Can Bitcoin Be Converted To Physical Money?

April 4th, 2018

Bitcoin is a digital currency, and it only exists electronically. Users can see all of the records of Bitcoin transactions between different addresses around the world. Many Bitcoin users want to know if they can turn their digital currency into “ hard cash”. Yes, you can convert it, there are numerous options available in the market currently. As Bitcoin popularity continues to increase, there are many online exchanges coming up that offer a fast and hassle-free exchange. Here are five different ways that you can perform a Bitcoin trade.

Cashing Out Online

There are many online exchanges available where you can buy or sell Bitcoins at your leisure. Bitcoin of America is a popular online exchange where you can transfer your Bitcoins into physical cash. These intermediate websites take certain fees and convert the amount into an equivalent sum. Select a suitable financial service, then create a seller’s account, and follow the ID verification to start accessing your account. Some service providers are very strict about their services- make sure you bank through genuine service providers to avoid any potential scams or fraud. Many online exchanges are available, most of these services charges service fee of 1 to 2 percent, depending on the payout method you select.

Cashing Out Offline

Want hard cash for your accumulated digital currencies? There are many offline exchanges also available to change your Bitcoins into cash. Many offline traders are available where you can sell your digital currencies for physical money. Through online portals, you can locate financial services nearby and sell your digital currencies. Based on your location, you can find numerous options online. LocalBitcoins is one popular online service provider where you can connect to several buyers and sellers. Open a Bitcoin wallet and you can start selling Bitcoins by specifying all necessary details such as, location and amount. In most cases, a one to two percentage fee is charged.

Bitcoin Trading Exchanges

Rather than trading with an unknown person, there are several Bitcoin trading platforms available where you can get good deals for your digital currency. All you need is to open an account, place your Bitcoin selling order, state what type of currency you wish to sell, and define the price. When similar purchase orders are found, the exchange service will complete the transaction for you. Many such trading exchanges are available online where you can trade between Bitcoins and other popular national currencies such as USD, EUR, GBP, CAD, and JPY. Trading fees vary from platform to platform, but it mostly depends on the currency volume.

Cryptocurrency Converters

There is yet another way of cashing out your Bitcoins. Using an exchange service can help you instantly convert digital currency to traditional money or exchanges. Based on the currency you want to have, its amount, and other details are finalized. Once the transaction is completed, you can withdraw cash at regular ATMs using your debit card from one of the services offered by the site. With these types of exchanges, many digital currency users get scammed or robbed. It is important to pay attention to the date when the site was created, reviews and ratings online. Doing detailed research can help you avoid potential scams or fraud.

Electronic Payment Systems

Not many digital currency users are aware of the fact that they can perform conversions and withdraw operations using one multifunctional electronic payment system. For instance, you can open a Bitcoin account and then withdraw cash by using the prepaid debit card or wire transfer services. This process will help you to avoid several transactions and the fees that come along with them. Some systems allow users to store digital currencies whereas others can automatically convert your account balance to the national currency of your choice.

So if you have digital currencies in your wallet, there are several ways to cash them out at a good rate. It is important to find the best method that fits your needs the best. The next step is to wait while merchants start accepting digital currency offline to minimize intermediary operations. Considering the growing popularity of Bitcoins, this may soon become a reality.

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