Do you want to convert your Bitcoin into cash? Here’s everything you need to know about the conversion of Bitcoin to fiat currencies like USD. Now that many countries are showing a positive stance towards virtual currency, people have started investing in cryptocurrencies. If you have cryptocurrencies like Bitcoin in your crypto business wallet and you do not know how to convert them into cash, then this article can be helpful to you.
Here we talk about different ways of converting Bitcoin into cash or USD. You may have generated some profits from the cryptocurrencies, and now you may find it difficult to convert them into cash. This is why we include here the complete instructions on how to convert Bitcoin into USD.
How to Convert Bitcoin Into Cash?
There are many easy ways to convert your crypto asset into cash. Whether you want to convert them into USD, EUR, INR, or any other fiat currency, you can easily do so without any hassle. Here we are providing you with some methods to convert Bitcoin into cash.
You can use any of them and convert them into the currency you want. If you hold Bitcoin, then you can also sell it on the crypto exchanges and transfer the money directly to your bank account. Let us now find out the ways to convert Bitcoin into cash.
Through Crypto Exchanges
You can easily find some reliable cryptocurrency exchanges to convert your Bitcoin to cash. All you have to do is find the crypto exchanges in your country that accept fiat currencies. Then sell the Bitcoins existing in crypto exchange for fiat currencies like USD, EUR, and INR. Let us find out the popular crypto exchanges where you can convert your Bitcoin to cash.
- Coinbase: Coinbase is a popular American-based company that is also a cryptocurrency exchange platform. It was the largest crypto exchange in 2021. Founded in 2012, this crypto exchange is now very popular in the world.
- WazirX: WazirX is an Indian cryptocurrency exchange where you can convert your Bitcoin into cash. In 2019, the company was acquired by Binance and eventually gained millions of users worldwide.
- BitFlyer: Headquartered in Japan, BitFlyer is a popular and one of the largest cryptocurrency exchanges in the world. This crypto exchange was founded in 2014 and is mainly focused on blockchain technology and services.
- CoinMama: Another leading crypto exchange where you can convert your Bitcoin into cash is CoinMama. You can use this platform to sell, buy, or trade-in cryptocurrencies.
Sell Your Bitcoin Using LocalBitcoins
You can sell your cryptocurrencies like Bitcoin by using the platform of LocalBitcoins. LocalBitcoin sports was established in 2012 and is a popular peer-to-peer cryptocurrency exchange in the world that allows users to trade directly between buyers and sellers. Currently, LocalBitcoin is used by millions of users around the world.
The feature that makes LocalBitcoin different from other platforms is that it allows users to directly deal with buyers without any intermediary. Aside from this, LocalBitcoins also provides escrow services to ensure the protection of both buyers and sellers of Bitcoin. Additionally, you can also decide how much you want to sell your cryptocurrency for.
Check below the steps to convert your Bitcoin into cash via LocalBitcoins:
- First of all, you have to create an account on this platform.
- After that, you will have to verify your identity with the help of KYC.
- Then, for converting your Bitcoin into cash, select ‘Quick Sell,’ filter your country and select your payment mode.
- The LocalBitcoins website will then give you a list of potential buyers within your location.
- Make sure you select the Bitcoin buyer carefully.
- You can send the Bitcoins to escrow once the buyer accepts the offer.
Use Bitcoin ATM To Convert Bitcoin Into Cash
Crypto users can also convert their Bitcoins into cash with the help of a Bitcoin ATM. Unlike the normal ATMs you see in your country, Bitcoin ATMs allow users to convert Bitcoin to fiat currencies like USD, EUR, and INR. A Bitcoin ATM is a physical center where you can also buy Bitcoins with fiat currencies.
In certain countries, there are some ATM machines that allow users to sell Bitcoins for their local currencies. Currently, there are around 4990+ crypto ATMs across different countries in the world. However, not all ATM machines are the same. Many Bitcoin ATMs have different buy/sell limits, different fees, and also, they support different cryptocurrencies. If you want to convert a small amount of Bitcoin into cash, then this method is suitable.
Use Bitcoin Debit Card to Spend BTC
Even though you cannot cash out money by using a Bitcoin Debit Card, you can always use your Bitcoins like any debit card. Users can load their cryptocurrencies like Bitcoin into Bitcoin debit cards and can easily convert their Bitcoin into different fiat currencies such as USD, EUR, AUD, or INR.
If you are holding a Bitcoin debit card, then you can spend, buy and pay for any goods or services anywhere in the world. All you have to do is make sure the Bitcoin is accepted there. These debit cards are bitcoin-funded and can be helpful to individuals who want to convert their Bitcoin into cash. There are many online Bitcoin gaming sites where you can spend your BTC. If you want to learn more about such gaming sites, then ukbitcoincasinos.com can help you with that.
Convert Your BTC Into Digital Fiat Currency
If you have time and you are not in a hurry to convert your cryptocurrencies into cash, then you can convert it first into digital fiat currencies like USDT. By using digital fiat currency, you can get many benefits. Many people prefer converting Bitcoin to USDT rather than directly converting it to any fiat currencies like USD or EUR. You can even use that USDT to buy Bitcoins later.
One of the reasons why many people prefer this method is because moving cash in and out from the bank account regularly can be difficult. Further, this method also helps users avoid the volatility of cryptocurrencies. This is because when you switch to any digital fiat currency, it always maintains its value of $1 per USDT. Another good thing about USDT is that this form of digital currency is supported by multiple exchanges across the world.
Now that you know different methods and ways of Bitcoin conversion, you can use any of these and convert your Bitcoin to any fiat currency. Whether you want to convert Bitcoins at cryptocurrency exchanges or use the Bitcoin Debit Cards, make sure you use the legit services and products.
You should also check the laws and regulations over cryptocurrencies within your jurisdiction. This can help you avoid any problem while converting Bitcoins into cash. Furthermore, you should also consider the tax regulations while converting Bitcoins as there are certain countries where cryptocurrency is taxed by the government. If you are not comfortable with the methods mentioned in this article, then you can also go for converting Bitcoin with friends or family.