So, now you are one of the many who got attracted by the crypto market so that you can more and more by investing in it. And now when you have enough money you wanted to cash in obviously, why not? After more than 10 years, still digital currency didn’t get that much fame from the government like they use to give it to fiat currencies like the US dollar and Euros. Even though many international firms started accepting payments through digital mode. Still, there is a question for all the investors who invests in the crypt market, how will they be able to convert digital currency to paper currency?
This article is surely the answer to many questions you have related to the conversion of digital currency to USD. Please read it carefully:
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How to Exchange Cryptocurrency for USD?
Table of Contents
#1. Cryptocurrency exchange:
This is the most basic and commonly used method to convert cryptocurrency into USD. The biggest advantage is its speed and they can easily be linked with your bank accounts and PayPal accounts which gives you easy withdrawal of USD.
The method is quite easy. Firstly, you need to transfer your certain amount of coins into the wallet of the selected stock exchange. Then it will turn into the banknote of that stock exchange, there is a popup occurs which shows the buy and sell option in which you can sell your Bitcoins and other crypto coins in USD. Then the dollars which you earned will automatically be sent to your bank accounts or PayPal accounts.
#2. Peer to Peer Method:
If we say that you must verify your identity than we may lose many of the users as no one wants to expose their details to anyone.
In a peer to peer method, no exchange process occurs, but the users have access to sell their coins to another user directly. Until the transaction is done was not confirmed from both sides the money remains at one place only one of the biggest examples is Local Bitcoin.
#3. Converting Via Bitcoin ATM:
As you can assume by its name only, but there is a consideration while withdrawing the USD through ATM. The first one is you need to have a nearby Bitcoin ATM then this ATM may ask you about your identity check. Then ATM will allow you to see the option in which the address was mention on which you need to send and do the transaction. After all this confirmation the cash option pops up. But not every time you need to rely on this process as it is time-consuming and the fees for this process is also very high.
As the name suggests it can be compared as taking a loan from a bank. This type of loan cannot be long term conversion but the only short-term conversion and also storage of dollars. After which all the funds which were borrowed were returned. Keep reading to know more about the impact of blockchain on finance.
You can secure your loan and give a guarantee with your cryptocurrency in return you will get a smart contract, which was kept in computer code. Then you get the USD from your Bank. When your contract date is over you will have to return the money and get your cryptocurrency back from them.
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