Many people invest in cryptocurrencies but almost everyone has a different perspective on handling digital assets. While some think of expanding their cryptocurrency holdings, many short-term investors look for quick chances to convert cryptocurrency to cash whenever the market value of the crypto coin is high. Besides, with the growing demand for Bitcoin most people investing in Bitcoin are looking for market uptrends to either sell off or get the Bitcoin holdings converted to cash. Bitcoin Lending has no physical existence, only that the digital data is stored safely in blockchains that cannot be altered, ensuring the safety of all transaction records. With companies like Starbucks, Overstock, Microsoft, etc. accepting Bitcoin, the demand for Bitcoin is scaling up, therefore you can easily fetch either services or direct cash against a single Bitcoin. Throughout the globe, bitcoin is being recognized as a traded store-of-value commodity, similar to gold. Therefore, even though it is quite normal that if you have Bitcoin or crypto holdings you must be knowing how to convert them to cash. However, here are all the basic facts for newbies and those curious interested investors out there seeking to know the ways.
Converting Bitcoin into Cash
Those who are seeking to convert their Bitcoin holdings into fiat currency can adhere in four different ways:
- Avail P2P exchange
- Sell off Crypto in Central Exchange
- Use Crypto Debit Card
- Bitcoin ATM
Read on to see which method is the best for you.
Turn Bitcoin into Cash with Peer-to-Peer Exchange
To cash your cryptocurrency through a peer-to-peer exchange, pick a P2P platform, sign up for an account and choose the required location of your buyer. On these platforms, there are dedicated places to find and locate buyers and generate trade requests. Look for P2P platforms with an integrated escrow option where until you confirm receipt of payment your crypto holding is not released.
In some of the P2P spaces, against added fees, you can create an advertisement for your crypto holdings on sale. Besides these platforms maintain to keep your identity anonymous. To secure your network you can integrate a VPN as well.
Crypto Debit Card
- Fast and hassle-free process
- Avail instant cash from ATM, use in-store or for purchases
- Avail cash as per your requirement only
- No need of associating with any bank account
A crypto credit card is directly linked with your cryptocurrency wallet, and similarly, as a bank ATM fetches cash from your bank account, a Crypto debit fetches cash by converting crypto into cash from your wallet. A wide range of cryptocurrencies including some of the most popular ones like Bitcoin (BTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (wBTC), Shiba Inu Coin (SHIB), Dai (DAI), USD Coin (USDC), etc. These debit cards need to be loaded from your exchange wallet or connected with your exchange so that you can avail cash or use it readily at stores or for purchases.
Sell off Crypto in Central Exchange
Many cryptocurrency exchanges allow easy and swift cash conversion of digital assets against a charge, like Binance, Coinbase, Kraken, etc. the process is seamless for those who already have an account with a centralized exchange and if all your digital assets are active in a custodial wallet. The process is quite simple
- Choose the exact amount of crypto you need to sell
- Agree with rates
- Get your cash credited to your account
- Pay the transaction and conversion charges to the exchange.
Bitcoin ATM
Bitcoin ATMs are not only to sell cryptocurrencies but also are integrated with both selling and buying mechanisms to facilitate crypto trading. These are really specialized banking machines from which you can buy and sell crypto. If you seek to purchase any crypto, you need to do that against fiat currency and insert cash. For selling, the machine generates an invoice based on the agreed rate at which you are ready to sell your digital tokens. There are many crypto ATMs around the world. Undoubtedly, we can consider it as one of the easiest methods to get cash against your crypto holding without a bank account.
However, before you start dealing with crypto buying and selling, you need a secure exchange like BitQT to ensure safe crypto transactions.
