Different Ways to Convert Bitcoin to Cash

Are you wondering how you can convert Bitcoin to your local currency? Let this guide explain to you how this can be done.

07:09 24 January 2022

Bitcoin has experienced massive growth in value and adoption in recent times. For this reason, several investors are attracted to this digital asset. For those who have Bitcoins at hand, are you wondering how you can convert Bitcoin to your local currency? Let this guide explain to you how this can be done. 

 

How do you convert Bitcoin to cash?

There is often a need to consider how you want to receive your fiat money before converting your Bitcoin to cash. You can choose either third-party exchanges while depositing your money into a bank account afterward or sell your bitcoins for cash in person.

 

It is worth stressing that cashing out is just an option when it comes to spending your Bitcoin. You can make use of exchanges like Paybis and sell your Bitcoin for cash through Skrill in USD or EUR. Your Bitcoin can also be converted to cash through Paybis in several ways:

 

Bank Transfer – EUR, GBP

Skrill – EUR, USD

Neteller – EUR, USD

 

You can directly shop online with your Bitcoin through services like Lolli and Moon. In that way, there is even no need to use any form of exchange to convert your Bitcoin to cash. You can even get high discounts, besides earning some BTCs while you spend. To sell your Bitcoin for fiat currency, below are some ways that can make this possible:

 

Convert Bitcoin via Cryptocurrency Exchange

Crypto exchange represents the easiest means of cashing out Bitcoins. With these third-party exchanges, it is possible to cash out your Bitcoins for EUR, USD, MYR, GBP, among other fiat currencies through their apps or websites. To begin this process, it is important that you find an exchange that supports your country. How does this work? 

 

• Complete the verification process to set up an account.

• Deposit Bitcoin into this account.

• Convert your BTC to fiat currency through PayPal or bank transfer.

 

This process is easy, fast, and secure. Yet, it does not represent the safest way since it can take from one to five days to receive your fiat money, which can depend on the platform, as well as your country.

 

Besides, if you are a cryptocurrency newbie, who has no account with the cryptocurrency exchange, it might take weeks or months for your account to get approved.

 

However, the process may become a lot easier if you use the right trading platform. An example of such is the BitQT. With BitQT, there are a number of ways you can convert your Bitcoin to cash without taking days or hours. Fomd them on the BitQT platform now!

 

You can sell your BTC Using LocalBitcoins

LocalBitcoins represents a peer-to-peer Bitcoin exchange that can hasten direct trading between buyers and sellers. Over 1.35 million people across 249 countries are exposed to LocalBitcoins. This process allows you to deal directly with buyers, without intermediation by a third party. How does this work?

• Set up an account at LocalBitcoins.

• Verify your identity

• Click on “Quick Sell”.

• Select a preferred payment mode.

• LocalBitcoins will immediately give you a list of relevant buyers, depending on your location.

• Confirm the amount of BTC you want to sell and provide your payment details.

• Once your offer is accepted by the buyer, send your BTC to LocalBitcoins escrow.

• Complete the transaction once the fund is received.

 

Bitcoin ATMs

If you don't wish to go through a lengthy sign up process, you can convert your Bitcoin to physical cash by using a Bitcoin ATM. Bitcoin ATM is a physical center, which ensures that you can buy Bitcoins with fiat currency while also enabling you to sell Bitcoins for local fiat currency. As of the time of writing, at least 4990 crypto ATMs are available across 76 countries. It has become easier to find these ATMs around you.

 

Conclusion

The demand for Bitcoin has risen dramatically in recent times. Big investors buy BTCs in large quantities to ensure that there are fewer Bitcoins available, resulting in an increase in demand. If you own a Bitcoin, getting acquainted with the best ways to convert your Bitcoin to cash - as stated above - is essential.