Bitcoin is one of the most well-known cryptocurrencies that has been around since 2009. Since its circulation, it has slowly and steadily gained popularity, but not as much as traditional currencies like the dollar, pound sterling, or euro. Despite building various products and blockchains, it has not yet achieved the status of a stable form of currency.
The regulation of bitcoin transactions is also a big issue for banks and therefore is not accepted by companies. Since you cannot use bitcoin to buy goods or pay for services, many people who own bitcoin seek to convert it into easy-to-use authorized currencies.
While Bitcoin has proven to be an excellent investment, fluctuations in the market or supply and demand chain can cause its value to fluctuate. If a Bitcoin user wants to convert it into cash, there are four methods available to do so. That includes.
Withdraw Bitcoins ATM
You can use credit cards or cash to buy/sell Bitcoins. A bitcoin ATM is like any other ATM, except it is not linked to any bank account. With 2,000 Bitcoin ATMs spread across the world, it’s a great way to cash out your Bitcoins without involving exchanges.
The whole process is safe and quite simple and does not require any registration. However, you need a Bitcoin ATM to cash them, which is still rare in developing countries. The steps involved are.
1. Find the nearest Bitcoin ATM via the Internet and select the cash withdrawal option.
2. Select Bitcoin from the available ATM currency options.
3. Select the withdrawal amount.
4. Send BTC from a mobile wallet to QR code provided by ATM and get money back.
Change of third-party broker
These are centralized cryptocurrency exchanges that deal with exchanging Bitcoin for cash. On one of these platforms, a user looking for Bitcoin can enter a buy request and this will be connected to another sell order. The sale is made by exchange with an additional service fee.
This method is best suited for people who do not want to trade directly when buying or selling Bitcoin. The exchange is liable in case of fraud or theft because its platform is involved in the transaction. Therefore, if a user’s bitcoin exchange account is compromised, the funds will be replaced by the exchange.
This option is ideal for anyone who wants to withdraw money from their accounts after trading Bitcoin. It is safer than other exchange methods, however, the exchange has more control over funds and withdrawals are sometimes slow. The steps involved are.
1. Choose a broker based on your personal needs.
2. Open an exchange account and deposit Bitcoin in the wallet.
3. Place the sell order and wait for them to connect with the buyer to get their funds.
In this method, peer-to-peer exchanges connect Bitcoin users based on buy and sell orders. The exchange is therefore carried out by the individuals themselves. The exchange does not interfere with the transaction process and is faster than the exchange from third-party brokers.
This method of withdrawing Bitcoin is suitable for users who want to avoid the price set by centralized exchanges. They also avoid fees and have full control over who they do business with.
When withdrawing Bitcoins using this method, you can receive money in person, by cash deposit, or by bank transfer. To avoid fraudulent transactions, be sure to ask for identification when making wire transfers and cash deposits. The steps involved are.
• Subscribe to the P2P exchange and set the Bitcoin sell price.
• Contact the buyer when the deal is right for you.
• Arrange the transaction (cash deposit, bank transfer, or real money).
• Place Bitcoins in escrow until the payment is received, then release them to the buyer.
Bitcoin debit card
One of the easiest ways to withdraw your Bitcoin is to use a Bitcoin debit card. Just like a regular debit card, you can withdraw cash instantly. Exchange linked debit cards are a great way to withdraw Bitcoins compared to Bitcoin ATMs (which are rare to find in developing countries), traditional ATMs are relatively easy to find.
While these debit cards allow for instant cash withdrawal, there is a transaction fee of $3 per withdrawal, which is quite high. Also, you need an exchange account most of the time. The steps involved are.
• Find a cryptographic debit card provider and sign up.
• Add the card to the exchange wallet of your choice.
• You can sell bitcoins on the exchange and withdraw money to your debit card or send bitcoins directly to your wallet.
• Withdraw money using a regular ATM card.
With these methods, you can easily withdraw Bitcoin. You can also try Bitcoin Billionaire trading software to earn more. Bitcoin-billionaire.com is money and whether you are completely new to online trading or a seasoned professional, this automated trading software/application will allow you to trade accurately and profitably.