Bitcoin seems to be the strongest currency in the digital world. However, so far there are only a few ways to use BTC for payment, as only a few places accept it. Anyone who owns digital money wonders how to turn crypto into cash. That is, every Bitcoin owner has to overcome some small obstacles. Since BTC only exists in the form of data on the blockchain, converting Bitcoin is quite a challenge.
How do you turn cryptocurrency into cash? Of course, there are a few ways to turn crypto into cash. However, a Bitcoin owner cannot simply go to an exchange office or bank to exchange the cryptocurrency for cash. This currency isn’t accepted there. Converting Bitcoin only works on the Internet on so-called file-sharing networks. How you can buy crypto with cash will be explained in detail below. Let’s get started!
How Do You Turn Cryptocurrency into Cash: Top 3 Ways
How to turn cryptocurrency into cash? Today, there are three ways to buy cryptocurrencies with cash. Unfortunately, this isn’t as convenient as a deposit of funds in a bank account. However, we’re sure that there will be more options in the next few years. So, how to turn crypto into cash? Let’s consider the best 3 ways!
Users can add crypto to their wallets by adding various credit cards. If you then use this credit card, the FIAT amount paid is converted into the existing cryptocurrency. This part of the money is then simply debited from the credit. This makes it relatively easy to pay with cryptocurrencies using a credit card.
So-called Bitcoin ATMs — these machines allow you to withdraw cash in case you deposit some amount of bitcoins. The Bitcoin machine shows a receiving address to which you can then send your desired sum in bitcoins. Then it takes a few minutes and you get cash. Today, there are a lot of Bitcoin ATMs in the US, you may choose the one which suits your needs best.
Exchange deals between Bitcoin enthusiasts. On such platforms, you can exchange ideas with other crypto owners and then make an exchange of bitcoins for cash. The user who receives cash then simply transfers bitcoins to a crypto buyer’s receiving address within a few minutes.
In general, cash exchanges are a cool thing. However, due to the current lack of regulation, today it’s quite a difficult topic. That’s why we would rather recommend buying crypto on an exchange. In this case, you can better meet your obligation to provide evidence. An alternative to cash sales could be an invoice from a seller so that everything is properly documented.
How to Turn Cryptocurrency into Cash: Bitcoin Exchange
How to turn cryptocurrency into cash? There are numerous platforms on the Internet for exchanging cryptocurrency. But no matter which platform the Bitcoin owner chooses, the exchange process always follows the same principle.
- An account is created and verified on the respective platform, after which you can create your own wallet.
- The virtual wallet accepts the bitcoins that are being transferred and stores them. That’s why you need your own wallet address and the number of bitcoins to be transferred.
- If bitcoins are earmarked on the wallet, they can be sold on the desired platform. A seller receives a currency of his/her choice for this.
- Various options are available for withdrawals on the platforms. Payments to a PayPal account and SEPA transfers to the bank account are offered quite often.
- The transfer process usually has to be confirmed on the blockchain, which means that the transfer of BTC usually takes a certain amount of time.
- On top of that, there are the working days until the transfer is credited to an account.
What Should You Take into Account When Exchanging Bitcoins?
- The rate. The exchange of bitcoins for dollars is subject to strong fluctuations. It’s advisable to wait a little while for a stable rate to develop.
- After the initial registration, it usually takes a few days for a customer’s identity to be verified on the respective platform.
- Each provider sets individual fees, so the conditions should always be checked beforehand.
How do you turn cryptocurrency into cash? Feel free to share your ways in the comments!