You can invest your funds in bitcoin and store your coins in your digital wallet, and you can use this wallet to make payments. For example, you can scan the QR code available at the retail shops where bitcoin is accepted as a valid payment mode to make your payment directly from your BTC cryptocurrency.
You can send bitcoins to any BTC user without any geographical restrictions, and you can make cross-border transactions with BTC at fewer fees and time. You do not rely on the government or bank for validation. But you must have an exit plan while entering this domain, and you will need to convert your coins into fiat currency to prevent losses.
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Steps for Converting Bitcoin to Fiat Currency
As we know that fiat currencies issued by a government are available in physical form, and we can carry such coins and notes in our wallets. You can find fiat currencies like USD, EUR, INR, GBP, etc, used in many countries and states, and you need to convert your BTC into the fiat currency of your state so that you can use it in your location. Here you can find some steps to convert your bitcoins into cash:
1. Exchanges
It is the most trusted and convenient process to convert your coins into fiat currency. You can move your bitcoins from your wallet to your exchange account and convert your coins into fiat currency. Check the currencies listed in your exchange because most exchanges can convert your bitcoins into the dollar, euro, and rupee. There are few exchanges available that support major currencies.
So, you can select the fiat currency you want and convert your coins accordingly. It will take a few days to get your amount credited to your bank, and it will be credited to your bank account, which is linked to your exchange account. Apart from that, such exchanges can get affected and show some technical problems during the bull time, and you must ensure that your exchange must transfer your funds to your bank account without any hassle.
2. Debit card
It is the fastest way to convert your bitcoin into cash, and you can convert them through online portals through your bitcoin debit cards. You can also use your debit card linked with your bitcoin wallet to make payments with BTC, and you need to pay a hefty transaction fee for each transaction. Apart from that, there are some limitations, and you cannot use your debit card to make unlimited payments or fund transfers. Verify your KYC to increase the limit of your debit card.
3. P2P exchanges
As you know, any central authority cannot control BTC, and no government or bank can control the production and circulation of bitcoins. Some peer-to-peer exchanges are available where you can find potential buyers for your bitcoins; you can sell your coins to a buyer to convert your BTC into fiat currency.
It is risky because you cannot trust an unknown person and send your coins to his wallet without verifying his identity. In this case, you can send your coins through P2P exchanges, and buyers can send your funds through the same exchange.
4. ATMs
BTM or bitcoin teller machines are available in limited locations where you can convert your coins into cash. Bitcoin ATMs have made it easier to buy and sell Bitcoin. It is a fast and convenient way to convert your bitcoins into fiat cash, but you must pay a hefty transaction fee. You can use the QR code available on your digital wallet to access your crypto account through an ATM.
5. Metal Pay
It is an app that can help you to cash out your coins. You can enter your bank details and convert your coins into cash to get it into your linked account. You can convert more than 24 digital currencies through this app.
The bottom line
Reviewing a crypto website and application will give you a glimpse at the app’s useful features. This will help in simplifying the trading strategies and investment for you.
