How to withdraw money from a bitcoin wallet: ways

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In 2017, the value of the cryptocurrency reached its historical maximum. On October 20 of this year, bitcoin reached six thousand dollars, and its capitalization - the total market value of securities - is already $ 99.7 billion, which exceeds the corresponding figure for most companies in the world.

Legal Status of Bitcoin

Financial organizations in Russia, Ukraine, Belarus and neighboring countries do not work with bitcoin and other cryptocurrencies. In Russia, there are no restrictions on the use of such currencies, however, the Deputy Minister of Finance at first demanded that individuals and legal entities be punished for the use of bitcoin and its analogues. The legal status of cryptocurrencies in the Russian Federation is still being actively discussed, the legislative framework on this matter has not yet been fully developed.

In Ukraine, at the highest level (on behalf of the National Bank), they warn that the use of digital currencies and the withdrawal of money from a bitcoin wallet are associated withhigh risks and the likelihood of losing confidential information. Bitcoin is not considered legal tender in the country. Today's legislation already regulates the process of mining and exchanging cryptocurrency (these operations are taxed), but the issue of recognizing bitcoin as a program code that is an object of private property is still under consideration.

In the legal field of Belarus, the attitude towards bitcoin has not yet been determined in any way. A currency is not considered to be money, a unit of value, an object of ownership, a security, or an asset. There is no practice of using digital money in the country, some analysts are even inclined to argue that bitcoin does not exist for the government of the Republic of Belarus. However, it is not recognized as legal tender in the country.

Currency cashout

Since the status of the digital currency in the legal field of the nearest states is not yet clearly indicated, users who managed to earn money have questions about withdrawing bitcoins and exchanging them for national currencies. Today, not many people know how to withdraw money from a bitcoin wallet.

The main methods are limited to the following options:

1. To a bank card of any bank through a special online exchanger.
2. To electronic payment systems or a plastic card through stock exchanges.
3. Withdrawing WMX to a Russian wallet in the "WebMoney" system.

So far, these are all options for withdrawing money from a bitcoin wallet to a card oraccounts of electronic payment systems like "Kiwi" (Qiwi), "WebMoney" (WebMoney) or "Yandex. Money".

Withdrawal of currency through exchangers

This option is the most common among users who have active bitcoin wallets with a positive balance. The transaction in this case is completed very quickly (the whole operation takes 10-15 minutes) and reliably, if, of course, you choose a trusted intermediary. So, how to withdraw money from a bitcoin wallet through an online exchanger?

First, you need to choose an exchanger and register on the site. When registering, be sure to enter correct and truthful data: full name, numbers from the card and other confidential information, otherwise the transaction will be impossible. In order not to fall for scammers, it is better to use the monitoring of exchangers and withdraw only through those sites, all reviews of which are positive.

Next, you just need to specify the amount of withdrawal, agree with the rules of the online platform, and then wait for the confirmation of the transaction. There is a fee for withdrawing from a bitcoin wallet. Exchangers work around the clock, you can withdraw not only to the card, but also to electronic money. A Bitcoin wallet with a withdrawal to "Yandex. Money" can be cashed out just through the exchange.

Monitoring of exchangers

It happened more than once that users withdrew funds through the exchanger in accordance with all the rules, but the money never arrived in the bank account either ten minutes later, or after an hour of waiting, or after a day. DueSince the system itself is still very young, there are many scammers around bitcoin who want to take possession of such a valuable resource. In this regard, honest sites have also appeared that offer exchanger ratings to everyone. In addition to the fact that all the sites in these lists are proven and reliable, you can choose the most profitable rate for a particular moment. One of the best monitors is BestChange.

Cash out through the exchange

How to withdraw money from a bitcoin wallet through an exchange? There are many exchange platforms today, there are plenty to choose from. When choosing, you need to pay attention to reviews, commissions, service rules, a variety of options for withdrawing and depositing money. After authorization or registration, you need to transfer the required amount of bitcoins to your personal account on the exchange, and as soon as the transfer arrives and becomes available in your personal account, place an order for the sale of cryptocurrency in exchange for rubles.

As soon as the order is implemented, and the money is credited to the account already in Russian currency, you can withdraw your funds in any convenient way. As a rule, not only bank cards and accounts of the most popular financial institutions are available, but also electronic payment systems.

The disadvantage of this option for withdrawing bitcoins is time. First you need to wait until the funds are credited to the internal account (as a rule, this takes 3-5 hours, but the process can take up to a day), then wait until the cryptocurrency is redeemed at the price you specified. Further, when it will be possible to withdrawput rubles, the procedure will take another 3-5 hours, and in some cases up to three business days.

Best withdrawal exchanges

Among the Russian-language exchanges that exchange bitcoins for rubles or other currencies, the following are the most popular:

1. LiveCoin.
2. Cex.io.
3. LocalBitcoins.
4. INDX.
5. Indacoin.
6. Kuna.
7. eCoin.
8. DSX.
9. Exrates.
10. GetBTC.

Withdrawal to electronic money

Can I withdraw money from a bitcoin wallet directly to WebMoney? The electronic payment system works directly with the largest cryptocurrency. Here the algorithm of actions is as follows:

1. Create a special "WebMoney" (WMX) wallet from your account. The system has developed a convenient gradation, which is very useful when you have to withdraw a small amount of cryptocurrency: 1 bitcoin is equal to 1000 WMX.
2. Click "Deposit" on the new wallet, then click on "Details" and enter the BTC address. On sites, it can be found in the address section for replenishing the wallet.
3. Next, you can either transfer bitcoin to any currency (ruble, hryvnia, Belarusian ruble, and so on), but in this case, the conversion process may take more than a day, or immediately withdraw to the card of any bank that the system works with " WebMoney".

The instruction on how to withdraw money from a bitcoin wallet to WebMoney ends here. Sincethis electronic money system is currently the most convenient to work with.

Security measures for withdrawing

For any actions with electronic money, including cryptocurrency, you need to remember about security measures. Before using the services of any exchange or online exchanger for the first time, you should read reviews about a particular site, make inquiries, make sure that the service is not engaged in fraud, but really practices exchange or other operations. If there are a lot of negative reviews among the reviews, then this is already a significant way to refuse the services of a particular site and look for other options.

Since cashing out cryptocurrency requires entering personal information, including the number and other data of a bank card, the warning about not leaving your confidential data anywhere becomes irrelevant. Here you just need to work with reliable sites.