So, you have been trading bitcoin or your other cryptocurrency and now you need some hard cash in hand. The one downside that people imagine that bitcoin has is that it is not easy to just use it to buy things or that you can’t cash it out easily.
The reality is that there are a lot of uses for it and it is not a problem to cash it out and get your local currency. There are a number of options you just have to know what they are.
In this article, I will go over several ways that you can cash out your bitcoins and use your local currency instead.
Use an exchange
When you buy your bitcoin or other cryptocurrency, you end up using an exchange and put the coins into your digital wallet. Or, if you know how to buy Bitcoin with Cash App then you can do it that way.
When you are ready to cash them out, then you literally just sell them from the same exchange if you continue to use their digital wallet, or you can pick another using your secret keys.
Then, you literally just sell them on the exchange. One thing to keep in mind is that if you are going to use a different exchange than the one you bought the bitcoin with, you will need to have your bank account set up with that exchange to cash them out. Which involves making a deposit with them and verifying. This usually takes a couple of days.
Peer to peer
One of the fastest and easiest ways to cash out your bitcoin is to sell them to somebody else that is looking to buy. For instance, if you have a friend that is looking to buy some, then they can set up a wallet and then they pay you cash. Once you have the cash, you move the equivalent to their wallet.
If you don’t know anybody who is looking to buy, or you simply don’t trust the analog way about it, then you can sign up for a site that matches you with potential buyers. Make sure you go with a trusted one as fraud can happen if you aren’t careful.
Bitcoin debit card
In the US, and soon the rest of the world, there is a new form of debit card that works on the blockchain. Once this rolls out everywhere it will make using cryptocurrency as easy as using your actual cash. The debit card will be loaded with your bitcoin and when used will automatically convert to cash. And then it can be used even in any ATM that you want.
When you have a bitcoin debit card, you may not even need to cash out your bitcoin since this easily takes the need away. If you can access your cash instantly at an ATM then this will be the best option for many people to use.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.