Cryptocurrency is a relatively newer concept. There are some businesses who accept bitcoin and other cryptocurrencies as a payment, but many are yet to acknowledge the digital form of money. This makes your bitcoins hard to use in many places.
But you needn’t worry. Because below mentioned are some ways in which you can convert your bitcoin into any fiat currency.
Just Head To A Bitcoin ATM
Bitcoin ATMs are now available around the globe in most of the major cities. If there’re some available in your city, you can just head to one of those. Through these ATMs, you can easily convert your bitcoin or any other cryptocurrency into the regular state-issued currency.
These bitcoin ATMs don’t just work one way. You can also conveniently buy bitcoins from these ATMs in addition to exchanging them for money. These ATMs once used to support bitcoins only, but some of the newer ones can support other cryptocurrencies too.
But there’s a drawback to using the ATM withdrawal service. The fees is usually greater than what you’d pay for an online exchange service. Additionally, you’ll also have to deal with the exchange rates.
Use The Online Exchange Services
If you aren’t happy with the fees of an ATM withdrawal, or don’t have a bitcoin ATM in your locality, you can easily use one of the online exchange services to get money for your bitcoins.
There are lots of well-known online platforms that’ll give you regular money for your bitcoins. These platforms also sell bitcoins if you’re interested in investing. For example; you can exchange your Bitcoin to Skrill through their popular online service.
These services actually work as online wallets that you can store your money in. Once you’ve exchanged your bitcoin for a fiat currency, you can attach your bank account to the online wallet in order to transfer the money into your bank account.
Some of these platforms also allow you to receive payments in cryptocurrency. You can either keep the cryptocurrency, or exchange it for a supported currency.
There Are Cryptocurrency Debit Cards Too
Almost all the retailers accept payments through debit cards. You can get a debit card backed by your bitcoins to pay for anything you buy. To avail this service, you’ll have to sign up for an online platform that accepts cryptocurrency for debit card money.
The debit cards are issued by both Visa and MasterCard, meaning that you can use these cards almost everywhere both online and offline. There are quite a few platforms providing this service. But everyone has their own limits and criteria for the card. The availability can also vary depending on your geographical location. So, you should do thorough research before choosing the right service.
Why Convert Bitcoin Into Money?
Bitcoin is seen as a long term investment rather than as a daily usage currency. So, you should only convert a small amount at once to escape the high fees.
Smaller amounts can be withdrawn through the online services. However, bank transfer through a Bitcoin ATM and cryptocurrency debit cards are good options for bigger amounts.
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