There are 4 effective methods for converting bitcoin to cash

Look no further; I’ve discovered ways for you to convert Bitcoin into actual money.

Even if you’re a Bitcoin HODLer (like I am) who isn’t planning on selling your bitcoins anytime soon, it’s still crucial to understand how (and when) to exchange your bitcoin for fiat currency.

Who knows, you could wish to sell your bitcoins at some point in the future for whatever reason.

In this article, I’ll show you how to convert BTC to US dollars, Euros, Australian dollars, Malaysian Ringgit, and other government-issued currencies.

How to Get Bitcoin Cash

When it comes to cashing out your bitcoins, you’ll need to think about how you want your fiat money delivered. You can either transfer your bitcoins into a bank account through third-party exchanges or sell them in person for cash.

Cashing out is one of the various alternatives available if you want to use your Bitcoin. One option is to sell your bitcoin for cash via Skrill in EUR or USD via an exchange like Paybis.

Services like Lolli and Moon, on the other hand, allow you to shop online directly with your bitcoins, eliminating the need for you to visit an exchange to cash out your bitcoins.

Even better, you may receive the biggest deals and earn bitcoins at the same time. Check out this article for tips on how to spend Bitcoin more wisely.

Returning to the topic, here are some of the best ways to sell your Bitcoin for fiat cash if you prefer to have fiat money in your bank account or wallet.

1. Use a cryptocurrency exchange to convert Bitcoin

An online cryptocurrency exchange is the simplest way to cash out Bitcoin.

Through their websites or user-friendly apps, these third-party exchanges make it simple to sell your Bitcoin for USD, EUR, GBP, MYR, and other local fiat currencies.

To begin, you’ll need to locate an exchange that is friendly to your country.

Depending on your country, you have a few major choices for selling Bitcoin:

-Paybis, Coinbase, Kraken, Bitstamp, BlockFi -Paybis, Coinbase, Kraken, Bitstamp, BlockFi -Paybis, Coinbase, Kraken (earn interest)

-Malaysia: Luno

-Singapore: Coinhako Independent Reserve

-Australia: a self-contained reserve

-China: Huobi

-Taiwan: Maicon

-India: Bitbns

-Luno (South Africa)

Paybis, Coinbase, and CEX are all available in the United Kingdom.

-Paybis, Coinbase, and CEX are all in Europe.

-Russia: Coinmama

-Coinmama, Kraken (Japan)

-Bithumb, Korbit, and Coinplug (South Korea)

It’s basic, straightforward, and safe.

However, depending on the network you’re using and your country, receiving your fiat money can take anywhere from 1 to 5 days.

Also, for cryptocurrency beginners who don’t already have an account with the crypto exchange, getting your account approved can take weeks, if not months. Cryptocurrency exchanges are currently unavailable in several restricted countries.

2. LocalBitcoins is a great place to sell your bitcoins

LocalBitcoins is a peer-to-peer Bitcoin exchange that allows potential buyers and sellers to trade directly. It was founded in June 2012.

LocalBitcoins is available in practically every country, serving over 1.35 million users from 15,000 cities in 249 countries.

Due to local financial rules, only New York state has discontinued its services.

LocalBitcoins is unique in that it allows you to interact directly with buyers, eliminating the need for an intermediary.

It also provides an escrow service to safeguard both Bitcoin buyers and sellers.

Aside from that, you have complete control over how much you want to sell your Bitcoin for and can request whatever payment method you desire.

Cash deposit, bank transfer, Payoneer, Paypal, gift vouchers, Western Union, and in-person cash are among the payment options available.

Here’s how it works in a nutshell:

Create a LocalBitcoins account.

Confirm your identity. (Your country’s KYC (Know Your Customer) laws may apply as of 2019.)

Select “Quick Sell” from the drop-down menu.

Select your country and a payment method from the drop-down menus.

LocalBitcoins will provide a list of potential purchasers for you depending on your area.

Carefully select your buyer. (Tip: Always go with a reputable buyer/seller who has a lot of positive reviews.)

Confirm the number of bitcoins you wish to sell and submit payment information (for example, provide your PayPal email address or bank account)

Cash deposit, bank transfer, Payoneer, Paypal, gift vouchers, Western Union, and in-person cash are among the payment options available.

Here’s how it works in a nutshell:

Create a LocalBitcoins account.

Confirm your identity. (Your country’s KYC (Know Your Customer) laws may apply as of 2019.)

Select “Quick Sell” from the drop-down menu.

Select your country and a payment method from the drop-down menus.

LocalBitcoins will provide a list of potential purchasers for you depending on your area.

