HOW TO CONVERT BITCOIN TO CASH A QUICK GUIDEJune 29, 2018
Bitcoin is a cryptocurrency that is becoming too common for the people to trade. Nowadays many investors are riding the Bitcoin wave and are making millions of dollars. Although it is getting popular rapidly but still there are limitations to it because it cannot be used everywhere. So once you have made money from them you need to know to use it means how to cash out your bitcoins. Bitcoin loophole deals with Bitcoins trading.
Most of the big cities are now having the facility of Bitcoin ATMs. It is a very quick method to directly convert the Bitcoins into cash. Also the ATM can be used to convert it into different currencies like Euro, Pound, USD etc. Moreover the Bitcoin ATMs can also be used to buy Bitcoins also. Despite being the quickest method this is not much encouraged because the conversion rate is much lower than am online service. Also the fee is quite high.
USING ONLINE SERVICES
Due to the increased use of Bitcoins there are numerous online services available for converting Bitcoins into cash. You can simply use your smartphone or laptop to convert without going anywhere else. Certain Exchanges are there which link your Bitcoin wallet and gets it converted.
These can be connected with the bank accounts for direct transfer of money. Some of the services can be used to convert to some other cryptocurrencies.
Also the fees for the online services are very less as compared to other conversion methods.
BITCOIN DEBIT CARD
It is an intelligent and efficient way of spending the bitcoins like other real currencies without directly converting into cash. This service allows the owner to deposit the Bitcoins on an online platform which automatically convert into normalized currencies.
There are many popular companies available that issues the card powered by VISA or MasterCard which can be directly used to make payments.
SELL IT LOCALLY
There are websites available that sets up the meeting for a local buyer and seller. On these platform you can directly meet the buyer for making transactions either in cash or direct bank transfer. A nominal fee is charged for the services offered.
BITCOIN GIFT CARDS
It is a conversion method in which the gift card purchased from Bitcoins can be directly mailed to family members, friends or relatives.
The gift card can be used as per the requirement of the receiver.
There are a number of new companies that are offering loans against Bitcoins. They sign up a contract to your Bitcoin wallet so that you can cover up your loan using Bitcoins.
There are certain private banks that can also help in monetizing your cryptocurrency. These banks help in conversion to various world currencies like USD, Euro etc.
You should do a good background research before cashing out the Bitcoins. One must be aware of the different methods and their advantages and disadvantages. For selling them you need to a little bit cautious in order to prevent any kinds of frauds and loss. You just need to know the complete procedure of conversion to ensure safe transaction and need to be aware of risks involved in it.
Taxes should be paid timely on the income made by selling Bitcoins. And it is recommended to get it converted through a certified exchange. Now it is in your hands that whether you cash out through exchanges or ATM or sell it directly.