Investing in Bitcoin is one way of building and diversifying your investment portfolio. However, many people fear investing a lot of their hard-earned cash in cryptocurrency because they do not have the correct information about how to convert bitcoins back to cash that can be actually be used in their locality. There are, in fact several different methods of converting bitcoins to cash. Some of the considerations you need to make before selecting the most suitable method for you are the waiting period, the cost, the simplicity, the fiat currency, and the account you want to deposit the cash into. This article guides you through the simple and affordable ways you can use to convert bitcoins to cash.
Peer to peer
Peer-to-peer is the easiest method you can use to convert your bitcoins into your local currency. You can use the option with the help of some platforms, and the process is simple because it is based on a willing buyer, willing seller approach. You also have the flexibility of deciding whether you want to receive the local currency through a bank transfer, cash deposit, or cash in hand. It is essential to adhere to all the safety rules when meeting with a new buyer to avoid any risk of harm when carrying out the transaction. Visit online platforms in your area to identify people who are interested in the cryptocurrency trade.
Bitcoin brokers are available in every country, and you can quickly locate one near you online. The advantage with a broker exchange is that you can sell and buy bitcoins anytime you want because they are specifically in the exchange business. However, is crucial to get useful information about the Bitcoin exchange and the prices at the time you want to exchange to minimize losses due to selling at low prices. The brokers also charge a fee, and you have the freedom to evaluate the different terms and prices offered by the various brokers to select the best deal.
Bitcoin ATMs are also widely available, and you can check their locations online. They are the perfect solution for you if you do not like going through the lengthy sign-up and ID verification processes required by major exchanges. The only limitation in using a Bitcoin ATM to transfer bitcoins to cash is the set withdrawal and deposit limitations. A Bitcoin ATM is therefore ideal for relatively small amounts. There is also a transaction fee, usually charged at around 7% to 12%. You can evaluate the cost and privacy you get versus the cost you incur to decide when it best for you to use the ATM option.
Online Cryptocurrency exchange
The online exchange is another option on how to transfer bitcoins to cash without having to wait for long. It also allows you to price your bitcoins competitively because you are not limited to trade with people only from your region. The different exchange platforms can be accessed through user-friendly apps or on their websites, and you can easily convert bitcoins into your preferred fiat money. The websites also have information on how to transfer bitcoins to cash in case you need to refer to it. You start the process by signing up and verifying your identity, depositing the bitcoins into your account, and finally cashing out bitcoins to fiat money through a bank transfer.