Well, bitcoin is a huge vessel to put your money in and make a profit. By the time we know how to invest in bitcoin, many instructive sources are available on the internet. But it is still unclear for several people how to withdraw their profit from that vessel in the raw form of money they are most familiar with. Learn more for more information: https://tesler.software
In this article, we will give you an idea of doing so in many ways; you can choose your most convenient one. Read on to know more in detail to have an overall better understanding!
Important Points To Note About Bitcoin Conversion
Before you make a move to convert your hard-earned Bitcoins, note that there are some crucial points you need to take note of to ensure a smooth and successful conversion. Read on to know more in detail to have an overall better understanding!
1.Through a centralized Bitcoin exchange:
You might have been using these exchanges if you are an active bitcoin or crypto trader. Centralized crypto exchanges are traditional types of exchanges. However, whether you have any trading platform here or not, the complete process of converting your bitcoins to cash through these platforms is given below.
- Registering with the exchange and opening a trading account:You first need to register with the trading exchange by verifying your mobile number and email id and providing some id proofs. Once it is done, a trading account will be opened.
- Linking the trading account with a bank account: Now, you need to link this trading account with any of your normal bank accounts to store the cash finally.
- Transferring the bitcoins into the account: When you have your bitcoins, you might have the wallet and the private key. So, in the next step, you need to transfer those coins to the trading account with the help of the key.
- Place a sell order: finally, you must make a sell order. When you do this the platform will sell your coins are earn money. You can choose how many bitcoins you want to sell.
One point to be noted here is that, after you make the sell order, the platform might take 3 to 4 days to finally execute the order and a transactional charge might be asked by the platform as a thirdparty operates it.
2.With the help of a direct trading platform:
Conducting a bitcoin sale in a direct trading platform is an exciting way of converting your bitcoins into cash. This is like a marketplace where you can offer a selling price for your coins. Once any buyer accepts your offer, they will contact you.
With the agreement of both parties, you will proceed further. You will ask the buyer to share their bitcoin address, and you will provide your bank account details. When the buyer sends you the money, you will also send the bitcoins to the person.
This direct trading method takes less time as the exchange is not third-party regulated.
3.Through bitcoin ATMs:
The most convenient and fast way is using a bitcoin ATM, as per many bitcoin users. Bitcoin ATMs are the same in appearance as normal ATMs but work in a bit different way.
- First, locate a bitcoin ATM near you and register your mobile number.
- Then the Atm will send an SMS to that number so that it is verified.
- After that, a QR code will be generated by the ATM. You can see it on the Atm screen or get it on printed paper.
- Now, in your bitcoin wallet, you can scan, and with its help, you have to scan that QR code here.
- Then, you can choose the amount of bitcoin to sell and press the sell button. Your coins will be sold immediately, and you will get the money in your linked account.
These ATMs also have a cash withdrawal facility where you can get direct cash.
Conclusion:
These are the methods of converting your bitcoins into cash. However, you can use those former two methods for other crypto selling, such as Ethereum, in exchange for fiat currency. If you are searching for a reliable platform for this purpose. The platform also facilitates trading or buying cryptocurrencies.
