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Withdrawing your bitcoin investments into fiat currency secures your profits. Click through to learn how to convert bitcoin to cash and what the best way to do it is. If you’re a bitcoin investor, you’re probably wondering how to cash out your investment profits.
Why convert Bitcoin to cash?
You usually convert bitcoin to cash when you want to secure your investment gains. Bitcoin’s value tends to fluctuate, so converting your gains into cash secures its value because fiat currencies tend to be more stable. Securing your profits is especially important if you’re risk-averse and don’t want to deal with price uncertainties.
Another reason to convert bitcoin to cash is to use it to buy things. While bitcoin was originally meant to replace fiat currencies, not many businesses accept bitcoin as payment despite rising interest. Fortunately, bitcoin is liquid enough to convert into cash almost instantly.
What you need to convert bitcoin to cash
Here’s what you need if you want to convert bitcoin to cash:
A bitcoin wallet
Some bitcoin to cash out
A bank account
An account on a third-party broker exchange or peer-to-peer exchange platform
How to convert bitcoin to cash
You have many options to exchange bitcoin for cash. Here, we cover the most common methods and provide step-by-step guides to do so:
Cryptocurrency exchanges
Cryptocurrency exchanges like Coinbase, Kraken, and Binance allow you to buy and sell bitcoin. Here’s how to cash out your bitcoin on crypto exchanges, assuming you have an external bitcoin wallet:
Create an account on the exchange.
Go through the verification process.
Connect your crypto wallet.
Transfer your bitcoin into the exchange account.
Choose a trading pair with your local currency.
Sell your bitcoin and receive your fiat currency.
Withdraw the fiat into your bank account.
Selling bitcoin on crypto exchanges is often the easiest way to cash out your crypto earnings. However, the withdrawal process to your bank may take a couple of days.
Peer-to-peer exchanges
Peer-to-peer platforms like Binance P2P or Paxful pair you (as a seller) with another user (acting as a buyer). As the seller, you get to set the payment methods and pick a buyer who offers the best exchange rate.
Here’s a quick guide to selling bitcoin on peer-to-peer platforms:
Create a peer-to-peer exchange account.
Set purchase requirements like payment methods, currency, and location.
Look through the available buy offers.
Find the offer that suits your needs.
Review the buyer’s profile and verify their trustworthiness.
Choose a buyer and discuss trade terms in the private exchange chat.
Send your bitcoin to the exchange’s escrow and wait for the buyer to send the money.
Finish the trade and receive the money from your buyer.
You can sometimes get better rates from a peer-to-peer exchange, but you must also watch for fraudsters. Choose a peer-to-peer exchange that keeps your bitcoin secure until you receive payment, and always review the buyer’s rating before initiating a sale.
Bitcoin ATMs
Bitcoin ATMs work similarly to their traditional counterparts, allowing you to buy and sell bitcoin in exchange for cash.
Here’s how to cash out bitcoins on ATMs:
Find the nearest Bitcoin ATM.
Select the bitcoin exchange option.
Read and accept the terms and conditions.
Select the transaction cash limit. You may need to create an account first to make transactions above a certain value.
Enter your phone number.
Enter your withdrawal amount.
Scan the QR code printout with your bitcoin wallet app.
Wait for the peer-to-peer transaction confirmation.
Redeem your transaction receipt for your cash.
Bitcoin ATMs let you receive instant cash and are best for converting small amounts. However, they have higher withdrawal fees and there may not be a Bitcoin ATM near you.
Bitcoin debit cards
Several crypto exchanges like Coinbase and Binance offer Visa debit cards. You can preload these cards with bitcoin and use them to make purchases from shops that don’t accept crypto – they automatically convert your stored bitcoin into the relevant fiat currency. Additionally, bitcoin debit cards enable you to withdraw cash from ATMs.
Here’s how to set a bitcoin debit card up:
Sign up for a crypto exchange account.
