How to cash out your Bitcoin

Are you looking to sell your bitcoin and convert it back into cash?  Well here is a guide on how to cash out your bitcoin in Australia.

Selling Bitcoin on Coinspot

Coinspot makes it really easy to sell Bitcoin and then transfer the money to your bank account.  You can sell the Bitcoin you’ve bought through Coinspot or you can transfer Bitcoin into Coinspot and sell it.  To transfer Bitcoin to coinspot just visit the wallet page for Bitcoin and then click on the “receive bitcoin” link.  This will generate a bitcoin address for you that you can use to send bitcoin to.

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Buy Bitcoin using PayID

PayID is a deposit method that lets you pay instantly using your bank account.  It was recently introduced by Australian Banks.  Using PayID you can transfer money instantly using just an email address.  It’s a bit like PayPal but works directly from your bank account.

Buying Bitcoin Using PayID

CoinSpot, my favorite cryptocurrency broker has just started offering support for PayID deposits.  And at the moment there is no fee.  I tested out using PayID this morning and the process was really easy.

To use PayID with CoinSpot you simply send money via your internet banking app to the email address coinspot provides.  And you just need to include your customer reference number in the description field.  Coinspot has put together really good documentation as well, so you won’t have any troubles.

The deposit showed up in my coinspot account within a few minutes.  It should in theory be instant, but apparently banks delay the payments if you’re paying someone new.  But this delay is only ever a couple of minutes.

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