You invest in cryptocurrency to earn money. So, it is important that before you decide to enter the cryptocurrency market, you must know how you can sell your Bitcoin in exchange for fiat currency. One such trading app is bitcoin-storm.live which will guide you in your Bitcoin journey.
To change Bitcoin to cash, you need to have your Bitcoin first. With the surge in popularity and increase in acceptance of Bitcoin by governments, financial institutions, and global business conglomerates, it has become easy to buy Bitcoin to be able to start trading and investing.
The emergence of several reputed and trustworthy online platforms like cryptocurrency exchanges, brokerages, and trading apps that ensure the safety of your assets have helped people to stride forward into the crypto arena with confidence.
It not only enables you to conduct your Bitcoin trading in a safe environment but also guides you to prepare your trading strategy for profitable investments through its intuitive user interface.
Bit By Bit: How To Turn Your Bitcoins Into Cash
Once you have Bitcoin in your wallet and decide to convert your cryptocurrency into cash, you must look into the various methods available to decide which method of conversion you would like to opt for.
Through Cryptocurrency Exchange Platforms
If you have bought Bitcoin from a cryptocurrency exchange, that means you already have an account with the platform. Also, your bank details are linked with the account that you have here. The money that you receive in exchange for your Bitcoin has to be withdrawn to the same bank account to avoid money laundering.
You just need to place a sell order in which you must specify the currency in which you want your payment to be, the number of coins you own, and your asking price per unit.
When someone matches your sell order, the exchange initiates the process of transferring money to your account. EU customers receive their payment through SEPA and for Bitcoin to USD conversions, exchanges usually use the SWIFT payment option. The fees also vary according to the bank location.
If you plan to convert Bitcoin into USD, it will take you $25 for a wire transfer whereas if you want Euro in exchange for Bitcoin and have SEPA, you will be charged only $ 0.15. If you are withdrawing from a U.S bank, you may have to wait 4-6 days.
The waiting time for Euro withdrawals is 1-3 days. Many exchanges, however, stipulate a withdrawal limit for a certain number of transactions.
Through Peer-To-Peer Transactions
After cryptocurrency exchange platforms come P2P transactions at the list. can be done on peer-to-peer exchange platforms where you need to sign up. With these platforms, you can seamlessly sell Bitcoin for cash without any 3rd party. Browse through their marketplace to locate buyers so that you can send trade requests. To avoid scams, the peer-to-peer exchanges use the escrow option in which your coins are not transferred to the buyer’s account till you confirm the receipt of money.
The transaction fees are lower and you get a better exchange rate on the peer-to-peer platforms than when a third party is involved. Your identity throughout the process remains anonymous and for further security, you can use VPN.
Some online platforms also enable you to do the transaction in person but you then need to know how to send your assets either from your wallet or the exchange where you have kept your cryptocurrency. Also, always ask for proof of identity before meeting the buyer and take full caution as meeting with a stranger can be potentially risky.
Bitcoin ATMs
Several apps tell you about the ATM near you. You can scan your wallet QR code and sell your Bitcoin for cash. The transaction fees, however, are very high. Also, all the ATMs do not offer both buy and sell services. Some ATMs require you to have an account with them to be able to sell your assets.
Finally, at the end of the day, you must go through the pros and cons of each method and only then decide which one works for you best in terms of offering you the best rates.
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