Go through identity verification.
Navigate to the debit card page.
Fill out the card application form.
Wait for your application approval.
Once your application is approved, you can use the card from your crypto exchange app. Most bitcoin debit card providers send the card within two weeks of your application approval.
While bitcoin debit cards are highly convenient, they’re usually only available in regions like the United States or Europe. People in other regions need to wait until crypto exchanges expand their support.
Bank-account transfers
Payment platforms like Revolut, PayPal, and Cash App provide a simple way to convert Bitcoin into fiat currency and withdraw it directly to your bank account.
Here’s how to use these services:
1. Sign up for a service such as Revolut, PayPal, or Cash App.
2. Go through the verification process.
3. Connect your bank account or debit card to the service.
4. Go to the cryptocurrency section of the platform, select Bitcoin, and convert it into your preferred fiat currency.
5. Once the conversion is complete, request a withdrawal to transfer the fiat funds to your bank account.
While these platforms are super convenient and often offer quick bank transfers, like instant or same-day options, they may come with higher fees. You may also face regional restrictions on access, and withdrawal limits could vary depending on both your account and location.
Lightning Network wallets with fiat plugins
El Salvador was the first country to make Bitcoin legal tender and promote the use of the Lightning Network, a Layer 2 solution that enables fast, low-cost transactions. Today, the Lightning Network remains a popular way to convert Bitcoin into cash.
To use it follow these steps:
Download a Lightning-enabled wallet (such as Strike).
Deposit Bitcoin from your regular wallet or exchange to your Strike wallet.
Convert Bitcoin to fiat using Strike.
Withdraw fiat to your bank account or use a linked debit card.
While the Lightning Network is a convenient way to cash out bitcoin, it does have some downsides, like limited merchant support, dependence on certain services for conversion, and possible liquidity problems.
Stablecoin swapping via L2s
A more complex way to convert Bitcoin into cash via Layer 2 solutions like the Lightning Network (or Optimistic Rollups) is stablecoin swapping.
Choose a platform or a wallet that supports L2, such as Strike for the Lightning Network. Transfer your Bitcoin from your regular wallet or exchange to the selected platform or wallet. Once your bitcoin is in the L2 wallet, swap it for a stablecoin like USDT or USDC using the platform’s exchange functionality or via decentralized exchanges (DEX).
To convert the stablecoin into fiat currency, use an exchange that supports stablecoin-to-fiat conversion, such as Binance or Coinbase.
DEX-to-fiat bridges
Another popular way to turn Bitcoin into cash is by using DEX-to-fiat bridges. The idea is simple: first, you swap your Bitcoin (or wrapped BTC) for stablecoins using a DEX. Then, you connect your wallet to a fiat bridge service, such as Ramp, MoonPay, or Transak, to convert the stablecoin into fiat and send it to your bank account or card.
Things to consider when converting crypto into cash
Choosing the right crypto asset withdrawal method is only one part of converting crypto to cash. Here are five other things to consider when converting crypto to cash:
Exchange fees
While almost all withdrawal methods have transaction fees, some are more expensive than others. For example, Bitcoin ATMs charge 10-20% on average, while Coinbase takes just 1%. Pay attention to withdrawal fees, especially if you’re cashing out a lot of money – it may put a sizable dent in your wallet.
Withdrawal limits
Because of regulations, crypto exchanges tend to limit how much money you can withdraw in a certain time period. For example, LocalBitcoins limit your trades to 200,000 euros per year, while other exchanges may impose daily or weekly trading limits.
If you have a lot of money invested in crypto, choose a platform with high withdrawal ceilings.
Withdrawal times
Some withdrawal methods like ATMs and bitcoin retail shops are instant, allowing you to receive cash immediately. In contrast, withdrawing cash from third-party brokerages may take a couple of days. If you need cash quickly, use faster methods.
