There are many ways of making money – some choose safer options but there are others who opt for riskier investments. Speaking of riskier investments, have you heard about Bitcoins? Bitcoins can either mean a virtual currency or a reference to the technology.
It was created to work as a decentralised digital currency. This means no central bank or sole administrator. Basically, transactions can be sent directly without the need for intermediaries. These days, you can use Bitcoins to pay for things electronically – that is if both parties are willing. If in this case you are looking to cash out, you have to know how to do it. Here are the five easy ways to turn your Bitcoin into cash:
Through exchange trades
The simplest and the most convenient way to turn your Bitcoin into cash is through exchange trades. Exchange trades are platforms that act as middlemen. They work by selling Bitcoins for you. There are many platforms that you can choose from but the most common ones are Krakken, Bitstamp, and Coinbase.
Whatever platform you choose, the process of selling Bitcoins is essentially the same. The first thing that you need to do is to create an account with them and then send your Bitcoins by taking your deposit address from the exchange wallet. After depositing the coins, you can put a “sell order”. This means that your Bitcoins will be sold depending on the market rate during that time. There are platforms that will allow you to set a limit on your sale. This is beneficial because if the Bitcoin price is below a certain point, the sale will not continue.
Once the sale is completed, the funds will be transferred directly to the bank account you linked to your account. For the success of the transaction, you will be charged with a fee depending on the exchange.
Through direct trades
If you want to personally see the actual sale process, you can consider direct trades. It is also called peer-to-peer trades. This is a safer alternative. You just need to register as a means to confirm your identity. First, you need to set up an account and then set up a “sell order”. There are also many sites that you can consider but the process is still the same. The site will notify you if someone comes along looking to buy Bitcoins based on your selling price.
However, the payment will depend on what platform you consider. There are sites that will give you more payment options like Moneygram, cash in the mail, cash in person or gift cards. There are also other sites that keep things exclusively online and utilising bank account transfers. At the end of the day, it will depend on you.
Through Bitcoin ATM
If you do not feel like using exchange platforms, you can consider Bitcoin ATM. Kiosks are connected on the Internet, which allows the insertion of cash in exchange for a Bitcoin. Bitcoin ATM actually looks like traditional ATMs but the kiosk connects the customer to a Bitcoin exchange. The only challenge is not all places have Bitcoin ATM. It might be difficult to access one.