In this contemporary world of cryptocurrencies, we all might know how to trade Bitcoin Wallet and make a profit out of it. However, we might not know how to convert bitcoin and use it whenever and wherever we want them just as easily as we use to do with physical currencies. Well, this is very simple than you can think. There are several methods to turn bitcoin into cash.
- Usinga crypto exchange platform: This method is quite similar to the trading process. Just like starting a bitcoin trading, you need to open a bitcoin account here also you have to do the same.
- First, you need to choose a reliable crypto exchange platform. Be cautious while doing it, research well, check the reviews, visit their address to make sure about their existence, and then finally choose the right one.
- Open a bitcoin account in the exchange. This process is just like opening a bank account. You need to get verified by providing some ID proofs. After that, a bitcoin account will be opened.
- Now, link your crypto tradingaccount to any of your existing bank accountsto deposit money.
- After that, you have to deposit your bitcoin in the bitcoin account. If you are holding bitcoins in your wallet, you can safely and securely transfer them to the account.
- Now, once you have your bitcoins in your account you can demand withdrawal. Having access to acrypto exchange platform will help convert your traded Bitcoins and send them to your linked bank account.
This method of converting bitcoin is safe and secured. But, it comes with some disadvantages.
- The process takes a lot of time. It takes around 4 to 6 days to convert bitcoin into money and finally reflect the balance in your bank account.
- Bitcoin exchanges are like brokers who act like third-party who provide you the services. So, they charge some fees for converting your bitcoin.
- At the time of making a convert request, you need to check the market price of the particular currency into which you are converting your bitcoins. Tally the price with the current price of bitcoin and then make the convert demand in order to not lose.
- Using a direct trading platform: Converting bitcoin into money is easier and more beneficial than the previous method through these direct trading websites and apps. The first few steps are the same as in the bitcoin exchange. Here also you have to open a bitcoin account and transfer bitcoins to that account. But the benefit is this method is a peer-to-peer method. That means the seller can directly connect with the buyer to set a deal. The seller, in this case, directly transfers his bitcoins to the buyer and the buyer also transfers the money to the seller. Such a platform is the Bitcoin Era where you get the facility of direct buying and selling.
Benefits of Direct Selling method-
- The direct selling platforms work faster than the exchanges.
- No need to pay any extra charge to make your transactions.
- You can also choose the payment method that you want the buyer to use for sending money.
- You also get the facility here to lock your bitcoin until you verify that the payment has been doneby the buyer. However, you need to be careful about any fraudulent activity while using these platforms.
- Bitcoin Debit Card and Bitcoin ATM: These two things also work the same way that the exchanges work. To complete the process, you need to open accounts in both the case. Through that account, the sale of bitcoin and the conversion of it will take place. After that, you can withdraw them using the bitcoin ATM and Bitcoin Debit Card. However, this method also has its cons. It takes much more time than the direct selling method and also demandsa high charge.
So, these were some helpful steps to converting Bitcoins into cash. Now, you can use your bitcoin as you want like buying food, buying clothes, booking a hotel, buying a car, or anything according to your need.