Are you the owner of Bitcoin or other digital currencies? Do you want to convert your bitcoin to fiat currency? If you are a bitcoin HODLer and want to hold bitcoin for the long term, knowing when and how you can convert your bitcoins to your local currency is crucial. It might be possible that one day, you will want to sell your bitcoin for any reason. So, in this article, let us learn some different ways in which bitcoin owners can convert their coins to fiat currencies. You can learn the ways and can earn by using the Immediate Edge app instead of fiat currencies.
How to cash out your digital currencies?
When you plan about cashing out your crypto coins, it is important to know how you want to receive bitcoins payment. Some investors use third-party exchanges to sell their coins and deposit that money in a bank account. Some investors consider selling their bitcoins by using the peer-to-peer platform or in-person to receive regular money. The best thing is that if you want to spend your crypto coins, cashing out is one of the multiple options. Various websites allow users to shop online with bitcoin or other cryptocurrencies.
Another great thing is that you can get cashback or discounts by shopping online with bitcoins and earning them after spending or shopping. Let us know about the ways to sell bitcoins for regular money.
Convert bitcoins through crypto exchange
The most convenient way to cash out bitcoin is via crypto exchanges. These are special marketplaces developed to allow users to buy and sell cryptocurrencies. These crypto exchanges allow users to sell their bitcoins for fiat currencies through user-friendly apps or websites. Before you plan to sell bitcoins, finding the right exchange that supports every cryptocurrency and country is crucial. There are some ultimate exchanges located across the world, including Coinbase, Kraken, Gemini, Coinmama, Korbit, Bitstamp and more.
All a user needs to do is sign up on the exchange and complete the identity verification process by submitting the required documents. Deposit bitcoin to your crypto exchange account and cash out bitcoin to traditional currencies through bank transfer or other platforms.
Spend bitcoins through crypto debit card
Spending bitcoin using a Bitcoin or crypto debit card won’t provide you hard cash in exchange for bitcoin. People should load bitcoins into bitcoin debit cards and automatically convert them into fiat currency by paying using bitcoin instead of cash. Bitcoin debit cards allow users to pay, spend and buy anything without needing to use cash. Each crypto debit card has a different fee structure, services and features, and it is best to study every card and then use it.
Cash-out bitcoin using Bitcoin ATM
If you are an employee and don’t want to go through time-consuming verification processes, getting cash in exchange for your bitcoin from Bitcoin ATM is better. These ATMs are different from traditional ATMs and are a hassle-free way to convert your bitcoins to regular money. Bitcoin ATMs are physical centres that allow users to buy and sell bitcoin with fiat currencies. Through bitcoin, ATMs are not developed in all the countries, but there are around 5000 machines located in 76 different countries.
All you need to do is to find a Bitcoin ATM near you on a search engine. Also, note that not all bitcoin ATMs are the same as each has different fees, limits and each machine supports different cryptocurrencies. The method of buying and selling bitcoin from Bitcoin ATMs is only suitable for small amounts transactions. The main drawback of these ATMs is that they charge high transaction fees.
Sell bitcoins using a peer-to-peer exchange.
Peer-to-peer bitcoin exchanges have been developed that allow direct trading between buyers and sellers. The best thing about peer-to-peer exchanges is that buyers and sellers can directly meet and complete the deal without involving any intermediary. Additionally, these exchanges offer escrow services that protect both buyers and sellers.
Along with finding the buyer, you need to decide on a suitable payment method for you. There are many payment options, including PayPal, Western Union, cash deposit, gift vouchers, bank transfer, in-person cash and more.