere regular debit cards are accepted. You’ll be able to use the CryptoWallet.com crypto card online, in-store, and for ATM withdrawals.
Crypto cashback
Not only will using our CryptoWallet.com card be one of the easiest methods available, but you’ll also receive great rewards. We offer up to 5% cashback on any debit card purchases made using the CryptoWallet.com crypto card. It’s a fantastic way to receive rewards from your debit card payments. The card launches this year — join the whitelist now!
Contactless
Make the spending process even easier with our upcoming contactless MasterCard card. Make crypto purchases in seconds by simply tapping the card.
Easy to use
We’ve made it even easier to spend your cryptocurrency holdings. You can store your digital currencies on the platform or connect your non-custodial wallet to the platform. Our streamlined user interface makes converting crypto simple. Card deposits are as simple as topping up your crypto wallet online, and you can make either cash deposits to your bank or top up the card directly.
Low fees
The CryptoWallet.com card charges just 0.8% for converting crypto to fiat.
How It Works
Register an account and join the whitelist for our upcoming card, and once your card has arrived, we’ll guide you through the entire process!
You can store your crypto on our platform or connect a hardware or software wallet. This enables you to spend thousands of cryptocurrencies, including Bitcoin and Ethereum. You can convert your preferred cryptocurrency and start using your card.
Withdraw Bitcoin to Debit Card FAQs
We’re going to cover some common questions about Bitcoin debit cards. If you’d like to learn more about our crypto card or types of cryptocurrencies, check out our Academy.
How Do I Transfer Bitcoins to My Visa Card?
You can sell Bitcoins for cash on a crypto platform and then withdraw them to your linked Mastercard.
How Do I Cash Out Bitcoin to My Bank?
You can sell your Bitcoin for cash on an exchange or CryptoWallet. Then you can transfer your fiat to your bank account.
Can I Transfer Bitcoin to a Prepaid Card?
Yes. We offer a prepaid debit card that you can transfer Bitcoin to and spend. You can top up your card online, and you don’t need to provide credit card details unless you’re using a credit card to buy more crypto for your account. You can spend Bitcoin or your favorite coins directly, with over 800 of your favorite coins to choose from.
The card launches in 2023 — order it by joining the whitelist here!
