Cryptocurrencies are no longer a taboo subject among people. The number of people that believe they only a scam is now relatively low. On the other hand, many people would want to become crypto investors and traders and ensure financial stability in that way. However, is the path to crypto success easy?
Unfortunately, the answer to that question is – no. You need to regularly work on your knowledge improvement to reach success. Because of that, if you are a complete beginner there are two different things you should know.
First thing is – recognizing the best opportunity to sell/buy digital currencies. For something like that, you will need to do a lot of analysis and researches. Different factors like rumors, global happenings and news can influence the price of every digital currency. Coronavirus pandemic is probably the best piece of evidence that is correct.
If you can’t immediately understand how things in the crypto world function, you can always visit websites like thebitqtapp.com/de/login and check out how exactly software can help you reach your goal. These programs use different algorithms and notify you when you should buy or sell crypto. They are probably an excellent option for all the beginners that want to gain some experience.
On the other hand, after you earn money, what exactly are you going to do? Well, in most cases, people decide on converting their earnings into fiat currencies. In this article, we will talk about the most popular digital currency. More precisely, we will teach you how to safely convert Bitcoin into fiat currency. Let’s find out the options you have together!
The Most Popular Option – Cryptocurrency Exchanges
Well, crypto exchanges are probably the most popular option when we talk about converting. Despite its popularity, the main advantage is the simplicity of the entire process. With a couple of clicks, you will manage to sell your digital funds and transfer them directly to your bank account.
However, there is one thing that you need to know. Many people tried to use digital currencies for money laundering. That is the reason why governments around the world that recognize BTC as a legit payment method established different crypto laws. You will, in that case, need to transfer the money to the same bank account you used to make a deposit.
As mentioned, the entire process is easy and safe. However, that doesn’t mean it is the fastest one. In most cases, you may need to wait for 3 or 4 days. The good news is that crypto exchanges are improving every day. Because of that, there is a big chance that the period is going to reduce sooner or later.
Despite that, you should have in mind this type of converting comes with some additional costs. It is hard to say how high they will be because that depends on the country where you live as well as the exchange you are using. Because of that, research the fees before you transfer your money.
Believe It or Not, Bitcoin ATMs Do Exist
Logically, together with the development of digital currencies and their popularity growth, many countries had to meet the requirements of people. Because of that, in countries where digital currencies are legal, you can also find crypto ATMs. There are a lot of them, especially if we compare them with regular ATMs, but you will get the chance to find them in almost every major town.
Still, they are not exactly the same as the ones you were using for many years. It is simply a physical center where you can sell and buy Bitcoins with regular fiat money. You should probably check out online where is the nearest crypto ATM before you decide to convert your digital assets.
Another thing you need to check out is the withdrawal limit. In most cases (almost always), you won’t manage to make bigger transactions at once. You will need to find another option if you plan to withdraw a bigger amount of money.
On the other hand, we also need to mention that not everything is perfect about them. The transaction costs are extremely high, and they can sometimes be even around 12% of the transaction value.
Use Peer-to-Peer Transactions
There are two reasons why peer-to-peer transactions are a good option. First of all, they are relatively quick, and you won’t have to wait for a couple of days to get your money. On the other hand, they are safe, and people that want to use a bit more anonymous method should decide on this conversion method.
However, there is an additional thing that makes this method more valuable. Whenever you are selling Bitcoins, you can always ask other people to deposit the cash into your bank account. Of course, you will also need to get insights into the person’s ID as well as the proof of payment.
On the other hand, the same process can be accomplished thanks to bank transfer payments. You can ask the buyers to send you money, and they will need to give you proof that they sent it to you. After you collect all the necessary “evidence”, you can release your Bitcoins. As you see, this method is completely safe for you.
Bitcoin Debit Cards, Why Not?
Okay, this option is not going to be available to you always. However, there are a couple of websites that will allow you to buy and sell Bitcoins with your debit card in exchange. The debit cards they usually accept are MasterCard and VISA.
These debit cards can be an excellent choice as well if you decide on using crypto ATMs. However, you will have to find those that accept MasterCard and VISA. If they don’t accept it, you won’t manage to convert Bitcoins into fiat currency.
Final Thought
All these methods are an excellent option if you want to safely your Bitcoins to fiat currency. However, for complete overall security, be sure you are respecting all the laws. That means you need to be aware of the taxes you have to pay whenever you sell digital currencies. They are different from one place to another, but most of the laws consider BTCs as property (not currency). Because of that, research the law of your country and ensure everything you are doing is legit.
