There are no qualms on the rising popularity of cryptocurrency, specifically Bitcoin, which has been the talk of the crypto town. And with increasing crypto followers, there has been a continuous increase in the trading volume, investment of capital and other factors which has further pushed the values of these Cryptocurrencies to climb higher. In fact Bitcoin, the most popular, grew up to nearly $20k last December, which was an event in itself. However, the regulatory clampdowns and hackers made sure that the price fell again.
Whether the price is rising or falling, if you are an investor, there will be a target point or a need when you need to withdraw your cryptocurrency.
So if you are wondering how to convert your Bitcoin or any other cryptocurrency into Fiat currency, primarily cash, then here is a small peek into how it can be done.
Exchanges:
The most popular medium is, of course, the cryptocurrency exchange for all cryptocurrency withdrawal. There might be some restrictions on how much you can withdraw and amount threshold for which you need to provide verification, etc. But still, it is the easiest and the best place for those who are withdrawing in smaller amounts. It is quite easy for even the beginners to understand and follow.
The process involves you to create an account and links the same with your bank or your card account (debit or credit). Now just deposit the amount of cryptocurrency you want to exchange and the fiat currency you want it in, and it will get deposited into your account.
The turnaround time will depend on the exchange you choose and the bank. The fee is most affordable, and the only drawback is the time it takes for credit into your account, usually up to two days. Once done, you can quickly withdraw through your card from your bank.
P2P marketplaces online:
An example of this kind is the LocalBitcoins.com where people who want to buy or sell Bitcoin or any other cryptocurrency can do so with other customers. Since these transactions have an escrow and there is transparency in charges, you don’t have to worry about trusting them.
The Localbitcoins.com will act as the intermediary, and the two parties can transfer cash or gift cards or any other way to sell and buy Bitcoin or other Cryptocurrencies.
Prepaid cards:
There are debit and prepaid cards for Bitcoin already in the market. These work in same way as any other debit or credit card. These are also issued by Visa or Mastercard and are funded with BTC or another cryptocurrency. Getting yourself one may not be as simple as other bank cards, but once you have them, you have your cryptocurrency in your wallet and can use at any POS or ATM.
There is instant conversion to any currency as well. The drawback though is that not all countries accept these debit cards and there might be a conversion fee associated. However, that day is not far, when digital prepaid cards become the way of our lives.
Irrespective of the method you choose to change your crypto to Fiat, you need to research before and only select once all your expectations are met. Make sure to use a certified and verified platform which offers an escrow.
Interested in my previous blogs:
- Crypto World #7 Low on Cryptocurrencies? Try out margin trading.
- Crypto Talk #5 Binance is UP now, it was just a FUD but how this news spreads?
- Crypto World #6 Bitcoin Regulation: That's Why 2018 Will Be The Year of Decentralized Exchanges:
- Crypto Talk #4 All you need to know about investing in Crypto-currencies before you do.
- Crypto World #5 A few dents to consider when investing in cryptocurrencies.
A.D.S.A.C.T.L.Y = Autonomous Decentralized Society Acting Cooperatively to Leverage You!
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