Bitcoin is a digital currency that is gaining popularity as an alternative form of payment. It is decentralized, meaning it is not controlled by any single entity such as a government or financial institution. This makes it attractive to those who are looking for a way to store their wealth without the interference of intermediaries. If you are one of the many people who have bought bitcoin and are wondering how to sell it for cash, Coinbase is one of the most popular platforms for doing so. Here is a step-by-step guide on how to sell bitcoin for cash on Coinbase.
Step 1: Create an account on Coinbase
The first step is to create an account on Coinbase. This can be done by visiting their website and clicking on the “Sign up” button. You will be prompted to enter your name, email address, and create a password. Once you have completed this step, you will need to verify your email address and phone number.
Step 2: Link a bank account
Before you can sell bitcoin for cash on Coinbase, you will need to link a bank account. This can be done by clicking on the “Settings” tab and then selecting “Linked Accounts”. From there, you can select “Add Account” and enter your bank account information. Coinbase will then make two small deposits into your account to verify it. Once you have verified your bank account, you can proceed to the next step.
Step 3: Sell bitcoin for cash
To sell bitcoin for cash on Coinbase, you will need to navigate to the “Sell” tab. From there, you can select the amount of bitcoin you want to sell and the currency you want to receive (in this case, cash). Once you have entered this information, you will be asked to confirm the transaction. If everything looks correct, click on “Sell Bitcoin” to complete the transaction.
Step 4: Withdraw cash from Coinbase
Once you have sold your bitcoin for cash on Coinbase, you will need to withdraw the cash to your bank account. This can be done by navigating to the “Accounts” tab and selecting the “Withdraw” button next to your cash balance. From there, you can select your linked bank account and enter the amount you want to withdraw. Coinbase will then initiate the transfer to your bank account.
Step 5: Wait for the transfer to complete
The final step is to wait for the transfer to complete. The amount of time it takes for the transfer to complete will depend on your bank’s processing times. In most cases, it takes 1-3 business days for the transfer to complete. Once the transfer is complete, the cash will be available in your bank account.
In conclusion, selling bitcoin for cash on Coinbase is a relatively simple process. By following the steps outlined above, you can easily convert your bitcoin into cash and withdraw it to your bank account. It is important to note that the value of bitcoin can fluctuate rapidly, so it is important to keep an eye on the market before selling your bitcoin. Additionally, it is recommended to only sell bitcoin on reputable platforms such as Coinbase to avoid scams and frauds.