Turning Cryptocurrency into Cash – Top Ways to Convert Bitcoin. Bitcoin is a cryptocurrency; it is a decentralised 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. It is an innovative form of payment and is also often referred to as ‘digital gold’.
Because bitcoins are limited and market forces determine their value, Bitcoins are also traded like stocks on various exchanges.
According to experts, even the most economically liberal and financially secretive countries like Switzerland and Malta are still reluctant to work with cryptocurrency.
However, for investors who want to cash-out their cryptocurrency, there are various methods.
Fiat supporting exchanges
Some experts have said many cryptocurrency exchange platforms support fiat trading pairs. The best thing about them is that in most cases they allow withdrawing fiat money directly to your local bank account.
Typically, such exchanges work only in a limited number of regions, so it may require some time to find one that works in yours. Also, verification may take a while, since converting cryptocurrency to fiat is a risky business and platforms must be sure that you are not anyhow involved in the criminal world.
This is a peer-to-peer cryptocurrency exchange platform where you can buy and sell Bitcoin by exchanging it for your local currency. This Finland-based start-up works in 248 countries covering more than 16,000 cities. So unless you live in a very small and faraway village, you’ll be able to easily find a person in your home city willing to buy bitcoins for cash from you.
The best thing about this service is that you can receive fiat currency in practically any suitable way for you, be it a bank transfer, your PayPal account or mere cash. Specify the payment methods that suit you, set up your price and wait till the buyer appears.
The platform curates the deal so you can be sure to receive your money, people who have used the site said.
Convert to other crypto or stable coins
This is a good option during a predicted crash or if the market seems to be on a downtrend. You can convert to another coin that remains stable and hence keep your investment safe.
While many exchange platforms don’t support fiat pairs, but there are much more of them that allow converting BTC to Tether (USDT). Also, recently, some other stable coins have been released, such as PAX, TrueUSD, USD Coin and a few more. So you can diversify your portfolio and convert bitcoins to several different USD analogies.
Crypto ATMs aren’t just for buying crypto; you can also sell your bitcoins here. Bitcoin ATM is a very convenient tool for those who want to convert cryptocurrencies to fiat and backwards easily. Also, some ATMs support altcoins such as Monero, Bitcoin Cash, Litecoin and more.
However, ATMs charge a commission of around 5 per cent to 10 per cent. The conversion rate may also not be a good one when compared with other services.
Convert cryptocurrencies via Bitcoin debit card
An easy way of converting cryptos to fiat is to use a Bitcoin debit card. Log into your online account, deposit bitcoins to the Bitcoin wallet provided by the app, save it to your local currency and withdraw to your bank account. This makes your Bitcoins ready to use as cash or rather a card that can be used in some places. However many stores don’t really accept these cards so it may not work for you if you want to use bitcoin to buy some groceries at a store nearest to you.
Crypto loans are a way to cash out your bitcoins. With this method, you don’t have to sell it, and you can get it back before the price reaches the critical level.
According to experts, some companies offer such services. They work in the following way. You deposit your digital currency to a smart contract and receive real money in exchange to your bank account. To get your cryptos back, you make a reverse transaction.
We hope our article helped you convert your bitcoins into cash.