convert bitcoin

4 Easiest Ways To Convert Bitcoin To Cash

One of the major reasons which keeps people from investing in bitcoins is the fear that they won’t be able to cash them out. Say, you buy the coins, invest your money, wait for them to gain value, and in the end, are not able to convert them into real money when required. That is one of the biggest nightmares of investors. However, what if we told you that converting bitcoins to cash is super easy?

These digital coins have been around for over ten years now and their popularity has increased exponentially over the last few years. If you own bitcoins and are looking forward to converting these digital coins into traditional ones, you are at the right place. This article explains how you can convert your bitcoins into cash painlessly and quickly.

If you are also looking forward to investing in bitcoins and are searching for a website where you can cash out your earnings easily, check out this go URL.

Why Transfer These Digital Assets Into Your Account?

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Experts believe that cryptocurrencies will soon replace the traditional currencies. As a result, they are readily investing in bitcoins and other cryptocurrencies. According to this theory, you will soon be able to use cryptocurrencies to buy general things from the store. However, that time is yet to come.

Today, a majority of the people are unaware of the existence of these coins and the others are quite afraid to put them to use taking their high volatility into consideration. However, people will readily invest in bitcoins if they can convert their digital coins into traditional currencies.

Another reason can be the fact that the surges in bitcoin prices are highly unpredictable. Thus, to save yourself from incurring any losses you may want to cash out your assets when the market is experiencing an upsurge in the prices.

Taking the rise in popularity of bitcoins into consideration, several big-box retailers have tried accepting bitcoins and other available cryptocurrencies as tenders, but the process is not easy for them either. People are afraid to try their hands at cryptos and thus it will take quite some time for these digital coins to replace the fiat currencies. As a result, it makes sense to convert your digital assets into cash.

Now, let us know a few ways in which you can easily convert your digital coins into cash.

Convert Them With the Help of an Online Service:

You will find several famous online services that help people earn money through bitcoins. Such services not only allow consumers to buy cryptocurrencies, including bitcoins, from their website, but they also permit users to sell cryptos through their mobile app or website. There are numerous websites out there in the market that allow both buying and selling of bitcoins. On such platforms you can trade several cryptos, like Litecoin, Bitcoin, Ethereum, etc.

The services are connected with the bank account of users to initiate and deduct payments when bitcoins are bought or sold. When you sell bitcoins, it usually takes a few business days for the website to process payments to your bank account.

Many people often buy bitcoins through such websites, and when the currency gains some value, they encash them for profits. On the contrary, some maintain their crypto account to receive payments in the form of digital coins from customers, friends, family, etc.

Convert Them into Traditional Currencies Through a Bitcoin ATM Machine:

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Bitcoin ATMs have become quite popular nowadays, and are seen in several cities across the world. They provide a relatively easy and rapid way to convert cryptocurrencies, including bitcoins into cash, a government-issued currency.

However, you will find several different kinds of bitcoin ATM machines, and some of them allow you to buy bitcoins in the same way we deposit cash in a regular ATM. Many of them have also started supporting additional cryptos such as Ethereum and Litecoin. The fees of such transactions are usually higher than what people usually pay for the online services. In addition to it, the conversion rates are not as favorable as third-parties websites.

Conversion of Bitcoins through Cryptocurrency Exchange:

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One of the best ways of cashing out bitcoins is through cryptocurrency exchange. The third party exchanges are all authorised and allow users to easily sell bitcoins and exchange them for their preferred currency that includes USD, GBP, MYR and EUR. These platforms support several other local fiat currencies and allow the users to carry out the process through their website of user-friendly mobile apps.

To get started with cashing out digital coins, you will need a platform that is supported in your country. The entire process is simple, easy and secure. However, the process is not rapid and it may take around 1-5 business days for it to process your fiat money based on the platform you use and your location.

Also, for the new users, who have newly registered their account with the crypto exchange, it may take weeks and even months. This is because it takes a considerable amount of time for users to get their account approved. These platforms may also charge a certain fee to carry out the transactions.

Cash Transfer

You can ask people who are interested in buying these coins to send the money directly to your account. However, make sure to ask for identity proof documents before you send your coins to the purchaser.

Conclusion

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We caution you before you start rushing to encash your bitcoins and realize the profits from it. Ask yourself a crucial question: In what form should you cash your bitcoin in, in flat currency? Keep in mind that if you choose to cash out your bitcoins in fiat currency, you are required to pay tax on profits made.

The beauty of bitcoins is not only the blockchain technology that is present behind cryptocurrency but also the fact that it is a decentralized digital asset. Now that you know how to encash your digital coins you can convert them to traditional coins whenever required.

How To Exchange Cryptocurrency For USD

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

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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.

4. Loan

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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

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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

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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!