Many people know they can receive Bitcoin payments by getting a digital wallet. Others know even how to purchase Bitcoins via crypto exchanges. However, some individuals don’t know how to convert their Bitcoins into cash or local currency.
Well, you can convert your Bitcoins in different ways. Even if you want to hold onto your Bitcoins and sell them after several years, you might want to know ways to convert them into cash. Here are ways to turn this virtual currency into fiat money.
Use a Cryptocurrency Exchange
A crypto exchange like the News Spy perhaps provides the easiest way to cash out Bitcoins. Such platforms allow users to sell their Bitcoins to other users. Thus, you can exchange your Bitcoin for EUR, USD, MYR, GBP, or any other fiat currency. These apps are user-friendly and easily accessible. First, however, select a crypto exchange that supports users in your country.
Sign up with a crypto exchange and complete your verification process. After that, deposit Bitcoins or purchase them and then cash out to fiat money via PayPal or bank transfer. While this method is secure and easy, it can take several days. Also, not every country has crypto exchanges. That means it might not be a good option for everybody.
Use P2P Bitcoin Exchanges
You can find peer-to-peer Bitcoin exchanges that allow people to purchase and sell Bitcoin online. Essentially, these platforms facilitate direct Bitcoin trading between sellers and buyers. That means you don’t involve intermediaries in your trade. Instead, you deal with a Bitcoin buyer directly. What’s more, you can use the escrow service to safeguard your Bitcoins. Additionally, you decide the amount to accept for your Bitcoin and your preferred payment method.
While you may trade directly with another person offline, using a P2P platform ensures your safety. That’s because you use the escrow service that can resolve a dispute and mediate transactions if necessary.
Use a Bitcoin ATM
Perhaps, you don’t want to go through a lengthy signup process. You might also want to avoid the ID verification process. In that case, you can use a Bitcoin ATM to get physical cash. This option provides a hassle-free method of converting your Bitcoin into local currency.
A Bitcoin ATM is a physical center where you can purchase Bitcoin using fiat money. In addition, you can also sell your Bitcoins to get local currency. Currently, you can find Bitcoin ATMs in over 76 countries. Thus, getting a Bitcoin ATM is becoming easier in most countries.
Bear in mind that not every Bitcoin ATM allows you to sell your Bitcoin for a local currency. Also, each ATM has different sell and buy limits, supported coins, and fees. Nevertheless, using a Bitcoin ATM is an ideal method for small Bitcoin transactions. That’s because the withdrawal limits for most ATMs range from $1,000 to $10,000. Also, Bitcoin ATMs have high transaction fees compared to crypto exchanges.
Use Bitcoin debit card
A Bitcoin debit card might not turn Bitcoins into cash. However, it provides a way to spend your Bitcoins. It works like a regular debit card. People load Bitcoins into this debit card and convert them into fiat money like the USD, GBP, AUD, and EUR.
With a Bitcoin debit card, a person can pay for services and products online and offline. What’s more, you can withdraw cash at any ATM that accepts Master/VISA cards. Therefore, anybody that uses Bitcoin should have a Bitcoin debit card because it enables them to pay for products and services offline and online anywhere globally.
You have many ways to convert Bitcoins into fiat money. However, consider your profits before you do that. That’s because your reason for buying this virtual currency might have been to make profits. Also, you will pay tax for your profits when converting Bitcoins to cash.