You might have heard lots about Cryptocurrency recently, price of virtually all Cryptocurrencies went down drastically. Most of you're already invested a piece in Crypto's, when it had been dipping almost by 10-15% daily. But, as of now Crypto market has began to recover gradually and that we might see a large price surge in some crypto's.
Many people would be thinking, is there the way to convert our Crypto's into real money or cash?, the solution is Yes.
Easiest method to convert your Crypto's into cash is by selling them in Crypto Exchanges from where you bought it. Exchanges like Coinbase, Binance, Kraken etc. provide how to sell your Crypto's at the market value and also the money are going to be deposited directly into your wallet, which you'll be able to withdraw later to your checking account. But it's a time consuming process, it takes 2-5 days for the money to succeed in your account.
Except the above method you'll be able to convert your Crypto into profit many alternative ways. during this article, I'll explain three other ways to convert your Crytocurrency into real money.
1. PayPal or Bank Transfers
As many people already know PayPal users can transact in Crypto's, but only customers within the U.S (except Hawaii) should purchase, sell, hold and pay at checkout with Cryptocurrencies. PayPal is aiming to expand this service to global markets in 2021.
PayPal users within the U.S. can buy, sell, hold, and checkout with Cryptocurrencies directly through PayPal using their Personal/Premier PayPal account. Users are ready to find out about Crypto, track crypto prices, all without leaving the PayPal app. Currently this feature isn't available for Business accounts.
Currently you transact with 4 different Cryptocurrencies on PayPal : Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Bank Transfer
A number of the world banks do support transaction in Cryptocurrencies, so if your bank supports Crypto transactions, you'll choose to live Cryptocurrency via direct bank transfer. But banks do have a guidelines for Crypto transfer, since it's not been adopted widely.
2. Peer to Peer (P2P) Transaction
For a quicker, anonymous method, you'll use a peer to see platform to sell bitcoin for cash. this implies when selling Bitcoin or any Crypto's to people, they need an option of paying you with currency of your choice. This includes :
Cash Deposit/ Bank Transfer
You'll ask the customer to directly deposit the number in cash to your checking account otherwise you can ask them to try to to direct bank transfer (even via PayPal you'll be able to ask them to transfer the number to you). This often allows for faster transactions with lower fees. you'll be able to also often get a much better rate of exchange with a personal buyer than you'll get with a Crypto exchange. Also, you'll be able to meet the customer personally who is local to you and that they pays in cash for your Bitcoins.
P2P selling is safe if you recognize what you’re doing. However, it’s important to bear in mind of fraudsters. This keeps your Bitcoins locked until you confirm the payment has been received from the customer.
3. Bitcoin ATMs/Bitcoin Debit Cards
By selling Bitcoin on several platforms, you'll receive a prepaid open-end credit in exchange. this permits you to use the cardboard like all other regular positive identification. Each of those card is provided by Visa or Mastercard, you'll use these cards for online and offline purchases.
Conclusion
There are different ways to convert your Crypto into real money, but you need to consider certain things while cashing out your Crypto.
- Taxes : When you cash out your Crypto for cash, if your are making good profits out of it then you have to pay tax for it. Even though Bitcoin ATMs are good way to cash out your Crypto, but there 12-15% fees associated with the total transaction.
- Fees : If you use Crypto Exchanges to sell your Crypto to get cash, you need to pay fees for each trade which might be less in some platform but it still takes a good chunk of your money, if you're selling a big part of your portfolio.
It is very difficult to find easy, secure and convenient way to convert your Crypto into real money without paying any fees, so choose it wisely.
