As the value of Bitcoin increased, how its function can be extended to the physical world became a challenge until a way was created for the coin to be easily converted to cash.
Bitcoin is a very valuable digital asset and that means demand is very high. It can be used to buy and sell any product or service online. Basically, it is a virtual currency used for online transactions. You can use bitcoin in e-stores that accept cryptos as a medium of exchange. The coin shares the same characteristics as fiat money which means it is durable, portable, divisible, and limited in supply (Bitcoin more so). In previous years, converting bitcoin to cash was a challenge but as its value continues to grow, the demand also increases which necessitates the need to convert it to cash. Many companies rose to the challenge to turn cryptos to ready cash; the names of these companies and how you can convert your coins to ready cash are discussed in this article.
Bitcoin and the physical world
The increase in the value of Bitcoin makes it mandatory for the coin to be accessed in the real world as a medium of exchange. How do you convert bitcoin to cash?
Payment processors companies offer payment solutions online. They opened a new avenue where bitcoins can be converted to fiat currency; before picking any of the fiat options that are offered by these organizations, first find out the best method of cashing your fiat. Do you know that bitcoin can be sold on an individual level? That is, you can buy bitcoin on a one-on-one basis, but it’s risky, especially if the transaction is online. Therefore, individual transactions are not recommended and it’s also not necessary when you can easily patronize a trusted exchange and receive the fiat currency in your bank.
Below are some of the companies that can convert bitcoins to cash.
There are many other platforms that you can use to convert bitcoin to cash.
The procedure of conversion
To convert bitcoin to cash, you will need to select the payment processor that is right for you. To get the best platform to convert your cash from the above companies listed, you would need to conduct your own research to discover the company that offers fiat currency that you are looking for. Some companies only offer the currency from where they are operating from, for example, Coinbase offers only USD/EUR, Bitflyer offers only USD/JPY.
Change BTC to a Stablecoin
Another way you can convert BTC to cash is to go through Tether (USDT), USDC, Gemini USD, etc. If you are not in a haste to convert bitcoin to cash, going through Tether could be an excellent option for you. Using Tether has its peculiar benefits, one is you won’t have to bother with taxes as a result of moving cash in and out of your account. Also, if you pass through USDT, you won’t have to bother about the volatility of cryptos because Tether maintains constant parity with USD.
Another reason why stablecoins are ideal as a bitcoin to cash option is that it is supported by almost all the fiat exchanges across the globe.
Converting Bitcoin to cash comes with multiple advantages. You can convert your bitcoins and use the cash to buy anything you need offline. So, you are able to generate bitcoins online and actually use it in the real world.