Taxes
Depending on where you live, capital gains from digital currency sales may be taxable, similar to stocks. While most small traders won’t have to worry about this, large investors must report these gains.
Rules and regulations
Bitcoin is used to transfer a lot of money quickly. If you do large transactions often, banks may become suspicious, flag your accounts, and investigate possible money laundering activities. Even if you can prove your innocence, your bank account may be blocked for a while during the investigation.
Conclusion
Generally, people convert digital coins into cash to secure their value and buy things. There are many ways to do so, like Bitcoin ATMs, crypto marketplaces, and peer-to-peer exchanges. You must consider withdrawal speed, transaction fees, and local regulations to choose the right crypto withdrawal method.
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The ultimate wallet guide for 2025
Crypto wallets enable you to send and receive cryptocurrencies like Bitcoin and Ethereum by keeping your private keys, which are the passwords that grant you access to your funds, safe and easily accessible.
Technically, a crypto wallet does not keep your cryptocurrency, in contrast to a regular wallet that can hold real cash. Although your holdings are live on the blockchain, only a private key can be used to access them. Your keys let you conduct transactions and serve as proof that you are the owner of your digital currency.
In this article we will learn what a cryptocurrency wallet is, the difference between hot wallets vs cold wallets, and dive into some of the best crypto wallet apps out there.
What is a crypto wallet?
An application that serves as a wallet for your cryptocurrency is called a crypto wallet. Because it functions similarly to a wallet in which you store cash and credit cards, it is called a wallet. It provides the interface that enables you to access your cryptocurrency and stores the passkeys you use to sign for transactions, in place of these tangible objects.
Everyone can access the blockchain thanks to contemporary blockchain wallets. Sending cryptocurrency was a laborious process that required entering lengthy keys when it was initially released. Nowadays, most of it is done for you by the software.
Bitcoin, had the first wallet. Hal Finney, who supposedly ran the BTC client software wallet initially and corresponded with Nakamoto, owned the second wallet. The cryptocurrency frenzy started when Nakamoto sent him ten BTC as a test.
Almost all crypto wallets have their dedicated cryptocurrency wallet app which users can use to store and withdraw crypto from online crypto exchanges.
Now that we know what cryptocurrency wallets are, let’s dive into the key difference between a cold crypto wallet and a hot wallet.
Types of crypto wallets: Hot wallets vs cold wallets
Hot and cold wallets are the two primary varieties of cryptocurrency wallets. Let’s discuss them one by one.
What is a hot wallet?
A third party hosts hot wallets, also known as online or custodial wallets, and keeps your keys on their behalf. These types of wallets might offer enterprise-level data security solutions that companies utilize to protect and preserve their data. Customers of certain crypto exchanges can access hot wallets.
Applications for PCs and mobile devices are included in hot wallets. These wallets can access your cryptocurrency, conduct transactions, show your balance, and do a lot more. They can be installed on a desktop or laptop computer. If you’re using a wallet created by a cryptocurrency exchange, some software wallets can come with extra features like exchange integration.
What is a cold wallet?
Cold wallets or non-custodial wallets are ones where you are in charge of keeping your keys safe. The majority of crypto hardware wallets are cold wallets and considered a safer option than online wallets for obvious reasons.
Since you can store and retrieve your private keys from your device, crypto cold wallets are the most widely used kind of wallet. These gadgets may seem like USB drives, and contemporary hardware wallets come with a number of functionalities.
By connecting the hardware wallets for crypto to your computer or smartphone, you can conduct cryptocurrency transactions. The majority of them have the capacity to instantly sign cryptocurrency transactions without you having to enter the key, preventing hackers from recording your screen or logging your keystrokes.
Now that we have identified the key differences between hot and cold wallets, let’s answer the most important question: what are the best wallets for cryptocurrency?
What is the best crypto wallet?
Since the inception of crypto wallets, hundreds of wallets have flooded the market and it can be difficult to identify the right one. We make it easy for you and here we list the top five cryptocurrency hardware wallets.
