Bitcoin’s popularity is increasing day by day, and by expanding the rage, there is a price rise. A month ago, the price of bitcoin was $45,000-something, and the current price of bitcoin at the time of writing this article was $62,101. However, many people have not purchased bitcoin yet and want to know how they will convert it into their bank account if they buy the bitcoin. So in this article, we will learn how you can transfer money from your bitcoin wallet to your bank account. So without wasting time, let’s understand the way to transfer money to your bank account.
What is Bitcoin:
Bitcoin is a famous cryptocurrency that is rapidly increasing because of its multiple uses. Bitcoin is more than a currency. You can do various things with bitcoin, such as investing, trading, receiving, sending, earning, mining, online shopping and more. It is a globally accepted currency, meaning anyone in the world can receive and send bitcoins to anyone. Furthermore, Bitcoin is a decentralized currency that no third parties can control, such as financial institutions, banks, the government and even the founder of bitcoin, Satoshi Nakamoto.
It would help if you had a bitcoin exchange:
There are a lot of bitcoin exchanges on the internet, and you can choose according to your choice. Bitcoin exchanges are the third parties that provide the extra features to the bitcoin users and will charge some fees for these services. They give a lot of features such as graphical user interface, deposit, withdrawal, sending and receiving option, trading, investing and more. You can do multiple things on an exchange by merely creating your account. Click for more information about the synopsis of bitcoin events here.
Why you should choose an exchange for withdrawal:
Bitcoin exchanges include a graphical user interface that makes it easy to buy and sell bitcoins in a few clicks with graphics. There are no complications to buying and selling bitcoin. Suppose you are already using a bitcoin wallet and getting problems withdrawing bitcoin into your bank account. In that case, the exchange will help you withdraw money, but it will charge some percentage per transaction. Every exchange has its transactional fees, and they might vary in different exchanges. Transfer the bitcoin from your bitcoin wallet to the exchange wallet and then withdrawal money to your bank account.
Steps to withdrawal money to your bank account from an exchange:
Here are the following steps to leave money to your bank account from an exchange:
- The first step is choosing an exchange from the various exchanges. Please do your research about the exchange by reading their blogs and features. Check their reviews and then select a bitcoin exchange. There are a lot of exchanges on the internet, and some of them are fraud.
- After choosing the exchange, create your new account if you are new to the exchange or sign in if you already have an account with the exchange.
- If you are new, create your account by filling in your active mobile number and email address, and you will get OTP or PIN in your mobile or email address.
- Now you have successfully created your account on a bitcoin exchange.
- To grab all the features of bitcoin exchange, Complete the KYC.
- Enter your identity proof such as a Passport copy or License or Adhaar card, or PAN card if you live in India. Then, you have to click your live selfie and upload the signature picture that must be on plain white paper.
- KYC will approve within 24 hours. After approving the KYC, you are ready to deposit and withdraw funds through banks or other payment methods.
- Suppose you already have a bitcoin wallet such as a blockchain wallet and face a problem in withdrawal. In that case, transferring bitcoin from your wallet to an exchange wallet is very simple.
- Click on the Send button in the bitcoin wallet that you are currently using.
- Enter the exchange wallet address that you will get by clicking on the bitcoin and clicking on the withdrawal.
- Paste the exchange address into the wallet from where you are transferring.
- Enter the amount of bitcoin that you want to withdraw.
- Click on the send button and wait until your transaction confirms because it may take more than 10 minutes.
- After successfully receiving bitcoin into your exchange wallet, click on the withdrawal button in exchange. Enter the amount of bitcoin, and the exchange will automatically show the number of bitcoins into fiat currency. Click on withdrawal, and you will get money into your bank account. (Remember that you must connect with your bank account at the time of withdrawing money.)