Cryptocurrencies have become an accepted form of payment nowadays. But even so, it is hard to use these currencies everywhere. In some territories, cryptocurrencies are highly regulated. The good news is that it is possible to convert cryptocurrencies into cash so that you can shop online as well as in a brick and mortar store. In this article, you shall learn some of the ways on how to convert Bitcoins into dollars.
Get Cash With a Bitcoin ATM
Bitcoin ATMs are now available in major cities worldwide. They offer a fast way of converting cryptocurrencies into government-issued currencies. These machines work the same way you deposit cash at a regular ATM. These machines offer support for most cryptocurrencies. One drawback of Bitcoin ATMs is that they have high transaction fees. Likewise, the conversion rates are not that favorable.
Most popular online services not only provide easy access to cryptocurrencies through their websites and smartphone apps but also exchange cryptocurrencies for government-issued cash. These services can be connected to bank accounts for payment for buying cryptocurrencies. This also allows conversion and transfer of cryptocurrencies to a bank account within a few days. Others use these bank accounts to receive cryptocurrency payments from friends, family members, or customers.
Cryptocurrency Debit Card
Cryptocurrency debit cards offer a practical and affordable way of spending cryptocurrencies at almost any retailer. The user can deposit their crypto coins from an online website that converts cryptos into fiat currencies. The cards are powered by Visa or Mastercard, making them compatible with both online and offline shopping in most businesses. Availability depends on the geographical region as well as the daily and monthly usage limits. Make sure to study each card to find the best one for you.
Transfer to Bank Account
Some banks do not convert cryptocurrencies into cash. However, some projects are trying to offer similar services. However, some are just very recent and still in the development phase. At the same time, this is not advisable since transactions can take between 1 to 5 days. This is not an option if you need emergency cash.
Using exchange sites is the cheapest option for converting your cryptocurrency into local currency. With this method, you will undergo a thorough verification process. As part of the requirement, you may need to send identification documents and a utility bill. In most instances, your bank account will be checked as well through a test transaction.
By creating an account on your preferred exchange website, you will have access to several wallet addresses. These wallets will allow conversion of the cryptocurrency into cash for bank account transfer. All you have to do is send the cryptocurrency from your current wallet to the wallet you own on the exchange website.
Transferring the cryptocurrency to your wallet is just a matter of copy and paste. Copy the destination address of the wallet you own on the exchange website and then paste it in the destination address field of your current wallet. Once done, press SEND. The transaction may not take more than a few seconds. Sometimes it may take longer but you can always check the status of your transaction on the blockchain itself using your transaction ID.
Convert on Bitstamp.net
Another way to convert your cryptocurrency into cash is from Bitstamp.net. First of all, you should choose your market. Once there, make sure that you don’t trade and convert your cryptocurrency right away, you will sell it at market price. You will have to undergo a bidding process based on the amount buyers are ready to pay. The bid price is usually lower than the Ask price, which represents what sellers are asking to get rid of it.
Cashout from the exchange to your bank account
If your exchange account is verified and you got a successful KYC process, you can request a bank transfer cash out of the cash balance appearing in your exchange account to your bank account accepting the similar currency. The funds should be credited to your account in the next 5 business days.
Direct Payment with Cryptocurrency
Converting your cryptocurrency may not be necessary if you are willing to pay higher transaction fees. There are several projects that allow direct payment and cashout through mobile, debt, and credit cards. In most instances, you will have to get a card or download a mobile app to use their services.
Again, these projects are recent and experimental in nature so you need to do some research first before using these services. You should keep an eye on these projects as they are the key to the further adoption of cryptocurrencies. You need to research about Bitcoin doubler if you are interested in it.
Converting cryptocurrencies can be a little bit daunting at first. Once you are acquainted with the process, you can convert currencies yourself without going through middlemen or a third-party.