Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
To ensure the security of your bitcoins, you should withdraw them to a personal wallet that you control. There are several ways to do this, but the most popular method is to use an exchange like Coinbase or Bitstamp.
When you withdraw your bitcoins to a personal wallet, you’ll need to provide the following information:
The address of your personal wallet
The amount of bitcoins you want to withdraw
Your bitcoin transaction fee (optional)
Once you’ve provided this information, your withdrawal will be processed and the funds will be sent to your personal wallet. Depending on the exchange, it may take a few minutes or up to 24 hours for the funds to arrive in your wallet.
When withdrawing bitcoins to a personal wallet, make sure that you understand the fees associated with each method. Some exchanges charge high fees for certain methods, so it’s important to compare before deciding which one to use.
Overall, withdrawing bitcoins to cash is relatively simple and convenient if you use an exchange like Coinbase or Bitstamp.