1. Trezor
Trezor is a leader in hardware wallets, including devices such the Model One and Safe 5. These gadgets are well-liked by cryptocurrency aficionados because of their security, intuitive UI, and compatibility for a wide range of coins.
Trezor lacks native staking and NFT administration, but it does include a touch screen for completely on-device entry and extremely safe offline storage. Additionally, it lacks a Bluetooth connection.
Some of the best hardware for crypto storing is offered from Trezor. The Tezor Model One, its entry-level model, costs about $49, but it also offers a more costly variant with a touch screen (it cost $169 at the last update).
Trezor offers built-in services like staking and cryptocurrency purchases through its software packages, but it also integrates with other cryptocurrency companies like Exodus. It offers both a desktop version and a mobile app (Trezor Suite Lite) for Android and Apple.
2. Exodus
Since its 2016 launch, Exodus, a non-custodial wallet that accepts several cryptocurrencies, including Bitcoin, has created a lot of excitement.
It is a beautifully designed wallet that is full of features, including the ability to exchange cryptocurrencies within the wallet and the opportunity to stake assets directly within the wallet to generate passive income. Thousands of assets are supported by the Exodus wallet, and users can exchange over 100 supported digital currencies with their rapid exchange integration function, which keeps the coins safe and secure inside their own wallet.
As a response to user requests for two-factor authentication and enhanced security, Exodus has partnered with and integrated with the Trezor hardware wallet, offering users the convenience, functionality, and user interface of the Exodus software wallet with the security and peace of mind of a hardware wallet. The Exodus wallet itself is accessible with a secure password, which should be adequate for the majority of users.
3. Ledger
One of the most well-known brands in cryptocurrency wallets is Ledger. Ledger can interact with several well-known software wallets, including Crypto.com and Guarda, and its costs range from around $79 to $249.
Ledger offers a separate desktop client, a browser plugin, and a well-reviewed mobile app. Additionally, Ledger offers two-factor authentication and a user education library.
Over 5,500 assets can be supported by both Ledger wallet versions. They also give users access to decentralized finance programs, or dapps; however, non-fungible token, or NFT, management is no longer supported by the Nano Ledger S. With Ledger’s integrated desktop and mobile apps, you can buy, stake and swap currencies.
Ledger Live software is open source, but the device firmware is not, and Ledger devices provide multisignature security with Coinkite integration and two-factor authentication.
4. SafePal
Established in 2018, SafePal provides both novices and seasoned cryptocurrency experts with a full range of safe crypto management solutions. Additionally, Binance Labs, Binance’s startup capital division, made its first hardware wallet investment with its S1 wallet. With its distinctive hardware wallets, software wallets, and browser extension wallet product lines, SafePal currently provides services to over seven million consumers worldwide.
The SafePal app is used to pair and manage these, allowing users to conveniently store, manage, trade, and swap their assets. SafePal supports more than 100 blockchains (EVM and non-EVM) and 16 languages as of this writing, with more being added all the time. SafePal’s long-term goal is to enable investors to pursue financial independence and opportunity in the decentralized world.
The S1 hardware wallet is going for $49.99 which is a decent price for a crypto hardware wallet with a digital interface and an acceptable amount of features as well.
5. KeepKey
Since ShapeShift purchased KeepKey in 2017, its most popular product has been an offline wallet that helps keep your cryptocurrency safe from hackers. But KeepKey became an independent entity after ShapeShift became a DAO. ShapeShift and KeepKey, one of the numerous dApps that may be linked to the wallet, are still cooperating, though.
Because KeepKey’s code is open-source, anyone may examine how the application is constructed, ensuring user safety and fostering confidence.
Speaking about the wallet itself, KeepKey has significantly reduced its pricing when it was selling for $239 and now when it costs around $50, at the time of writing.
What is the best crypto mobile wallet?
