Money makes the world move because it is still the most popular medium of transaction. Even with the growth of the cryptocurrency sector, which is expected to dominate the finance sector in the future, people still need fiat money to buy and pay. Those who have invested in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and USDT always find themselves needing to change cryptocurrency to cash for everyday use.
That said, let’s dive into various methods you can use to change cryptocurrency to cash.
Change Cryptocurrency to Cash Using an Exchange
Do you know how to convert cryptocurrency into cash through an exchange? It is the most preferred way for many crypto enthusiasts since it is simple and fast. There are dozens of reliable exchange brokers that one can use to change cryptocurrency to cash.
Some exchanges require you to open an account and register your details with respect to KYC protocols while others don’t require this. As you look into this, also check their fees to do the exchange and transfer your cash into a bank card. An exchange makes it very straightforward to change cryptocurrency to money from the convenience of your mobile phone or computer.
Change Cryptocurrency to Cash Using a BTC ATM
If you want another option, try the BTC ATM, which is an automated machine booth that you can walk to and complete the transaction. If you do not know how to exchange cryptocurrency for cash using such a machine, there is nothing to worry about as the machine is programmed to guide you through the process.
The good thing is that you do not need to open an account with the company hosting the ATM. All you need is your Bitcoin wallet or that of any other accepted crypto and the bank card you would like your cash to be put onto. They also dispense cash in different currencies such as USD, EUR, or GBP. One thing to note, however, is that BTC ATMs charge a fee for their services.
Sell Your Cryptocurrency to an Individual
So, how do you exchange cryptocurrency for cash through someone you know? Whether you have met on an online peer-to-peer platform, social media, or it is someone you know, this could be one of the best methods to change cryptocurrency to cash. Unlike the other methods that use a third party, this is a direct crypto transaction that only charges the blockchain fee.
Technically, you will be selling your crypto to someone you know, so you need to know their digital wallet address to send the digital coins. In return, they will give you cash. The transaction is equally fast, especially when transacting on popular blockchains such as Bitcoin or Ethereum.
As you change cryptocurrency to cash using any of the above methods, consider all of the precautions associated with crypto trading to avoid losing investment. But if you know how to cash cryptocurrency in a safe, fast, and affordable way, you have nothing to worry about. Fortunately, the above methods are reliable when you choose the trading platforms well.