Are you looking for ways you can use to convert Bitcoin into cash? Here is a guide on a few practical ways.

Bitcoin has been around for more than ten years, and the industry has caught up, providing several excellent options for converting Bitcoin into cash. Also, people are quickly investing in this digital asset because it will eventually replace fiat currencies at some point. Businesses and a few individuals are accepting Bitcoin payments. Hence, they want to turn Bitcoin into cash and use the value of this digital asset to buy real things.

What’s more, if one believes that the price of this digital money is going to continue sinking, one may opt to convert this virtual money into cash to avoid losses. Here are the options for converting Bitcoin into cash.

Sell Bitcoin on an Exchange

You can decide to sell this virtual asset on exchanges. Trading Bitcoin on a crypto exchange is one of the easiest methods if you want to sell this electronic money and withdraw the resulting cash directly to a bank account. To ensure brokers do not break money laundering laws, you will need to withdraw funds to the same bank account you used to deposit. It is easy, simple, and secure but not the fastest method.

The average time it takes for money to reach your bank account in the US is about four to six days. However, it varies by country, and the associated fees also depend on the country where you have a bank account. Quantum AI Crypto app is one of the most popular brokers for buying and selling this virtual currency. They process more cryptocurrency transactions than other brokers and have a massive customer base. You are only required to sign up and complete the verification process. Also, you will have to deposit this virtual asset into your account and later cash out your funds to conventional cash via a bank transfer.

Peer-to-Peer Platforms

For a quicker and more anonymous method of converting this virtual money into cash, you can use a peer-to-peer platform to sell this digital asset for conventional money. When you decide to sell this crypto asset to other people, you can choose which payment method you want the buyer to use. As a result, transactions will be fast, and the transaction fees will be minimal.

Moreover, you can get a better exchange rate with an individual buyer than with a third-party brokerage.

You can also ask the buyer to deposit cash into your bank account or send you a bank transfer payment. Always ask for ID and payment proof before releasing your Bitcoins to them.

Furthermore, peer-to-peer selling is safe if you understand what you are doing. However, it is essential to be aware of fraudsters. Therefore, it may be helpful to use a peer-to-peer platform that allows you to keep your Bitcoins locked until you confirm receiving the payment from the buyer.

Along with that, peer-to-peer platforms allow you to create an advertisement for your Bitcoin, but there are extra fees associated with this method. Also, peer-to-peer platforms will enable you to stay anonymous.

Bitcoin Debit Cards

Several websites allow you to sell this digital money and receive a prepaid debit card in exchange, allowing you to use it like a regular debit card. Each debit card is from either VISA or MasterCard, which means they work for both online and offline shopping at most businesses anywhere in the world. Apart from making purchases, you can even use the Bitcoin debit card to withdraw cash at ATMs where VISA or MasterCard are accepted.

Conclusion

The above options are good if you want to convert Bitcoin into cash. However, consider the cost and ease of the cash-out method before picking your choice.