It would be a literal joke if we couldn’t convert Bitcoins into cash. Thanks to Bitcoin exchange platforms and ATMs for filling up the gap between buying and selling Bitcoins. For countries like India, where physical possession of Bitcoins is not possible, Bitcoin exchange platforms play a vital role. In this article, we will be discussing the various modes you and I can adapt to convert Bitcoins into cash. So, read along to know in detail about the five Bitcoin to cash mediums.
What is an Exchange Platform?
By saying ‘exchange platform’ we mean Bitcoin trading with cash or trading your Bitcoin in exchange for cash. It is important that you choose a platform that does both, buying and selling. There are multiple websites and applications that provide Bitcoin owners a platform to sell or buy their currency. There are many tips that you should consider when buying bitcoins.
Sell Your Bitcoins to Receive Cash
If you wish to sell your Bitcoins, you have the full freedom to give them a price. It is advisable to compare your price with that of the current value of Bitcoin just to offer a reasonable deal to the buyer. On most websites, you will be asked to enter the number of Bitcoins you wish to sell and given options to choose whether to sell it on market value or put up your own pricing. As soon as you decide the rates, click sell. The website will enter your selling order in the order list for potential buyers to see.
If you do not have a Bitcoin wallet, you can create one for yourself by clicking the ‘wallet’ section on the top of the website. You will be asked to download the app version of this website and as soon as you create an account on the mobile app.
If you don’t have an account on Wazirx, you will have to create one and fill up various verification documents as well. You will be asked to fill the KYC (Know Your Customer) form. Enter your payment details carefully. The account activation takes about twenty-four hours.
- Once your account is ready, you can transfer all your funds via IMPS to a virtual bank account provided by Wazirx.
- The maker and taker fee for Wazirx is 0.20% of the order amount.
- To know more about halving the brokerage rates
Paxful helps you pay, convert as well as invest in crypto. You can transfer all your funds to the Paxful wallet via IMPS transfer with a 0% commission fee. Just like the others, you will need to create an account in Paxful and enter your bank details to link it.
Coinbase quotes itself as the most trusted place for the conversion and trading of Bitcoin. You can either link your bank account to the website or use applications like Paypal. You can also perform Bitcoin transactions with credit and debit cards. Coinbase also provides users with an online wallet and has a mobile application too.
All you will need to do is create an account, get yourself a wallet if you don’t already have one, and go through the verification process to link your bank account to the website. You can open an account in any Bitcoin Trading platform and start investing.
Cash Out Your Bitcoins via a Local Trading Site
A much safer option from trading on globally connected exchange platforms is doing so on a local trading website. The simple difference between a global and a local trading website is the benefit of an escrow service.
Escrow service provides the seller of Bitcoin with extra protection. This means, when the seller is finally connected to the buyer, the buyer first has to make the payment and wait for the seller to confirm it themselves. After confirmation, the seller then sends the Bitcoins to the escrow account and from there, it is transferred to the buyer’s wallet.
One such exchange platform is LocalBitcoin. It is a peer-to-peer Bitcoin trading platform. It was founded in the year 2012 and currently spans over a hundred countries. It uses escrow services that go hand in hand with OTC trading and supports 60 plus payment methods.
Cash Out Your Bitcoins Using Debit Cards
By using the above-mentioned Bitcoin exchange platforms, you can transfer the payment directly to your bank account. Linking your bank account to an exchange platform will charge you some fee. You will also have to go through multiple verification processes but it is all worth it when you see your Bitcoins now part of your paper currency. You know what to do next! Cash out these notes and use them as if they were never part of the cryptocurrency world!
Cash Out Your Bitcoins from a Bitcoin ATM
Though not available in most regions, Bitcoin ATMs are a two-way automated teller machine. It is a bi-functional device which means, you can either buy Bitcoins by depositing cash or deposit Bitcoins in exchange for cash. Bitcoin ATMs might take some time to become as popular as Bitcoin itself but knowledge never goes waste, right? Not many Bitcoin ATMs are bidirectional as it would be idiotic to have Bitcoins simply lying inside a box.
Some Key Points to Keep in Mind
If you decide to cash out your Bitcoins yourself, you must be aware of the current prices of Bitcoins. Set a reasonable selling price or a selling price a bit lesser than the original price to increase the probability of selling it. If you sell millions of dollars in one go, it might affect the market price. A heavy trade has the ability to lower the market price of Bitcoin which will ultimately make it difficult for you to get hold of a buyer. To avoid such mistakes, always keep an eye on the order book.
Stay away from shady websites. Always take the legit path for any kind of money transaction. There are many websites that offer you zero tax payment. Do not get fooled by those websites. Pay your taxes and get your money out the ethical way.
When it comes to selling Bitcoins, make sure you do a thorough background check on the person who is buying from you. Go through their modes of payment and types of transactions. Some websites also provide users with their very own Bitcoin cards which you and I can use to withdraw cash. If you are an expert in bitcoin coin trading you do not need to go for a job and you can earn money by investing, with the work from home methodology. But you should ready for profit and loss.