5 ways to convert bitcoins to cash
Today, electronic money is used by many countries in online commerce and exchange along with fiat money and gold. Investing in cryptocurrencies in general and bitcoins in particular is a new trend of humanity. However, because this is a recent development, Bitcoin and other cryptocurrencies are not widely used in practice. As a result, investors often need to convert bitcoins into fiat currency or cash to make other transactions. However, not everyone knows how to convert bitcoins into cash. So let’s find out what it is in this article.
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cryptocurrency exchange
Currently, most cryptocurrency exchanges have services to convert bitcoins into cash for their users via third-party services. Proceed as follows:
- Create an account and carry out the account verification operation.
- Connect the exchange account to the bank account and deposit the required minimum amount.
- Add your Exchange account address to the service provider details.
- Sell your Bitcoins to service providers for cash.
- Click the Withdraw button.
- Fill in the information for confirmation.
Check the pros and cons:
- Pros: High security, simple and fast procedures because the exchange stores personal information.
- Cons: This transaction is processed through a third party, so you have to pay a service fee.
Electronic wallet
However, the electronic wallets used to store bitcoins do not allow direct conversion and withdrawal of fiat currency. Therefore, investors wishing to convert need to send bitcoins to an exchange account. Then use a third-party exchange service to exchange as above. Additionally, you can link your e-wallet to an ATM or use the Mycelium app with the Mycelium Local Trader feature to find people who want to redeem bitcoins.
Check the pros and cons:
- Pros: There are more options if you want to convert bitcoins to fiat currency via your own e-wallet.
- Disadvantages: high cost and implementation time. Additionally, investors trading coins may encounter fraudsters when selling bitcoins through Mycelium Local Merchants.
Use a conversion service
There are many entities offering Bitcoin to fiat currency conversion services on the market for investors to choose from. These units can enable their customers to convert in bulk and have it delivered to their homes with great ease. It’s also very easy:
- Select a service provider.
- provide payment information.
- Confirm the request via email or phone.
- Get fiat money.
Check the pros and cons:
- Pros: Fast, convenient, and excellent customer support.
- Cons: If you want to receive money, sending via Western Union takes time; High service charge.
through personal relationships
You can also convert bitcoins to cash through this link. Because it is the fastest and most convenient way to get bitcoins for free. If you can’t find anyone willing to buy Bitcoin anymore, join a reputable investment group. This group will help you sell bitcoin fast and make money back.
Check the pros and cons:
- Pros: Reliable and free.
- Cons: Can’t be remade as often because few people need to re-purchase.
Withdrawal point (ATM)
We all know how easy it is to find an ATM on any street in a big city. Cities in developed countries, such as New York, have many bitcoin ATMs where investors can buy and sell coins to convert bitcoins into fiat currency if needed. When you find an ATM, you just have to click Sell BTC, then enter the required information and confirm. But in Vietnam, this service has not yet been developed.
Check the pros and cons:
- Pros: Fast and convenient.
- Disadvantages: There are no ATMs anywhere in the world in general and in our country in particular, especially ATMs that convert bitcoins to cash; Transfer fees are generally high.
WARNING: Investing in financial products involves a lot of risk and may not be suitable for all investors. Therefore, please think carefully and check yourself before you decide to link to this website. CryptoViet.com.