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.

Once your Bitcoin is on Coinspot all you need to do is sell it.  The funds will be added to your AUD wallet which can then be transferred to your bank account.  Withdrawals can take up to 24 hours, but coinspot has recently sped this process up.   There are no fees to withdraw your funds.

I recommend Coinspot to most people because it has an easy to use interface that anyone can use.

Selling Bitcoin you’ve bought on Coinbase

Coinbase is one of the worlds most popular places to buy cryptocurrency.  But unfortunately you can’t yet sell bitcoin or other cryptos if you’re in Australia.  So if you’ve bought a bunch of crypto on coinbase and are now looking to cashout here is how to do it:

  1. Sign up to Coinspot here
  2. Verify your account
  3. Send your bitcoin to Coinspot (you can find your bitcoin wallet address in the bitcoin wallet page on Coinspot).
  4. Sell Bitcoin
  5. Withdraw from Coinspot to your bank account

This process will take about 24 hours.

Selling Bitcoin through BTCMarkets

BTCMarkets is another popular bitcoin exchange in Australia.  I’ve used them before.  You can send Bitcoin, Ethereum and Litecoin to BTCMarkets and then sell it for AUD.  BTCMarkets links with your bank account so you can withdraw straight to your account.  It takes around 24 hours for withdrawals to be processed.

The interface can be a little confusing if you’re new to exchanges.  That’s why I recommend CoinSpot over BTCMarkets.  But if you’re comfortable using an exchange interface then it’s a good choice.

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