How to Convert Cryptocurrency Back into Fiat Currency
When I was still new to cryptocurrency, I have wondered how could I convert my cryptocurrency such as Bitcoin back into my local fiat? Some may ask, why would I want to exchange my Bitcoin into my local currency when I can be making more with my cryptocurrency? Well, just like having any local currency, if you go to another country, it might not be accepted everywhere. Same as Bitcoin, it may not be accepted everywhere you go. So today, we’ll be discussing ways on how you can turn your Bitcoin into a local currency that you can use.
There are many ways that you can do that, and we’ll go over that list on this blog.
The first thing you can do to convert your Bitcoins into local fiat currency is by using a cryptocurrency exchange. There are many options for the cryptocurrency exchange, some of the most popular ones include Coinbase for instance which is available in over 30 countries which is an advantage. But you also have other options for cryptocurrency exchanges such as Kraken and Gemini. There are many other exchanges available for you to use so, make sure to check out other exchanges that are available to you.
Cryptocurrency Debit Card
Another easy way for you to convert your cryptocurrency into fiat currency is to have a cryptocurrency debit cards. There are debit cards that will allow you to tie it up with your cryptocurrency holdings and there are multiple options that you can do this. Coinbase, for example, has a VISA Bitcoin debit card that will enable you to keep your holdings in Bitcoin that you will be able to spend anywhere that VISA is accepted. This is a convenient way for you to use your cryptocurrency to pay for things such as going to a restaurant, going to the movies or buying stuff for yourself. You’ll be using your VISA card but in fact, you will be using your Bitcoin holdings. This type of debit card will also allow you to go the ATM and withdraw funds into your local currency against your Bitcoin holdings. There are other cryptocurrency debit cards that you can use aside from Coinbase. There’s Bitwala that also offers a VISA debit card that’s tied to your Bitcoin holdings.
Sell it to someone else
Another way that you can convert your cryptocurrency into fiat currency is by simply selling your Bitcoins to someone else. You can sell them to your friends, or family or people that you are willing to meet. Many people are looking to buy Bitcoin from other people. The one advantage of selling them yourself is that you can sell them directly by just sending your cryptocurrency address to the other person. While there are advantages to doing so, there are also disadvantages. The problem with this is that you may not be given a guarantee that the other person will pay you. So always make sure that you get to know the person that you’re selling to.
If you don’t want to risk losing your Bitcoin by selling them to another person, one alternative would be to use a local trading site. One great option would be going to LocalBitcoins.com. LocalBitcoins.com is available in over 200 countries, provides a platform for buyers and sellers to have access to an escrow service. The escrow service will provide sellers protection as they will only release the Bitcoin once the seller receives the payment.
Bitcoin ATM/Bitcoin Teller Machine
One other option that you can use is to use a Bitcoin ATM simply. These ATM or Bitcoin Teller Machines. It’s straightforward to use, much like any other ATM that you’re used to, you simply go up to these machines, and you can buy Bitcoins or sell your Bitcoins to the machine which has a multi-directional option. It’s easy, it’s simple and a process that’s a little familiar to you.
These are just some of the ways that you can convert your Cryptocurrency into local fiat currency as there many other means that you can do this. But you always need to remember that with whatever you decide to do and however you decide to do it, you need to make sure that you have done your research as you want to be prepared with all the questions that you may have before you go transacting using your cryptocurrency.