When using a peer-to-peer payment platform like PayPal, cashing out is very similar to a crypto exchange.
How to Cash Out Bitcoin on PayPal
On PayPal, start by going to the “Your Crypto” section and sell your holdings. When selling, your bitcoin instantly converts to USD. From there, you go through the standard PayPal withdrawal process for a bank account. If you’re selling for the first time, confirm your tax details.
PayPal gives you several withdrawal options. These include a paid option for faster transfer times, a linked debit card or a check in the mail. An ACH transfer is the quickest way to get your cash with no added fees.
How to Cash Out Bitcoin on Cash App
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The Cash app offers a straightforward process to sell your bitcoin and cash out. To sell, open the investing tab and tap on Bitcoin. Then click the sell button and follow the prompts.
To cash out your account, tap on the balance tab and press the cash out button. Then enter the amount and make sure your account is correct. You can choose to pay more for a faster deposit time or you can use an ACH transfer free.
How to Cash Out Bitcoin on Skrill
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With Skrill you start by going to the cryptocurrency section where you buy and sell. Skrill partners with external crypto exchanges to convert your bitcoin into your local currency. Once the transaction clears, you head to the section to withdraw.
Click the withdraw button and then “withdraw now” under bank account. Then follow the prompts. You have to withdraw at least $10 at a time. Most transfers complete in two to five business days.