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How to convert crypto to cash

Therefore, it is recommended to choose a peer-to-peer platform that releases your crypto assets only after conducting a validation of payment received.Final Thoughts

Remember that when converting your crypto assets into cash, you will be required to pay taxes on profits you have earned with your investment. This is because as per Indian Taxation Laws all sources of income fall under the ambit of taxation, including your crypto investments also.

Everything apart, the highly recommended way to your crypto is through a trusted, well-known exchange platform. CoinSwitch Kuber makes this process pretty simplified.

How to convert crypto to cash

Do you want to convert your cryptocurrency to cash? You need to know that digital coins are volatile, and their values change significantly every moment. In such a case, your timing of conversion plays a vital role. If your timing is not right, you potentially stand to lose money.

Cryptoprosol offers a very fast, easy, convenient and cost-free way to convert your crypto to cash.
Email: support@cryptoprosol.com

A lot of people that own cryptocurrencies are looking for ways to convert it to cash. Be it bitcoin, ethereum, litecoin, dogecoin or any other kind of cryptocurrencies, you can now easily convert your cryptocurrency to cash.

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Any associated fees also depend on the country that your bank is located in.

Bitcoin ATMs and Bitcoin Debit Cards function in the same way as third-party brokers. In both cases, you create an account that allows you to sell bitcoins and withdraw physical cash. The biggest drawbacks are the high transaction fees.

Coinbase and Kraken are the most popular broker exchanges for buying and selling bitcoin.

How to Cash out Bitcoin Using a Broker Exchange

Using a broker exchange for your Bitcoin is also quite simple if you follow these easy steps:

  1. Decide which third-party broker exchange you want to use.

How to convert crypto to cash coinbase

However, instead of using a bank account, the card pulls funds from a crypto wallet. The BitPay Card is one of the top crypto cards for U.S. residents. It gives you the flexibility to cash out Bicoin to USD (plus many other top cryptocurrencies).

Use it to cash out Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu Coin (SHIB), Wrapped Bitcoin (wBTC), Dai (DAI), USD Coin (USDC), Gemini Dollar (GUSD), Binance USD (BUSD) and Pax Dollar (USDP). Load the card from your BitPay Wallet balance or connect to a Coinbase account. You can use the card to pay for things in-store, shop online or even pull cash straight from an ATM.

Apply and get approved in minutes.

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You will also need a bank account to deposit your cash into.

Peer-to-Peer (P2P) exchanges

Whereas exchanges like Kraken, Coinbase and Gemini are centralized exchanges where one entity controls the crypto, a peer-to-peer exchange is one where the transaction occurs between two individuals. The buyer and the seller are interacting directly without an intermediary (like a bank or company). P2P transactions can be a lucrative way to cash your cryptocurrency out since you set your price and there are less fees.
However, the process is much more involved than loading a debit card or selling on a centralized exchange. If you don’t need cash right away and want to sell on your own terms then this may be a good way for you to convert crypto into cash.

Get cash from a Bitcoin ATM

Bitcoin ATMs are specialized banking machines from which you can buy and sell crypto.

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QR code provided. The Bitcoin ATM will either immediately release the funds, or will give you a redeem code that allows you to come back and get the cash once the necessary confirmations are completed.

Sell Bitcoin On Oobit

An easy and secure way to sell Bitcoin for cash is through Oobit. Users have the option to either buy Bitcoin through the platform and sell it, or to transfer the BTC from an external wallet to their Oobit wallet and then withdraw the funds. The process is streamlined and simple, and takes roughly 3 confirmations.

All you need to do is locate the Sell option in the top menu and select the Bitcoin wallet.

You will then be asked to enter the amount you are looking to sell (ensure that you have the available funds), verify your email, and select whether you would like funds deposited into your Euro or GBP bank account.

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An OTP will be forwarded to your registered email for withdrawal confirmation. 8. Once done, check your bank account for the amount transferred.

This is the ideal and most secure way to cash out your cryptocurrencies. But it may take around 2-3 working days to deposit funds in your account.

Additionally, you may also need to pay a certain transaction fee, which is quite nominal.

Convert Cryptocurrency to Cash with Peer-to-Peer Network

Another popular option you can try is to request an exchange through a peer-to-peer platform.

For this, firstly, you need to create an account on the peer-to-peer exchange platform. Sign up and then select the location of your prospective buyer. Look through the marketplace to find a buyer. However, it is important to be cautious during the process as fraudsters might also try to lure you.

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LocalBitcoins is a popular option.

  • Sign up and choose the location of your ideal buyer.
  • Use the marketplace to find buyers, and send a trade request.
  • Most peer-to-peer platforms have an escrow option where your bitcoins are not released to the buyer until you have confirmed you’ve received payment.
  • Many peer-to-peer platforms allow you to create an advertisement for your bitcoin (although there are added fees associated with this method). There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you remain safe when choosing a buyer.

    Peer-to-peer platforms also allow you to stay anonymous.

    How to convert crypto to cash coinbase wallet

    You bought low, hodl’d and now are ready to enjoy some of your crypto gains. In addition to paying with crypto directly, cashing out Bitcoin or other cryptocurrencies is something every crypto holder should know about. Here are the top ways to convert Bitcoin to cash, fast, easy and securely.

    How to turn your Bitcoin into cash

    There are typically four ways to turn Bitcoin into cash quickly:

    • Use a crypto debit card like the BitPay Card
    • Sell crypto for cash on a central exchange like Coinbase or Kraken
    • Use a P2P exchange
    • Seek out a Bitcoin ATM

    Each cash out method may not be right for every situation. Read on to see which method is the best for you.

    Use a crypto debit card to turn Bitcoin into cash

    Crypto debit cards operate similarly to a regular debit card.

    How to convert crypto to cash kucoin

    Also, when using a cryptocurrency exchange like Binance or Coinbase you can be sure that they can deliver as promised because of the high liquidity available in their order books.

    All in all, centralized exchanges offer beginner investors a familiar, friendly way of trading and investing in cryptocurrencies. As opposed to using crypto wallets and peer-to-peer transactions, which can be complex, users of centralized exchanges can log into their accounts. In addition, view their account balances. In other words, the interface for web and mobile apps is excellent and will suit you best when using it.

    Wrapping it Up

    Suppose, you have gained beneficial or maybe even 100X in some unknown token by using Metamask on the Ethereum blockchain.

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