How To Cash Cryptocurrency
Are you Bitcoin or any Altcoin holder?
Buying & HODL ing. One safe way to earn money in cryptoland is to buy good cryptocurrencies that. Buying and holding is the method you’re probably most familiar with when it comes to. Now that this is out of the way, let's talk about cashing out cryptos, and different methods of doing it. Crypto Exchanges. Crypto exchanges are the obvious first choice, and one of the most popular methods of cashing out crypto. While there are a lot of exchanges that only deal in crypto, and offer only trading pairs that allow users to exchange one cryptocurrency for another one, there are also those that allow. 1 day ago The Bitcoin-bullish company bought another $10 million of the cryptocurrency late last week, which brings its total holdings to something like 91,000 b itcoin s worth $4.3 billion. Need a coinbase account? Use this referral link we will each get $10 free BTC.:) this tutorial vide.
And looking for ways and methods to convert your crypto to fiat money, or, you just one of crypto enthusiastic whose intention to know more about cryptos and how to convert crypto to cash.
If you’re one of those, then you can find some easy and best ways to convert your crypto to cash in this post.
How To Cash Out Cryptocurrency
Ok, let’s dive into it…
1. Through Cryptocurrency Exchanges.
Through Cryptocurrency Exchanges you can convert your cryptocurrency to cash very easy.
Now, almost all crypto exchanges can convert Bitcoin to famous fiat options like USD, EUR, GBP.
But most exchanges cannot able to convert crypto to Rupee, Dinar, Ruble or any other fiat currencies because they have only limited options to cash out crypto. However, you can find out any local exchange on that particular fiat option to cash out your crypto.
Also, most
They only have options like Bitcoin, Ethereum and Ripple sometimes only Bitcoin.
If you’re the holder of any altcoins or tokens other than they offer, then you have to find other ways to cash out your crypto.
But don’t worry below is the list of exchanges can help you to convert most of the coin to cash.
- Coinbase.
- Bitfinex.
- bitFlyer.
- Bitstamp.
- BitMex.
- Kraken.
- Livecoin.
Using these crypto exchanges, you can easily convert your cryptos to cash.
But, the main drawback is they do
If you’re one of those who
2. P2P Exchanges.
P2P exchanges mean Peer-To-Peer exchanges, these kinds of exchanges do
That means there is no central authority to control crypto transactions.
Thing is. I call them as Person-To-Person exchanges because if you have crypto or looking to buy one then, you can directly contact buyer or sellers through these P2P platforms.
A good thing about these exchanges is you can use your crypto to send as shopping gift cards or use them as donations and much more.
Ok, let’s look at some P2P exchanges by detail because there is only a handful of them.
a. LocalBitcoins.
LocalBitcoins is one of the popular and best-known P2P exchange.
It is based out of Helsinki, Finland, and operates since 2012.
It’s a semi-anonymous service that focuses on simplicity and privacy, offering in-person, local exchanges of crypto assets and online transfers backed by on-site escrow.
The good thing about them is they display the number of transactions, feedback scores and response times for every user, for safer decisions.
They have buyers and sellers from more than 15,000 cities across 248 countries!.
This platform uses Bitcoin as its base currency and focuses on fiat transactions but supports Litecoin, Ethereum, Dash, Monero, and Ripple exchanges.
If you want to convert altcoins to fiat, then you must first sell them for bitcoins, then sell the bitcoins for fiat.
Also, they have wide payment options like PayPal or SEPA or direct bank deposits for converting Bitcoins into cash (USD, EUR, INR, JPY, CNY, AUD, Dinar etc) remember all these payment options depend upon buyers and sellers.
But One Thing Is… Make sure about buyer or seller had a good reputation, higher reputation means a trustworthy buyer or seller.
If you’re interested in LocalBitcoins to make your first P2P transaction then check out their Website.
b. Paxful.
Paxful is another P2P crypto exchange, but this exchange is not as popular as LocalBitcoins.
But this exchange has more than 300 ways to convert your crypto funds!.
That includes some popular ways like Direct Bank transfer, Through Amazon Gift card, or Western Union etc.
This exchange also uses Bitcoin as the
Also, know that if you want to convert altcoins to fiat, then you must convert them to bitcoins first.
At the time of writing, this exchange satisfied more than 55,000 customers with more than 1,000 offers!.
If you want to get your first P2P experience with Paxful then check out their Website.
c. BitQuick.
It is a P2P exchange that uses only Bitcoins to convert fiat.
And it is potentially slower exchange than the other direct sale sites because of the manual purchase verification process, which takes around three hours on average.
With the help of this exchange, you’re able to convert your Bitcoin to fiat only in 3 ways.
The first way is, a simple cash deposit to a bank, another is cash deposit to a CO-OP credit union, last way is by using Western Union or Moneygram transfer.
BitQuick served more than 88,000 customers and transacted more than 55,000 Bitcoins.
