Wednesday, October 28, 2020

How can you convert your Bitcoin to Cash?

The Takeaway:

If you own some bitcoins and are wondering how to cash them out, then you have landed on the right page. In this detailed article, we will take you through step by step process on how you can cash out your bitcoin.

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The leading cryptocurrency in terms of market capitalization and market dominance, bitcoin, has come a long way since its inception, but it is widely considered as a store of value and not as money. The utility of bitcoin in the real world is not that great as it still on its way to mainstream adoption. Bitcoin is bought and sold on crypto exchanges or peer to peer platforms such as Localbitcoins.com.

 

How to turn bitcoin into cash?

There are several ways that you can use to cash out your bitcoins, depending on what country you live in. You can sell your bitcoins in person for hard cash or sell it on an exchange for cash into your bank account. 

Note: You can also spend your bitcoin to buy things from Amazon using services like Purse.io.

 

1. Selling bitcoins on a peer to peer platform

Peer to peer platforms such as Localbitcoins allows bitcoin holders to meet people who want to own bitcoins. These are decentralized platforms that act as a medium between buyers and sellers. On Localbitcoins, you are directly dealing with the buyer, and there is no middle party involved. On P2P platforms, you can select what payment mode you prefer. As the buyer initiates the transaction, bitcoins get stored in the escrow wallet and then transferred to the buyer’s account once the transaction is successful. The crypto cash platform, which offers crypto trading services, can also be used to cash out your bitcoins. 

Note: Localbitcoins is based in Helsinki, Finland, and has on-ground buyers and sellers in more than 15,000 cities across 248 countries. 

 

2. Converting bitcoin for local currency on an exchange

If you have stored bitcoins in your wallet that you bought from an exchange or from elsewhere, you can sell them on any crypto exchanges that let you cash out. If you live in the USA or Europe, there are several exchanges that you can use to cash out your bitcoins. Kraken, Binance, and Gemini are some of the leading exchanges that you can sign up on and cash out your bitcoins. Crypto exchanges charge small withdrawal fees for cashing out bitcoins. 

Note: It advised to be diligent while dealing in cryptocurrencies to protect yourself from frauds. You can also try bitcoin.era after your own due deligence.

 

Conclusion

Bitcoin is envisioned as the currency of the future with its features that frees it from the political forces. Bitcoin is an opportunity for people to take back financial control from the state and separate money from the government. However, bitcoin has a long way to achieve mass adoption. If you follow the above guidelines carefully, you should be equipped with the knowledge on how you can cash out your bitcoins. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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