Monday, Oct 03 2022 | Updated at 07:16 AM EDT

Stay Connected With Us F T R

Aug 12, 2022 03:25 PM EDT

Ways to Exchange Bitcoin For Real Money?

Close

Photo by Kanchanara on Unsplash

(Photo : Kanchanara on Unsplash)

It's still difficult to spend your Bitcoin directly despite its landmark revolution in the financial services sector. Unlike traditional money, many businesses and service providers are yet to include BTC as one of their payment options. So, until a 100 % global adoption, paying for your hotel bills or travel tickets using Bitcoin will be almost impossible. 

So, no matter how many Bitcoins you currently own, the most practical thing to do is convert them into fiat currency. You can buy goods or pay for services more seamlessly with conventional cash. Also, you'll never have to shop selectively because the traditional currencies are usable everywhere. For more information about Bitcoin, you can visit https://www.fintech-insight.com/

What if you have some Bitcoins that you want to convert to conventional money? Is there an easy way to do that? Here are the three most effective methods of exchanging BTC for real money.

Bitcoin ATMs (BTMs)

A Bitcoin or crypto ATM is a sophisticated device allowing people to exchange their BTC for fiat money instantly. One requires a smartphone, a digital wallet, and a valid phone number to use a crypto ATM. Besides, you may need any government-issued identification document if your transaction involves a lot of money.

Before choosing this method, one must also survey their area for the available Bitcoin ATMs. Once you've all the requirements, you'll go to the nearest BTM kiosk and initiate the currency conversion process. Exchanging BTC for traditional money is the same as selling Bitcoins. So, you'll select the SELL option on the machine and then carefully follow all the steps up to the end.

While using Bitcoin ATMs is speedy and secure, it has three significant drawbacks. First, there are still very few BTMs in use worldwide today. As a result, users have limited access to this method. Another significant problem with crypto ATMs is that the identity verification process may become problematic, especially for foreigners. Lastly, BTMs charge high transaction fees, making them unsuitable for smaller amounts.

Crypto Exchanges

Crypto (AKA, Bitcoin) exchanges are highly secure platforms where people can sell their BTC. They give you access to a diverse marketplace with several potential buyers. You must have an active bank account to receive fiat money after the exchange. One also requires a digital wallet holding the Bitcoins they want to exchange.

First, you'll have to log into your exchange account and transfer the BTC from your wallet to the exchange account. After that, you can send a business offer to your preferred buyer and wait for their response. Your bank account will receive the cash equivalent to the BTC amount you placed on the offer once the buyer accepts the offer. 

Apart from exchanging Bitcoin for real money, user-friendly Exchanges also allow people to trade cryptocurrencies. Always work with a trustworthy Bitcoin exchange platform to avoid losing your funds. While a readily available option, using exchanges takes a little more time for the cash to get to your bank account.

Sell On Peer-To-Peer Platforms

Peer-to-peer BTC exchange platforms are considerably fast because the transactions occur directly without any third-party intermediary. They are also more affordable and flexible in choosing where to receive your fiat money. However, the direct transfers also make Peer-to-peer crypto exchange platforms relatively less secure. Therefore, use only exchanges with an escrow service option to shield your funds against scammers. 

Bottom Line!

Bitcoin's applications are limited unless you convert it to the conventional currency. That's because the world is yet to endorse BTC as the primary means of payment. Therefore, exchanging Bitcoin for traditional money allows one to purchase commodities from any outlet conveniently. The most effective methods of converting BTC to fiat money include; selling on Peer-to-peer platforms or Bitcoin exchanges and using Bitcoin ATMs.

See Now: Facebook will use AI to detect users with suicidal thoughts and prevent suicide

© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Join the Conversation

Get Our FREE Newsletters

Stay Connected With Us F T R

Real Time Analytics