Convert Bitcoin into Fiat Currency
For new crypto buyer, one of the most common things they want to know is how to withdraw Bitcoin or cash out from Bitcoins to fiat currency (SGD, USD, EUR, Etc.). This tutorial show you how to sell your bitcoin and convert to fiat currency.
Any of the reasons, a time you may wish to convert your Bitcoin into government issued currency.
So how exactly can you get fiat currency dollars for your Bitcoin?
Sell Bitcoin through an exchange
So far the most easy way of converting Bitcoin into fiat currency is through centralized exchanges such as Coinbase.
How to turn Bitcoin into SGD through Coinbase
If you have already open Xfers account, thing got to be more simple. Coinbase use Xfers to transfer cash and than you need to withdrawal your amount from Xfers account to your local bank.
So, you have your Bitcoins sitting in your Coinbase wallet and you are going to send your funds back to your local bank account. Please follow these steps:
Navigate to the Buy / Sell section of your Coinbase wallet
Once you are in the sell section of the wallet, you can select the wallet you wish to sell from and the Xfers account you wish to deposit to.
Make decision on how much you want to cash out
Enter the amount of SGD that you are wish to get from selling your BTC. When you enter this amount of SGD, Coinbase will automatically calculate the amount of BTC it would cost to get that corresponding amount of SGD.
If you don’t have the amount of Bitcoin in your wallet? Coinbase will notify you telling you to enter a new amount.
What do you expect after cashing out?
Confirm the amount you wish to sell, fees will be shown before you sell, and then click “Sell Bitcoin”.
The Xfers payment processing gateway used by Coinbase usually takes a few business days to complete after a sell or withdrawal is initiated.
Note: Please read IRAS article on “Income Tax Treatment of Virtual Currencies”.