Bitcoin investors woke up to a very surprising news 2 days ago. All talks have been about the dramatic crash of the digital currency to around $11,000. Although it later regained some pride after rebounding to just above $13,000, the news almost caused a rush hour on the exchanges. Coinbase went offline temporarily due to heavy traffic on the site.
Some investors were frightened, while others were left speechless, thinking they should have cashed out when the price peaked at $20,000 just a week ago. Right now, some are busy pondering the million dollar question: Should we cash out bitcoin now?
If you have much of this digital currency in your holding, maybe it will be wise to cash out now before things get really awkward. Here’s how to.
Cashing out from your exchange
If you stored your Bitcoins with your online exchange, then it will not be too hard cashing out. In case you have the mobile app installed on your device, hit the menu icon in the top left corner and select Sell. Then fill out all the relevant details and confirm by tapping the “Sell” button.
In case you don’t have the mobile app but always use the web browser, simply log in with your details. On your home page, locate the “sell” link. Enter the amount of money you want to remove, the wallet you’re taking it from, and the account you’re sending it to. Then confirm everything and hit “Sell” to finish the transaction.
In case you encounter an unexpected issue, do not forget to reach the customer service of the exchange.
Cashing out on paper wallet
This might require a little bit more effort as you’ll have to get your digital currency online first before you can exchange it for cash.
Contact your wallet provider and verify your identity. When your identity is confirmed, transferring it to Coinbase, or any other online exchange is possible. You can then exchange it for cash.