How to Turn Bitcoin into Real Money?
Bitcoin appears to be the strongest currency in the digital world. However, so far, there are only a few ways to use BTC for payment, as only a few places accept it. Anyone with digital money wonders how to turn Bitcoin into real money.
That is, every owner of Bitcoin need to overcome some small obstacles. Since BTC only exists in the form of data on the blockchain, converting Bitcoin is a big challenge.
How do you turn Bitcoin into real money? Of course, there are a few ways to turn Bitcoin and other cryptocurrencies into cash.
However, a Bitcoin owner cannot simply go to a currency exchange or bank to exchange the cryptocurrency for cash.
Bitcoin conversion only works on the Internet on so-called file sharing networks.
How to Turn Bitcoin into Real Money: Top 3 Ways
Today, there are three ways to buy cryptocurrencies with cash. Unfortunately, this is not as convenient as depositing funds into a bank account.
However, we are sure that there will be more options in the coming years. So how to turn Bitcoin into real money? Let's consider the 3 best ways!
Users can add cryptocurrencies to their wallets by adding multiple credit cards. If you use this credit card, the value of the fiat currency paid will be converted into the existing cryptocurrency.
That part of the money is then simply deducted from the credit. This makes it relatively easy to pay with cryptocurrencies using a credit card.
The so-called Bitcoin ATMs — these machines allow you to withdraw money in case you deposit some amount of bitcoins.
The Bitcoin machine shows a receiving address to which you can send the desired amount in bitcoins.
Then it takes a few minutes and you get cash. Today, there are many Bitcoin ATMs in various countries, you can choose the one that best suits your needs.
Bitcoin in cash through P2P sale — On these platforms, you can exchange ideas with other cryptocurrency owners and then exchange bitcoins for cash.
The user who receives the money simply transfers the bitcoins to the receiving address of a cryptocurrency within minutes.
In general, money exchanges are a nice thing. However, due to the current lack of regulation, it is a very difficult topic today.
That's why we prefer to recommend buying cryptocurrencies on an exchange.
In that case, you can better fulfill your obligation to provide evidence. An alternative to cash sales can be an invoice from a seller so that everything is properly documented.
How to Turn Bitcoin into Real Money: Bitcoin Exchange
How to turn Bitcoin into real money? There are numerous platforms on the Internet for exchanging cryptocurrencies. But no matter which platform the Bitcoin owner chooses, the switching process always follows the same principle.
- An account is created and verified on the respective platform, after which you can create your own wallet.
- The virtual wallet accepts the bitcoins that are being transferred and stores them. That's why you need your own wallet address and the number of bitcoins to transfer.
- If bitcoins are marked in the wallet, they can be sold on the desired platform. A seller receives a currency of his choice for this.
- Several options are available for withdrawals from platforms. Payments to a PayPal account and SEPA transfers to a bank account are offered quite frequently.
- The transfer process usually needs to be confirmed on the blockchain, which means that the transfer from BTC usually takes a certain amount of time.
- In addition, there are business days until the transfer is credited to an account.
What should you consider when exchanging Bitcoins?
- The rate. the exchange of bitcoins per dollar is subject to strong fluctuations. It is advisable to wait a while until you have a stable rate.
- After initial registration, it usually takes a few days for a customer's identity to be verified on the respective platform.
- Each provider sets individual rates, so conditions should always be checked in advance.
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