While hardware wallets may be a safer option, they aren’t the most accessible, as most of them don’t have an online user-friendly interface. This is where hot wallets come to save the day, as all of them have an easy-to-use application which anyone can use to store and withdraw cryptocurrencies through their phone. Let’s dive right into some of the best ones.
1. Coinbase Wallet
Coinbase, a well-known cryptocurrency exchange with headquarters in the US, created Coinbase Wallet, a self-custody cryptocurrency wallet. Coinbase Wallet offers consumers exclusive control over their funds and private keys, in contrast to the custodial wallets offered by exchanges.
This decentralized wallet is intended for managing NFTs (non-fungible tokens), storing cryptocurrency, and communicating with decentralized apps (dApps).
Numerous cryptocurrencies are supported by Coinbase Wallet, including well-known choices like BTC, Ethereum (ETH), Litecoin, and ERC-20 tokens. Additionally, it enables users to store NFTs on blockchains like Polygon and ETH.
Users may transfer, receive, and manage cryptocurrency assets with ease because of the wallet’s user-friendly interface. Beginners are drawn to the simple interface, and more seasoned users are pleased by its powerful capabilities.
Since the wallet employs non-custodial technology, the private keys are solely accessible by the user. These keys are kept locally on your device and are encrypted. Coinbase Wallet offers biometric verification, such fingerprint or face recognition, for further security, making it harder for unauthorized users to access your money. A 12-word recovery phrase is provided by Coinbase Wallet and has to be kept safe. In the event that your gadget is lost or hacked, this phrase is crucial to getting your wallet back.
2. Metamask
Popular and well-known, MetaMask is a browser extension that links to the Ethereum blockchain and serves as a cryptocurrency wallet. Without downloading the complete blockchain on their device, users can engage with the Ethereum ecosystem—which is home to an extensive collection of decentralized applications (Dapps)—by using MetaMask. As a result, it’s among the greatest Ethereum wallet options for convenient access to gaming platforms, gambling websites, decentralized exchanges (DEX), and numerous other apps.
The most popular browsers, including Chrome, Firefox, Brave, and Microsoft Edge, are compatible with the wallet. In addition to ETH, the native currency of Ethereum, MetaMask also stores tokens based on the ERC-20 and ERC-721 specifications of the protocol.
3. Trust Wallet
For mobile users, Trust Wallet is a safe and open-source cryptocurrency wallet. It was purchased by Binance in 2018 and supports a wide range of blockchain networks and currencies, mostly based on Ethereum and other chains that are compatible with EVM. The wallet makes it easy for both new and experienced cryptocurrency users to transmit, receive, store, and stake their holdings.
Trust Wallet provides high-security guarantees since private keys are kept locally rather than on a server. Its straightforward layout allows novices to use it, while professionals can access its more sophisticated capabilities. A single wallet can be used to manage a wide variety of tokens.
The downsides include the lack of desktop interface, as users who prefer desktop interfaces will find it less accessible because it is a wallet designed primarily for mobile devices. Also, Trust Wallet, like the majority of mobile wallets, needs an online connection in order to conduct transactions as it’s not a hard wallet as discussed before in this article.
4. Phantom Wallet
Phantom is a browser plugin and non-custodial wallet that can connect with digital apps and smart contracts as well as manage digital assets. Non-custodial means that you retain possession of a few pieces of confidential information, rather than having your assets in a central repository.
Similar to how you must protect your physical wallet or purse from pickpockets when you’re out and about, you are responsible for keeping the assets in your Phantom wallet safe, unlike when you keep your nation’s currency in a bank account.
Avoid asking for assistance with your Phantom Wallet on open-source programs like X, as some users will pose as members of the wallet’s support staff and try to con you. For answers to your questions, consult Phantom’s own documentation and help files. If you still require assistance, visit their website for support. Keep in mind that no one from Phantom will ever request your private keys or seed phrase!
