Home Finance 4 Safest Ways to Convert Bitcoin to Cash In 2022

4 Safest Ways to Convert Bitcoin to Cash In 2022

by Biljana Denic

Bitcoin is a leader in the market of cryptocurrencies, and it holds that position for a long time. The first blockchain has been active for over 10 years, and there were many oscillations related to its price. The current price is close to the record in 2017, with near $19,000, and according to many experts, it will continue to rise. One of the main reasons why big investors are interested in Bitcoin is that it represents a great way to protect assets in case of a recession, which is likely to occur because of the whole situation with the coronavirus pandemic.

High volatility and the potential to become much more valuable in the future are the main factors why so many people are interested in investing in Bitcoin. Also, there are many other benefits of using this payment system because it offers much better security than standard transaction methods. You can click here to learn more about the whole process of trading with BTC and other cryptocurrencies. Nevertheless, the most prevalent choice for investors is to simply buy this digital asset, and wait for a bigger value to sell it. In this article, we are going to introduce you to some of the safest methods of converting digital assets into cash.

1. Local Bitcoins

Source: blockchains-expert.com

This online platform represents one of the most efficient ways to find someone interested in buying your digital assets. Also, the great feature is that this service is available worldwide, which increases your chances to sell your tokens in less time, and for the best price. There are over 1 million satisfied clients on this network. Moreover, it has implemented a special safety system that can prevent potential scams from both buyers or sellers. Also, you can choose from various payment options like Western Union, Credit Card, PayPal, Payoneer, and more.

The first thing to do when you want to use this service for selling coins is to make your profile and verify the identity. After that, have to select the selling chart where you can find a list of people interested in buying. Moreover, another excellent feature is that you can check the history of other people on this website, their reviews, and the experience of other people who were selling to them. In that matter, you can be sure that the other side is reliable. Also, the system will complete the transaction only when both sides finish with the required terms.

2. Use a Bitcoin Credit Card

Source: cardrates.com

One of the most convenient solutions to use the money from your e-wallet is to connect it to a credit card with cryptocurrency support. Some of the most popular crypto debit cards are Shift, Crypto Pay, Liquid, SpectroCoin, and Bit Pay. You can use your card in the same way as a standard credit card, which means that you can shop online, or use an ATM. The system will convert the current amount of money you want to spend or withdraw according to the current values of Bitcoin and available fiat currencies. The main advantage is that you can use this method anywhere in the world because it is using a standard Visa or MasterCard platform.

3. Online Crypto Exchange

Source: medium.com

The most common solution for selling all kinds of cryptocurrencies is by using online exchanges. Some of the most popular exchanges in the world are Gemini, Luno, Coinbase, Kraken, CEX, Coinplug, and more. After you choose a reliable exchange, you will have to place a deposit on their platform, and convert the Bitcoin into some of the available fiat currencies. This method is the most convenient because you can instantly convert BTC into cash without the need to wait for the buyer. The only downside is that there are fees for the conversion, and you might get more money if you choose Local Bitcoins.

4. Use ATM with Blockchain Support

Source: bitcoin.com

If you find it too complicated and slow to change your BTC into standard money over online exchanges, or waiting for someone to finish the payment process, we suggest you check if there is an ATM with blockchain support in your area. The process of using this machine is similar to the standard banking system, but you can use it to buy cryptocurrencies as well. Currently, there are around 12,000 ATMs in the world where you can simply cash-out money from your e-wallet and convert it into local currency. On the other hand, you have to know that these machines have some limitations related to the amount of money you can withdraw. Those limitations are different from country to country, but in most cases, you won’t be able to withdraw more than a few thousand dollars each day.

Conclusion

When it comes to safety, all of those methods are reliable, and the chances to become a victim of fraud are very small. However, there were some cases where people lost funds from their e-wallets because they were not aware of all the important factors related to security. The best way is to only choose well-known platforms and exchanges. Also, you should think twice before agreeing to sell your Bitcoin to some anonymous person if that person is offering you much more money than the current value on the market.
Moreover, since there were some cases of cyber-attacks on crypto exchanges, the best method for keeping your funds is on some offline e-wallet. You can upload your data on an online exchange only when you want to convert them to fiat currencies. Also, you should never share keys and other sensitive data with anyone. Blockchain technology represents a modern and secure system for transactions, but hackers are also keeping track of the most recent improvements, and you should know that one mistake could lead to losing your funds on the e-wallet.
On the other side, knowing the current trends and the situation on the market, maybe the best solution is to keep the most of your BTC in the wallet for a long time because there are many indications that this cryptocurrency will become much more valuable in the future.