Can you Cash Out Bitcoin for Real Money?

Bitcoin has stood the test of time as being the most valuable cryptocurrency there is. Despite there being thousands of cryptocurrencies on the market, Bitcoin has firmly established itself as the most valuable cryptocurrency, and it is way ahead of its competitors! While it was initially developed as a payment method, many have turned to it for investment. Unfortunately, if you want to buy things, there are only a few businesses that accept payment in Bitcoin.

Online casinos are one of the few businesses that have gone all in on Bitcoin gambling, allowing players to make casino deposits using Bitcoin into their casino account to play online casino games for real money. You may be wondering whether you will be able to withdraw cash from the Bitcoin casino after having transferred your Bitcoin.

We are here to answer your question, so keep reading below to find out more.

Why Would you Transfer Bitcoin to a Bank Account?

If Bitcoin is so valuable, why would you want to move it to fiat currency, or traditional, government-issued currency, in your bank account? The answer to this is simply that you may want to cash out on your Bitcoin investment to purchase something only available in traditional fiat currency. To do this you would be required to transfer your Bitcoin into traditional currency in your bank account. There are several ways that you can do this.

Exchanging your Bitcoin for fiat currency is the same concept as exchanging, for example, dollars to pounds. It requires you, as the holder of Bitcoin, to sell it in exchange for the currency of your choice. This is calculated by looking at the current price of Bitcoin and multiplying it by however many Bitcoins you are wanting to sell. The price of Bitcoin is determined by the demand for Bitcoin at any given time, which changes depending on the market conditions.

If you are using our recommended bankroll management tips at an online crypto casino you would probably want to withdraw your winnings in fiat currency so that you can use it to spoil yourself. If this is the case you will be pleased to hear that Bitcoin casinos do indeed allow you to cash out in fiat currency even if you deposited funds using Bitcoin.

What are My Cash Out Methods?

There are two main ways that you can cash out Bitcoin, known as third-party broker exchanges or peer-to-peer private transactions. Third-party broker exchanges are essentially cryptocurrency exchanges that transfer your Bitcoin into cash for you, paid directly into your bank account. This is the easiest method to transfer Bitcoin into cash and vice-versa.

On the other hand, there is also the opportunity to convert Bitcoin into cash using a Peer-to-peer Bitcoin platform. This will connect you straight to a potential buyer of Bitcoin who will pay the cash directly into your bank account. The benefit of using this method is that it typically offers a better exchange rate than traditional Bitcoin exchanges. The danger of using this method is that there are plenty of scams out there that target people who are new to crypto.

Can I Sell Bitcoin for ‘Real Money’?

Depositing with Bitcoin?

Bitcoin is first and foremost a decentralized currency. The price of Bitcoin is influenced by demand and supply considerations, as opposed to the traditional currency which is controlled by banks. Despite not being within the traditional group of currencies that are typically traded around the world, nothing is stopping you from selling your Bitcoin for traditional currency.

This is done in the same way as if you were holding a handful of gold. You would look at the current price of Bitcoin and sell it accordingly. There is plenty of data that shows the current price of Bitcoin which makes agreeing on a selling price super easy.

If you are selling your Bitcoin you should keep in mind that any profit that you have made is taxable. Your tax liability on your crypto gains should be known in full before you decide to sell so that you are fully legally compliant. Another consideration to keep in mind is that when using a Bitcoin exchange you will also be charged exchange fees. This is something to consider when choosing an exchange as some offer more favorable fee terms than others.