Most people today are interested in investment strategies and news related to crypto to invest successfully in a chosen digital currency. However, some people want to learn how to convert crypto into cash, given the recent development in the cryptocurrency market. This article explains several ways to cash out crypto, including through a cryptocurrency converter.
How To Convert Crypto To Cash
Converting crypto means selling a selected cryptocurrency from one’s wallet in exchange for a fiat currency. However, people may also buy gift cards and use them in stores (more on that further in the article). These are all the options to convert crypto to fiat money:
- Crypto exchanges. A popular method for converting cryptocurrency to cash is to use a crypto exchange. Such exchanges enable you to swap your cryptocurrency for fiat currency and then deposit the funds into your bank account or e-wallet. Examples of such exchanges include WhiteBIT, Coinbase, etc.
- Debit cards (in crypto). Some businesses provide crypto debit cards, which allow you to spend your cryptocurrencies similarly to spending regular fiat currency. Such cards are linked to your cryptocurrency wallet and can be used to withdraw cash from ATMs or make purchases. It’s a very convenient option, although you should be aware of all fees.
- Peer-to-peer decentralized markets. Another option is to use peer-to-peer marketplaces such as LocalBitcoins, Paxful, or Bisq. These platforms connect buyers and sellers and allow them to sell your digital currencies directly to another individual for fiat currency. These platforms also enable crypto to crypto exchanges.
- Crypto ATMs. Such ATMs allow you to purchase and sell many popular cryptocurrencies. Some of these devices let you exchange your Bitcoin for cash, and you can withdraw cash at an ATM.
- Over-the-counter (OTC) trading. OTC trading means directly purchasing or selling huge amounts of cryptocurrency from/to another individual or a broker. OTC trading is mainly utilized by institutional investors or wealthy individuals who want to acquire or sell significant amounts of cryptocurrency without disrupting the market.
- Gift card exchanges. Users may also utilize their cryptocurrency to purchase products and services by converting them to gift cards. Simply put, buy a gift card with crypto to use in the chosen store. Big merchants that allow such purchases include Starbucks, Amazon, Walmart, etc.
Similarly, you can convert one crypto to another. When using an exchange, ensure it’s safe and obliges to international and local regulations.
How To Cash Out Bitcoin
Now, let’s learn how to convert crypto to cash, specifically, BTC to USD or EUR. The most popular way to cash out BTC is through a reliable exchange. Here’s a comprehensive instruction on how to do it:
- Create an account and verify it. The first step is to register an account on a chosen trustworthy cryptocurrency exchange. Some of the best exchange examples include already mentioned WhiteBIT, Coinbase, Kraken, and Binance. Once your account is registered, you must verify it. Typically, this procedure includes making copies of a government-issued ID and sending them to the support team through a specific application form. The verification process takes up to ten minutes.
- Transfer BTC to the exchange wallet. After your account has been verified, send your Bitcoin to your exchange wallet in the personal account section. To do so, navigate to the exchange’s “Deposit” section and choose Bitcoin as the cryptocurrency you wish to deposit. Copy the deposit address provided and send a chosen BTC amount from your personal crypto wallet to the address provided (the exchange wallet).
- Sell BTC. After depositing your Bitcoin into the exchange wallet in a personal account, you can exchange it for fiat currency. To do so, navigate to the exchange’s “Sell” section and choose BTC as the cryptocurrency you want to sell. Enter the amount of Bitcoin you wish to sell and the currency in which you wish to be paid, for instance, USD or EUR. Carefully read the transaction information, such as transaction fees, exchange rates, etc. If you’re satisfied with the conditions, confirm the financial operation.
- Withdraw your cash to a bank account or e-wallet. When you sell Bitcoin, the fiat currency you earn is added to the balance of your personal account on the exchange. The next step is to withdraw fiat currency to your bank account or e-wallet by navigating to the exchange’s “Withdraw” section and selecting the currency you want to withdraw. Enter your bank account or e-wallet information, review the transaction information (such as the bank or e-wallet fee), and then confirm the withdrawal.
Typically, it takes some time to get money withdrawn from the personal account’s wallet to the bank account or e-wallet. The period depends on the exchange and the bank processing time.
Conclusion
Typically, people prefer converting crypto to fiat currency to use it for everyday purchases. Unfortunately, crypto isn’t accepted by all institutions, countries, or businesses, so people must use cash. Some of the easiest and most convenient ways to use crypto are to convert it to cash or use a crypto credit card. However, users should remember to check transaction fees and other payments before using any method mentioned in this article.
