How to withdraw Bitcoin into fiat money: a review of various options and instructions. Withdrawing money from accounts of exchanges and wallets using exchangers and payment systems.
Cryptocurrency exchanges, cloud services, exchangers, payment systems – all these are participants in one large system, referred to as the “Cryptocurrency Universe”. Applications and wallets, bank cards, accounts of electronic systems WebMoney or Perfect Money – all these are tools that form a system of replenishment, exchange, and withdrawal of money. In this review, you will learn how interaction occurs between all market participants, how to withdraw Bitcoin from a wallet, and are there any alternatives to exchanges and wallets.
How to withdraw Bitcoin from a wallet in cash
Cryptocurrencies are becoming an increasingly popular tool, and more intermediaries are appearing on the cryptocurrency market. The complexity of the interaction between all market participants is the lack of uniform rules of work and a single standard. Each of the exchanges only works with certain payment systems, each exchange supports only its own specific set of cryptocurrencies. The replenishment and withdrawal scheme sometimes becomes so confusing that the investor loses at least a substantial part of the money on commissions. There is no single instruction on how to withdraw Bitcoin from a wallet or exchange account because the conditions of the game on the cryptocurrency market are constantly changing: new schemes appear, commissions change, etc. In this review, a general system of how to withdraw Bitcoins to a card will be proposed, and you can expand it in the comments.
How to withdraw Bitcoin to a card and in fiat money
It may seem logical to consider the option of not withdrawing money, but, on the contrary, replenishment. After all, before withdrawing into fiat money, cryptocurrency must somehow get into the trading account. So, it’s easier to withdraw it in the same way as it was replenished. But not so simple. Firstly, making money is much easier than withdrawing. For example, with a bank card, you can send a payment of almost any purpose but accept – no. Secondly, the cryptocurrency on the wallet could appear as a result of mining. That is, replenishment of the account as such did not occur.
To begin with, I will describe the general scheme of the relationship between all participants in the cryptocurrency market. There are two options for storing coins:
- Wallets. They are an application, a program that is installed on a computer. Cryptocurrency is a kind of code that will be written in this application (this is very simplified). There are online wallets hosted on various services, but it is better to use only cold wallets downloaded from the cryptocurrency developer website.
- Accounts on exchanges. The investor passes registration and verification on the exchange and starts depositing money, depending on what options are available. For example, it simply transfers fiat money from a bank card to the details specified by the exchange. Or first, they credit them to an electronic wallet (WebMoney, Perfect Money, etc.), and from the wallet, they transfer money to a bank card or withdraw through a physical exchange office.
How to withdraw Bitcoins:
- withdrawal from the exchange to the wallet;
- withdrawal from the exchange or wallet to the card through the exchanger;
- withdrawal to the card through the exchange;
- withdrawal from the exchange or cold wallet to an account in electronic systems.
How to withdraw Bitcoins to a Blockchain wallet
Blockchain (Bitcoin Wallet) is a time-tested wallet for Bitcoin, which allows you to store Bitcoins outside the exchange on a desktop computer or mobile device. The first step is to create it:
- go to the official website of the blockchain wallet. com ;
- select the operating system under which the application will be installed;
- Click “Create new Blockchain wallet”, specify the email address and password.
Wallet created. How to withdraw Bitcoins from the exchange to the Blockchain wallet we will show on the example of Exmo:
- transfer all cryptocurrency available on the exchange to Bitcoin;
- in the “Wallet” tab near the PTS, click “Withdraw”, fill out all the fields, indicating the wallet number.
Exmo and other exchanges also provide withdrawals to electronic wallets or directly to bank cards. For example, before withdrawing bitcoins to a Sberbank card, you need to exchange cryptocurrency in your personal account for rubles, then select the option to withdraw money Visa / MasterCard and enter data on the card. After the transaction is completed, a confirmation email will be sent to the email. The speed of withdrawing money to the card is from several hours to 3 days from the moment of confirmation.