Can Bitcoin Be Converted To Cash?
The answer is YES!
To convert bitcoin into cash, look for Bitcoin Exchanges or Payout Services( to transfer to a bank account or to a Bitcoin Debit Card)!
1. Use Bitcoin Exchanges Sites
To turn bitcoin in to cash, you need to create an account at one of many exchanges like Kraken, Coinbase, localbitcoins, paxful, Cex etc,. Transfer your Bitcoins, sell them and transfer the fiat amount to your bank account.
What To Consider When Choosing Which Exchange To Use
- Does the exchange support your preferred currency?
- Does the exchange support your preferred method of receiving your cash?
- How much does the exchange charge( check if there’s no hidden fees)?
- Does the exchange have a reasonable sell price?
- Does the exchange have a good reputation (is it legitimate, reliable)?
- Does the exchange legally operate in your country of residence?
The advantage is that you can use your chosen exchange site for day trading but be aware that Exchanges hold your private key and if they are hacked your bitcoins will be stolen.
2. Use Payout Services
a) Cash Out To a Bank Account Of Your Choice
There are services that will take your BTC and transfer its amount in cash to a bank account of your choice. You can send your money to your own bank account or pay your bills.
SpectroCoin has even launched the possibility to claim International Bank Account Number ( IBAN ) for both individual and companies.
This is very easy to use and there’s no risk.
b) Cash Out To a Bitcoin debit Card
This option is The Cheapest, Fastest and Easiest Way to cash out your bitcoins. You can transfer your bitcoins to a Debit Card and use that to spend or withdraw cash in your preferred currency : Dollar, Euro, GBP or your local currency at any ATM having the sign VISA.
If you have any questions or comments, I would be more than happy to connect, just leave a comment below. And if you found my post useful, please Share!