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How do I convert Bitcoin to cash

Converting Bitcoin (BTC) to cash involves selling your Bitcoin on a cryptocurrency exchange or peer-to-peer (P2P) platform and withdrawing the proceeds to a bank account or other cash-based methods. Below is a step-by-step guide focusing on using Binance (https://accounts.binance.com/), along with an example.

Steps to Convert Bitcoin to Cash on Binance

Register and Verify Your Account
- Visit https://accounts.binance.com/.
- Sign up with your email or phone number, create a strong password, and complete KYC (identity verification) by submitting ID documents (e.g., passport, national ID) and a selfie. This typically takes a few hours to a few days for approval.
Deposit Bitcoin to Binance
- Log in to Binance and go to Wallet > Overview > Deposit.
- Select Bitcoin (BTC) and copy the provided wallet address.
- Transfer Bitcoin from your external wallet (e.g., Trust Wallet, Ledger, or another exchange) to this Binance address. Ensure the network is BTC (Bitcoin network) to avoid errors.
- Wait for the transaction to confirm (usually 10-60 minutes, depending on network congestion).
Sell Bitcoin for Fiat or Stablecoin
- Go to Trade > Spot.
- Select a trading pair, such as BTC/USDT (to sell for USDT, a stablecoin pegged to USD) or BTC/VND (if available in Vietnam).
- Choose an order type:
  - Market Order: Sell Bitcoin instantly at the current market price.
  - Limit Order: Set a specific price to sell Bitcoin when the market reaches it.
- Enter the amount of Bitcoin to sell and confirm. The proceeds (e.g., USDT or VND) will appear in your Spot Wallet.
Withdraw to Cash
- Go to Wallet > Fiat and Spot > Withdraw.
- If you sold for USDT, convert USDT to fiat (e.g., VND) by trading on the USDT/VND pair (if available) or selecting a fiat withdrawal option.
- Choose a withdrawal method:
  - Bank Transfer: Enter your bank account details (account number, bank name). In Vietnam, Binance supports local banks like Vietcombank or Techcombank.
  - Card Withdrawal: Link a Visa/MasterCard (if supported in your region).
- Confirm the withdrawal. Bank transfers typically take 1-3 days, and fees vary (e.g., ~$1-5 or 0.1% for VND).
Alternative: Use Binance P2P
- Go to P2P on Binance.
- Select Sell > BTC and choose a buyer offering your preferred payment method (e.g., bank transfer, Momo, or cash in person).
- Transfer Bitcoin to the buyer via Binance’s escrow system, which holds the BTC until you confirm receipt of payment.
- Once paid, the cash or funds will be in your bank account or chosen method.

Example: Converting 0.01 BTC to Cash

Scenario: Assume Bitcoin’s price is ~$80,000/BTC (based on recent 2025 trends), so 0.01 BTC is worth ~$800.
Step-by-Step:
1. Deposit 0.01 BTC to your Binance wallet from an external wallet.
2. Sell 0.01 BTC for USDT on the BTC/USDT pair, receiving ~800 USDT (minus ~0.1% trading fee, or $0.80).
3. Convert USDT to VND (if in Vietnam) via P2P or Spot (e.g., 800 USDT ≈ 20,000,000 VND at ~25,000 VND/USDT).
4. Withdraw VND to your bank account via bank transfer, incurring a small fee (e.g., ~20,000-50,000 VND).
Result: You receive ~19,950,000 VND in your bank account after fees.

How do I convert Bitcoin to cash

Other Platforms to Convert Bitcoin to Cash

Coinbase: Sell Bitcoin for USD/EUR and withdraw to a bank account or PayPal. Fees are higher (~1-4%).
Kraken: Similar to Binance, supports bank withdrawals with competitive fees.
Remitano (Popular in Vietnam): Use P2P to sell Bitcoin for VND via bank transfer or mobile apps like Momo.
Bitcoin ATMs: Find a local ATM via CoinATMRadar.com, sell Bitcoin, and receive cash (fees ~5-10%).

Important Tips

Security: After buying Bitcoin on Binance (https://accounts.binance.com/), store it in a cold wallet (e.g., Ledger Nano X) or hardware wallet before selling to minimize risks. Enable 2FA on Binance.
Fees: Binance has low trading fees (~0.1%), but check withdrawal fees for your region. P2P trades may have no fees if negotiated well.
Taxes: Selling Bitcoin may trigger capital gains tax in some countries. In Vietnam, report profits to comply with tax laws.
Legal Note: In Vietnam, Bitcoin isn’t legal tender, but selling it for cash is generally allowed for individuals. Confirm local regulations.
Avoid Scams: Use trusted platforms like Binance and ensure P2P trades use escrow services.