Are you confused about how to convert Bitcoin into USD, EURO, INR or any other fiat currencies? Assuming, you have purchased Bitcoin by your credit/debit card, traded it with other cryptocurrencies and made a decent profit. Now its time to cash out your Bitcoins with physical currencies.
This article will show you the four best ways to turn Bitcoin into cash.
Bitcoin is slowly acquiring a big part of the market. However, it’s extremely volatile it is the best investment option in these days. The ROI that you never get in Gold, Stocks and Real estate Bitcoin can give you the same.
Let’s see what first Bitcoin Evangelist – Trace Mayer says about Bitcoin
Gold is sound money and limited in supply but it doesn’t move well. The dollar moves well but is not limited in supply. Bitcoin moves well and is limited in supply which is why it has been outcompeting both since its creation in 2009.
So, today its the best option for investment.
And the services like purchasing Bitcoin by credit/ debit cards make it very easy to buy some Bitcoins for short investment.
But only investing in Bitcoin will not give you the profit as far as you are not converting it into fiat currencies.
So here I’m going to show you,
- How to convert Bitcoins into USD, USDT, EURO, INR or any other fiat currencies?
- How to redeem Bitcoins for cash?
How To Convert Bitcoin Into Cash?
There are many ways to cash out Bitcoins. Before deciding to cash it out, you need to choose one of those methods like,
- Fiat-crypto exchanges
- Local Bitcoins (peer to peer exchanges). Its also called person to person exchange
- Hold your money by converting it into USDT
- Purchasing goods on Amazon by using services like Purse.io.
- Sell to your friends and families.
Purchasing goods and services it not similar to cash out your Bitcoin so I won’t add it to this list. I will provide you with the details of the other 4 options that will help you in cash out Bitcoins.
The end goal of this article is to provide you the information that helps you sell your Bitcoins and get hard cash or direct deposit in your bank account
1. Fiat-Crypto Exchanges
The best option to cash out Bitcoins is by exchanging it in any of the Fiat-crypto exchanges. But in countries like India where Bitcoin trading is banned, you don’t find any local exchanges.
Here you can find an exchange that accepts Paypal transactions. You can then provide hen with your Paypal email to receive the money in your Paypal account and then deposit that money in your bank account.
The problem with this approach is finding out the exchange that accepts Paypal is tough. However, if you live in those countries where Bitcoin is not banned, you can use any of these crypto-fiat exchanges to cash out your Bitcoins.
- bitFlyer– USD/JPY
- WazirX(India Only)- Convert BTC to INR via a P2P method or USDT
- Bitbns (India Only)-Convert BTC to INR via a P2P method
For those who live in the countries where Bitcoin is banned, for now, the second option is the best option to turn BItcoin into cash.
2. LocalBitcoins (Peer-to-Pear Exchange)
Local Bitcoin is the biggest peer-to-peer Bitcoin exchange in the world. Based on Helsinki, Finland Local Bitcoins has been operating since 2012. The best part of using this platform is you can find on ground buyers and sellers across more than 15,000 cities in 248 countries.
If you live in those countries where the exchanges are not legal this is the best option for you. In this website, you will find millions of buyers who will direct deposit into your account or Paypal, etc.
This platform is created for those who are searching to deal with the buyer directly. There are many supported transaction formats available on this website such as bank deposit, cash, Paypal, Payoneer, etc.
When it comes to converting Bitcoin into fiat currencies Local Bitcoin is the best option for sellers.
The other benefit of this platform is you can meet the buyers and execute your trade offline.
Those are the core benefit of this platform that makes it the most popular option to convert Bitcoin into cash.
To search the buyer in your country you just have to add a country filter and you will be provided with tons of buyers in your country. You can also filter the results in city level ‘if your city is listed there’.
Caution: Always check the trust and reputation of the buyer before locking any deal. The higher the reputation the more trustable buyer.
3. Convert BTC Into USTD
If you want to convert Bitcoin into digital cash to hold it for future trading then USDT is the best option for you. By doing this you can avoid the tax liabilities for some time.
As you know moving cash in and out of your bank account demands extra charges as well as regular tax liabilities, converting Bitcoin into USDT is the best option in this situation. You can hold your money by converting it into USDT and when you want to purchase Bitcoins again you can use this. Moreover, you can convert your USDT money into USD at any time.
The other benefit of this option is you need not worry about the volatility of cryptocurrencies. USDT always maintain its parity with USD so it’s not a volatile digital currency. That means you get $1 per USDT always.
Another benefit of USDT is supported by many exchanges across the world. I have listed some of the exchanges that support Bitcoin to USDT.
4. Sell to Yor Friends and Family
The 4th option is selling your Bitcoins to your friends and relatives. However, I don’t recommend it as it will reveal your Bitcoin investment to them which is not good for security reason.
If you do not have a heavy investment then you can use this option. Revealing the finances to your relations and friends is not good. If somebody manages to know the security credentials then you can lose your money and you couldn’t blame anybody as tracing the transaction is impossible in cryptos.
Note: Always use this option when you do not have a heavy investment.
Conclusion (How to Cash Out BTC)
So. these 4 are the most popular ways to cash out BTC. Always choose the option that saves you more tax. If you want to calculate the tax on your Bitcoin selling profits you can use the tools like Cointracting.
Let me know in the above ways which one you are going to use to convert your Bitcoin into cash. The comment box is waiting for your reply.
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