Convert Bitcoin Into Cash Through A Fiat Supporting Exchange It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country. Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP.
- Bitcoin ATM is a very convenient way to convert bitcoin into cash. Note, however, that not all bitcoin ATMs dispense fiat currencies. Some allow you to withdraw only bitcoins, while others only allow for fiat currencies.
- In this case, if your bank supports Bitcoin transactions, you can. Changelly is another good site for selling bitcoin, but only in exchange for other cryptocurrencies, so it does not work to convert to cash Exchange Bitcoin (BTC) to Cash USD. The platform has a customer base standing at over 13 million with a fast transaction rate.
Bitcoin and other types of crypto coins have become the latest investment options of choice for many people. However, one thing that you should know is that cryptocurrencies are very volatile. Entrepreneurs who trusted their instincts 11 years ago and invested in Bitcoin are reaping big as its value has been on the rise over the past couple of years.
If you are new to cryptocurrencies, don’t be scared, you’re not late to the party. Who knows how much bitcoin will be worth in a couple of years from now? This article will take an in-depth look at how you can buy and use a bitcoin to cash converter.
How To Convert Bitcoins To Cash
Turn Bitcoin to Cash
There are a couple of ways you can turn bitcoin into cash. You can turn any crypto coins into any fiat currency you want: USD, Euros, or British Pounds. However, before that, there are a few things that you will require.
For beginners, you will have to select which mode of bitcoin to cash converter you are going to use. Nowadays, most vendors accept payments in crypto, so you don’t need to convert your cryptocurrency to pay for goods and services.
Use an Exchange Account
Think of an exchange account as a trading platform. This means that the platform offers you a way to change your bitcoin to money or any other type of crypto coins you may want. If you do not have an account, consider registering for one.
Opening an account is quite simple and you only need a strong internet connection and an email address. Next, you may be required to provide your identification details as proof of identity before you are allowed to start trading or exchanging crypto for fiat currencies or vice-versa.
When setting up your account, you have a variety of payment options available. Most trading accounts will enable you to trade bitcoin and take cash directly to your bank account. On the other hand, you can buy crypto using your debit card or directly from your bank account. Some exchange accounts offer an easy-to-use bitcoin to cash converter, and you can look here for more information. When you use the bitcoin to cash converter on most exchange platforms, you can choose where the cash will be sent. That can be to your bank account or PayPal if it’s supported.
Use P2P Crypto Exchange Sites
P2P refers to person-to-person. These platforms connect buyers to sellers. Say you want to convert your bitcoin to cash. The system will hook you up with someone who wants to buy bitcoin using fiat currency. If the price they are offering is right, you can proceed with the transaction and have the cash sent to you.
The cash can be forwarded to your bank or any online money service such as PayPal. Most people like using P2P exchange platforms because they are much faster. Word of caution, ensure that you review the status of the buyer or seller you are dealing with. The cryptocurrency realm is filled with scammers who will not hesitate to steal from you.
Bottom Line
It is effortless to trade your bitcoin to fiat currency these days. Most people will advise you to use exchange platforms as your bitcoin to cash converter due to safety reasons. You will also be charged a small fee for the transaction, depending on the type of platform you are using. Ensure that you keep your crypto-wallet password and email address safe and secure. Use a protected internet connection to access your accounts to avoid being a victim of hackers and scammers.
Interesting Related Article: ” 5 Things To Know Before You Invest In Cryptocurrency”
The price of bitcoin rises and falls, and sometimes you may want to convert bitcoin into other digital currencies like Bitcoin Cash.
Bitcoin Cash is currently the #6 digital currency, with a market cap of $3 billion. As mentioned here, it emerged in 2017. The bitcoin community couldn’t agree on a solution, so the bitcoin blockchain split, and the result was a new digital currency, Bitcoin Cash.
Last November, Bitcoin Cash itself experienced a split, resulting in yet another digital currency, Bitcoin SV.
Why Buy Bitcoin Cash?
You should always do your own research before making financial/investment decisions, such as converting bitcoin to Bitcoin Cash.
Is Bitcoin Cash a better version of bitcoin?
One advantage Bitcoin Cash holds over bitcoin is lower transaction fees. High transaction fees may discourage people from spending bitcoin.
According to BitInfoCharts, the median fee for Bitcoin Cash transactions on March 31 was just $0.0006, while the median fee for bitcoin transactions was $0.299.
However, Bitcoin Cash has not maintained its value as well as bitcoin. The price of Bitcoin Cash (measured in BTC) has fallen from nearly 0.2 BCH/BTC in July 2017 to 0.04 BCH/BTC.
Converting Bitcoin to Bitcoin Cash
Coinbase is one of the world’s most popular bitcoin wallets. Coinbase claims over 20 million users.
Coinbase is beginner-friendly. Coinbase offers an easy way to convert between digital currencies for just a 1% transaction fee.
Bitcoin Cash has been available on Coinbase since December 2017.
Today we will convert $5 of bitcoin into $4.95 worth of Bitcoin Cash using Coinbase.
How to Convert Bitcoin to Bitcoin Cash, Step by Step
Set up an account on Coinbase. If you don’t already have a Coinbase account, sign up for one. You will also need to add a phone number to verify your account.
How To Convert Bitcoin
You can then add fiat money by linking your bank account or debit card, and buy bitcoin if you don’t already have any.
Once you’ve signed up and bought bitcoin, tap on the screen where it says “Bitcoin.”
Next, you will see this.
Scroll down.
Does Bitcoin Convert To Cash Back
Tap on the blue button that says “Convert” to begin converting bitcoin to Bitcoin Cash.
Although it says “Convert BTC to another cryptocurrency for no fee”, this isn’t quite true. Coinbase may not charge you a fee, but it does charge you something called the spread.
The spread is the difference between the bid price and the ask price.
In this case, the spread is 1%.
This will be the next thing you see:
Type in the amount (in fiat currency, such as dollars or euros) of bitcoin that you want to convert.
Remember, Coinbase charges a 1% spread. So if we want to convert $5 worth of bitcoin into Bitcoin Cash, we will end up with $4.95 in BCH.
Next, tap on the blue button that says “Preview Conversion.”
Tap on “Preview Conversion”. This will show you the amount of bitcoin (BTC) you will be converting into Bitcoin Cash (BCH).
Then tap on “Convert now”.
After the trade is executed, you will receive a confirmation. It will look like this:
Congratulations! You have just completed this transaction.
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