Converting Bitcoin to Cash: 2 Simple Ways of Doing it
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We can say that digital coins have embarked on the market like a new revolution in the modern-day world. If you look at this in exchange, the coin is indeed a revolution. However, the big question that comes to our mind is, can you use these coins to pay your utility bills or pay the bill for your dinner date?
The outcome is positive; you can do that without any caution in the coming future. However, we can see some business groups or people taking the BTC payment and other coins. If you are looking to pay in BTC or any other coins, you have first to convert them into fiat currency or cash and then use it. You can understand this using one example. In case you are keen on cashing out the BTC, you are required to know how these coins can become volatile. Also, you are supposed to know the way the value changes.
For such cases, you have to check the timing of the conversion as it plays a crucial role in it. Also, if you have a terrible time, you can easily send out the money without losing anything. To understand this in detail, you can visit BitIQ site. First, however, you should know how you can do it. There are two simple ways of converting your Bitcoin into cash; how about checking it as under:
1st method – Through Broker or exchange
In the first method, you get the chance of converting the BTC into cash only with the help of a broker or an exchange. It is the replica of the currency exchange mechanism, as one can find on the airports. Once you deposit your virtual coins over the currency exchange, you use this method and then raise a withdrawal request. Then the Broker comes into the picture, and they will then transfer the actual money in your linked bank account that you have employed to procure BTC or digital coins. You have to deposit the same in the used bank accounts as it will only allow you to operate with a single account you used earlier. It is done as a security reason to act as per the laws related to money laundering things. The system falls under the safe method. However, the downside is that this option is very time-consuming when asking for conversion.
On average, one can find too much time when we talk about reaching your account. One can even find the exchange charging a small or big fee for all your transactions. At the same time, it differs from one Broker to another, and even it can have variations from one country to another. At the same time, we have BTMs and debit cards for the coins that function similarly to any third-party agency. The above examples help create an account that further helps sell out BTCs and even withdraw the cash on your own. However, the downside of this option is that it can incur higher fees for the transaction. For this method, you must rely on a credible 3rd party exchange. You need to register there and pass through the verification process with the help of buying BTC in your account. Then you can withdraw the cash from your respective account.
2nd Method – P2P Platforms
The following method is to rely on the P2P (peer to peer) platforms wherein you can sell all your BTCs and get cash in return. It is a practical option when you are in a hurry. The method you choose can help pay the money you would like to buy using the same as selling away BTCs. Also, one can offer a quicker transaction option coming along with fewer fees. You can even ask for some favourable exchange rates that come with a personal buyer rather than using the 3rd party brokerage. However, at the same time, one can find a P2P selling option that remains critical when you are aware of the fraud involved in it. However, this option is very beneficial when you find BTC locked until you can validate your payment. To begin with, you need to choose the best P2P exchange platform, and then you are ready to employ.
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