7 Ways to Convert Bitcoin to Cash
Almost everyone is waking up to the Bitcoin as the new buzzword in the financial world, albeit at a slow and steady pace. But, most people have still not taken the first step towards investing in the cryptocurrency. A possible reason may be because the way the world of cryptocurrencies like the Bitcoin works is still shrouded in mystery and confusion. To realize profits, you will have to sell the Bitcoins in exchange for cash according to the native currency.
Ways to Convert Bitcoins into Cash:
- The simplest way to convert the Bitcoins into cash is through cryptocurrency exchanges. These exchanges enable you to sell Bitcoins for traditional currencies like the USD, GBP, MYR, etc. You can do this conversion through their mobile-friendly apps or websites. The leading crypto exchanges are Coinbase which operates in the US, Luno in Singapore, Coinmama in the US and Europe, etc. Read more about trading platforms on InsideBitcoins.com
- The second easy way to sell Bitcoins is through LocalBitcoins. This is a Helsinki-based startup that has been running since 2012 and is a P2P exchange. This exchange boasts of buyers and sellers on-ground, and runs across 248 nations. So, finding a buyer in the country in which you reside may not be a problem. LocalBitcoins allows you to deal with buyers directly and get money in formats like cash, PayPal, and bank deposits. LocalBitcoins remains the preferred choice for most people when it comes to converting Bitcoins into cash, particularly if they are not keen to use crypto exchanges.
- You can also convert the Bitcoins into cash using Bitcoin ATMs. This spares you of the trouble of going through a time-consuming sign-up and verification process that exchanges demand. You can get physical cash easily through the Bitcoin ATMs. Bitcoin ATMs are physical centers where you are free to withdraw your native currency like USD or AUD using a debit card. You may use the fiat currency to buy Bitcoins; you can even sell the Bitcoins in exchange for fiat currency as this is a feature allowed by some ATMs.
- Bitcoin debit card is not going to convert the crypto coins into cash per se, but you may use Bitcoins just like you would use any ordinary debit card. So, you load the Bitcoins into the debit card and this card automatically converts the BTC into fiat currencies. These borderless-debit cards are very useful for frequent travelers for making purchases offline and online no matter where they are going, without incurring fees.
- You can convert the Bitcoins you own into stable coins. These stable coins are similar to fiat currency, except that they are digital versions. They are created by businesses, not governments. When you are not in a rush to convert your Bitcoins into cash, and wish to avoid tax liabilities you may convert Bitcoins to USDT (Tether). You no longer have to worry about Bitcoin volatility if you change to USDT, since this maintains parity with USD. You are spared of the hassle of transferring in a fiat currency first at exchanges since USDT allows you to purchase Bitcoins later on when you deem fit. Unlike traditional fiat currency exchanges, the USDT has the support of multiple exchanges worldwide, like the Binance, Bitfinex, KuCoin, etc.
- You can cash out your Bitcoins through crypto loans; this way you do not need to sell the Bitcoins and you can retrieve these before prices reach a critical level. You can deposit the digital coins into smart contracts and get real money as exchange. You need a reverse transaction to get the coins back.
- You can even arrange for buyers to meet you if they are local and they can pay you cash in exchange for your Bitcoins.