There is a rising demand for cryptocurrencies such as Bitcoin. If you have crypto assets, you could make a good profit if you convert them to cash. Cryptocurrencies are gaining momentum, but they still cannot be used to buy everything you need, either online or offline. If you are wondering how to convert cryptocurrency into cash, then read on to learn more.
What is Bitcoin, and why should you convert your bitcoins to cash?
Widely believed to be the market leader among cryptocurrencies, Bitcoin (BTC) is a secure digital currency that is decentralized. Founded by one pseudonymous Satoshi Nakamoto in 2008/09, BTC operates on the blockchain network, allowing people to take full control over their finances without third-party interference.
There are about 21 million bitcoins available with the majority of them already being in circulation. It’s this limited supply that offers BTC its astronomical value and power. When the BTC market surges as it did early this year, you can sell one bitcoin for a bountiful amount of fiat money. As of early July 2021, one BTC is going for a whopping $35,000.
The popular belief that cryptos such as Bitcoin will ultimately replace traditional currencies (fiat money), is one thing that drives investors into the cryptocurrency movement. Several people are diving into the crypto world because of the promise they believe it holds for the future.
Crypto is a digital commodity that grows with time. If you are holding bitcoins, you may want to cash it out and transfer the funds into your bank account. It’s important to know that crypto can be volatile, which means the value of your assets could both increase or decrease over time.
It’s hoped that one day people will be able to use crypto to buy virtually everything they need. Since only a few businesses and individuals currently accept Bitcoin as a means of payment, and how the market fluctuates, it’s a good idea to learn how to cash cryptocurrency.
How do you exchange cryptocurrency for cash?
One of the quickest means to change your crypto to fiat money is to use peer-to-peer trading platforms such as LocalBitcoins and Paxful. These crypto marketplaces provide you an avenue to meet buyers who are interested in using cash to purchase crypto. It’s you who decides which payment method is convenient to you. Find exchanges with relatively low fees, and increase your profit.
Bitcoin ATMs work like regular bank ATMs, and they can be found in several locations around the world. Visit the nearest Bitcoin ATM and sell your BTC for cash instantly. The major downside to Bitcoin ATMs and Bitcoin debit cards is higher transaction fees.
Another tip for how to exchange cryptocurrency for cash is to use crypto broker exchanges such as Coinbase, NakitCoins, Kraken. These platforms allow for buying and selling of crypto for fiat money. When you sign up for a third-party broker exchange and deposit some crypto, you can initiate a withdrawal to your bank account. Expect to get your fiat money in 4 to 6 days.