Introduction: How can I convert bitcoin into cash?
There are millions of bitcoin users and 21 million bitcoins in circulation. We need cash for our daily needs, and we cannot use bitcoin for all the transactions. If you have earned bitcoin or have bitcoin into your wallet and want to convert that bitcoin into cash, you must know how to convert bitcoin into cash. It is the question asked by many people, “How can I convert bitcoin into cash” because many people know how to buy bitcoin with fiat currency but do not know how to convert it into local currency. So, in this article, we will discuss how to help you convert your bitcoins into your local currency.
Why do you need to convert bitcoin into cash?
We all know that bitcoin is very popular these days, and there are millions of users and 21 million bitcoins on the network. In addition, many buyers do online shopping through bitcoin, and sellers who sell their products accept Bitcoin as payment. So, if there are online buyers and sellers, why do we need to convert bitcoin into cash?
The reason is we cannot use bitcoin everywhere. Some people do not accept bitcoins because they are not aware of the technology, people with no technical knowledge, people with no education do not know what bitcoin is. They are comfortable with cash or fiat currency. So, you cannot force everyone to use bitcoin as the primary currency. We do daily transactions mostly in cash. So, cash is essential for day-to-day transactions and to purchase necessities.
Ways to convert bitcoin into cash.
- Bitcoin exchanges: – Bitcoin exchanges are the best and easiest way to move your bitcoins to your bank account. Bitcoin exchanges provide you with the GUI, which means a graphical user interface. It means it will be easy for you to transfer your money into your bank account with a few clicks. There are the following steps to withdrawal money to your bank account given below: –
- Choose an exchange and for more information, click the link .
- Signup or create a new account by filling in your details.
- Transfer your bitcoin into your exchange wallet from another wallet you are using to store or hold bitcoin.
- Sell your bitcoin by using exchange because there will be a sell and buy button. Click on the sell button and sell all the bitcoins by filling in the number you have.
- When bitcoin successfully transfers to your exchange wallet, there will be two options: – Deposit and withdrawal.
- Enter your bank details and make sure your bank account must be the same as you used to buy the bitcoins.
- Once your bank account is successfully verified, choose your local currency and click on the withdrawal button, and money will be a credit to your bank account.
- Bitcoin ATMs: – The second method to convert your bitcoin into cash is a bitcoin ATM. Bitcoin ATMs are the same as bank ATMs, but you can buy and sell bitcoins in a bitcoin ATM by using cash or fiat currency. Bitcoin ATMs charge high fees for transactions, and it may be 7% to 8%. It may vary according to the location. Many websites on the internet provide the details of bitcoin ATMs near me. Check on the internet, Bitcoin ATMs near me, and show you all the possible ATMs available near you. But remember that it will charge a high amount for each transaction. So, you should do a small transaction because the more significant the transaction amount, the bigger the fees.
- Cash in Hand: – You can go with websites that help you find the buyer and sellers near you. Many people want to buy bitcoins and who want to sell bitcoins. So, these websites will help you to find the buyer who wants to purchase bitcoin for cash. Once you find the buyer, fix an appointment, and it is your choice whether you can accept payment in cash or bank transfer. Keep in mind that before sending or transferring bitcoin to the buyer, you must ask for payment transaction proof and their id and transfer it to the buyer’s wallet after getting it.
- 4. Bitcoin card: – Bitcoin cards are some like our bank ATMs cards. The exchanges issue it. You can use these cards for online and offline shopping, and you can also withdraw cash from ATMs.
From the above information, we have learned how you can convert your bitcoin into cash. Through an exchange, Bitcoin ATMs, you can sell bitcoin to the local buyer and accept cash in hand or bank transfer. In addition, some exchanges provide bitcoin prepaid debit cards. We have discussed these four popular methods, and there are many methods for converting bitcoin into cash.