Every so often at Coinmama, we get a question that makes us scratch our heads, rethink how we explain things, and go back to Bitcoin basics. Recently that question was “Can you tell me how to add money to Bitcoin wallet?”

The head scratching came from not being sure exactly what question was being asked. Was the user wondering how to buy Bitcoin or was he asking how to load his wallet with fiat (that is, with paper currency)? After some lively office debate over coffee and a few chocolate bars, we were reminded of something often repeated by teachers: if one person has a question, someone else is probably asking the same thing. And because here at Coinmama we like to think of ourselves as crypto teachers, we decided to tackle both questions and a few bonus topics as well.

First let’s rewrite the question:

Cashing out millions of dollars worth of bitcoin is certainly doable, and there are several ways to accomplish this, depending on your need for speed, security, and anonymity. Remember to first talk to your bank to get the green light for the transaction, and to consult with a lawyer or accountant with expertise in cryptocurrency tax laws. On this website, you can sell Bitcoins in two ways- through online bank transaction. Since it made a comeback, this method of exchanging Bitcoin has been a favorite for a lot of traders. It is simple, and all that you need to do is load your coins on your card. After that, the card can be used the same way as Visa. It allows paying for goods and services, withdrawing money from ATMs, and everything else that a regular card allows. One of those 4k, ultra HD, gaming ones? Anything PC and laptop related, parts included, can be purchased on Newegg, one of the websites that accept Bitcoin. You want to spend your Bitcoin, but perhaps there are some items that aren’t available on Amazon because they’re too exotic or too new? Therefore, the only viable way of avoiding tax, unless you qualify for nil-tax payments on earnings, is to sell you Bitcoins for cash in hand. However, this option will only work if you can find a buyer willing to pay. If the amount is over $10,000, you will also have to declare where the money came from to.

Before you can ask “Can you tell me how to add money to Bitcoin wallet?” you need to ask, “Can I add money to my Bitcoin wallet?” The answer, much like our relationship with Coinpapa, is “It’s complicated.”

Let’s back up. A crypto wallet is a cross between your bank account and your mailbox for cryptocurrency—it’s the place where you can send, receive, and store coins, and it’s also where you can see a record of all of your transactions. But a crypto wallet is, by its very nature, for cryptocurrency.

So the answer to the question depends on what you mean by money. If by money you mean Bitcoin or other cryptocurrency, then yes! You can buy Bitcoins and send them to your wallet (we’ll cover that in a second). But if by money you mean fiat currency, such as a Dollar, Euro, or Yen, then the answer is no. While on some exchanges you can link your credit card or bank account, that link is to the exchange and not to your wallet. In other words, you cannot add fiat to your crypto wallet.

How do you buy Bitcoin?

If our user was actually asking how to add (or buy) Bitcoin to their wallet, well that we can easily answer!

• Step 1: get a bitcoin wallet

How Can I Cash In My Bitcoin Halving

You can’t get cryptocurrency without a crypto wallet, so if you don’t already have one, that’s your first step. There are many, many crypto wallets you can choose from. Some live online, some live offline, some can be used to store several different cryptocurrencies, some only one or two. Many experienced crypto buyers spread their coins out over more than one wallet. The key to choosing a wallet is to do your research: learn which wallets support each coin, read the reviews, and then download the wallet or wallets of your choice.

• Step 2: place an order

If you’re registered with Coinmama, once you have a wallet you can easily buy Bitcoin with your credit card, debit card, or SEPA bank account. (If you’re not registered, you can do that here.) Simply choose the amount of crypto you’d like to buy, add your payment details, and go to step 3!

• Step 3: enter your wallet address

Here’s where things get interesting. Every wallet has both a public key and a private key, or two very, very long strings of numbers and letters. The public key is what other people can see: it’s what appears on the blockchain, and it’s also what you can give out in order to receive cryptocurrency. The private key is the password to your wallet. (Don’t lose it, because it can’t be reset, and don’t give it to anyone you wouldn’t also give your bank password to.) In order to send (or add) Bitcoin to your wallet, you will need to enter your public key—or wallet address, so that Coinmama can send you your coins. Once you do that, your work is basically done! You’ll just need to confirm your wallet address by email before you can sit back, relax, and wait for the Bitcoin to be added (or sent) to your wallet.

Coinmama’s Takeaway

At Coinmama, we’ve been around crypto long enough that we forget some people are new to it. It’s nice to get a head scratcher every once in a while, to remind us that for many people, crypto basics are not so basic, and to give us an excuse to answer questions we don’t normally get to answer 🙂

Click here to read our Beginner’s Guide to Bitcoin and Crypto

Choose your amount. Enter your bank details. Send your coins.
We'll take care of the rest!

To convert Bitcoin into cash, you'll need:

• Quick access to your cryptocurrency wallet.
• Your bank account details

Looking for an easy way to sell Bitcoins? Simply decide how much you'd like to sell, tell us which bank account to transfer your payout to, and send us your coins. We'll take care of the rest.

How to Sell Bitcoin

Coinmama offers users the ability to sell Bitcoin via bank transfer. All you need is a Coinmama account and a bank account.

1. Log into your Coinmama account and select 'Sell'

   Enter your Coinmama login information, then select the Sell option from your main account page. If you don't already have an account, you can register here.

2. Choose the Bitcoin amount you'd like to sell

   Enter the Bitcoin quantity you'd like to sell to see the BTC conversion rate in your preferred currency. You can also enter a currency amount (such as USD or EUR) to see the Bitcoin quantity.

3. Create your order

   Follow the prompts to create your order. Enter your bank country, account information, and personal details.

4. Send your coins

   Send the exact amount of Bitcoin selected to the wallet address provided in a single transaction, or scan the QR code from your wallet app. Once we receive your coins, we will transfer the payout amount to the bank account you provided.

Why Sell Bitcoin on Coinmama?

At Coinmama, we understand that in order to make a smart Bitcoin investment you have to be able to both buy and sell Bitcoin. It's why we provide a fast, easy way to sell Bitcoin and receive money directly into your bank account. Even better, we do it without compromising your economic freedom or safety: we never store your bank information, and you can sell coins from any wallet, including coins that weren't purchased through Coinmama.

How Can I Cash Out My Bitcoin On Cash App

Since 2013, Coinmama's mission has been to simplify the way the world does crypto. We're achieving this by serving over 2,600,000 users in 188 countries around the globe, providing a fast way to buy Bitcoin with credit card, debit card, or with your bank account, and to buy additional cryptocurrencies, including ETH, XRP, and LTC and more.

Now by introducing the option to sell crypto, Coinmama is providing investors with everything they need to trade Bitcoin.

With Coinmama you have:

• High daily transaction limits. Coinmama currently allows combined buy and sell transactions of up to 15,000 USD a day when using a bank transfer.
• 24/7 access to your account
• A dedicated team of customer support specialists who are happy to help
• No hidden fees

We believe in a world without middlemen, where we, the people, are in charge of our own economies, and we're excited to be on the forefront of the financial revolution.

Your IBAN, or international bank account number, uniquely identifies your bank account.
Find it on your bank statement, or by logging into your online banking system.

SEPA, or single Euro payments area, is a system for simplified bank transfers throughout most of Europe.