How to withdraw bitcoins to cash or any other CryptoCurrency in a restricted countries
Bitcoin and other Cryptocurrencies are decentralized, meaning that they are not regulated by the various monetary authorities or the central banks of the various countries. Therefore, with the lack of a way to control them, governments around the world are each passing legislation on how to control them.
Some government regulations allow trade and payments in cryptocurrencies, while others have decided it’s best to ban them altogether.
The legalization battle of cryptocurrencies is going on ever since the success stories of bitcoin started surfacing the internet.
The issue with digital currencies is that they don’t have a guideline framework. Truth be told, crypto tokens are not made to manage. This is the reason it is typically hard for governments (or countries) to legalize these currencies.
While many countries have not shown a positive attitude towards cryptocurrencies, there are a number of countries where the use and trading of these currencies are illegal.
So in this article, we’ll work you through steps by step guide on how to withdraw your bitcoins to cash or other cryptocurrencies even with the recently banned country (Nigeria) and the other ones, so far you still have money in your wallet, and we’ll also highlight those banned countries.
What is CryptoCurrency
Cryptocurrency is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions
Bitcoin (BTC) may have been the first widely successful cryptocurrency, but it was soon followed by many others, including Ethereum (ETH), Litecoin (TCC), Dash, Ripple, and more. Now, we have so many cryptocurrencies that we often wonder which ones are actually legal and which are not.
Countries Where Bitcoin Is Banned
Bitcoin and cryptocurrencies are generally welcomed in most parts of the world. Nevertheless, some countries have actually banned them or their use. Whether bans were imposed due to Bitcoins’ decentralized nature, the threat to their current financial system, or just because proper regulations are yet to be approved, there are at least nine countries as of March 2019 which decided to do so. These are:
- The Republic of Macedonia
- Saudi Arabia
Countries Where Bitcoin Is Restricted
In addition to the countries where BTC is banned, there are also countries where Bitcoin is somewhat restricted and cannot be traded or used for payment. In such states, banks and other financial service providers are prohibited from dealing with cryptocurrency exchanges and companies, and in more extreme cases the countries have even banned crypto exchanges.
- American Samoa
Note that despite the bans and restrictions, these laws have not eradicated Bitcoin or other cryptocurrency trades and their usage. Due to the nature of decentralized cryptocurrencies, it is simply impossible to ban them. Many individuals in those countries still make use of sites like Local Bitcoins, Paxful, or Bisq to trade it with others, as indicated by the trading volumes on these platforms.
Steps by steps Guide to withdraw your Cryptocurrency
In this step, I will explain two ways to cash out your crypto money in any country in the world.
1. Cash Using a Peer-to-Peer Exchange (LocalBitcoin)
2. By Using Nebeus
LocalBitcoins was created in 2012 and now supports almost every country in the world. So, no matter where you from, you should be able to find buyers to sell your Bitcoin to.
Let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins
The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:
- Western Union
- Gift Vouchers
- Web Money
- Bank Cash Deposit
Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. You can do this by creating an advertisement, which will charge you a fee of 1% of the total sale.
However, if you sell to a buyer that has listed the price they want to pay, there are no fees.
There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback.
Steps to withdraw your Crypto Cash using LocalBitcoins
Step: 1 open an account at Local Bitcoins. You can do this by signing up here
Step: 2 choose your country, username, and a strong password. You also need to enter and confirm your email address. As shown below:
Step: 3 Once you have successfully created the account. Then login
Step: 4 Click on Sell Bitcoins as shown below:
Step: 5 choose the country your buyers are located in. However, this is up to you. In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell.
Step: 6 select your preferred payment method as shown below. As you will see below, there are many different ways to cash out your Bitcoin.
NOTE: I recommend you use PayPal, but if PayPal is not supported in your country see our steps by step guide to set up PayPal in any country
Step: 7 Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request.
Step: 8 Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow. So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so.
Step: 9. The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received, and you’re finished.
2. The Second Method To cash out your Crypto (Nebeus)
Nebeus is a cryptocurrency platform bringing together cryptocurrency opportunities and a standard bank service. It was founded by Konstantin Zaripov and Sergey Romanovskiy in the UK on January 1st, 2014 and now in operation in 8 African countries including Nigeria.
What makes Nebeus Special?
- No Registration/KYC required.
- Buy BTC & ETH with your ATM card or bank account anytime, anywhere with just a click, and have it delivered to your wallet instantly.
- No Transaction Fees.
- No Commission/hidden charges.
- 24/7 customer support.
- No escrow.
Steps to withdraw your Crypto Cash using nebeus
Step: 1 open an account at numbers. You can do this by signing up here
Step: 2 fill in your details and click create an account as shown above. Then go to your email and confirm your account.
Step: 3 after confirming your email, then you log in, it will redirect you to your dashboard as shown below:
Step: 4 Click on Add funds, then select Add Crypto, then send your bitcoin money to the bellow BTC wallet address you created with nebeus OR you can scan the bar code to complete your transaction.
Step: 5 after adding funds to your BTC wallet address with numbers. Then click on withdraw funds
Note you need to have a Payoneer Account or you can order for Nebeus bitcoin debit card to enable you to withdraw your money to any local ATM.
In this article, we’ve explained two (2) easy ways on how to withdraw your bitcoins to cash or other cryptocurrencies for those restricted countries.
1. by LocalBitcoins
2. by Nebeus Company
By LocalBitcoins once you become more experienced with Local Bitcoins, you can practice selling using different payment methods. The good thing is, some payment methods allow you to sell your Bitcoins at a higher price so it’s worth getting used to.
The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid!
While on the other hand, the good part is that nebeus is the cheapest out there and fully automated, so we don’t get to hold your coin or cash when it’s the weekend, public holiday, or midnight. All you need to do when you have the need to either buy or sell Bitcoin / Ethereum is to head to
Both methods have their advantages and disadvantages. Nebeus can be more convenient and safe for beginners, while LocalBitcoins allows you to remain anonymous and sell at a higher price.
So, let me know in the comment section, which method would you prefer to cash out your crypto?
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