A vital part of Bitcoin Exchange Platform is converting it into fiat currency when you exit a trade. Just like buying bitcoins with fiat currencies, exchanging Bitcoins to get fiat currencies also is done by trading platforms. Besides, there are some other ways that let you get cash in exchange for bitcoin when you need it in a hurry.
Bitcoin Trading: Why the Rules Matter
When it comes to Bitcoin trading, it is essential to learn the various processes to convert bitcoins into fiat currencies. Read on to know more in detail to have an overall better understanding!
1. Converting through a centralized crypto exchange:Â
If you were doing bitcoin trading already and bought your bitcoins through the centralized crypto exchanges, this method will be the easiest method for you. Because converting bitcoin into cash by these platforms are quite similar to buying bitcoins through them.
- The very first thing is that you need to register with the exchange by going through some ID verification process.
- Then a trading account will be opened.
- The trading account must be linked with a bank account where you want your cash to be deposited.
- If you are holding bitcoin in a hot or cold wallet, transfer them to the trading account.
- Now, you have to put a sell order so that you can get cash in exchange for the bitcoins.
Most of these platforms offer calculating tools where you can put the number of bitcoin and get the expected cash amount. When planning to sell the traded crypto assets, it is advised that the crypto investors take note of the market price of any crypto.
The exchange procedure may take 3 to 4 days to execute the order and transfer the fiat currency to your account. Also, it is to be noted that the crypto exchange platforms usually charge some sort of convenience feessimilar to whatthe traditional third-party companies do.
2. Use a Peer-to-peer crypto exchange:
This is a very easy and interesting way to buy as well as sell bitcoins to get fiat currencies. Here the platform provides you with an open marketplace where you can put a price offer to sell your bitcoins. The buyers can see your offer, and whenever someone is interested, he or she will contact you.Â
Once both of you finalize the deal, you have to ask for the buyer’s bitcoin address and provide him or her with your account details and payment medium. After you get the money in your account, you have to send the bitcoin to the buyer’s bitcoin address.
This process is very much faster than traditional centralized crypto exchanges, and as they are not controlled by any third party, they don’t ask you for so much charge.
3. Use bitcoin ATMs:
The most modern way to trade crypto is through a bitcoin ATM. Suppose you have bitcoins in your digital wallet or trading account. It will take some time to convert them into cash.Â
- At first, you need to register with a Bitcoin ATM.Â
- Then you need to undergo a verification process.Â
- Once it is verified, it will provide a QR code on the screen or on a printed paper.
- You have a scanning option in your digital wallet from where you have to scan the QR code.
- At last, you need to put the sell option, and your bitcoins will be sold, and you will get money in your account, or you can withdraw them from the ATM.
4. Through Bitcoin debit cards:
This is not getting fiat currency by exchanging bitcoin, but if you want to purchase something from some shops that accept bitcoin payments, you can do it with your bitcoin debit card. Just one thing that needs to be sure about is that the card company is the same that the merchant’s machine accepts. The bitcoins will be deducted from your wallet, and the merchant will get cash in his or her bank account.
Conclusion
Finally, when it comes to Bitcoin investment, it is strictly advised tochoose a reliable trading platform to make the most out of your investment. One such platform is the Pattern Trader. It has been developed on the most advanced automated trading technology that helps in predicting the market condition, thus aiding in right investment strategy and timing. You can use it to trade bitcoin and earn a profit.
