Can You Convert Bitcoin To Cash

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HomeBusiness4 Easiest Ways to Convert Bitcoin to Cash – 2021 Guide

There is a rise in the popularity of various cryptocurrencies over the past few years, especially Bitcoin, who managed to reach the price of around 20,000 dollars in one period. Trading on the crypto market could lead to some great benefits if you do good research and follow the oscillation of its value on the market.

Bitcoin and other crypto are accepted by many countries, companies, and dealers all around the world, which makes it seem like a proper virtual asset to invest in. You can earn a lot when you buy Bitcoin in time when his value is going down, and wait for it to rise again. There are many financial experts in virtual currencies, like BitcoinBillionaire, where you can learn all the ways how to properly invest in Bitcoin, and what are the ways for earning from that.

Furthermore, since most countries accept Bitcoin as a regular way of payment, we have many ways to convert crypto into other currencies. Here are the four best and easiest ways for converting Bitcoin into cash.

1. Digital Currencies and Fiats

Several well-known exchange companies can convert your Bitcoin in fiats like Euro, Dollars, or some other currency from the countries that have implemented this system. For example, if you are interested in selling Bitcoin for Japanese Jen then you should use the BitFlyer exchange, while for Dollar and Euro, there are Coinbase and CoinMama as the most suitable ones.

If you are not in a rush for money, or you would like to avoid some taxes in your country, which can be big in case that you are converting some great amount of Bitcoin, you should use the USDT method instead. This type of digital fiat is paired with the value of the dollar, so you won`t have to worry about its stability. Moreover, this type of digital currency is accepted by more exchanges than regular fiat. Some of the most popular ones are Wazirx, Binance, KuCoin, and Bitfinex.

2. Cash-Out with ATM

We can see the rise of ATMs all around the world, and most of them are now capable of converting Bitcoin and some other cryptocurrencies like Litecoin, Ethereum, Bitcoin Cash, and many more. The process is simple, and all you need is to have your e-wallet, which is crucial while buying some crypto in the first place.

The great advantage is that you can choose between currencies, and even exchange your Bitcoin for your local currency. There are currently more than 5000 ATMs around the world, with support for this virtual money. Also, there are some apps, like Coin Radar, who can show you where is the nearest crypto ATM.

Also, you should pay attention, since there are various types of these machines, and different limits, which means that you won`t be able to cash-out some greater amounts of money at once. Another important thing that you must be aware of, is that ATMs usually charge you much more than online converting options, with the fees that are around 10 percent, while online exchanges are taking only around 1 percent on average.

3. Online Exchanges

Converting Bitcoin through some online cryptocurrency exchange service represents the most convenient method. You can choose the currency for conversion, and the most popular options are the US dollar, EURO, GBP, Japanese Yen, and many more. However, you should check the list of these exchanges that are available in your country.

In the United States, the main options for crypto exchange are Coinbase, Kraken, Gemini, and Bitstamp. For the United Kingdom, you should choose CEX or Coinbase. In China, the best online exchanges are Huobi and OK COin. Also, Luno is a very popular exchange in Malaysia, South Africa, and Singapore.

The process of converting your Bitcoin in some regular currency is simple, and all you need to do is to sign up and pass the verification process. After that, you will have to deposit your Bitcoin funds on your account. You can choose to cash out in various ways, like PayPal or bank account.

We also have to mention that in some situations you will have to wait up to 5 days for the transfer, depending on your country and its financial platform for this kind of money conversions. On the other side, there are still many countries that don`t support trading with cryptocurrencies, and you should be aware of that if you are from some of these countries.

4. Local Bitcoins

LocalBitcoins represents a platform that connects people who are willing to buy or sell their Bitcoin. This service has almost 1.5 million users from all around the world, and they are available in most countries. The advantage of this platform is that you are going to deal directly with the buyer, with additional escrow service for improved security.

Another benefit of using this service for cashing out your Bitcoin is that you are deciding about the price and the method of payment. There are several methods, such as Payoneer, PayPal, Western Union, bank transfer, or a gift voucher.

