How to Convert Bitcoins to Dollars

Step-by-Step Guide

1. 1

   Step 1: Do research.

   Make sure you know how much a bitcoin is worth, because the price tends to fluctuate.
   
   As of April 18, 2014, the exchange rate was $508 per bitcoin.
   
   However, that price constantly changes.
2. 2

   Step 2: Visit a local trading site.

   One example is LocalBitcoins, which is used as the example for this article.
   
   However, there are other trading sites that you can find on the web. , If you do not see an offer that jumps out at you, you can create an advertisement for your bitcoins. , Some of the common options are PayPal or a cash deposit. , This can include items like what hours a potential buyer can contact you and in what way, or to inform potential buyers of security precautions you would like to take, such as requiring an ID. , You will need to send your bitcoins to your account on the website that you are using to trade.
   
   If you don't have bitcoins in that wallet, you will not be able to sell any. , Buyers will contact you and you will receive a notification from the website.
   
   When you reply, tell them which method you would like them to use to pay. , When a buyer marks a payment as complete, the amount of bitcoins they want to buy will be placed in escrow.
   
   This reserves the bitcoins for the buyer, and the deal can no longer be canceled.
   
   Once you have received the payment, you can release the bitcoins.
3. 3

   Step 3: Create an advertisement.

4. 4

   Step 4: Choose a payment method that you are comfortable with.

5. 5

   Step 5: Set the terms of the transaction.

6. 6

   Step 6: Load the bitcoins that you would like to sell to the website's wallet.

7. 7

   Step 7: Reply to potential buyers.

8. 8

   Step 8: Confirm the payment.

Detailed Guide

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