One of the great things about cryptocurrencies is the ease with which transactions can be processed. The whole point is to take out the obstructive middle men and keep you in charge of your funds. Therefore, it is no surprise that is simple to cashout Bitcoin using Coinbase. To cashout your Bitcoin you are essentially selling it. This means that the money you get for your Bitcoin is dependent on the value at the time you request the cashout.
To cashout your Bitcoin you need to request that proceeds are deposited into a linked bank account or local currency wallet. To do this you need to go to the “Sells” page on the Coinbase browser. You will then see a space where you enter the amount you wish to sell. From here you select the wallet you wish to sell from – which will be your Bitcoin wallet. You then simply select where you wish to deposit the proceeds from the sale – whether to a different currency wallet or to your linked bank account. It is possible to sell all the Bitcoin in your wallet by selecting “Sell Max”. You then click the “Sell” button to confirm the sale. It really is that simple.
If you are using your phone and tablet it is equally as simple. Tap the menu icon at the top left of your Coinbase app. Select “sell” from the Navbar and then enter the amount you wish to sell, the wallet you wish to sell from and where you want the amount to go. Once you have reviewed your order you simply tap “sell”.
It is as yet not possible to transfer funds from Coinbase to a debit or credit card. This means you will always need a linked bank account or other currency wallet to be able to cashout your Bitcoin using Coinbase.
It can take four or five days to send money to your bank account. There is an option to send smaller amounts to a PayPal if you need access to your money urgently. To use PayPal you will need to verify your ID to enable use of this as a payout method. This means you are going to have to predict a time when you want your money urgently and have this facility in place just in case. Once your account is verified that you can to the payment method page and click add payment method and then select PayPal account from the options.
It may be that the process is delayed even more if Bitcoin suspect or are guarding against fraud. They may ask you to confirm your social security (national insurance) number and your driver’s license. If you have any problems then dealing with customer services on Coinbase is pretty easy and they are quick to respond.
You need to be aware that there are account limits for cashout based on payment method, account age purchase history and other factors. This means you need to add some personal details to be able to verify your account limits – include adding a photo ID.