Over 81 million people currently use the world-famous cryptocurrency bitcoin, as these many Ethereum Wallet have been recognized after a survey. The best part is its use is not limited to the investment sector now; today, it has found multiple new ways of utilization. Using bitcoin, you can now buy clothes, properties, vehicles, shoes, and houses, play games, or even book tickets and hotels for travelling. You can pay online or in cash to opt for these services.
Here are some techniques you can use to convert bitcoins into cash.
Methods to convert bitcoin into cash:
A good number of people nowadays store their assets in crypto forms. They focus on building their crypto portfolio and keeping the coins in their crypto trading accounts. But, it is important to have some cash in your bank account for emergencies or at least know how to conveniently convert your bitcoin assets into cash.
- Using centralized trading platforms:
Centralized bitcoin trading platforms are the most used platforms to trade bitcoin and thus convert the crypto to cash. The detailed procedure is as follows-
- Registration: The process starts with the registration procedures per the requirement of the bitcoin trading platform you are using. Here you might have to submit some of your ID proofs, which is quite similar to opening a bank account though it is simpler.
- Choose a reliable trading platform: Many ignore a vital thing here. They don’t even judge what kind of trading platform they choose to use and, in the end, get trapped in online scams. You can search for reliable platforms online by reading customers’ reviews of some reputed platforms or can also track their records. For instance, Brexit millionaire is a genuine platform that facilitates trading all kinds of cryptocurrencies besides bitcoin.
- Open a trading account: A trading account will be opened after registering successfully with the platform.
- Link your bank account: You can link the bitcoin trading account with any of your bank accounts to transfer the money after selling your bitcoins.
- Access your bitcoin holding: Now, if you are using a bitcoin wallet, you have to use your private key to access your bitcoin holdings.
- Make a sell order: Now, you can make the sell order, and after the bitcoins are sold, you will receive the amount that the exchange will transfer to your linked bank account.
- Using P2P trading platforms:
This is an easier way to convert bitcoin into cash. Here the trading platform is decentralized, and therefore the traders can make a direct deal with one another by putting buy and sell offers on the platform. After a deal, the two trader shares their bitcoin address and bank account details to transfer bitcoins and cash. Once you, as a seller, sell bitcoin, you receive cash in your bank account from the buyer.
- Convert using bitcoin ATMs:
Bitcoin ATMs work almost the same as traditional ATMs work, and it is the most convenient way to convert your bitcoins for instant withdrawal of your money. However, they are very few at present.
You have to link your mobile bitcoin wallet first with the ATM by your registered mobile number, and then on the ATM screen, you will get a QR code that you have to scan by the scanning option in your wallet. Finally, to sell the coins, you must put the amount you want and press the sell button.
- Direct purchase using bitcoin Debit Cards:
Bitcoin Debit Card is another interesting thing that works the same as traditional Debit Cards. You can use these cards in merchant shops to buy products and services. Here you can’t have cash in your hand, but when you pay the shop owner with your bitcoins, the cash is deposited in the merchant’s account.
Wrapping it up !!!
The above discussion highlights how you can convert your bitcoin into cash and use it in different ways. You can choose any of those, but before make sure you know the whole process thoroughly and only register yourself with genuine exchange platforms or ATMs.
Crypto trading is growing, and is drawing attention more than ever. You must explore the best option and then invest.