If you are in possession of bitcoins, you must be wondering if they are trapped in the virtual world without any means of ever using these funds. There are ways to convert them into usable cash and currency that can be used. This process does not have to be hard and when you see into it is fairly simple, and there are few methods that can be used nowadays to get to the funds that are in bitcoin. These are laid down below.
Table of Contents
1. Selling
The first and easiest way to get bitcoins cashed out is to sell them for a reasonable price and get the money. This can and should be done through a licensed and trusted provider. One of the most favorites for the bitcoin sellers and buyers is Coinbase and Kraken. When it comes to these, they work very simply, and this is the reason people do choose them.
When diving into this, be sure that the one that is dealing with the transaction, aka broker, is doing the work that is in the limits of the law of the country you are in, no matter which platform you are using. It is also very important to see if the prices match, meaning that you will need to track the numbers in order not to get ripped off and get lower prices. In addition to this, make sure that the transaction is running smoothly and that no laws were broken. Be sure that you have an account on online wallet apps in order to have somewhere to transfer the funds to.
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2. Bitcoin ATM
You are familiar with the way regular ATM work. You have a machine that physically has money, you place your credit or debit card into it, and after a few simple steps, such as entering the pin code, and choosing options about the amount of money that you want to withdraw, you end up with cash in your hands. So, how does cryptocurrency one works?
It is very similar, but it does allow you to trade coins, in a sense that you can both buy and sell the ATM. It is interesting that not only bitcoin can be bought, but also other cryptocurrencies, some information we have acquired suggests that the number of available cryptocurrencies to pick from is close to five thousand. These machines exist in more than seventy countries and can be located by using different online location tools. What can be interesting is that different ones may have different limits and as well as fees per transaction.
This can be potentially problematic if having bigger amounts of funds that are being taken from the account and transferred into cash. When it comes to the fees, they do exist in regular ATMs as well, and the rates are very similar to the ones there. Meaning that the more you take, the more money will be taken in the form of fee since the fee is taken as a specific percentage from the amount that is being taken. The range of fees is somewhere between seven and goes up to twelve percent. This is why it is important to check the fees and regulate the amount of money that is being taken.
3. Debit cards
It seems like it was necessary to introduce this type of card for bitcoin, in order to facilitate the transactions and movement of the bitcoins from the account to account. These are coming in action in the past few years, and slowly developing in order to accommodate for the interest of the market itself.
What is very interesting is that these cards are supported by the famous giants we all love and trust, Visa and MasterCard. This makes them safe and usable in different types of purchases on different places, meaning that these may even be used on the machines that accept Visa and MasterCard, and just convert bitcoins to the currency of desire.
4. Transactions between peers
P2P is very popular and they are making the transaction between two peers on a specific platform in order to exchange specific cryptocurrency to another specific currency such as dollar or euro. These are anonymous and very fast to occur.
5. Deposits
This method is familiar to ones that are receiving a specific amount of money for a specific job they do, whether this is blogging or analysis, you may ask the employer to pay you in bitcoins. If they are paying you in bitcoins, you may ask them to exchange the bitcoins you already have for a specific amount of money. Also, you may go back and forward, and alternate the payment methods as well as the currency used to be paid off.
6. In bank transactions
Last but not least are transactions that are mediated by the bank, Meaning that in the usage of these, the one that is buying the coin will after they receive them on their account, send the money to your bank account. For these purposes, other online wallets may be used. It is essential to specify in which currency you want your sold bitcoins to be sent to you, and onto which account and how. It is important to specify all the details in order for the transactions so the process may pass as fast as possible without any delays.
Conclusion
Though very popular, bitcoin still has some obstacles when it comes to transferring its value to the real money. This is being taken care of, and we have an increase in the possibilities and methods that can be used. It is important to state that all the methods may pass specific safety control in order to prevent any data leakage and loss of personal data that is vulnerable.
As presented there are multiple ways of extracting the money from virtual cryptocurrencies and the choice is up to the one that is doing the transaction. When deciding to use all available information and choose the one that is the most convenient and profitable for you.
