The most common way to sell cryptocurrency for cash is going through a regulated exchange like Coinbase.
To sell your Cryptos at Coinbase, you have to log in to your account. Then go to the “Sell” page and enter a sell order. The proceeds of the sale, on Coinbase in USD, can either go back into your Coinbase account or be transferred to an external bank account. You’ll need to verify your identity. Regulated exchanges are required by law to verify your identity.
There will be limits on how much you can withdraw. Most people will be able to sell up to $25,000 per day, according to an 2018 blog post from Coinbase.
If your coins are on a non-fiat exchange, you’ll need to send them to one that does offer fiat trading to cash out.
If you’re looking to sell larger amounts of bitcoin, many people choose to work with an OTC broker who can help match you up with a buyer and process the transaction.
Another option to sell bitcoin for fiat is LocalBitcoins. This site matches up traders on a local basis. LocalBitcoins holds the funds in escrow.
Alternatively, you can use bitcoin to settle personal transactions. If you owe somebody $50, ask if they want bitcoin or your preferred crypto.
Sven Franssen