If you want to use their service to convert your Bitcoins then check out their Website.
d. HODL HODL.
With this P2P exchange, you’re able to convert your crypto funds directly through your crypto wallet without any middlemen involved.
This exchange doesn’t hold user funds instead of locking it in multisig escrow which minimizes the possibilities of cryptocurrency theft and reduces trading time.
If you’re not able to understand how this exchange work then checks out below video by them with a real-world example.
Now you have understood the concept of HODL HODL exchange.
How To Cash In Cryptocurrency
If you’re interested in HODL HODL then you can check out their Website.
Ok, above are some best P2P crypto exchanges those can convert your crypto to fiat easily.
Let’s move on to the next simple way to convert your crypto.
3. Through Cryptocurrency ATMs.
Do you know there are over 1,600 Bitcoin ATMs available in the US alone!.
More than 3,000 cryptocurrency ATM working worldwide.
Yes, these crypto ATMs not only spreading cryptocurrency awareness to the
With crypto ATMs, you can convert your crypto to fiat easily and the majority of ATMs are only supporting Bitcoins but some ATMs are supporting over 50 cryptocurrencies to make transactions.
These ATMs can work with both hardware and software wallets, and another good thing about them is you can use them to send or receive payments from other countries by using public crypto wallet addresses.
Now, look around in your city for crypto ATM if you fund one that’s good and make your first crypto ATM transaction.
If you did not find anyone yet then, this Website may helpful for you to find one.
4. Through Cryptocurrency Debit Cards.
Now you can use crypto debit cards to make any fiat transactions worldwide.
Yes, there are many crypto service providers provides a crypto debit card and those cards tied to your crypto holdings to help you to spend your crypto easily.
For example, crypto exchange Coinbase has a Visa Bitcoin debit card, which
Crypto debit cards are very convenient because you can use them in Stores, To watch movies or you can use them in crypto ATMs etc.
Here is the list of Top Crypto Debit Cards.
Conclusion.
Above are the easiest ways to convert your cryptocurrency to cash but that doesn’t mean these are the only way you can convert your crypto.
Also, you can use digital fiat currency like USDT (Tether) by using this digital fiat money you can avoid tax liabilities for some time.
These digital fiat currencies are helpful when your massive trader in the
If your intention to hold crypto for a long time then, do not worry about any digital fiat currencies.
With digital fiat money, you can convert your crypto to digital fiat money (like USDT), very easily with low transaction fees also you can store them in your crypto wallet.
When you need crypto to trade then, you can able to convert your digital fiat holding to crypto easily.
Also, digital fiat money reduces your headache of always transferring in fiat currencies to exchanges to buy cryptocurrencies because digital fiat money can be used to buy cryptos later if you want.
Note digital fiat money price does not fluctuate like cryptocurrencies, for example, USDT always maintaining its value of $1.
And another easy way to convert crypto to cash is by selling your crypto to any Friends or Family member.
But make sure that the person is trustworthy to trade because crypto transactions are not reversible.
If you have any suggestions or any points to add then feel free to mention those in comments.
If you found this article informative, please share it with your friends and family who want to know about converting cryptocurrencies into cash.
Since Bitcoin emerged in 2009, its popularity alongside other cryptocurrencies has been on the rise. Cryptocurrencies have grown in terms of trading volume, invested capital and demand. Before investing in cryptocurrencies, many beginners are faced with the challenge of converting their Bitcoin to fiat at the cash out stage.
This article looks at the different means of cashing out cryptocurrencies to fiat. We have multiple ways that enable crypto investors to cash any amount of funds. Security is always the major concern when it comes to converting Bitcoin to fiat. The options covered below have a reputation for being safe and cost-effective.
Coinbase
Coinbase offers one of the easiest ways to convert cryptocurrencies to fiat. Generally, cryptocurrency exchanges are the most popular ways of converting digital currencies to fiat. However, most exchanges have limitations. Coinbase has a good reputation in the market and has achieved a high degree of integration with the US banking system. Coinbase supports users from over 30 countries, but before cashing out, you need to be a registered US client. You can also check out guide to avoid paying Coinbase fees
The exchange is effective if you have the right credentials. All you have to do is connect a US bank account to your Coinbase account, and then order the transfer. Alongside other exchanges, Coinbase offers affordable fees for cashing out. However, they come with some disadvantages. Traders cannot get instant access to the funds that they have exchanged. The long wait can be discouraging.
Furthermore, Coinbase has integrated with PayPal. This partnership makes it easier to convert Bitcoin to PayPal at the cahs out stage. Users can also use PayPal to deposit funds in their Coinbase accounts. Notably, Bitcoin to fiat with Coinbase is usually instant.
Once the amount has been exchanged and delivered to the user bank accounts, cryptocurrency owners can simply withdraw via an ATM or directly from the bank teller.
