Tuesday, February 25, 2020

You Can Exchange Your Bitcoins For Real Money, Here’s How

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Have you ever wondered, can Bitcoin be exchanged for real money? It definitely can! If you’ve made huge returns from trading or just want to cash in your cryptocurrency for dollars, euros, pounds etc., then it is possible to sell your Bitcoin instantly. The best part is, these payments can be received via bank transfer, Paypal, Skrill, Western Union, among other options.

While you can use Bitcoin to make purchases directly from online and offline platforms that accept the virtual currency, there may still be a need to have physical cash. Therefore, you can convert your Bitcoins or fraction of a Bitcoin to real money using cryptocurrency exchanges that support Bitcoin to fiat conversion or peer-to-peer platforms.

Converting Bitcoin to Cash Using Crypto Exchanges

Cryptocurrency exchanges that facilitate Bitcoin to fiat conversion and vice versa can be used to exchange Bitcoin for cash. An instance of this is Coinbase and Kraken, both U.S. based virtual currency exchanges which enable their customers to withdraw to their bank using SWIFT and SEPA. The payment, on the other hand, could take between 1 to 5 days before being delivered.

Likewise, more platforms you’ll find out there will request that a fiat deposit is made to your online wallet before withdrawal is allowed. Here, the fiat currency must come from the same bank account which you want to use in making withdrawals. The aim, in this case, is to adhere to money laundering laws of certain countries pertaining to how their citizens can use and trade Bitcoin.

Peer-to-Peer Exchanges

While the use of cryptocurrency exchanges are more reliable since you are dealing directly with an exchange, there are other options you can try. This time around, it is with peer-to-peer platforms such as LocalBitcoins. The latter was founded in 2012 and it allows people in 200 countries asides from the US, China, North Korea, Syria, and Indonesia to make trades.

With a platform of this nature, you are linked to people in your region who are ready to buy Bitcoin or sell to you. As a result, payments are done instantly to your bank account, PayPal, Skrill, etc. The platform acts as an escrow between you and the seller, where your Bitcoin is only released to them after you have confirmed receipt of their payment.

Nevertheless, you must ensure that the name you register with on the platform is the same as that on your bank account and identity card. This ensures that if a dispute occurs between you and the buyer/seller, you can have an upper hand. Likewise, if you are buying from this platform, look out for those who have carried out hundreds of trades and have been vouched for by their customers.

Withdrawing Bitcoin to Local Bank Using Luno

Asides from these, there are other platforms like Luno which allows you to buy cryptocurrency directly from your bank or pay to your bank. Luno began in 2013 and it currently allows Bitcoin and Ethereum conversion to fiat. The exchange offers support for 43 countries including Spain, Austria, Sweden, Greece, Finland, France, Portugal, Switzerland, and the United Kingdom.

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