Transfer Your Cryptocurrencies to Cash and Enjoy the Profits

If you are an investor of Bitcoin and other cryptocurrencies and had bought them when the price was low, the price of your cryptos might have increased by now. The Bitcoin and cryptocurrency market is highly volatile and turns the turntable either way, and one can be a king overnight or a pauper within a few hours. If you can sustain the low ebbs of your coins journey and feel delighted with the current high price, it is best to sell the coins, transfer the sale proceeds to your bank account, and enjoy the cash holding. However, if you are unaware of how to move cryptocurrencies to cash, it is time to know the subject in detail.  The number of cryptocurrencies like Bitcoin, Ethereum, XRP Ripple, and others is fixed, and you have to mine the currencies by opening an account in the best crypto trading platform like bitprofit.software.

About Cryptocurrency

Cryptocurrency, or Bitcoin, has no physical presence for just being a digital coin. It is considered digital gold because of reasons like its being decentralized and maintaining the investor’s identity is anonymous. rehoweverAs per the financial experts who are also experts in cryptocurrencies say that crypto has a potential chance to replace the traditional currency system in the world. Already many payment gateways are accepting payment in this digital mode. The demand is growing daily with a restricted supply of Bitcoins and other cryptocurrencies in the market. The prices are rising astronomically. However, at times they are being hammered.

Don’t forget reading: All About Ripple & Other Cryptocurrencies Before You Invest 

Transferring to Cash

Investors still consider cryptocurrencies a commodity, investing in them to get more handsome returns than traditional investments. With the rise in demand for cryptocurrencies, the prices are also rising, and if you want to enjoy the profits by selling your coins and transferring the equivalent amount to your bank account. Though some payment gateways accept cryptocurrencies against purchases, not all are accepting. Therefore, it is best to sell your cryptos and enjoy the cash.

Also, Read: Everything You Need to Know About Crypto Assets

Converting to Cash

Suppose you want to convert your Bitcoins and other cryptocurrencies to the fiat currency of your choice. In that case, you need to follow somewhat the same process of exchanging one money with another at the airport or the bank while traveling to a foreign country. crypto selling is possible with dollars or some other fiat currencies as well. As cryptocurrencies are entirely decentralized, the exchange rate is not determined by the central banks but depends on market demand.

Selling on Peer-to-Peer Platforms – 

If you want to stay anonymous and yet want to sell your Bitcoins as fast as possible, it is best to sell them on peer-to-peer platforms. Select your desired payment receipt method and inform the buyer. You can get more returns selling Bitcoins on these platforms than going for a third-party brokerage method as the transaction is direct. Ask the buyer to transfer equivalent cash to your bank account.

You can even ask for cash deposits or transfer of payment through PayPal. However, do not forget to ask for ID proof or proof of deposit before releasing the cryptocurrencies to the buyer. The process is irreversible, and any wrong move can make you a pauper. Although this method can give you more selling price, the risks are more as the crypto market is full of scammers, hackers, and fraudsters. 

Taking Help of Third-Party Broker Exchange – 

The third-party broker exchange is somewhat similar to the broker exchange in the stock market or crypto market. If you want to sell your Bitcoins for cash, you must deposit your holdings to the exchange and request a withdrawal in your choicest currency.

The exchange will transfer the withdrawal amount to your bank account. However, your withdrawal and deposit account should be identical to avoid money laundering penalties. The brokers charge processing fees and commission for the transactions as requested. The process is a bit slow, and it may take 5 to 6 days or even more to get cash in your bank account.

Conclusion

You can use any of the two methods mentioned above to sell your cryptocurrencies for cash. Despite odds like brokerage, taxes, and fees, you can convert your cryptocurrencies and Bitcoins to cash without hassles. Enjoy the profits in fiat money by selling your crypto holdings when the market is high.

Next, Read: Selection Procedure of Crypto Exchange for Ethereum!