“Bitcoins,” might have heard about it by now. I am sure you have! Bitcoins exist in the digital form till date, that is, you would only be able to fetch them electronically.
In simple words, it means you will just be able to view the transactions being made between various addresses. Unlike real money, you won’t be able to touch them or put them into your pocket. Thus, in order to turn your digital currency into real paper dollars, you do obviously have your solution in hand.
Do not stress yourself, for your asset is absolutely yours! Such issue arises mainly among the beginners who have recently started dealing in cryptocurrencies. Well, I can understand your worries but let me tell you that no way your investments are getting out of your hand. Hence, if you have got bitcoins in your wallet, you surely have a lot of places wherein you can cash them out at reasonable prices. All that you would need to do is to find out the method that does suit you the best. Do not hurry, if you want to get the best rates while converting your digital currencies into cash.
The easiest and the safest option to convert your digital asset into real money is to go for an exchange. Simply make use of an exchange service that allows you to convert your electronic money into the real one, be it in dollars, euros or some other currencies. Just that you would be asked to mention the currency in which you already own your asset and the currency you want to receive for it. Here I am listing you a few websites that will help you turn your bitcoin into real money:
- Coinbase: It is one of the most trustworthy websites for selling and buying bitcoins. It has adopted “dollar cost averaging” method to do its business, and that is possibly the major reason behind its popularity. If you are a beginner and is just planning to get started, you can certainly opt for Coinbase as it lets you make the transactions in an absolutely easy manner. They are pretty strict about their policies, so make sure that you have gone through their terms and activities properly before performing any job.
- LocalBitcoins: This works somewhat like a social media network wherein the site helps in connecting the sellers to that of the receivers. The website has got a built-in escrow system that enables you to secure your payments without having them fallen into the hands of the scammers. Though Bitcoin is about to be a vital currency in the future, this virtual currency seems to be really difficult to account when it comes to converting them to the fluctuating values of real money.
- BitStamp: It is regarded as the first licensed operator of BTC. This is a really good site that has gained quite a lot of popularity and earned a good reputation over the years. You may choose to use either of your debit or credit card so as to perform your bitcoin exchanges through this website. An upside of BitStamp is that it allows you to take your bitcoins into the physical gold.
- Kraken: It is a great option for bitcoin traders. Talking about the legitimacy of this platform, Kraken is certainly one of the best on the list. It stands out to be one of the first bitcoin exchanges that enable in clearing an autonomous audit, so as to ensure that your transactions are absolutely safe and secure on the site. When you are using Kraken, you are required to set up a 2FA (2 Factor Authentication), without which your whole account would either be drained out or deleted.
- Bitfinex: It is one of the world’s largest cryptocurrency trading platform that allows you to fetch the best rates for your crypto coins. This is a full-featured trading platform that offers easy exchange provisions, leveraged margin trading, margin funding and more. It also provides you a customizable interface with round-the-clock security.
Mentioned above are the five best websites that offer good rates for converting Bitcoin into cash. Converting BTC into EUR, USD or any other currency is absolutely simple. Prior to picking up a method, you need to decide how you would prefer to receive your fiat. You can either sell your BTC in person or choose exchanges. Selling on exchanges and getting the money deposited directly to your bank account is certainly safer. Now, that you know about the websites, here is how you would convert:
- Through Fiat accepting exchanges
You can sell your BTC in exchanges for fiats such as EUR, USD, INR, etc. via exchanges like Coinbase, Bitfinex, Livecoin, ZebPay, BitStamp, etc.
- Through LocalBitcoins
You meet the buyers and sellers, all on a single platform. You can talk to the buyer directly on this platform and receive money against your bitcoin in any format, be it in the form of bank deposit, PayPal deposit, cash or Payoneer.
- Convert BTC into USTD
Moving money in and out of the bank makes you accountable to taxes. Using USTD, however, has got its benefits in this context, particularly if you are having some plans to buy Bitcoin again at some later time. This is a good option to go for if you are in no hurry to convert your BTC into fiat currency. Picking this option will also help you to avoid all kinds of tax liabilities. USTD (Tether) supported exchanges include Binance, Bitfinex, Gate.io, Bittrex, Cryptopia, and KuCoin.
These were some of the popular ways to convert BTC to hard money. To calculate tax on your BTC selling profits, you can consider using a tool, As this is an important thing to keep in mind while encashing your Bitcoins into cash.
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