One of the most frequent questions from users who invest in bitcoins is how they can convert this cryptocurrency into real money if the local monetary authorities do not recognise these virtual currencies as a means of payment of legal tender.
In addition to directly selling this cryptocurrency to someone you trust, we have taken the task of finding out what are the main market alternatives that will allow you to transform your bitcoins into the currency of your country. Today we want to show you how to sell bitcoin for cash, let’s begin.
How to sell Bitcoin for cash?
The idea of the cryptocurrency is that they are not physical notes or coins, but they instead circulate in the network. However, they have as much value as real money. There are many ways to make cash with bitcoins. You can turn bitcoin into USD. You can withdraw bitcoins to cash in 400,000 safe ATMs around the world. Selling bitcoins was not accessible and affordable, but there are different ways to market Bitcoins for money, which we will present below.
There are many ways to sell bitcoin for cash. The first, the most common, is to use a virtual exchange house that carries out these transactions. For example, Circle offers this service. Circle allows you to exchange your bitcoins for dollars without charging any commission. Unlike many other exchanges, Circle will enable you to sell your bitcoins and turn them into USD or EUR.
We also have the “peer-to-peer” platforms, one of the options posed by experts is to use local exchange websites that work as intermediaries and let you know who is offering and buying bitcoins such as Localbitcoins.com. In this type of platform, users must create an advertisement to sell their bitcoins, choose a payment method such as Paypal or credit card, and establish the terms of the transaction. Once registered, you can contact a buyer who can pay cash, money orders or bank transfers. The website charges a commission.
Another option to convert bitcoin to fiat money is through ATMs. Countries like the US and Canada have available ATMs where you can withdraw the equivalent of bitcoins in local currency, using your wallet address and passwords.
Lastly, we have the paper wallet. Some people prefer to keep cryptocurrencies offline to avoid cyber-attacks and do so in so-called paper wallets. Having your cryptocurrencies out of the network makes them more secure, but also adds one more step when it comes to exchanging them for cash.
Paper wallets are just a sheet which includes the private key that gives you access to your bitcoin to prevent the currency from fluctuating in the network, more vulnerable to theft. Once you have obtained access, you will have to circulate your cryptocurrency on the internet to put it in a digital wallet.
The hard part here is that not all digital wallets accept the cryptocurrencies that come from an offline wallet. Once you get it, you have to move it to a wallet supported by Coinbase, and from there you only have to follow the previous point to get an income in your account.