Ways to Convert Your Bitcoin to Cash
With the rise in bitcoin’s adoption in different parts of the world, the number of users and holders of this coin is also growing.
It has only been 10 years since bitcoin was created and introduced, but only more than 3,000,000 worth of BTC is left available for mining as of the time of writing (October 4, 2019), over its maximum supply of 21,000,000 BTC. Nowadays, you can even enter the crypto market simply by buying bitcoin with debit card.
This means that more than 17,000,000 BTC is circulating in the market for trades, investments, and other purposes. Since bitcoin is becoming more known and available today, it is now much easier to buy bitcoin online for those who want to acquire fractions of this digital asset.
Bitcoin (BTC) continues to prevail as the leading cryptocurrency today among the thousands available in the market. The adoption of bitcoin rises as different businesses and institutions are starting to accept this digital asset as a form of payment in exchange for products and services.
However, while more and more businesses are starting to adopt bitcoin, the majority of areas and enterprises all across the world are still reliant on fiat currencies issued by the government. If you are a bitcoin holder and you’re considering turning your bitcoins to cash, here are some of the popular ways for you to consider and explore.
Bitcoin and other cryptocurrencies are more popular for buying and selling. This is made easier and efficient by peer-to-peer (P2P) marketplaces. P2P platforms offer hundreds of payment methods that offer widespread options to choose from, and some also provide a free bitcoin wallet for buyers and vendors to use during trades.
Among these is the cash-in-person payment method where a user will be connected to a buyer or seller to whom bitcoins will be sold or bought. The platform will connect users for them to discuss meetup details. While this may sound like it requires a lot of information from both parties as bitcoins will be sent in person, this method works the other way around. This is ideal if you are opting to do bitcoin trading anonymously because it does not require much of personal information for the trade to begin.
Centralized fiat exchanges are considered one of the most effective ways of converting your bitcoins and other cryptocurrencies to cash. Some exchanges have tight withdrawal limits and processes in converting assets to fiat currency.
However, this is still a good option as you can withdraw your converted money from your bank account. You just have to note that charges and rates may also vary from transaction and location and that transferring your funds may not be completed in an instant. Usually, it takes three to four business days for the cash to be received by your bank account, depending on the used exchange.
Like the traditional automated teller machines (ATMs) for fiat currencies, there are also thousands of crypto ATMs situated in different countries around the world. As per the latest data provided by Coin ATM Radar, there are over 5,600 ATMs located in 74 countries to date.
Using bitcoin ATMs is one of the most convenient ways of turning bitcoins and other cryptocurrencies to cash. These machines allow buying bitcoins with cash or debit cards and selling bitcoins in exchange for cash. Just try and scout if there are some located around your area through a live worldwide map available online. This will also provide important details for you to be familiar with including fees, limitations, and types of transactions that it can offer.
Bitcoin debit cards
These cards work just like the common debit card, with cryptocurrencies deposited instead of fiat money. This is usually done via websites where the deposited cryptos are converted to fiat currencies. Bitcoin debit cards are usually powered by VISA or MasterCard, which is why it works in most businesses. This is also what makes it ideal for purchases in shops either online or offline.
This option is the most common among thousands of cryptocurrency exchanges and marketplaces. You can buy bitcoins with gift cards and you can also turn your bitcoins into cash through selling gift cards.
There are over 300 gift cards from almost all popular retailers that you can choose from. Most users use gift cards from Paypal, iTunes, Amazon, Steam Wallet, Sephora, Walmart, among others.
Before converting your bitcoins into cash
Now that you have learned five of the many ways on how you can turn your bitcoins into cash, you must also note that the process of converting bitcoin or other cryptocurrencies to fiat money can sometimes be lengthy.
To add, exchanges, marketplaces, payment methods, and transactions have varying charges and fees, which you should be familiar with. Knowing these through exploring the platforms and using relevant tools will help you know whether it is a good time to convert your assets or not.
Considering the time for registering and verifying your identity, and getting the hang of the process will take some time. However, all of the time spent on learning will be worth it once you get familiar with how the thing works and which method is the most efficient and effective for you.