Withdraw Bitcoin (BTC) to Visa/Mastercard (USD)
Bitcoin was the first and most famous cryptocurrency in the world. However, digital assets such as BTC are highly volatile, so from time to time, users need to withdraw cryptocurrency from fiat.
How do you withdraw Bitcoin to Visa/Mastercard?
It is possible to exchange bitcoins for US dollars via bank card in just 5 simple steps; however, to avoid difficulties during the exchange, it is essential to consider some peculiarities of working with the Bitcoin blockchain.
Step 1: Choosing an exchange method
The first step is to choose the direction in which the user wants to exchange BTC for USD. BestChange supports several options for withdrawing Bitcoin to Visa/Mastercard:
- Through the native Bitcoin network (Bitcoin BTC),
- Via the second-level network Lightning Network (Bitcoin LN BTC);
- As a wrapped token on the BNB Smart Chain network (Bitcoin BEP20 BTCB),
- As a wrapped ERC-20 token in the Ethereum network (Wrapped BTC WBTC).
To withdraw Bitcoin to a USD card, you should select Bitcoin (BTC) in the left column of the exchange table on the BestChange website and Visa/Mastercard USD in the right column.
Step 2: Selecting an exchanger
After choosing a way to sell BTC cryptocurrency for USD, the site will display a full list of exchangers that support exchange in the selected direction. Initially, this list is sorted by the selling rate (from the most favorable for the user to the least), but you can change the order by other indicators:
- Name of the exchange office;
- The amount of available reserves;
- The number of positive reviews about the exchanger.
Next to the exchanger's name, unique icons may appear. When you put the cursor over them, meaningful information about the service is displayed, such as the exchange office's mode of operation (manual or automatic) or the period during which the rate is fixed.
Once the user has chosen an exchanger, they must go to its website to fill in the exchange request form.
Step 3: Creating a request
When you go to the exchanger's website, a form you must fill out to create an exchange request will appear. In this form, you need to specify the following:
- The amount in cryptocurrency BTC or USD;
- The number of the bank card to which the user wishes to receive funds;
- Email address.
Some exchangers may ask for additional information about the user, such as phone number, country of residence, surname and first name, etc. It should be noted that some exchangers may require verification of identity (KYC) — such items are also marked in the list with a special icon.
After filling out the application, you need to submit it and wait for the exchanger to confirm it. This usually happens automatically, but in some cases, the exchange managers accept applications manually. You can proceed to the next step when the exchanger agrees with the user's request.
Step 4: Sending funds
If the exchanger accepts the request, the service will send the Bitcoin wallet address to which you must send the amount specified in the form. The funds must be transferred within the allotted time— often within half an hour. If you can't make it in time, the exchanger can either cancel the request and have to send it again or recalculate the exchange rate and adjust the amount to be received.
Before sending cryptocurrency, it's essential to know that the Bitcoin network uses the three most common address formats:
- Legacy or P2PKH, beginning with the symbol 1;
- SegWit or P2SH, beginning with the symbol 3;
- Native SegWit or Bech32, starting with the characters bc1.
Here are examples of such addresses:
- Legacy: 1LHWW411XvQJ1uzJuD5bCb6GprrXLxSgAzK;
- Segwit: 38pb1pvNaX8F62wgrH6hWCinM8c1ShjZuH;
- Native SegWit: bc1qse08ajkuhuwh9gjt5xxef238rxmdw4uv34zcaq.
It should be noted that these formats are compatible with each other. The user can transfer his assets from any Bitcoin wallet by specifying any address belonging to the above formats.
After sending cryptocurrency, you may need to confirm the payment manually, but some exchangers do it automatically. For the exchanger to accept the payment, several Bitcoin network confirmations are required — usually within 4.
Step 5: Receive funds
Once the exchanger confirms the transfer of BTC cryptocurrency from the user, he must send the funds in dollars to the specified bank card or account number. It should be considered that bank transfers can be delayed up to 3 days.
If the exchanger has confirmed the transfer of funds to the user's bank card, but they have not arrived, it is necessary to check with the bank's support service whether the transfer was made. If the bank has not confirmed the transfer of funds, you should contact the support of the exchange office.
