If you want to cash out and sell your bitcoins then if you are in the UK, you are best off using a service such as bittylicious which allows you to get the money transferred into your uk bank account.
The steps at bittylicious are quite straightforward. Here I am assuming that you have your coins in a bit coin wallet with another provider and that you already have a bittylicious account set up.
1. Go to the sell calculator – enter the number of bitcoins (or other supported cryptos like ether or litecoin) and it will calculate the price in UK pounds. There may be other payment options but I’m assuming you want the money to go into your bank. This also generally gives you the best price.
2. Click “sell some coins” and enter the bank account info that you want your money to go into.
3. You will now be given a code. You need to go to the wallet where your coins are held and enter that code to authorise the bitcoin transfer to bittylicious. Remember there will probably be a fee to be paid at this stage.
4. Within a few minutes (usually 30 at the most) you will get a notification that the buyer has transferred the funds to your UK bank account.
5. Check your bank account to see that the funds have arrived.
6. When your funds have arrived notify bittylicious by clicking “I have received the payment…” Now the bitcoins can be transferred.
The bittylicious system seems pretty straightforward. Everything comes up on your device screen for you to enter details or click to confirm that you have taken the appropriate steps. You do not authorise the transfer of the bitcoins until after you have received payment in your bank account. So you have plenty of security that your coins will not be stolen before the payment has been received.
NOTE: All information believed correct at the time of publication. Note warranty is given for the information contained on this site.