Bitcoins are in vogue as it is being considered a haven. If you plan to convert them into cash, you must wait for the correct time, and you can lose money if the time is unsuitable. In this brief write-up, we find out how to cash out Bitcoins?
How to cash out Bitcoins – Select the suitable option
Many merchants accept cryptocurrency as payments, but most of them still prefer fiat currency, while some operate on a hybrid model. Check out the following two Bitcoin to cash converter methods that will serve your purpose.
1. With the help of an exchange or broker
Of the two methods, converting Bitcoin price into cash can be done with the help of an exchange or a broker. This is like the currency exchange systems that exist at airports. After you deposit the digital currency to the exchange and place a demand for withdrawal, the broker will transfer the equivalent money to the same bank account that you have used to purchase the digital coins.
It is mandatory to deposit the money into the same bank account due to money-laundering laws formulated by the country’s government wherein restrictions are imposed on the bank account.
The above method is secure, but the process takes a lot of time for conversion. It usually takes around 4 to 6 days for the money to get credited to your bank account. However, brokers charge an exchange fee, which will differ from one another and from one country to another.
2. Peer-to-peer platforms
If you are wondering how to cash Bitcoin in India or, for that matter, any part of the globe, find out if the second method is prevalent in the cryptocurrency exchange market. In this method, you can sell your Bitcoins against cash if you do not have the time to wait for the Bitcoin cash to get transferred to your bank account. The payment method that you prefer can be decided by you as well.
The transactions in this method are faster. You stand a chance to get better rates than the above method. You can keep your cryptocurrency locked until you do not verify the payment from the buyer. One drawback of this method is that you might fall prey to fraudsters.
You must choose the platform that is appropriate for transactions. Once you select the peer-to-peer platform, you have to sign up and opt for the buyer’s location. After that, send a trade request. The escrow account holds your Bitcoins until you confirm the payment. This method allows you to maintain anonymity. You can select a virtual private network to secure the connection and payment methods like gift vouchers or web money.