Is it possible to cash out bitcoins for real money. How To Convert Bitcoin To Cash
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Nowadays, businesses all over the world are realizing the benefits of accepting direct cryptocurrency payments for both in-store and online purchases. Despite the promising growth of cryptocurrency holders around the world, the number of outlets accepting crypto as a valid payment method remains quite limited.
So… how crypto holders can actually pay for goods and services everywhere? One of the easiest ways to pay anywhere is, logically, to cash out cryptocurrency.
- In theory, you will one day be able to use bitcoin for any type of purchase when it replaces fiat currencies, like U.
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In other words, convert Bitcoin into cash euros, dollars or whatever fiat currency you prefer. Surprisingly, the number of options to cash out Bitcoin and other cryptocurrencies remains quite limited, manipulated by a few players that corner holders with high fees and bad rates.
If you need cash… where do you go?
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Most likely, you head to the closest ATM and withdraw some fiat currency from your bank account. Instead of withdrawing from a bank account, you would use a cryptocurrency wallet.
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Generally, the process goes something like this: the BTM asks you to transfer your cryptocurrency to a specific wallet address within a fixed timeframe, say 30 minutes.
Once the operation is confirmed, the BTM releases your cash. Does it sound like a simple and fast process? First of all, you need to find a Bitcoin ATM in your location. Now this might not be an issue if you live in a big city, but what about those living in the countryside?
You get the idea. Moreover, the process of sending your cryptocurrency to a specific wallet takes time.
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So, you would have to wait until your transaction is validated on the blockchain to finally withdraw cash. That can take from minutes to hours depending on your wallet service, blockchain, etc. But the most discouraging thing about Bitcoin ATMs is certainly the fees and rates.
Usually, fees and rates are worse than those offered by online internet earnings with investment for 2020. With online services, you just open a new tab on your browser and find another solution. It only takes a Google search to find some available options. Among the first services to pop up, you would likely come across services advertised by cryptocurrency exchanges like Is it possible to cash out bitcoins for real money and Binance.
For example, Coinbase only allows you to withdraw your funds to bank accounts in the US and certain European nations.
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The rest of the world cannot access this solution. A similar story repeats with a number of popular cryptocurrency exchanges. Yet, there are third-party services like Localbitcoins, which literally connect buyers and sellers acting as escrow service to prevent fraud.
Now, again, you would have to find a buyer offering a decent rate to sell your cryptocurrency, and that can take some time. Not to mention the execution time… Typically, cash is sent to bank accounts and the standard processing time is 2 days.
How To Convert Bitcoin To Cash
Today, wallets offer a vast variety of services. And yes, that includes features to withdraw Bitcoin. For instance, cryptocurrency wallet Luno allows customers to cash out cryptocurrency to bank accounts. Leaving aside the geographical limitations of this type of service, there is another actor that sort of messes the entire process: banks.
Companies like Crypterium have been able to come up with alternatives that offer a much smoother, less bureaucratic way to access your cryptocurrencies. Instead of sending funds to bank accounts, you can do it straight to a bank card.
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The reason is quite obvious: these cards connect digital currencies to a well-known widely accepted payment and withdrawal method. A cryptocurrency card is linked to a wallet, which is used to top it up.
When a user tops up the crypto card, cryptocurrencies are being converted to fiat money. With that fiat balance, a user can spend at literally any shop that accepts payment cards, and withdraw in regular ATMs.