Through this article, you will be able to get complete information on how you can get real-world money and also how you can cash out bitcoin. If you want to start bitcoin trading check China’s history with cryptocurrency .
Convert Bitcoin to cash
If you want to convert BTC to EUR, USD, or INR, below are some easy steps:
However, before choosing one of these steps, you need to know how you can get your legal tender. You can sell bitcoins on exchanges or in person for cash and have the money deposited directly into your bank account. An alternative to spending bitcoins can also be that you can also use services like Bitter fill or Lolli to buy stuff from Amazon.
- Convert BTC to USDT just like digital fiat.
BTC can be converted into USDT.
If you ever consider buying bitcoin later, you can make more profit using USDT than trading EUR or USD. If you regularly move cash in and out of your bank account it can be time consuming for you.
If you ever consider switching to USDT then you don’t need to worry about the volatility of the cryptocurrency as USDT is always able to maintain parity with the real US Dollar hence its value is around $1 per USDT. It will always help you to transfer to exchanges in fiat currencies to buy bitcoins as you can also use USDT to buy bitcoins later. Unlike fiat exchanges around the world, USDT is backed by many more. Such as Bitfinex, Wazirx, Binance and many more.
- Exchanges that accept fiat.
Through Exchanges That Accept Fiat Currency, you can locate exchanges in your country that accept fiat currency. You can then sell your bitcoins to exchanges other than fiat like GBP, USD or EUR. Below is a list of exchanges that allow you to do so.
- WazirX(India Only)- Convert BTC to INR or USDT
- CoinSpot (Australia): AUD
- BitFlyer – USD/JPY
- CEX – USD
Most of the options do not work globally due to the different cash systems in each country.
- Via LocalBitcoins
LocalBitcoins which is a P2P bitcoin exchange and working as a bitcoin start-up since the year 2012. Worldwide, there are on-ground sellers and buyers available in more than 20,000 cities. In Localbitcoins you can get supported format money by dealing directly with buyer. If you want to meet buyers or sellers then you can meet online and if you want to do business then you can do it offline. To pay, you can cash or wire the amount. If you want to convert bitcoin to cash, you can choose from several other options such as SEPA, PayPal or direct bank deposit.
Conclusion: Converting Bitcoin to Cash
These are some of the popular methods that you can use to convert bitcoin to USD or fiat cash related to your country. You need to take taxes into account when redeeming your bitcoins in cash because if it is a large amount, then taxes need to be paid. Using the Coinly tool, you can easily calculate tax on your bitcoin sales profits. If we talk about another way to convert bitcoins to cash, it is to sell bitcoins to your family and friends.
Selling bitcoins to your family and friends may be an ideal option for you if you want to make some profit, not because you don’t feel confident about the future of bitcoin. It can be helpful for them to get started in bitcoin and you can both save on transaction fees. However, this route is followed by a few, as we mentioned earlier that you should never disclose your bitcoin investments and holdings at all.