While there are no physical crypto coins or crypto paper money, you can convert your cryptocurrency into real money. After you’ve had a crypto investment for some time, you understandably might want to sell and turn it into cash. When done right, many investors have made massive profits from trading.
Anywhere you can buy cryptocurrency, you can probably sell it as well. However, it can be tricky converting cryptocurrency into real money without paying exorbitant fees along the way. Percentages are taken at almost every step of selling, especially when you use online exchanges.
At the same time, converting your cryptocurrency into real money is an easy process. Any Bitcoin machine near you can complete the process within minutes. All you have to do is ensure that your Bitcoin machine works with your type of crypto coin. Assuming that’s good to go, you then use your crypto wallet. The machine will withdraw funds in cash, just like how an ATM works. That’s why some have taken to calling them Bitcoin ATMs, after all.
Here is a little more about how you can convert your cryptocurrency to real money.
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Find a Bitcoin ATM near you
There are hundreds of Bitcoin ATMs near me and you across the country. There are probably multiple in your city, generally at least one within walking distance. An ATM is the best way to move from crypto to cash, working seamlessly with digital wallets.
A digital wallet is like any other wallet, except it’s an app on your phone that you download. You input your cryptocurrency, keeping it in your possession instead of an online platform. You will need a digital wallet if you intend to use a Bitcoin ATM to sell your cryptocurrency and withdraw cash from the machine.
QR codes are how you connect the cryptocurrency in your digital wallet to what’s happening through the Bitcoin machine. The codes allow you to sell cryptocurrency and collect money quickly. It should also speed up the transaction in ways that online exchanges and online cryptocurrency platforms cannot presently offer.
Using an online exchange
Alternatively, you can opt to use online exchanges or other online platforms. However, many exchanges come with high fees. They also necessitate connecting your private information, including banking information, to the platform. You may not want to do that as it spoils your anonymity. An advantage of BTC machines is that you never connect a bank account.
Buying crypto coin
You cannot use a service or platform to sell crypto if it doesn’t support the crypto coin you’re exchanging. Let’s say a Bitcoin ATM does not currently support the coin you have. You will have to find alternative machines or platforms to trade the accepted cryptocurrency.
Some services will allow you to essentially transfer your cryptocurrency into a debit card or gift card. The drawback is the high transactions fees. You are better off finding another way to get money from a cryptocurrency.
Peer-to-peer service
There is no rule saying you have to sell your cryptocurrency online. You can also use peer-to-peer platforms. A peer-to-peer transaction sells crypto coin directly to another party. Usually, it’s to purchase something. However, some peer-to-peer users are willing to collect cryptocurrency, exchanging it for real money that can go into your bank account
Bitcoin ATMs are certified. Online exchanges are as well. In a peer-to-peer transaction, nothing is protecting you. Scammers and fraudsters are capitalizing on this vulnerability. It may be helpful to find a platform where there’s an escrow of some kind, holding the crypto coin until payment is received. Always ask for proof of ID and confirm proof of payment before releasing cryptocurrency through a peer-to-peer platform.
How to get real money
It can take a few days to transfer money from an online platform into your bank account. At a Bitcoin ATM, it takes only a few minutes. As long as you have your digital wallet ready, the processing time may extend to a few hours. Often, the transaction will complete within minutes. You won’t have to wait to convert your cryptocurrency to real money.
You can convert your cryptocurrency directly into cash anonymously using the above methods. It is also achievable through a bank account, PayPal account or gift cards and debit cards. Be sure to compare the fees and costs of each method available to you, ensuring you minimize the amount of cryptocurrency you’re giving away. Transactions fees can be high in some cases, especially when moving funds from platform to platform.