Finances

What is the Fastest Way to Convert Bitcoin to Cash – 2021 Guide

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Written by Quentin Hack

Can you cash out your Bitcoins to your local currency? It’s possible, but you need to know how to do that, without taking risky steps that are considered a crime in your country. Keep in mind that cryptocurrencies aren’t equally regulated everywhere, so you must respect your local policies, to avoid being blamed for financial fraud.

Cryptocurrencies, in general, are very interesting for everyday people, because they are a new concept for them, that sometimes can be really weird or frightening. You can read more about it on www.wikitechy.com. But, as the world is accepting them, people need to get really creative in finding ways to cash their crypto savings out. The first thing you need to decide is how do you want to receive them. You can exchange them through the platforms used for that, or deposit them in your bank account, and then withdraw physical cash from an ATM.

So, let’s see how you can use your Bitcoins to earn some cash:

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  1. Convert them through crypto exchanges

It’s the easiest way to turn your Bitcoins into cash to use them, so you can buy euros, dollars, or your local currency, if possible. Find the exchange service that works in your country, and then create an account. You need to verify your identity, then deposit the Bitcoins, convert them, and transfer to your PayPal or any other preferred method, supported by the exchange client.

It’s easy as it seems, but if you are doing this for the first time, it may take a little time until your account is approved. Also, you have to check if the exchanges are allowed in your country. Some people have pretty limited options, and you will have to use different platforms to complete the transactions.

For more information check https://bitcoinevolution.co/.

  1. Move them to your bank account

As you sell your Bitcoins, you can transfer the fiat currency equivalent to your bank account. You can connect your bank account to the exchange profile, but you have to make sure you aren’t breaking any laws, or you take a part in money laundering. After they are successfully moved to your bank account, you can easily cash them out through the traditional ATMs. You must track every step you take because once the crypto transactions are complete, there is no way of getting the money back.

  1. Use Bitcoin ATMs

They look like the usual machines, but they are physical centers that you can use to choose how much of your Bitcoins you want to exchange. But, you have to know that it can be pretty limited, and sometimes you can take up to a few hundred dollars. Fees are, of course, applied to every amount you want to withdraw. The fees are the biggest using this method, and they can be up to 12% of the whole amount you want to take.

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  1. Buy gift cards with Bitcoins

This is, technically, exchanging them for cards you can use in regular shops, to buy your goods. Some online retailers are supporting cryptocurrencies, and you can easily get goods without even exchanging the BTCs you own. The good thing is that the fees are lowest if you choose this way, and you can get all the benefits from online shopping.

  1. Sell BTCs through P2P exchanges

It’s a direct way to buy or sell your crypto belongings to interested people. There is no mediation between you and the person who is ready to pay cash for your coins. You can offer them directly to the interested people, and get your money immediately. The connection is safe and secure, and you can be sure the transactions are safely completed, and there is no way for the transaction to be tracked down or stopped.

  1. Get a Bitcoin debit card

It’s one of the easiest ways to spend your Bitcoins using their equal value in your local currency. But, you have to know that not every country in the world is allowing citizens to use this type of card. Also, another good thing you have to know is that they automatically convert the BTC amount into dollars or euros, or any other currency that is supported in your country. You can use these cards on ATMs that support Visa and/or MasterCard.

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Be careful with online offers

Once you get interested in cashing out your Bitcoins, you will receive plenty of ads and offers, but it’s on you not to fall for that offers. Most of them are based on your activity online, and you will anyway receive a lot of sponsored ads. It’s on you to choose them smartly, so you can easily exchange your crypto coins safely, securely, without any additional issue.

You must be sure you want to do this because the prices are going up and down every day. These profits are taxable, and you shouldn’t forget that. Bitcoins are still decentralized, and their price is not stable. There are only 21 million BTCs in the world, and you need to know that when the amounts will go down, the price will rise.

Despite the struggle, many governments aren’t allowing them for regular use on the market. But, we can expect that all the cryptocurrencies, not only Bitcoins, will make a huge change in financial history.

As you can see, you don’t have plenty of options, because this market is still pretty limited. But, as time goes by, people are getting aware of all the potential benefits, and people become more open to trying new things and become financially independent.

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Conclusion

Everyone who owns some crypto coins wants to see their benefits. Their value is changing, and it’s good to know when it’s the right time to exchange them or wait a little more, to see how things would go.

Be careful with unverified ways of cashing out your Bitcoins. The whole market is pretty vulnerable, and you must be careful with every action you take, so you can be sure you won’t lose every saving you have in your pocket.

About the author

Quentin Hack