Bitcoin is the most popular and expensive cryptocurrency, the price of which reached $20000 in December 2017. If you are one of those lucky owners of Bitcoin and want to extract profits from this valuable asset, you must be wondering how you can convert BTC into fiat. In this article, we are going to talk about how you can turn bitcoins into cash.
Crypto tokens are now fairly rooted in the world’s financial system and converting them into cash is not hard. Here are the 4 main ways of cashing Bitcoin.
Crypto exchanges are platforms where traders exchange crypto and fiat. You can cash bitcoins by funneling your crypto into an exchange and subsequently withdrawing fiat money to your bank account or card. For example, let’s take a look at how it happens on EXMO.
After registration fund your BTC wallet:
Funding wallet on EXMO
Funding wallet with BTC
After funding your wallet sell crypto as the result of trading:
BTC/USD trading on EXMO
Whatever fiat you sold the tokens for, withdraw it from the exchange to a bank (card or account) or a digital wallet (Skrill, Payeer, CryptoCapita, Perfect Money, AdvCash, Neteller):
Withdrawal of funds
Withdrawal of funds requires having a verified account. The procedure takes up to 24 hours. The commission depends on the method you choose. You’ll be able to withdraw the money from an ATM.
Online exchange services convert many popular cryptocurrencies into online bank and electronic payment system money. This is where you can cash bitcoins by transferring them to the exchanger’s BTC wallet, and the exchanger will keep its side of the bargain.
There are quite a lot of exchangers out there and they work with different currencies. Thus, in order to quickly find an exchanger with the right range of currencies and favorable rates, using an electronic currency exchanger monitor, such as OKchanger, is recommended.
Go to the monitor’s website and in the table on the left-hand side select BTC and the target currency (PayPal, Skrill, Neteller, etc.)—the monitor will display a list of suitable exchange services.
As shown above, the most favorable rate at the time is offered by LEOexchanger. In order to get to its website, click on the exchanger’s name. Select currencies and click “Exchange”:
LEOexchanger currency selection page
On the newly opened page, create an exchange inquiry specifying your bitcoin address, name, e-mail, etc. Click “Confirm” and follow the rest of the instructions. This chain of actions may vary from exchanger to exchanger.
Since most exchangers work in automatic mode, conversions usually take from a couple of minutes to an hour.
Due to cryptocurrencies’ rapid popularity growth, some electronic payment systems have integrated account replenishment mechanisms involving Bitcoin. In order to cash cryptocurrency through a payment system, you have to verify your account first and then fund it with bitcoins.
After that, you’ll be able to withdraw cash from ATMs using a plastic card issued by the system.
This option requires someone willing to buy your cryptocurrency at your price. You’ll find those people on forums and platforms, such as LocalBitcoins.
On the platform’s website select a country, a currency, and a payment method and press “Search”:
List of offers on LocalBitcoins
Click on any you like:
Then post a similar offer, specifying all acceptable payment methods and wait for someone to take it. After the transaction has been completed, in a similar fashion cash the money using an ATM.
Cryptocurrency exchanges and electronic currency exchangers are similar in terms of prices, which depends on each service’s pricing policy and the withdrawal method. However, exchanger monitors can help you find an affordable and reliable exchanger capable of cashing bitcoins faster than a cryptocurrency exchange. Moreover, you won’t have to go through verification.