How To Withdraw Bitcoin to Bank Account

Digital currencies known as cryptocurrencies were developed as an alternative payment method by employing an encryption technique (Cryptography and Blockchain). Cryptocurrencies can act as a form of payment and as a virtual accounting system thanks to the employment of this encryption method.

You need a cryptocurrency wallet to use cryptocurrencies; here is where your Bitcoin is kept. These wallets can be either Cold Storage, which is kept on a device not connected to the internet, or Hot Storage, which is software that is cloud-based and therefore connected to the internet. Your encryption keys, which verify your identity and connect to your cryptocurrency, are kept in the wallets.

Withdrawing Bitcoin from your cryptocurrency wallet or exchange varies depending on where you are. Let’s say you reside in a nation where cryptocurrencies are not prohibited. If so, you may easily add your bank information to exchange websites like Binance, Coinbase, and others, and the matching local currency value of your Bitcoin will be delivered immediately to your Bank Account.

However, exchange platforms are unable to conduct business with local banks in nations where cryptocurrencies are prohibited since the relevant regulatory body has forbidden banks from doing business with cryptocurrency organizations and businesses. As a result, when you are in this area, you must take some further precautions to sell your Bitcoin. In these regions, there are primarily two ways to sell bitcoin;

Peer-to-peer exchange system: A typical route for cryptocurrency users is known as peer-to-peer (P2P). The P2P exchange lets you purchase and sell directly from other cryptocurrency users, unlike the traditional exchange. The P2P platform would have kept security safeguards in place when you use a P2P exchange to sell cryptocurrency to another user to ensure that no one is defrauded during the transaction. Binance, Remitano, Paxful, and LocalCoinSwap are a few examples of well-known P2P marketplaces.Over-the-counter (OTC) exchange platforms: After the ban on cryptocurrencies in 2021, OTC platforms in Nigeria have become more and more well-liked. OTC exchanges function similarly to P2P exchanges, with the difference being you sell your bitcoin to an exchange platform that trades it rather than hunting for individual purchasers on the P2P exchange platform. Selling on an OTC exchange platform has certain dangers that are not present on the P2P exchange platform.

Selling on a P2P exchange platform necessitates a certain level of technical expertise and security awareness because, even if you identify an authentic P2P exchange platform, it is still possible to be duped by a phony trader pretending to be an actual dealer. On P2P exchange platforms, proper security measures must be in place before selling, but you merely need a reliable OTC platform to sell your Bitcoin in a secure manner.

To sum up;

You have the option of using a P2P exchange platform or an over-the-counter (OTC) exchange platform if you want to sell your Bitcoin in a nation that forbids the use of cryptocurrencies. Because of the technicalities and security risks associated with P2P exchange platforms, it is preferable to use an OTC exchange platform if you are new to cryptocurrencies.

Dart Africa is the best place to sell your bitcoin because they can easily convert it to cash. Unlike to P2P exchange platforms, selling your Bitcoin doesn’t involve any kind of complexity; all you have to do is transfer the agreed-upon quantity of Bitcoin to the exchange platform’s wallet address, and you’ll have the money in the bank account you specified.

Why choose Dart Africa?

The most popular cryptocurrency exchange site in Ghana and Nigeria is Dart Africa. Customers benefit from a quick payment system thanks to our automated trading system. At Dart Africa, we try to close the gap between what customers expect and what they actually get.

The strongest incentive we have given clients to continue using our platform is our advantageous exchange rate. No matter the state of the Bitcoin market at the time, when you sell your Bitcoin to us, you get the most money for it because our exchange rate is among the best in the exchange industry. By utilizing our coin calculator to check the conversion rate at the moment, you can verify this.

The speed at which we distribute payments is another feature that sets our platform apart from the competition. We send money to your account shortly after we’ve confirmed your Bitcoin transaction once you’ve completed a transaction with us. Once you send the agreed-upon Bitcoin to the provided wallet, the system almost immediately verifies payment thanks to our automated platform.

Our platform, including the website and mobile app, has been created with a fantastic user interface and user experience in mind, making selling Bitcoin on it simple. We changed our platforms so that users can quickly trade their cryptocurrencies. By visiting our website or using our mobile app, both of which can be downloaded from the Play Store and the App Store, you can use our platform.