Cryptocurrencies are the next big thing in the world of business. The economy was forever changed when the first digital currencies, mostly Bitcoin, appeared on the markets. Fast forward a decade, and it is more than clear that they are here to stay. However, we have not yet hit the milestone of cryptocurrencies completely taking things over from traditional currencies. Cash is still the king, and people need it daily all over the world.
Until digital currencies fully take over from fiats like the euro, the US dollar, and the British pound, humanity will need ways to turn cash out of their crypto money so that they can use it regularly. Luckily, there are already many ways how this can be done. Furthermore, most of them are easy and straightforward. In this article, we will take a closer look at four simple ways how anyone with Bitcoins can cash out. To find out more about this hot topic, make your way to digitaltechupdates.com.
1. Bitcoin ATMs (BTMs)
People use traditional ATMs all the time. If you have money on your bank account that you wish to use as cash, it is the most convenient place to withdraw it. They are all over the place, and each bank has multiple locations in any given city. So why not use the same idea with cryptocurrencies?
There are hundreds of Bitcoin ATMs around the world already. While they are nowhere near as popular or used as their older siblings, they are equally as efficient and useful. BTMs, as people started calling them, allow the users to turn their cryptocurrency like Bitcoin into cash, right on the spot.
Instead of a bank account, the BTM allows you to access your cryptocurrency wallet. Simply enter the address of your wallet, follow the steps, complete the operation, and pick up the cash from the machine.
Although it seems easy, it may not be purely because of the lack of these special Bitcoin ATMs. It may very well be the case that your country does not have them yet. Those users living in the world’s biggest cities do not have to worry, but everyone else perhaps should. Another potential problem is the actual speed of the wallet to BTM transfer. Depending on the service of the wallet service, blockchain, and the connection, it could take hours. Another potential issue, for now, are the extreme fees and rates users pay to get cash in return for Bitcoin.
For now, BTMs only support the top tier cryptocurrencies, mostly Bitcoin and Ethereum. However, as the industry further advances and develops, we can expect more and more digital currency ATMs to start sprouting around us. People will need to have an easy way to cash out their Bitcoin.
2. Online Services
In case you cannot access ATMs, online services are the next best thing for converting Bitcoin into cash. A simple web search will give you numerous cryptocurrency exchanges, many of which are a great way to convert. However, for mostly the same reasons as before, these services have their own issues.
All of this sounds quite easy to do and pretty convenient, but for example, the services do not work for all currencies, nor in all geographical regions. Some only allow US-based accounts, while others also include parts of Europe and Asia. There is effectively no way to do it for the rest of the world.
Some third-party services may be a genuine solution. The way they operate is connecting buyers and sellers from far corners of the globe, allowing them to do business including cryptocurrencies. They are known for taking the extra steps towards preventing potential fraud.
Still, it could take ages for you to find a willing buyer who offers fair or even decent rates for cryptocurrency-to-cash conversion. The execution time is a potential problem too, but in best-case scenarios, your cash will be waiting for you in your bank after two business days.
Next, we have cryptocurrency debit cards. As you can see, all of the good old methods of doing business have come to the world of cryptocurrency, from ATMs to cards. For cashing out Bitcoin and the rest of digital currencies, cards might be the best method for average users. They allow us to use currencies with the most common and widely used payment and withdrawal solution.
Like a regular card is linked to a bank account, a cryptocurrency card is connected to an online wallet. Cryptocurrencies convert to fiat money once they reach a certain amount, and the user in question can then spend it like any other card money they have exactly the same way. Shops accept this form of payment, and even regular ATM withdrawals are available.
Again, however, geographic availability is a big issue. The most famous cards work only in the UK and several other European countries, while there are some only available inside the borders of the US.
Lastly, we have the already-mentioned wallets. They are not only used for storing tour digital currency since they have many other useful features, withdrawal of Bitcoins being one of them. Some wallets allow their customers to cash out straight into their bank accounts.
Limitations exist here too, in the form of heavy regulations by the banks. Banks and cryptocurrencies do not mix well as of yet. Since they cannot control them like they can other, traditional currencies, banks of the world are looking for ways to make it difficult for the users to trade with cryptos. Therefore, they may block or cancel the request and ask the users to provide more details about the whole thing, or state that there are security reasons for which the conversion and transfer had to be stopped.
There are some wallet services that allow their users smooth and straightforward transactions and conversions, but it may take you a while to find them.
As you can see, through these four simple methods you can turn your Bitcoins into cash, which you can then spend around like you regularly do. Whether it is ATMs, online or wallet services, or digital currency cards, there are options for you to take when turning your digital money physical. Now that you know how, you must only find the best way to do it in the place you live. When you do, you can finally cash out that amount you have been waiting for fir after working hard to obtain it. Use it to invest further, or spoil yourself with some gifts. You have earned it!