BTC to Cash
Converting BTC to cash is vital for anyone interested in investing in Bitcoin. At BTC.com.au, you can open a trading account and sell and buying Bitcoin. If you need to withdraw funds from your account, you can do this through an Australian bank account linked to your trading account.
Many people are investing in Bitcoin and then selling it later for a profit. If you’re interested in becoming a Bitcoin investor, then signing up with an Australian company is a great place to start. At BTC.com.au, we provide a place for Australians to trade in cryptocurrency using AUD fiat currency. When you trade with BTC.com.au, you can save on bank fees as you won’t need to convert your AUD to USD before buying BTC.
Many people only know Bitcoin as it is reported in the media. If you watch the news, you’ll often note the value of Bitcoin but may not be completely aware of what it is and how to buy Bitcoin of your own. You need to know about Bitcoin because it is a type of currency, but instead of a paper (or polymer) note or a metal coin, you have a digital file that represents ownership.
The main idea of Bitcoin was to replace the need for government and banks as the central controlling agency; Bitcoin is known as a decentralised currency because you don’t need an additional institution to complete transfers. However, many people today will buy and sell Bitcoin as a way of investing where they aim to profit from the rise and fall of Bitcoin’s value. The specific science behind Bitcoin can get very technical, but we’ll add a brief explanation here.
Bitcoin uses a technology called the blockchain to record and verify transactions. The integrity of the blockchain and verification process is handled by a volunteer group that will process all the transactions and confirm that everything is operating correctly. The volunteers are rewarded with additional Bitcoin; this process is known as mining Bitcoin.
If a person wants to buy Bitcoin, they’ll need a crypto wallet, your access key, and an internet connection. There are many crypto wallets available, but if you’re getting started buying and selling Bitcoin, you can often use the services of a crypto exchange like BTC.com.au to store your Bitcoin. If you have a lot of Bitcoin, you may prefer to use a cold crypto wallet and store the coins and your access key in a safe location. If you lose the access key to your crypto wallet, there is no way of getting it back.
Bitcoin transactions occur whenever you send or receive Bitcoin. If you’d like to send or spend your Bitcoin, you’ll need to know the address of the receiver's wallet. Next, you’ll enter your private key and agree on the transaction fee. The transaction fee will have a bearing on how fast the transaction takes to complete; the higher the fee, the faster the transaction will be verified. If you’re happy with everything, you can select send (or the equivalent for your wallet). The receiver will need to wait for the transaction to be verified by the mining team before it appears in their wallet; this should take around ten minutes but can be longer during peak periods. When the Bitcoin is showing in the receiver's wallet, the transaction is complete.
Converting BTC to cash can be completed quickly through a crypto exchange. At BTC.com.au, you can sign up for a trading account, link your Australian bank account, and sell any number of Bitcoins you wish.
An advantage of using BTC.com.au to convert your BTC to cash is that we deal in AUD, and this means you will not need to convert USD into AUD after the transaction, which will cost additional bank fees. Many Bitcoin exchanges operating in Australia will use USD, especially those owned by international companies. After you sell your Bitcoin, you can leave the funds in your trading account or choose to transfer them to your regular bank account.
Another method for converting BTC to cash is to use a Bitcoin ATM. These machines work very similarly to standard banking ATMs, so they are convenient. Instead of using a bank card, you’ll enter your crypto wallet address and then choose to buy or sell an amount of Bitcoin. The machines will complete the transaction and supply you with money. However, you can’t physically withdraw cash, but you can receive it in your digital wallet. You can find a Bitcoin ATM close to you with an online search.
As several processes are involved, converting your BTC to cash completely can take some time. If you choose to sell through a crypto exchange, your Bitcoin sale will take about ten minutes to complete; you’ll need to transfer funds from your trading account to your banking account, which can take up to two days. After the funds are shown in your bank account, you’ll visit the bank or use an ATM to withdraw your cash.
At BTC.com.au, we have many articles about cryptocurrency, including how to buy Ethereum, how to buy things with Ethereum, how to buy Bitcoin in Australia, how to buy cryptocurrency in Australia, how to sell Bitcoin, and how to use Bitcoin. If you’re interested in buying and investing in Bitcoin, you can open a trading account with BTC.com.au and start trading today!
Create an account
Enter your email address and secure password to start your crypto journey.
Verify your identity
Use our automated identity verification system to instantly verify and activate your account.
Start buying and selling
Make your first deposit and begin trading digital currency. It's really that easy!