Though bitcoins are directly accepted by so many companies for purchasing goods and services, it is still limited. So, people holding the price of Bitcoin need to cash them out to use them. Not only that, but a growing number of people are investing in bitcoin just to increase their wealth. Most of them like to store money in a bank account instead of storing bitcoins in wallets. So, trading and investing also include turning bitcoins into cash.
The most modern way to turn bitcoin into cash is by using bitcoin ATMs. Besides this, the most used processes are there such as using a centralized exchange and a peer-to-peer exchange to convert your coins into cash. However, the easiest way to utilize your bitcoin can be by using your bitcoin debit card on merchandise shops that accept bitcoin payment. In this article, we will describe the processes of different methods of converting bitcoin into cash.
Turn bitcoin into cash in centralized exchange:
The centralized exchanges are operated by exchange companies. They offer great service but charge some transactional and regulatory fees. The process is as follows.
- Registration: The exchanges need registration and you need to submit your KYC documents to verify your crypto account. You have to submit some IDs and they will verify them. Some centralized exchanges made their verification process easier and simpler than before.
- Opening a trading account: After verification, a bitcoin trading account will be opened. You have to link this account with your existing bank account so that you can receive the cash in your bank account.
- Transfer bitcoins from the wallet: Now, if you are holding bitcoins you might be holding them in your bitcoin wallet. Though some people prefer holding them in the trading account only. If you are in the first situation, you have to transfer the bitcoins from the wallet to the trading account with the help of your private key. Make sure, you should not share your private key with anyone.
- Sell and turn bitcoin into cash: Now, is the time for the final movement. You have to sell the bitcoins so that you can earn money. There you will be offered two options – a market order and a limit order. You can choose any one of them and proceed to sell. Once you are finished with the process you will receive cash in your bank account.
Turn bitcoin into cash in peer-to-peer exchange:
This is a much easier process. Here you can directly sell your bitcoins and also directly get the cash.
- While you enter into the marketplace the first thing you have to do is provide an offer price for selling your coins. It is just like a bidding system that you can opt for.
- The buyers can see the offers provided by different users. If a buyer is interested in your offer price he or she will contact you.
- Once you both agree, you have to ask the buyer for his or her public keys to send the bitcoins.
- After that, the buyer will send money to your account and you can transfer your coins to his or her crypto wallet.
Turn bitcoin into cash in bitcoin ATMs:
Turning Bitcoin into cash by bitcoin ATMs is interesting but demands a higher charge. Though, the process is simple.
- Suppose, you have your bitcoins in your bitcoin wallet. Now you have to find a bitcoin ATM.
- On the screen, you have to select a cryptocurrency like bitcoin and press the sell button.
- After that, you need to validate your crypto wallet linked with ATMs through QR code and a two-step verification process.
- You now have to select the amount and press the sell bitcoins button again.
- Then the ATM will be showing a QR code on the screen and you can scan this QU through your digital wallet.
- You have a scanning option in your bitcoin wallet from which you have to scan the QR code.
- The moment you scan it the sale will be executed.
- You will receive your cash in your account. If you want you can withdraw them from the ATM.
Turn bitcoin into cash buy bitcoin debit card:
Using the debit card in merchandised shops is not actually turning them into cash but you can utilize your coins to buy goods and services. If you go to any merchandised shop ask them if they accept bitcoin payment or not. If they accept bitcoin then you can scan their QR to transfer your coins to their wallet.
To convert bitcoin into cash you can choose any of these methods. But, if you are choosing any trading platform you have to be careful that you choose the reliable one. You can click on and join Immediate Edge and explore the different cryptocurrencies and start trading in it. Once you find the platform you got into is authentic, you are good to go.