This platform is simple for use, and you will need to create an account, verify your identity, which is especially important. After your registration is finished, you will need to select the chart Quick Sell and provide some data like your country and payment method. LocalBitcoins has a built-in system that will recommend you some potential buyers according to your location.

Several measures improve security, and you can always check some data about the buyer, like his status and ratings. When you choose a suitable buyer, you will have to go through the process of selling by confirming the amount of Bitcoin and providing the buyer with the correct payment details that you choose.

When the buyer accepts your price, the next step is to send the correct amount of Bitcoin to the escrow and wait until the buyer pays you. Also, another great advantage is that this service is free, while you will only have to pay 1 percent of your trading if you are going to promote your ad.

Did you know that experts speculate that Bitcoin could potentially replace fiat currencies like U.S. dollars in the near future? This means that someday, you could use bitcoin for any purchase. Then, fiat currencies will no longer be essential, or at least they will cease to be the primary payment method.

However, for now, only a few individuals or businesses accept payment in bitcoin, so many people still want to convert their bitcoin into cash. This way, you can use your bitcoin to buy or pay for what you need.

Four Ways You Can Cash Out Your Bitcoin

Before you head out to cash out your crypto, here are some things you need to take into consideration:

The cost and ease of the conversion method
Where you want the money to be deposited (e-wallet or a bank account)
Which currency you wish to convert your bitcoin into
How fast you want to receive your cash

There are other things you can consider outside the ones listed above. Only after studying these things should you attempt to exchange your bitcoin into cash. In this article, we will show you four ways to convert your bitcoin into cash.

1. Cryptocurrency Exchanges

These are third-party exchanges that allow you to sell your bitcoin for fiat currencies through their website or mobile apps. You can do this in four easy steps:

Find an exchange that supports your country and currency
Register and complete the verification process
Deposit bitcoin into your account
Withdraw your crypto to fiat currency through e-wallets or direct bank transfer.

Cryptocurrency exchanges are generally safe and secure. However, they are not the fastest means of getting your money. Also, some countries are restricted from some platforms.

2. Peer-to-Peer Platforms

Compared to crypto exchanges, peer-to-peer platforms provide a quicker and more anonymous method of converting bitcoin into cash. P2P platforms link up buyers with sellers for transactions. With those, you can choose whichever available way you wish to receive a cash payment.

Note, however, that you will also need to go through a verification process. Also, some platforms charge transaction fees. For instance, buying and selling on LocalBitcoins is free, but posting ads will cost you 1% of the bitcoin traded.

3. Direct Sales

This is probably the fastest means of exchanging your bitcoin for cash as it involves you selling your crypto to another person without going through an exchange or a peer-to-peer platform. A direct exchange is usually performed between friends and family.

To sell, all you have to do is scan the QR code, send the bitcoin to their bitcoin wallet address, and get paid in cash. However, it may not be safe to do this sort of transaction with a stranger. You can’t be sure that they’ll fulfill their end of the deal. So, it’s safer to go through P2P platforms or third-party exchanges.

4. Bitcoin ATMs and Debit Cards

Bitcoin ATM is a very convenient way to convert bitcoin into cash. Note, however, that not all bitcoin ATMs dispense fiat currencies. Some allow you to withdraw only bitcoins, while others only allow for fiat currencies. Yet, some offer bidirectional service – you can withdraw cash or bitcoins from them. However, they charge high transaction fees.

With bitcoin debit cards, you can buy and pay for anything offline or online. Plus, you can withdraw cash at any ATM worldwide, as long as they support Visa or MasterCard. You can load your bitcoin on these cards and convert it into any currency of your choice.

Conclusion

How Can You Convert Bitcoin To Cash

If you’re looking to spend your bitcoin, converting it into cash is one of the many options. Also, you can add to the amount of bitcoin you have. Try day trading, or you can gamble with it – you just might get lucky. Nowadays, there are many trading platforms and online casinos that accept bitcoin as payment.