Gemini
Gemini was the first licensed exchange globally and it offers the option of cashing out cryptocurrencies in fiat. The exchanges support Bitcoin and Ethereum only. Before cashing out on Gemini, you must be a US-based customer since it only supports US bank accounts. US customers can also use the ACH and wire transfers. Note that ACH transfers take about four days while wires transfers can take up to a day.
However, clients need to know that Gemini only supports fiat conversions and transfers for personal accounts. Once you have an account with Gemini, you need to ensure your bank account details match with the Gemini account and cashing out will be smooth.
Bitstamp
This Luxembourg based exchange has a reputation for attracting wealthy cryptocurrency investors. Before converting your cryptocurrency to fiat with Bitstamp, you need to provide a lot of information compared to platforms like Coinbase. Many find this process tedious. To withdraw your funds to your personal bank account, you must ensure to enter all of your bank account details correctly to avoid any further delay.
The exchange converts Bitcoin to cash as well as Ethereum, Litecoin, Ripple and Bitcoin Cash. It is ideal for customers outside the US.
bitFlyer
bitFlyer is a global exchange with users in Asia, Europe, and the United States. To convert cryptocurrencies to fiat, bitFlyer will wire your funds directly to your bank account. The exchange is known for being a hub for Bitcoin trading. To get started, you need to create an account and go through the verification process. The exchange needs to very your identity and bank account details before cashing out.
LocalBitcoins.com
Apart from exchanges, we have other local platforms that you can use to convert cryptos to fiat. These platforms offer some amount of protection for both the buyer and seller, which makes them preferable to doing a cash deal. All you need is an understanding of how the platforms operate and the charges you will incur.
One such platform is LocalBitcoins.com. LocalBitcoins.com is peer to peer marketplace where cryptos buyers and sellers meet. The platform serves as an intermediary between the buyer and the seller. Both parties make arrangements on how to do the trade. They agree on things like payment method and the period transaction will last. LocalBitcoins.com supports PayPal. It is one of the easiest ways for transacting Bitcoin to PayPal. Users can sell and buy Bitcoins along other cryptos through PayPal.
Bitcoin Prepaid Cards
Bitcoin prepaid, or debit cards are among the best means of exchanging your digital currency into cash. Prepaid cards are generally issued by Visa or MasterCard and can be credited through cryptocurrencies like Bitcoin. Note that the process of getting your own card is very long. You will need to submit your government issued ID card and proof of address.
However, you get advantages like the ability to pay at any POS system, cashing out at worldwide ATMs, instant conversion from BTC to fiat. Furthermore, you get access to low commissions and transparency. With cards, withdrawing is instant you don’t need to wait for long. However, Bitcoin prepaid cards are only available in selected countries.
Cryptocurrency Loans
How To Cash Cryptocurrency In Canada
We have a number of firms that enable cryptocurrency holders to borrow loans. In this case, the digital assets serve as the collateral. Through this model, you can get fiat currency to your bank from the cryptos you hold. Users need to deposit cryptocurrencies into a smart contract where it will be held and you receive fiat currency. Users will, therefore, pay back the loan based on the agreement with the lender.
It is a new option that has its own unique advantages. First, you are not exposed to a taxable event and you get a loan without necessarily selling your digital assets. Another benefit that comes with the crypto loans is that it hedges you against rises in the price of your assets. Coins like Bitcoin have the potential of increasing in value hence you will still benefit from the price hike. Salt and Ethlend are the main platforms that offer cryptocurrency loans. Look at our comprehensive guide on cryptocurrency loans.
Private Banks
We have a number of private banks that can offer crypto to fiat conversion services. However, these facilities only attract investors with deep pockets. Note that most private banks have a high compliance rate compared to cryptocurrency exchanges. Private banks have compliance officers to ensure everything is in order. This is vital since cryptocurrencies can be used in money laundering and other illegal activities.
Compliance officers are of great help because they don’t want your activities to blow back on the bank, or that the money you are receiving wasn’t from illegal activity.
Paying Your Taxes
How To Buy Cryptocurrency
Cryptocurrencies come with capital gain taxes. When you buy a cryptocurrency and then sell it at a profit, you will have to pay tax for the transaction. In some jurisdictions, you can partially deduct trading losses. However, to understand the taxes issue you need a professional to guide you through the process. Here is a guide on cryptocurrencies and taxes.
Conclusion
If you are looking for the best option for withdrawing your cryptocurrencies, always remember the golden rule of doing your research. You need to learn more about the reputation of the service provider to avoid losing your funds. Most importantly, look at other client reviews about the service. Be on the lookout for paid reviews since you can be misguided. Additionally, take a look at the terms and conditions and charges you will incur.
If you are a beginner with cryptocurrencies, it ideal to use reputable exchanges to convert your assets to fiat. This minimizes the risk. Some of the local options might turn out to be scams. Furthermore, make use of escrow protection when using local options. This will make your Bitcoin to cash smooth.
Image source: Bitcoin Magazine
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