There is a lot of talk about cryptocurrency, especially bitcoin (BTC), in the market. The value of bitcoin has experienced several dips and highs since its debut in 2009, although it has generally shown an upward trend in its value with very few dips.
Thanks to its limited supply, bitcoin has always been in high demand. Many people invest in bitcoin to make a fortune in this asset class. Some are fortunate enough to make a profit, while others experience heavy losses. You might need to convert your bitcoin to cash if you’ve also invested in bitcoin to earn a profit.
Several options are available to convert bitcoin into cash. These include crypto exchanges, peer-to-peer exchanges, Bitcoin ATMs, and debit cards. Before opting for any option, you should learn more about it.
- Crypto Exchanges
The easiest way to convert your bitcoin to cash is through third-party crypto exchanges. You already made an account with the crypto exchange when you buy bitcoin, so you don’t have to do anything here. Just deposit the money in the exchange, and once the exchange confirms the receipt, you can withdraw in the currency of your choice. These third-party exchanges offer several withdrawal options such as debit card transfer, bank transfer, PayPal, and P2P trading. Crypto exchanges usually charge a small transaction fee for converting BTC to cash, but the fee depends on your country.
When you want to cash out your bitcoin investments through crypto exchanges, you can sell bitcoin to debit card for an easy and secure transaction. Although it is the most secure way to convert your BTC belongings to cash, it is not the fastest. It can take anywhere from 4 to 6 working days to transfer the funds to your account. Coinbase and Binance are some popular crypto exchanges you can use to buy and sell bitcoin and other cryptocurrencies. A benefit of using these popular crypto exchanges is that they are regulated exchanges, and there are few to no chances of fraud if you trade through them.
- Peer-to-Peer Exchanges
Peer-to-peer exchanges are yet another way to cash out your bitcoin belongings. Peer-to-peer platforms work as an intermediary between buyers and sellers of bitcoin. The buyers of bitcoin generally post a listing on these platforms. These listings include the desired price at which they are willing to purchase BTC and the preferred payment method.
Trading through peer-to-peer exchanges is faster than crypto exchanges because funds are transferred almost instantly into the buyers’ accounts. Some of the popular P2P exchanges include LocalBitcoins and LocalCrypto. Trading on these P2P exchanges can give better exchange rates for buyers and sellers as no third party is involved, and there are no fees involved in the transactions.
- Bitcoin ATMs
Bitcoin ATMs are different from our normal ATMs. These bitcoin ATMs are connected to the internet to facilitate bitcoin transactions. These ATMs allow users to scan a digital wallet QR code and then sell their bitcoin for cash. The main drawback of this type of transaction is its high fees, though it does compensate for it with instant cash.
- Bitcoin Debit Card
Bitcoin debit cards also work like a third-party exchange. Generally, these cards allow the exchange of users’ digital assets for cash at any ATM or point of sale. You can use your bitcoin debit card to withdraw cash from ATMs, or you can also use it for both online and offline shopping.
Bitcoin has gained much popularity in recent years. Many people have invested in bitcoins wanting to make a fortune from their investments. However, a crypto investor may want to sell their digital assets for several reasons, the most popular of which is to earn a profit.
To realize the profit from trading, crypto investors need to convert their bitcoin assets to cash. There are several methods to convert bitcoin into cash. These include third-party exchanges, peer-to-peer platforms, bitcoin debit cards, and bitcoin ATMs. If you also have some bitcoins that you’d like to trade for cash, you can opt for any of these methods.