Cryptocurrencies have been actively developing over the past ten years. A lot has changed with the advent of the first cryptocurrency, bitcoin. Bitcoin has been on the digital money market for 14 years. That’s a long time for a seemingly unstable currency. But during this period, it has had its ups and downs. Only a few investors believed in the profitability of this coin. But the winner was the one who took a risk at the beginning of the way. After such an extended period, bitcoin continues to be invested in.
Bitcoin has no coins or bills. Cryptocurrency exists virtually as a string of digital characters in a computer program. Convert withdraw bitcoin to bank account – is it that easy? The question is whether you can convert Bitcoin to cash, but “how safe is it to sell Bitcoins?” There are several ways users can convert Bitcoin to cash.
However, the approaches are different. For example, trading cryptocurrency is possible with a broker. If you prefer to invest directly in bitcoins, you can also be active on a crypto exchange or crypto market, but you need a wallet. Success depends primarily on users’ decisions to become involved on the right trading floor at the right time.
How Bitcoin is converted into real money
Converting Bitcoins to a bank account or selling Bitcoin is done by selling the Internet currency directly. If users have stored coins in their crypto wallet and sell them to other users, a profit is made at best. Depending on how cheaply the Bitcoin was bought, it can be sold more expensively when the price rises.
Many users decide to invest in cryptocurrency for this very reason. However, for selling Bitcoins to be crowned with success, the decisive moment is essential. For example, if you wait too long, you risk the price moving in a downward trend again and the price dropping.
Often, users have to wait for a more extended period again to be able to sell the coins. This is how long they build up dead capital in the wallet. It was excruciating for traders who had waited too long in 2017. After a furious high, the Bitcoin price collapsed for many months, so selling was not worthwhile.
Bitcoins work through client programs connected to the blockchain database. Blockchain is an open system where anyone can see everything that happens on the network. Users can connect to the blockchain anywhere with a wallet, app, or desktop program.
- Cryptocurrency does not depend on a single central regulatory organization. Therefore, it is impossible to freeze certain accounts, change the amount of BTC in the system, request forced payments, or initiate cancellation of transactions.
- A fee is charged for each Bitcoin transaction regardless of the transaction amount when you convert Bitcoin to cash.
- Transactions within the system cannot be reversed.
- Cryptographic algorithms protect Bitcoin payments and are anonymous. The exact address for a cryptocurrency payment must be available; it does not have to be tied to providing personal information or a bank card.
Below we will look at the possible options for the Bitcoin withdrawal process. You can choose any option that is convenient for you.
Crypto exchanges
Crypto exchanges are available to withdraw bitcoins into fiat money. How does it work? You need to create your account and put the right amount of bitcoins for sale. As a rule, on the main page of the crypto-exchange, the basic information about bitcoin value at the moment of its sale is published. By selling Bitcoin on a cryptocurrency exchange, you can safely trade currency and withdraw bitcoins to your wallet or account.
Some exchanges offer to directly receive fiat money for selling Bitcoin. You can cash out assets in a few steps:
- Login to your profile. Authenticate in the app or on the platform’s website in the way you choose when registering.
- Go to the Credit/Debit Card menu. Find the section for bank card transactions.
- Select an asset to sell. Specify the Bitcoin (BTC, Bitcoin) currency, the sale amount, and the fiat currency to convert at the rate offered.
- Card selection. Tick the necessary card from the list of linked ones (or add a new one).
- Confirming the transaction. Recheck transaction details and ensure that you are ready to complete the transaction. Important: during the transaction, the Bitcoin value may change due to market fluctuations; the amount will be recalculated at the current exchange rate.
Cryptocurrency wallets for ATM withdrawal
Every investor has a cryptocurrency wallet. Digital currency is stored there. Directly withdrawing Bitcoin from the wallet is not possible. Cryptocurrency wallets are designed so that their owner makes a sale transaction. But this system can be bypassed. You can use the QR code of your cryptocurrency wallet to withdraw funds through an ATM. This is an easy and fast way to convert cryptocurrency into cash. Remember that the conversion will occur automatically according to the exchange rate at the Bitcoin sale.
Selling bitcoin to a friend
If you have acquaintances who like to invest in cryptocurrency, you can offer them to buy bitcoin just from you. This is an easy way to exchange Bitcoin for currency. You will be able to make a direct transfer to a cryptocurrency wallet. And most importantly, in this situation, you won’t have to pay an exchange fee. Cryptocurrency can be sent very quickly from one wallet to another. And your friend will send you the agreed amount to your account.
Withdrawing from a card
You can quickly convert Bitcoin to cash. Many wallets support the conversion function. But it is possible to withdraw funds to cryptocurrencies. Pay attention to this to get currency directly to your account. Keep an eye on bitcoin value and exchange money at a favorable rate.
Protecting your Bitcoin withdrawal wallet
One aspect of cryptocurrencies is irreversibility, i.e., the irreversibility of transactions. Once transactions have been made, they cannot be canceled, as with bank transactions. Since everything is stored electronically, it is essential to secure access to cryptocurrencies well. This is where 2FA comes into play.
If these accesses’ passwords are accidentally leaked to the Internet, an anonymous attacker may seize this opportunity and transfer the coins to himself.
For this very reason, access to the crypto exchanges and to one’s wallets should also be secured with two components. Using only one password, even a very strong one, represents an increased risk.
Bitcoin can be exchanged for currency in a variety of ways. The main thing is to install double protection on your wallet. When withdrawing funds, consider the commission and the current rate of sale of the cryptocurrency. Use only trusted resources for exchange.
