Are you looking to convert the bitcoins you’ve been holding up until now into fiat currencies? Our article for today will show you different ways in which you can cash out your BTC.
Exchanges that have Fiat Options
The first option is to find an exchange that has let you convert BTC into fiat currency. Most exchanges do not have this option available, but there a few that do. You can trade your Bitcoins against fiats like USD, EUR or GBP. A few platforms have JPY, but that option is limited to certain countries. Below are some of the exchanges that have fiat options. To find out more, enter CoinMarketCap and click on the Markets tab and then arrange the list according to https://coinmarketcap.com/currencies/bitcoin/#markets pairs.
- Bitfinex-USD/EUR
- bitFlyer– USD/JPY
- Coinbase-USD/EUR/ GBP
- Bitstamp-USD/EUR
- BitMex-USD
- Simex-USD
- Coinsuper- USD
- Gemini– USD
- Exrates – USD
- Gatecoin USD
- Kraken-USD/EUR
- CoinsBank-EUR/USD/ GBP
- Exmo- EUR/USD
- Coinroom- EUR
- Liquid- JPY/USD
- BTCBOX-JPY
- Zaif- JPY
- Bitbank-JPY
- Coincheck- JPY
- Cryptonex- JPY/GBP
- Bitinka-EUR
- Bitsane – EUR
The options presented above might not work on a global scale as the cash system differs from country to country.
LocalBitcoins
LocalBitcoins is a Peer-to-Peer Bitcoin exchange based out of Helsinki, Finland, which has been established in 2012. It brings together buyers and sellers from more than 15,000 cities across 248 countries. Considering these numbers, there is a chance that you will find a buyer in your country through LocalBitcoins.
Localbitcoins lets you interact with the buyer directly and you can receive your fiat in any of the supported formats (bank deposit, PayPal, Payoneer, cash).
The platform lets you meet the buyers/sellers online and make the trade offline. The buyers have the option to either pay in cash or wire the amount.
You can filter your country according to the payment mode of your choice. All the fees here are set by the seller while LocalBitcoins is used as an escrow manager.
It is advisable that you check the reputation of the buyer/seller; a higher reputation means that the buyer/seller is more serious. There have been cases in which BTC holders have been lured and forced to give up their digital funds, so you can never be too careful.
Convert BTC into USTD Like Digital Fiat
If time is not a pressing matter for you, you can first convert your BTC into USDT (Tether).
USDT conversion has its benefits when in comparison to dealing in USD or EUR. Moving money in and out of your bank account on a regular basis makes you liable and may add more to your taxes.
There is also the issue of volatility that you need to think of when you convert to USDT because USDT always keeps its value to that of the actual US dollar.
The most advantageous thing about USDT compared to fiat currency is that it is supported by far more exchanges across the world. You can later convert your funds into USD via Bittrex, Kraken and Binance, all of which are well-known and used exchanges.
USDT (Tether) is supported on a variety of exchanges including the following: Bitfinex, Binance, KuCoin, Cryptopia, Bittrex, Gate.io, ZBG, BitForex, OKEx, IDAX, HitBTC, Huobi, Poloniex.
Bitcoin ATMs
Bitcoin ATMs can be found in most of the bigger cities around the world and they let users rapidly convert Bitcoin and other cryptocurrencies into fiat money.
Using a Bitcoin ATM to exchange your digital funds into cash can be convenient for those theta receive their earning in cryptos. One disadvantage would be that this service comes with higher fees when compared to online exchanges. The conversion rates can also be much lower that what is on the market, meaning that you will not get the crypto at its actual market price.
Use a Bitcoin Debit Card
Cryptocurrency debit cards are a practical and reasonable way of spending Bitcoin and other cryptos at traditional merchants who may not accept payments in digital coins but accept debit and credit cards. These cards enable their users to make deposits in cryptocurrencies via an online website that automatically makes the conversion to a fiat currency such as USD or EUR.
The most known debit cards dedicated to cryptocurrencies are Monaco, Bitpay, CoinJar, and BCCPay. Each card is supported by either VISA or Mastercard meaning that their usage is extended to both online and offline shopping at most businesses. Availability is variable depending on geographical region, as well as its daily and monthly usage limits, so before getting a card it is advisable to compare see which one suits your financial needs.
Conclusion
We hope that our article has been of help and that our aforementioned options will suit your needs. Be sure to check any source, website, buyer/seller, service provider, etc. before you even start trading your BTC, as there are many frauds and scams lurking.