Can I convert my bitcoin to cash?

Yes, you may cash out (sell) your bitcoin for U.S. dollars and send the cash to your linked bank account.

When you cash out bitcoin, the bitcoin is sold immediately. This action cannot be reversed. The cash proceeds from the sale are then sent to the external bank account linked to your Coinbits account. It may take up to two business days for the cash to appear in your bank account.

How to cash out bitcoin

Head over to the Cash Out tab.

Enter the dollar amount you’d like to receive. The minimum amount of bitcoin you can cash out per transaction is $1.

You can cash out any amount that is less than or equal to the amount displayed next to “Available to Withdraw”.

There is a 10 business day coin lock on all newly purchased bitcoin. The coin lock helps protect us against potential fraud. Any bitcoin that is locked will appear next to “Awaiting Unlock”.

Click the “Sell” button. A pop-up will appear asking you to confirm the operation. Click “Confirm” if the information displayed is correct. Enter the two-factor authentication code from your authenticator app and click “Verify”.

Important: After this step, you will receive two emails. The first email is a receipt for the transaction from Coinbits. The second email is a disbursement confirmation from our banking partner, Prime Trust. For your funds to transfer to your bank account, you need to click on the verification link in the email sent from Prime Trust.

Once you confirm the disbursement, your cash will be sent to your bank account. This may take up to two business days.

Updated on:
July 30, 2022