Cryptocurrencies are at the peak of popularity, despite skepticism from government agencies and market volatility. Sooner or later users face the question: how to withdraw coins from the wallet? The reasons for this may be different – payment for goods and services or a transaction for the sale of cryptocurrency.
Bitcoins can be withdrawn to a cryptocurrency exchange, through exchangers or with the help of electronic payment systems. Each method has its own peculiarities. You should also consider the legal side of the issue. Bitcoin is not everywhere legal and applicable as a means of payment.
There are peculiarities in the Russian legislation. According to the law “On Digital Financial Assets and Digital Currency” adopted in January 2021, bitcoins are allowed to be used as an investment instrument, but their use as a means of payment in Russia is prohibited.
General rules for Bitcoin withdrawals
You can withdraw bitcoins from your wallet using P2P services . On such platforms, transactions are carried out directly between users. P2P platforms often support different payment instruments. It depends on which payment system other clients work with. To exchange on P2P services, you need to select a trading pair, specify the amount, select a user and send him a request.
You can withdraw cryptocurrency from your bitcoin wallet to cryptocurrency exchanges, of which there are a huge number. Choosing a suitable platform with the most favorable conditions and commissions it is necessary to register. Note that most exchanges require mandatory verification. The next step after registration is to transfer bitcoins from your wallet to the platform. After that, you can sell coins, or exchange them for other digital assets.
Withdrawals are available through cryptomats, which are an alternative to traditional ATMs. According to Coin ATM Radar, there are 53 cryptocurrency ATMs installed in Russia. The operating scheme is similar to classic banking equipment. There are three types of crypto machines:
Machines with which you can only buy cryptocurrency.
ATMs that offer services for selling and buying digital assets.
Universal cryptomats, which allow you to buy, sell, and pay for goods and services.
How to withdraw bitcoins by wallet number
Bitcoin transactions can be made through cryptocurrency exchange services. Usually, such platforms are less reliable than cryptocurrency exchanges. At the same time, cryptoexchangers have a simple interface and support any payment system: from bank cards to electronic payment systems. Cryptoexchange services offer a fixed rate for cryptocurrencies, but have higher transaction fees than cryptocurrency exchanges. Exchangers, unlike exchanges, do not require identification.
To withdraw cryptocurrency to the exchanger you need:
Choose a service that suits all parameters (speed, favorable commissions).
Choose a trading pair and specify the amount of exchange.
Next, the platform provides the number of the cryptocurrency wallet, to which you need to send the assets.
After these actions, the bitcoins arrive at the address of the exchanger, the transaction is processed and the assets are transferred to the client’s account.
When using cryptocurrency exchange services, it is necessary to carefully study the terms of the transaction. In case of an incorrectly specified amount, the transaction will not be carried out and the assets can be irretrievably lost. The reason is that the platform does not recognize the transaction if the data entered is incorrect.
Usually such transactions are completed within minutes. Delays are possible for various reasons. In such cases, you need to contact the technical support of the exchanger to find out the reasons and to resolve the problems.
In case of incorrectly specified address, funds will be lost forever. This applies to any method of withdrawing cryptoassets from the wallet.
How to withdraw money from bitcoin wallet to card
At the moment, there is no way to directly withdraw funds from bitcoin wallet to bank card. For this purpose you have to use exchanger or intermediary. You should also keep in mind that the withdrawal of large amounts of cryptocurrency to bank accounts is fraught with consequences. If the bank considers the transaction suspicious, assets will be blocked. This is dictated by the law “On Combating Money Laundering and Terrorist Financing”.
How to withdraw money from bitcoin wallet to your card
So far, there are no official ways to cash out bitcoins, and to legalize profits from digital assets, you need to fill out a declaration and pay tax. For individuals, the tax is 13%, and for non-payment there is criminal liability (if the debt exceeds 2.7 million rubles over three years).
When choosing how to withdraw bitcoins from the wallet, you need to consider the reliability of the platform. Now there are a lot of crypto fraudsters. Therefore, it is necessary to take cryptocurrency cashing seriously and study the history of the chosen service, reviews, and not be guided by low commissions.
Each method considered has its pros and cons. The most common, but not the most reliable is the withdrawal of assets with the help of cryptocurrency exchangers. It is possible to independently research the services with the help of independent review sites. However, even then, there is a risk of falling for malicious users and losing assets.
In choosing a cryptocurrency exchange as an intermediary for bitcoins withdrawal from a wallet, it is also necessary to be guided by the reliability of the company. However, not all exchanges provide withdrawal services to bank cards. The fees on cryptocurrency exchanges are higher than those of cryptocurrency exchanges.