Carefully select your buyer. (Tip: Always go with a reputable buyer/seller who has a lot of positive reviews.)

Confirm the number of bitcoins you wish to sell and submit payment information (for example, provide your PayPal email address or bank account)

3. Use a Bitcoin ATM to get cash

If you don’t want to go through the hassle of a lengthy sign-up and ID verification process on a large exchange, a Bitcoin ATM is a good alternative.

A Bitcoin ATM is a convenient way to exchange it for cash.

Unlike typical ATMs, where you can use your debit card to withdraw your country’s money such as USD, AUD, EUR, and so on.

A Bitcoin ATM is a physical location where you can buy Bitcoins with fiat currency. The good news is that some ATMs will also allow you to exchange your Bitcoins for local money.

There are around 4990 crypto ATMs in 76 countries as of this writing. It’s becoming easier to locate a Bitcoin ATM near you.

To begin, use Coin Radar to locate a Bitcoin ATM near you. It will display a real-time global Bitcoin ATM map.

Then look for a Bitcoin ATM that allows you to sell your bitcoins for cash.

Keep in mind that not all machines are identical; they all have various buy/sell limits, fees, and cryptocurrencies supported.

This strategy, however, is only appropriate for modest transactions. This is because (1) most ATMs have deposit and withdrawal limitations of $1000-$10,000, and (2) carrying huge piles of cash is inconvenient.

However, the most significant disadvantage of using a Bitcoin ATM is the hefty transaction charge. Bitcoin ATMs often charge 7-12 percent for selling bitcoins, compared to internet exchanges that charge an average of 0.1 percent -1 percent!

In other words, if you sell bitcoins using an ATM, you will receive less money than if you used one of the other solutions on our list.

If you need to withdraw bitcoins quickly, a Bitcoin ATM may be the best alternative.

4. Using a Bitcoin Debit Card to Spend Bitcoin

A Bitcoin debit card, strictly speaking, will not convert your bitcoins into hard currency. It’s more of a mechanism for you to utilize your bitcoins like a conventional debit card, in my opinion.

You can put your BTC on these cards, and they’ll instantly convert it to fiat currency like USD, EUR, GBP, AUD, and others.

With a Bitcoin debit card, you may spend, buy, and pay for anything (both offline and online), as well as withdraw cash from ATMs throughout the world that takes VISA/MASTER cards.

Anyone (especially frequent travelers) should have access to these borderless bitcoin-funded debit cards, which allow you to make purchases online and/or offline, anywhere in the world, without the burden of high fees.

Crypto.com, Wirex, and Cryptopay are three popular Bitcoin debit cards. Each card comes with its own set of features, fees, and services. I’ve produced a Bitcoin debit card comparison piece to assist you to make a better selection.

Is it necessary to convert Bitcoin to fiat currency?

Before you go cashing out your bitcoins and realizing your riches, you need to consider yourself one key question: Should you convert Bitcoin to fiat currency?

Remember that the profit you got from selling bitcoins for fiat money will have to be taxed.

Here’s the thing: Bitcoin’s allure isn’t due to the blockchain technology that underpins it. It’s the digital scarcity that’s decentralized.

There will only be 21 million bitcoins in circulation.

Take a look at the yearly lows for Bitcoin: – $4 in 2012 $65 in 2013; $200 in 2014. $185 in 2015, and $365 in 2016. $780 in 2017; $3200 in 2018.

As more individuals get interested in cryptocurrency, more businesses are taking bitcoins, and demand for bitcoin is skyrocketing. Despite price volatility and government regulations, Bitcoin’s value will only grow over time.

Consider the following…

A pizza cost 10,000 bitcoins a decade ago.

A high-performance Tesla Model X can now be purchased for ten bitcoins.

You’d be considered wealthy in the future decade if you had one bitcoin (BTC).

Perhaps a portion of your Bitcoin should be set aside for long-term HODLing.

Conclusion

So there you have it. You should know how to exchange Bitcoin for cash by now.

Sell Bitcoin on exchanges like Coinbase if you need to convert it to currency to pay your bills or even reward yourself. For crypto newbies, cashing bitcoins via a cryptocurrency exchange can be more convenient, easier, and secure.

Try LocalBitcoins if you want to sell your Bitcoin for a greater price.

Withdrawing cash from a Bitcoin ATM can be a fantastic option if you need cash quickly in an emergency.

Getting a VISA/MasterCard linked-bitcoin debit card that is accepted by all merchants across the world isn’t a bad idea. It makes it simple to spend and withdraw Bitcoin for cash whenever you need it.