So let's say you've already stacked up your hard-earned bitcoins. Either you HODL it, trade it,
or use it to make online purchases.
But how do you use it outside the online world?
You convert it to cash.
Today, I'll be showing you how to cash out your bitcoins from your digital wallet.
What's up cryptopeeps? It's your girl Maria, here to deliver your daily dose of Bitcoin news.
There are different ways to do this
but it depends on where you're located and what is available to you.
Since I'm currently in the Philippines,
I'll show you some of the easiest ways to cash out your bitcoins in the country.
The first two ways that I'll discuss require you to download an app called "coins.ph", which serves as your digital wallet.
You can also use this app to send load to your phone or even pay your bills.
Now, let's get to it!
Number 1: Bank Transfers
Once you're in the app, go to your Peso or Bitcoin wallet and
this depends if you converted your Bitcoin into pesos or if you chose to keep them in your wallet as crypto.
Tip: If the market of Bitcoin is high,
It's best to store your bitcoins in your Bitcoin wallet so you can increase them.
But if you're afraid of the risk that this might lessen your bitcoins, you can safely convert them in your Peso wallet.
Next, click on the cash out button and you'll see a lot of different ways to cash out your Bitcoin, but for now
let's focus on the most convenient way.
Click on "bank".
Choose the bank you use and want the bitcoins to be sent to.
Fill in the amount.
And lastly, the details.
And it's as easy as that!
But take note that orders placed before 10 a.m
will be delivered to your bank account within the day, but orders placed after 10 a.m. will be sent by 6 p.m
on the next business day.
Number 2: Money Centers
Again, this needs to be done through the app.
Also, keep in mind that remittance centers charge a fee depending on the amount that you will send.
Currently, there are only two money centers to choose from on coins.ph, either Cebuana Lhuillier or
LBC Instant Peso Padala.
Both have different rates, which you can simply search for on Google.
Click on the money center of your choice, type in the amount and fill in your details.
Once confirmed, the amount will be sent to the money centers for pickup within an hour or so.
Don't forget to bring a valid ID since it is part of the requirements when you pick up your cash.
Number 3: Bitcoin ATM
Most of you don't know, but there's actually a Bitcoin ATM in the Philippines.
You can find it in a hotel located on P. Burgos street, Poblacion, Makati City.
The hotel is called Sunnette Tower and you can find ATM just inside the lobby.
Don't forget to bring your phone as you need this later to confirm your transaction.
Now let's get started.
If you take a look at the ATM, you'll see that there are already instructions for you to follow
Step one is to select "withdraw cash".
Next, input the amount you want to withdraw.
Then, using the Bitcoin mobile app on your phone scan your Bitcoin wallet QR code or you can opt to type it in manually
but this is very risky since it is prone to errors.
If you're having trouble scanning your code or too afraid to type it in you can also instantly create a paper wallet through the ATM.
If you're encashing an amount greater than five thousand pesos,
get the redemption code and wait for the confirmation code that it will send you through text.
Once you get the code, type it into the machine and click "redeem".
If the amount is less than five thousand pesos,
then you can skip this step and get your cash directly through the dispenser along with the confirmation receipt.
Wouldn't it be awesome if Bitcoin ATMs were available everywhere around the globe?
I know that would make my life easier.
Do you guys want us to teach you how to cash out in different places or how about more methods?
Let us know in the comment section down below.
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And lastly, my name is Maria and this is WeTheCryptos.