Bitcoin, as you all know, is a volatile cryptocurrency to
Bitcoin, as you all know, is a volatile cryptocurrency to work with. One moment you may find that its price is almost shooting through the roof and the very next moment you may realize it has come tumbling down to the bottom. If you are an investor with short-term profit on your mind, you must have wondered: how to turn Bitcoins into cash?
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By turning Bitcoins into cash, you finally make good on your profit but you must know what are the easiest ways to make that conversion possible. In this article, we tell you some of the simplest methods to go about the process.
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There are three different paths you can take when it comes to selling off your Bitcoins for cash. They are as follows:
1. By Withdrawing Cash From A Bitcoin ATM
Bitcoin ATMs are extremely easy-to-use machines that can put most of your Bitcoin woes to rest.
These provide simplicity of access and a high degree of privacy that can infuse that extra bit of convenience into your transaction. With a Bitcoin ATM, you can not only purchase Bitcoins, but you can also withdraw fiat.
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Most Bitcoin ATMs will provide you with an option called “Withdraw Cash”. Using this, you can simply choose “Bitcoin”, input the amount of cash you would like to withdraw and then simply use your mobile wallet to transfer the requisite amount of Bitcoins to the given wallet by scanning its QR Code.
2. Use Cryptocurrency Exchanges To Sell Bitcoins For Fiat
For this, you simply have to use the usual method of selling your Bitcoins on a crypto exchange, and choose the option of cashing out with the fiat currency of your choice.
Most exchanges will provide the BTC/USD pairing, making it particularly easy for US citizens to convert Bitcoin into to cash. Examples include exchanges like Kraken or Coinbase, among others.
For Europeans, options like Kraken, BitFinex, Bitstamp etc. exist. For Indians too, there are cryptocurrency exchanges like WazirX that provide BTC/INR pairing. You simply have to find an exchange that would give you the currency of your choice. If you can’t find one, you can always cash out in USD and convert to your preferred fiat currency.
3. Use a P2P Exchange Platform like LocalBitcoins
On a peer-to-peer platform like LocalBitcoins, you can find buyers who will offer you a diverse range of payment modes, ranging from an iTunes gift card to PayPal, and of course, the currency of your choice.
All you have to do is find a suitable seller who is ready to pay you the cash you want, conduct due diligence and get selling.
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