How to Convert Bitcoin to Cash
First, ask yourself why you would want to turn your bitcoin into cash? The great thing about buying Bitcoin with credit card holding long-term is the price might go up and up and up. Which is great for your pockets.
But there might be a day when you need actual cold hard cash. In that case, you’re more than able to convert bitcoin to cash. There are a few steps that you have to follow, which we’ll explain in the content below. Continue reading to learn more!
Where Can You Turn Your Bitcoins Into Cash?
Converting bitcoin to cash varies by country. Thankfully, there are some easy steps for converting your bitcoins to dollars or euros. However, you should always check bitcoin price first before you decide to convert it to cash. Let’s start with an easy example: buying US dollars with bitcoin.
Start by creating a wallet on Coinbase. If you already have one, you can skip this step. Second, sell your bitcoins on Coinbase. Third, transfer the dollars to your bank account.
Unfortunately, conversion is not so straightforward with other countries and currencies. But there are easy ways to convert your cryptos into legal tender in many countries. You could always buy bitcoin with PayPal, then convert them into cash on a site like LocalBitcoins.
Another idea is to buy bitcoin with a credit card, then cash out bitcoin on a site like LocalBitcoins. Certain countries have Bitcoin ATMs where you can turn your bitcoins into cash. For example, there are Bitcoin ATMs in Canada, the UK, and Australia.
More Ways to Cash Out Bitcoin
Another way is to just sell your bitcoin directly for cash or gift cards on CoinMama.
Additionally, you could sell them for gift cards on eGifter. This site lets users buy gift cards with bitcoin. The gift cards are good at many big-name retailers like Amazon, Best Buy, Gap, and Target.
You might wonder if there is a fee to convert bitcoin to a gift card. There is usually a fee, but it’s relatively small compared to the commission you would pay if you used an exchange site like Coinbase.
As with any relating to bitcoin, it’s important to do your research before turning your bitcoins into cash. Make sure that the method you choose is legal in your country and complies with the tax laws.
Are you looking for a cryptocurrency exchange platform that you can trust? If so, check out the highlighted link.
Understanding How to Convert Bitcoin to Cash
As you can see, it is relatively simple to convert bitcoin to cash. It’s a good idea for those times when you need another form of currency. At the moment, most retailers are still using traditional currency to sell and exchange goods and services.
But if you’ve incurred a reasonable amount of bitcoin, then there’s nothing wrong with converting it. You just want to be smart and continue to keep it on hand for the long haul.
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