Bitcoin is a cryptocurrency that emerged in 2009. Each Bitcoin is a computer file stored in a digital wallet using Blockchain technology. The Blockchain technology is a transparent, trustless, publicly accessible ledger that allows to securely transfer the funds using public-key encryption and proof of work methods. Using this technology, you can confirm the Bitcoin transformations without any central authorities.
Best Ways To Convert Bitcoins To Fiat Currency
Fiat currency is different from cryptocurrency. It is the currency issued and controlled by the government of that territory. But you can convert Bitcoin to fiat and currency and vice versa. Read on this article till the end to know the best ways to convert the Bitcoins to cash.
How to convert the Bitcoin to cash?
There are some easy ways to convert Bitcoin into fiat currencies like USD, EUR, and INR. They are listed below.
Bitcoin ATMs are commonly known as BTMs(Bitcoin Teller Machines). It is available in almost all the major cities in the world. It allows users to easily convert their Bitcoins to fiat currency available in that territory.
Coinbase BTC to USD convert
Coinbase is one of the best ways to convert Bitcoins to USD. It also provides the easiest interfaces to withdraw funds from the bank, PayPal, etc. To use coinbase, first signup and verify your bank account to which you want to get withdrawal. Once you have a fund with coinbase, the below-given steps convert the Bitcoins to fiat currencies.
- Click to buy/sell option
- Click on the sell from the BTC wallet
- Deposit to any local currency wallet
- Provide the amount of BTC you want to convert to fiat currency
Fiat Accepting Exchanges
This is the easiest way to convert your BTC into fiat currency. You can sell your Bitcoin in exchange for fiat currencies via such fiat accepting exchanges.
Gemini is a famous exchange to convert BTC to fiat currencies. But only a few cryptocurrencies are available with Gemini exchange. They mostly exchange fiat currencies with Bitcoin and Ethereum and this is likely because Gemini seeks to be a highly trusted and institutional friendly transfer. The Gemini exchange now employes 51 people and currently is the world’s 39th largest exchange.
Bitcoin Debit Card
The Bitcoin debit cards allow users to deposit their crypto coins through an online website which automatically converts it into fiat currency. You can also use this card for paying anywhere that accepts Visa. Generally, Bitcoin debit cards are prepaid debit card which allows you to top up your card with Bitcoins, which is then converted into fiat currencies.
It allows a peer to peer Bitcoin exchange. It has both buyers and sellers in more than 15,000 cities across the world. LocalBitcoin is the most preferred choice for those who don’t want to use exchanges. You can meet buyers and sellers online directly and can execute the trade.
The main advantage of the LocalBitcoin is that you can receive money in any format that you are convenient with. This is one of the most trusted platforms in crypto exchanges. The difference between other exchanges and LocalBitcoin is that in LocalBitcoin people can place Bitcoin at any rate for selling and the person who is convenient with that rate can buy it. All the buying and selling will be based on an anonymous identity.
Cryptocurrency is a virtual currency that works as a medium of exchange. Unlike fiat currencies, they are not controlled by any central authorities. So, fiat currency is more stable and reliable than cryptocurrencies. This stability of fiat currencies allows it to act as a means of storing value and facilitating exchange and this makes people convert their BTC and other cryptocurrencies to fiat money.
We hope that now you all are aware of the ways to convert BTC into cash. Please let us know your comments and queries through the comment section given below and we will try our best to reach out to you.