How do I cash out Bitcoin?
you can pay for coffee or dinner with bitcoin easily. more and more shops receive bitcoin .you can exchange USD EURO or other on bitcoin ATM machine . of course ,you can trade any currency in the cryptocurrency exchange.
This is a very simple answer, but it's very effective. I will add this to the top post, but anyone else can feel free to embellish on this answer, if they like.
Q: Who controls Bitcoin?
A: Bitcoin is controlled by a lot of people, like the people who hold bitcoins, the miners, the traders, and the developers. You and me could be a part of it. It is the bitcoin community as a whole that controls the value of Bitcoin. For example, the more people hold bitcoin and believe in the value of bitcoin, the price will go up, you can say that the holders controls the value of bitcoin. Also, if the miners stops mining the value of bitcoin will go down, then you can say that the miners control bitcoin as well. So it is not really a single party that controls bitcoin, it is the community, the whole bitcoin ecosystem controls bitcoin.
Q: How do I cash out Bitcoin?
There are a number of ways that you can cash out Bitcoin.
First, you can use exchange. For example, if you are using exchange like Coinbase, you can just transfer your bitcoin there, then sell it for cash. Of course you need a bank account for this.
There are also some bitcoin debit cards service available. Where you can just load the prepaid card with Bitcoin and then shop anywhere with that card. There are also some other payout service where you send them your bitcoin then they will send fiat to your bank account.
Of course you can also use bitcoin for shopping. There are a lot of stores/online stores accepting bitcoin. Even the korean restaurant near where I live accept bitcoin now. That is a way of cashing out bitcoin as well.
Great answers! I will use modified versions of this to update the Q&A.
I like that you took the time to reference and cite links here, but never NEVER
NEVER recommend crypto-to-paypal exchanges to a bitcoin newbie. Or any digital payment processor, for that matter. That's where you find all the scammers, and someone that barely understands Bitcoin will surely get scammed when trying to convert to digital currency.
[snip]
Here is a question you can add: Do people only use bitcoin for illegal activities like buying stuff off the dark web or laundering money?
This is similar to the question I asked:
"Don't people use Bitcoin for the black market or for illegal stuff?". You can feel free to embellish on the answer that was provided if you think you can provide an example or something.