Every crypto enthusiast knows that Bitcoin will replace traditional currencies. People currently invest in Bitcoin because they see it as a commodity with enormous potential. If you own Bitcoin, you should hold it for this reason. But as demand has risen recently, you could profit if you “sell” your crypto for cash and transfer its value to your bank account.
One day, people can use crypto coins for any deal. Until then, knowing how to turn crypto into cash to buy real things is essential. In this guide, you will learn the different tips for converting your digital asset into real money so you can use it in your everyday life.
How To Cash Out Cryptocurrency?
For those people who ask the question: Can you convert crypto into cash? The answer is yes, and we will tell you several ways you can do that. But before getting to the heart of the matter, let us clarify something. Cryptocurrency has a variable value, so as you continue the conversion process, you may see a difference in the fiat value. Rest assured! This is completely normal since the crypto market is always in motion.
1. Bank Account Transfer
The first and most basic option is a cryptocurrency exchange. It is a platform that allows you to convert fiat currency to crypto and vice versa.
You can sell Bitcoin and other cryptocurrencies like Ethereum, Dash and Litecoin on popular platforms. For example, Kraken is perfect for bank transfers to buy or sell Bitcoin for real money and affordable transaction fees. Whether you choose Coinbase, Kraken, Gateio or Binance, check out comparisons between them to decide which one is better for your needs.
Relying on this information, if you are wondering how to turn crypto into cash, crypto exchanges are the most effective way. They operate in safe countries like the USA, Europe, Australia, and Canada and follow financial regulations. Plus, you can convert your cryptocurrencies into pounds, euros or any local currency you need while making bank transfers.
In some cases, if you have less popular crypto tokens, you must convert them to a major cryptocurrency like Bitcoin first. Then you send them to your chosen exchange that supports wire transfers.
2. BTC ATMs
These ATMs have a unique advantage that distinguishes them from conventional ones, and you may purchase or swap your BTC and, above all, turn your crypto into cash in total anonymity. In fact, there is no Know Your Customer process when using these ATMs. So if you are looking for the fastest way to turn crypto into cash, BTC ATMs are the perfect choice.
3. Convert Crypto in Paypal: (Only for U.S. Residents)
Another way to exchange cryptocurrency for cash is through the popular Paypal. In 2022, crypto-users can finally move their digital coins and convert them into real money. A feature long-awaited by users, it enables one of the world’s leading online payment providers to expand its crypto offering further. Moreover, PayPal aims to upgrade its services to a new level compared to competitors.
PayPal supports native crypto transfer with other wallets and exchanges such as Metamask and Coinbase.
While limited to the United States, Paypal plans to expand this feature to other countries. Recognizing the potential of blockchain technology, the American giant understands that offering this option to just one country won’t be sufficient to attract more users and stay competitive.
4. Sell Crypto for Cash to People: (Peer-To-Peer Option)
If you have friends who want to buy Bitcoins, Ethereum or any crypto you hold, you can sell them in exchange for fiat currencies such as dollars and euros. The method requires your trusted Bitcoin-seeking friends to pay you for the Bitcoins you send them.
If trust is a concern, there is an alternative solution that assures both parties involved. First, select a platform that enables peer-to-peer transactions, such as Binance. Also, ensure that your account is verified to avoid all kinds of restrictions. Once all is in order, check your portfolio to see if you have enough of that particular cryptocurrency available for the transaction fee. Add the buyer’s crypto wallet address and complete the transaction.
The peer-to-peer feature is an excellent way to sell crypto for cash, especially if the three first options are unavailable in your country.
5. Sell Crypto From Your Wallet Directly
Finally, you can sell your crypto for cash through hardware wallets. This is among the easiest methods if you prefer to exchange cryptocurrencies directly from your wallet. As a first step, you need to select the best hardware wallet that supports this feature. We suggest Ledger due to its important partnership with Coinify. Next, you can double-check all the details and finalize your order via the wallet interface, which is user-friendly, by the way.
Although many hardware wallets support only Bitcoin as a first choice, this method guarantees smooth transactions with zero risk.
One can say that you currently have all the legal means available to convert your crypto into fiat. All you need to do is select a service that operates within your country and carefully assess the potential implications, such as taxes and fees.
Can cryptocurrency be converted to cash for free?
All the methods explained are not free. Before converting your crypto into cash, it is recommended to use the tax calculator and access fees involved for each option. This way you can compare prices and choose the cheapest one.
Which security measure is the most reliable on exchanges?
Be sure to choose the strongest security options. For this, you can select two-factor authentication. It is also possible to bet on the multi-signature option. The important thing is, therefore, to ensure that your account is perfectly secure.