Cryptocurrency

How Can I Convert Bitcoin into Cash | 5 Ways to Convert Bitcoin to Cash

Bitcoin needs to be converted into cash; we all know this fact. So, now you own Bitcoin, the next step is to turn it into functional cash for further processing. This cryptocurrency has been on the market for almost the last 10 years, so there are several options to encash it. Indeed, if you own Bitcoin, the next question clicking in your mind is ‘How can I convert Bitcoin into cash?’

This article is mainly based on the ways to convert your Bitcoin into cash. You should know certain facts to make your cryptocurrency functional. Let’s explore all about your query. 

How Can I Convert Bitcoin into Cash

How Can I Convert Bitcoin into Cash

Best Ways to Move Your BTC to Bank Account

You can move your BTC to the bank account in several ways; here are some of the easiest methods for this purpose. 

Sell BTC on a Cryptocurrency Exchange Centre

The simplest way to make your BTC functional is to sell it on any franchise of the cryptocurrency exchange. After selling, you can directly withdraw your cash to your bank account. For a secure withdrawal, keep in mind to withdraw your money to the same account that you deposited with. 

This method needs patience as you have to wait for 4 to 6 days ( in the case of the U.S, but it varies from country to country ) for a successful money transfer. Coinbase and Kraken are the most reliable BTC brokers. Proceed in the following way for this purpose. 

  • Sign up for your bank account. 
  • Go through the verification process. 
  • Submit (or buy) your BTC to the bank account. 
  • Once you have deposited BTC into your account, you can encash it to fiat via PayPal or a bank account. 

Note: Make sure that PayPal is functional with your bank. 

Withdraw Via BTC ATM

BTC ATMs are not identical to the common ATM, where you can encash money easily via your bank account. These ATMs facilitate you physically to purchase or sell Bitcoin via fiat money. At the same time, making BTC transactions read out the ATM withdrawal and deposit limits carefully, as most centers facilitate small transactions only. 

All such ATMs don’t work on the same rules and regulations. The major difference is their transaction fee that varies from 7% to 12%. 

Do You Know? According to recent research, more than 4990 cryptocurrency ATMs in 76 countries facilitate the dealing in BTC currency. 

Via BTC Debit Card

Another way to withdraw Bitcoin is via BTC debit cards, which are now functional in several countries. Certain websites facilitate you to get a prepaid debit card in exchange for the Bitcoin currency. You can use these MasterCard or Visa-powered cards just like regular debit cards. 

You can use these cards for shopping online and offline worldwide, where Master or Visa cards are accepted. 

Via Peer to Peer Platform

One of the quickest and simplest methods to convert BTC into cash is using the Peer to Peer platform. It is a more anonymous method to sell and purchase BTC. This safe and secure encashment method serves more than 1.35 million people in more than 1500 major cities worldwide. This method offers you different options to choose from for sending or receiving the BTC. Some most frequently used methods are:

A: Bank Transfer

While using the Peer to Peer platform, one option is to choose a bank account for transfer. You can use your buyer to send you payment via bank. Send them the BTC once you have received payment. 

Keep in Mind: Be sure to have proof of ID before moving on for further proceeding. 

B: Cash Deposit

Using the Peer to Peer platform, you can ask your buyer to transfer payment to your bank account. After receiving payment, transfer BTC to the buyer. 

Also, ask your buyer for ID proof in this case before transferring BTC. 

Conclusion

When you are ready to convert your Bitcoin into cash, choose any of the above methods to encash your Bitcoin. These methods vary from user to user, and all methods don’t fit all users. Whatever method you finalize, be certain that this method facilitates you maximum. Now BTC is becoming popular worldwide, and these methods are valid for any country to cash them into local currency.