Bitcoin has become one of the most popular alternative currencies across the world. The ever-increasing demand and monetary value of Bitcoin have made it one of the most sought currencies worldwide.
Though a few individuals and institutions are still skeptical about the value of Bitcoin, many individuals have been able to strike a fortune out of trading Bitcoin.
Forex trading broker’s commerce platforms and casinos are gradually embracing Bitcoin as a medium of exchange. What does this mean to the Crypto industry? Exponential growth and high demand associated with financial assets.
Over time, forex brokers have allowed traders to trade Bitcoin against fiat currencies. This spells a bright future for the crypto industry. So, is it possible to convert Bitcoin into cash? We put that into perspective.
Selling Bitcoin on a crypto exchange.
This is one of the easiest ways you can use to convert Bitcoin into cash. Platforms such as coinbase and kraken enable Bitcoin users to sell the digital currency and withdraw money directly from an account.
The minimum number of days they will have to wait for the cash to hit their accounts is 4-6 days for US citizens. However, the transaction period varies from one nation to another.
Transfer fees vary from one country to another. If you are spoilt for choices, you can opt to exchange Bitcoins for cash via coinbase. The platform has a customer base standing at over 13 million with a fast transaction rate.
Bank transfer or paypal
Every bank across the world has guidelines related to Bitcoin transactions. In this case, if your bank supports Bitcoin transactions, you can opt to cash out Bitcoin via bank transfer. Alternatively, you can use PayPal, which supports BTC transactions in exclusive circumstances.
Bitcoin ATMS
Unlike ordinary ATMs that allow account owners to withdraw money from a bank account, BTC has established physical centers that allow Bitcoin users to buy and sell Bitcoin with Fiat currency. So far, there are a total of 4990 crypto ATMs in 76 countries.
If you are confused about locating a BTC ATM, you can opt to visit the bitcoin lifestyle to locate one. The downside about these ATMS is that most have capped transaction limits. This means you can only withdraw a limited amount from the ATMs.
Bitcoin Debit cards
Many platforms allowing users to sell Bitcoin are available. Upon selling BTC on the platforms, you receive a prepaid debit card in exchange. This allows you to use the card like any other regular debit card.
Each one of these cards is powered either by MasterCard or Visa card. Bitcoin users can then use the cards for both offline and online shopping platforms.
Besides making Business transactions using the card, you can use the BTC debit cards to make withdrawals through any Mastercard or Visa-supported ATMs.
Peer to peer transaction
You can choose to use a peer-to-peer platform to sell out Bitcoin for cash for a seamless and fast anonymous method. This means when selling Bitcoin to other people, they have an option of paying you with any of your preferred currencies.
Cash deposit
This selling Bitcoin method is where a Bitcoin user requests a buyer to deposit cash into your bank account upon selling Bitcoins to them. Before releasing Bitcoin to buyers, ensure you get proof of payment.
Bank transfer
This is also an ideal alternative to converting your Bitcoin to cash. Upon selling Bitcoin to a buyer, BTC users can request buyers to send bank transfer payments. Alternatively, you can as well use Paypal to receive your payment.
As a standard practice in online transactions, always ensure you can confirm proof of payment before releasing Bitcoin.
Conclusion
There exist several ways you can convert your Bitcoins into cash. If you are holding Bitcoins and wondering how to convert to cash, this article has answers.
Though Bitcoin ATMs are a great alternative you can use to convert your BTC to cash, the high fees ranging from 7-12% of the total transaction may not be friendly.
Therefore you can choose an appropriate method that you feel is not only convenient but secure and cheap. With the growing number of merchants accepting BTC payments, Bitcoin is undoubtedly a valuable asset that you should try out.
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