5. Zengo Wallet
Multi-party computation (MPC) technology is used by the self-custodial Zengo wallet to protect user accounts. Since its launch in 2019, it has never been compromised and is built to be safe by default, protecting the assets of more than a million users.
Face recognition, threshold key signatures, and three-factor authentication are some of Zengo’s security features. In addition to offering a recovery mechanism that eliminates the possibility of a single point of failure, the wallet’s MPC technology guarantees that the user’s funds are nearly impossible to hack.
Perhaps best of all, the Zengo wallet is totally free and accessible on both iOS and Android! Although they do have a subscription service called Zengo Pro, most users will find Zengo Essentials, which is free, to be more than enough.
In addition to tokens and NFTs on the ETH and Polygon (POL) networks, the Zengo wallet supports more than 1,000 assets, including majors like BTC, ETH, BNB, Dogecoin, Tezos, and stablecoins. Zengo may be used to purchase, sell, and exchange assets right from within the wallet in addition to being a good option for asset storage.
Conclusion: Choosing the right crypto wallet for your needs
Understanding what is a wallet in cryptocurrency is crucial for managing your digital assets securely and efficiently. Whether you’re just starting your crypto journey or you’re an experienced investor, selecting the right wallet is essential to protect your assets.
If you’re looking for a hardware wallet, devices like the Trezor wallet and Exodus wallet are highly regarded for their security features and ease of use. Trezor, for example, is considered one of the best crypto wallets for cold storage, providing offline protection of your private keys. On the other hand, Exodus wallet combines functionality with user-friendliness, allowing you to manage multiple cryptocurrencies with ease, and even stake assets for passive income.
For those looking to explore the world of decentralized finance, a DeFi wallet such as Zengo wallet offers robust security features, including face recognition and MPC technology, ensuring your funds are safe.
In conclusion, always ensure that your wallet of choice aligns with your investment strategy, provides the security features you need, and supports the cryptocurrencies you intend to use. Whether you’re looking for the best wallet for crypto or exploring the diverse world of DeFi wallets, the right tool can help you navigate the crypto landscape with confidence.
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Decentralized finance platform Loopscale has reached an agreement with the hackers who exploited its system, securing the return of stolen funds in exchange for a bounty.
Loopscale restricted vault withdrawals and temporarily stopped all markets after the exploit while looking into the breach. The platform confirmed that there were no issues with the RateX collateral system itself and that the only people impacted were depositors to the USDC and SOL vaults.
Loopscale proposed a whitehat bounty agreement to the hacker on Apr. 27th, offering a 10% reward (3,947 SOL) in exchange for 90% of the stolen assets (35,527 SOL). The hacker would receive immunity from all legal repercussions in exchange.
The platform gave the hacker until Apr. 28 at 6 AM EST to reply. The hacker appears to have agreed to the deal, expressing a willingness to return the stolen funds and claim the bounty.
The Loopscale hack coincides with an increase in security concerns in the cryptocurrency industry. More than $1.6 billion was lost to cryptocurrency hacks in Q1 2025 alone, making it the worst quarter for security breaches to date. Several high-profile hacks have occurred in Q2 so far, including the $572,000 SIR.trading theft, the $5 million ZKSync exploit, and the $7 million KiloEx hack.
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XMR’s recent price jump appears more closely tied to the laundering of $330 million in stolen Bitcoin through exchanges than to any major adoption or technology developments.
Monero unexpectedly surged on Monday, jumping over 50% from $228 to $347, before retracing to $295. While some initially speculated that the increase was tied to positive developments in the privacy coin’s adoption or technology, new evidence suggests the spike may actually be linked to a large money laundering operation.
Bitcoin, valued at approximately $330 million, was flagged by pseudonymous blockchain sleuth ZachXBT, who revealed in an X post on Monday that the stolen funds were quickly laundered through multiple crypto exchanges, with XMR being one of the key assets involved.
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