How to Exchange Bitcoins in Cash

By , UniversityHerald Reporter

 Dmitry Demidko on Unsplash

Photo : Dmitry Demidko on Unsplash

Bitcoins are the most popular cryptocurrency. And many economic pundits say the acceptability of bitcoin will increase in future. Most of us invest in bitcoin because we saw a tremendous opportunity to increase our assets.

Currently, there are very few places available where bitcoin is accepted as payment, but this number will increase in future.

If you have some bitcoin and want to transfer it into your bank account, you can easily do it, but before doing so, you should first think twice about why you convert bitcoin into a dollar or any other physical currency. For example, if bitcoin's demand increases, there is a chance that its value will also increase, and if you have some bitcoins in your wallet, you could purchase a lot of things or convert a lot of money into your bank account. 

But if you need money and need to convert the bitcoin to physical currency, you can easily do this.

 You can sell your bitcoin in crypto exchange apps, and your will money is quickly deposited into your bank account.

It is the same process as exchanging currencies at airports. 

Why should you exchange bitcoin and convert it into flat money?:

In future, it could be possible that bitcoin will replace the regular physical currency we use like the American dollar, Indian rupees and so on. So it is likely that a wide range of businesses and people will accept it as a payment mode. 

But for now, there are a few people and businesses available who accept bitcoin as a verified payment medium. So if you want to buy some actual thing from the bitcoin, you could exchange it for getting some flat money.

Another reason for converting bitcoin to physical money could be to save you from market losses. For example, if the market is going low and the bitcoin price is sinking, then in this case, you might want to sell your bitcoin to save from the losses, which could be a good strategy, and if the market gets to recover from losses, then you could again invest in bitcoin.

How can you convert bitcoin into cash?

So if you made up your mind to cash your bitcoin, there are several ways to do this.

Firstly by a crypto exchange:  If you have bought bitcoin from crypto exchange apps like meta profit, go to your buy/sell option and sell your bitcoin. The user interface might be different in every app.

The user will sell the bitcoin then, and the money will be debited into your bank account. Remember, the money will go to the same bank account you registered while joining the app.

Another medium to sell crypto is Bitcoin ATM's" A bitcoin ATM, or a crypto ATM is very similar to regular ATM's we have. Still, we could buy or sell bitcoins and other cryptocurrencies in this ATM. 

The first bitcoin AMT was installed in the USA in May 2014. After that, there were over 38000 ATM's installed in the USA. 

In Europe, there has been over 1000 bitcoin ATM's installed. These numbers are growing every year. And many countries are now installing bitcoin ATMs.

You can sell your bitcoin and withdraw cash from it in no time. You can also buy bitcoin from your flat money at these ATMs.

Another medium where you can cash bitcoin is "Bitcoin Debit Card". Bitcoin debit cards are like regular cards you have from your bank. Several companies provide this service. You can sell your bitcoin there, and they will provide you with a debit card. These debit cards are powered mainly by "Visa" or "MasterCard". You can withdraw cash from these debit cards from any ATM supporting visas and MasterCard. However, you have to pay some fees for every transaction you do.

Another mode of transaction you could use is "Peer-to-Peer crypto exchange". For example, you could use a peer-to-peer platform to sell your bitcoin quickly. Much crypto exchange provides this facility.

In this process, you can quickly sell your crypto directly. For example, you could choose your desired mode of payment like; if you want to deposit cash into your bank account first, you could tell the buyer to do this first.

© 2023 University Herald, All rights reserved. Do not reproduce without permission.
Join the Discussion
Real Time Analytics