With each passing day, the demand for Bitcoin is rapidly increasing. People who have kept their Bitcoin for quite a long time can make a good profit and they can convert these Bitcoins to cash and transfer it into their bank accounts. And sometimes, you may want to convert Bitcoin to real money to purchase some products or services. But many people are unaware of the ways one can use to convert Bitcoins to cash. Here are some ways to help such people.
- Use Cryptocurrency Exchanges
Online cryptocurrency exchanges are one of the easiest ways to convert Bitcoins to cash. You can sell your Bitcoins easily through these third-party crypto exchanges to EUR, USD, MYR, GBP, and other popular fiat currency using user-friendly apps or websites. First of all, you will have to find a cryptocurrency exchange that has support for your country. Choose an exchange, sign up and go through the process of verification. Now you can deposit the Bitcoins you want to convert into your account. Finally, you can cash out the Bitcoins into the currency you want using Paypal or bank transfer. Even though the process is secure, easy, and simple, it cannot be considered the fastest way. Depending on the platform and your country, the conversion may take 1-5 days.
- Sell Your Bitcoins Via LocalBitcoins
LocalBitcoins is a widely popular P2P Bitcoin exchange that allows direct trading between sellers and buyers. Apart from New York state, the services are available in most of the countries. You can easily sell your Bitcoins without the interference of any intermediaries and receive your payments as cash in your bank account.
- Use A Bitcoin ATM
A Bitcoin ATM is one of the best ways to convert Bitcoins to cash easily. While Bitcoin ATMs are mostly used to buy Bitcoins using fiat currencies. Some Bitcoin ATMs also allow users to sell their Bitcoins in return for fiat currencies. You must keep in mind that all the Bitcoin ATMs are not similar and each of them has different options to buy and sell limits, currency supports, and fees. But this method can be used only for small transactions and charge huge transaction fees too.
- Use Bitcoin Debit Card To Spend Bitcoins
A Bitcoin Debit Card is not a way to convert your Bitcoins to fiat currencies, but you can use it to spend Bitcoins just like you use your bank debit cards to spend your money. When you load your Bitcoins to the Debit Cards, they will be automatically converted into local currencies like EUR, USD, AUD, GBP, etc. Using Bitcoin Debit Cards, you can buy products/services and use ATMs to withdraw cash.
- Peer-To-Peer Platforms
You can make use of Peer-to-Peer platforms to sell your Bitcoins to earn cash. You can decide the payment option while you sell your Bitcoins. This is one of the best ways to get faster transactions at low fees. Peer-to-peer platforms are a secure way to sell Bitcoins, but you have to be careful about the fraudulent platforms and buyers that are around.