So, you became part of this whole cryptocurrency adventure in order to earn as much as possible and now that you’ve got some money, you would like to be able to cash in? Why not?! There are ways. However, as much as we want cryptocurrencies to prevail over fiat currencies, we’re still far from that, as gaining legitimacy is still not approved unlike US dollars or euros, which the government accepted as a legitimate means of payment. In order to take a piece of their paper profit, many people are interested in how to turn crypto money into fiat money. Regardless of the fact that many companies today accept cryptocurrencies as a regular payment method, that’s not enough for people and they don’t want thousands or millions to remain trapped in the form of digital money.
This guide will explain how you can convert your coins to USD. In search of ideas, wander into the following lines and we’ll try to meet your expectations and help you get closer to your profit.
1. Cryptocurrency exchange
This is one of the most popular and easiest ways to convert to USD. In addition to being a fast way, a big advantage is reflected in the fact that they can be easily linked to a bank account or Paypal account and thus enable easy withdrawal of USD.
The conversion method is quite simple. The process begins by transferring a certain amount of coins to the wallet of the selected stock exchange first. Once it’s in the form of a banknote of the selected stock exchange, we go to the Buy / Sell option where we can sell our bitcoin or some other cryptocurrency in USD. The dollars you earn will be sent to your bank account or Paypal.
What users point out as the disadvantage of this method is the verification of identity, which includes leaving personal data. Cryptocurrency traders are generally against it because they want to remain anonymous.
2. Peer to peer method
Thus, identity verification can lead to the exclusion of a large number of users who don’t agree with the sharing of personal data. However, these people have come up with some more ways to cash in on their digital earnings.
The peer to peer service doesn’t involve an exchange process but allows one user to sell their coins directly to another. Until the transaction is confirmed, the money remains deposited in one place, for example on LocalBitcoins. LocalBitcoins offers many more ways to convert bitcoin to USD.
Trading is most often done by cash mail, cash deposit, or Western Union. The good news is that you don’t have to sell them only for USD, you can also sell them for a code or a gift card. But also for selling a smaller currency for a larger currency, for example some altcoin for bitcoin.
3. Converting via Bitcoin ATM
As the name suggests, it’s assumed that you’re a bitcoin user so that you can use this method, as only with the help of these coins can you withdraw cash from an ATM. Another condition that determines whether you will be able to exchange virtual coins for USD in this way is that you must have a bitcoin ATM in the place where you live – the easiest way to get this information is online.
First, go to the ATM and press the option to start the process. The next step is to enter the amount you want to sell. When selling a large amount, the ATM may ask for an identity check. The ATM will then give you the address to which you need to send and to which the transaction should be performed. After confirmation, the ‘cash’ option should be marked.
This type of transfer is not ideal. Sometimes the process will be very slow and the fees are very high. In case of slow loading and long waiting, you will receive a code with the help of which you can come back later and check if the transfer has been completed.
This method can be compared to taking a loan from a bank. The loan doesn’t involve long-term conversion and storage of dollars, but only for a short time, after which the borrowed funds are returned.
You guarantee and secure your loan with your cryptocurrency by getting a smart or executive contract, where it’s kept behind computer code. You get USD to your bank account. After the expiration of the agreed term, you return the borrowed money and get back the one you guaranteed.
Since capital gains and cryptocurrency sales are taxed, this is an ideal way to avoid paying taxes and get what you want for a while.
Another positive side is that during the duration of the loan, the value of your cryptocurrency may increase. With the current purchase, that cannot be achieved.
5. Debit cards
Just as there are regular debit cards, so we can find some alternatives in the cryptocurrency market as well. This is another perfect way to convert coins to USD.
As in the case when we handle regular cards, all the funds we earn are deposited and remain on it. Only here are bitcoins and other currencies in the role of funds, instead of dollars. The moment we want to make a purchase, an ATM or store will automatically convert the currency into USD.
This method also requires ID card verification but is convenient, which is why there are a lot of users.
6. Friends, acquaintances, and family
This method is one of the simplest. It’s similar to the peer to peer way, only you don’t have to deal with strangers, but with people you know. And who will be more willing to help you than they are?
You simply don’t have to look for a buyer through a service such as LocalBitcoin, but you can sell it to an interested friend, relative, or acquaintance in exchange for a dollar.
With this process, you will minimize all possible complications and you can finally enjoy your earned money without worries. However, bitcoinpro advises you not to spend beyond your means and more than you can earn. So don’t relax too much and get back into the game quickly.
The methods mentioned above are some of the most reliable ways you can convert. If you thought that was impossible, we tried to make you happy and reassured, so feel free to try any of them at your earliest convenience!