Want to rake in some profits? The hottest cryptocurrency on the planet Bitcoin (BTC) is soaring record highs. Probably you want to cash out with some of your Bitcoins? If you are looking for ways to convert bitcoin to cash, then this is the right place. Convert your Bitcoins to traditional bills (or your local fiat currency) and rake in some moolah.
Since Bitcoin is marginally better than holding gold and any other traditional fiat currency, and comes with limited supply, the growth of Bitcoin is only going to break new records. Without further ado, let’s get started.
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How To Convert Bitcoin into Cash?
You can easily convert BTC into USD, GPB, AUD, INR, or EUR. However, it is pertinent for you to know how you want to receive your fiat currency. There are many ways through which you can sell Bitcoins on exchanges, or in person for cash and get the money directly transferred into your bank account. We have listed some of the best ways to convert Bitcoin into cash.
Based out of Helsinki, Finland, LocalBitcoins is a P2P bitcoin exchange that was started in 2012. With on-ground buyers and sellers in more than 15,000 cities spanning across 248 countries around the world, you can say that LocalBitcoins is massively popular.
So much so, no matter which country you live in, LocalBitcoins has a buyer in your country. LocalBitcoins facilitates contact with the buyer directly on its platform and you can receive money by selling your Bitcoins in multiple formats such as bank deposit, cash on mail, PayPal, Payoneer, you name it.
So, if you want to convert BTC into fiat, Localbitcoins is one of the best non-KYC platforms to make money. What’s more, you don’t have to rely on an exchange and pay hefty fees whilst cashing out.
Simply meet prospective buyers/sellers online and agree on an amount to even trade offline. Buyers too can make the most of Bitcoin rush and buy bitcoins by paying via cash, PayPal, or SEPA. Sellers can then get direct bank deposits for converting Bitcoins into cash in multiple fiat currencies such as USD, EUR, AUD, CNY, INR, JPY, etc.
2) Fiat Accepting Exchanges
Sometimes you may not find a buyer who wants to buy enough BTC on LocalBitcoins and the waiting game can really take its toll. If you don’t want to wait and want to instantly cash out, look out for fiat accepting exchanges in your country.
Fiat accepting exchanges can easily convert bitcoin into cash or fiat currencies such as USD, EUR or GBP. Here’s a list of some of the best exchanges that can convert BTC into cash:
CEX – USD
WazirX(India Only)- Convert BTC to INR or USDT
CoinSpot (Australia): AUD
As you may have noticed, most of these exchanges are country-specific and might not work for certain sellers if their native country is different. In that case, such sellers can rely on LocalBitcoins as it is the only trusted solution for P2P selling/buying of Bitcoins.
3) Convert BTC to USDT
If you want to wait it out, that is, get the maximum returns on your Bitcoins, you can skip converting BTC into the fiat currency of your country. Instead, you can convert Bitcoin into USDT (Tether) to derive more gains.
Why? Because USDT has its own benefits as compared to USD or EUR if you also plan to buy Bitcoins later. As you may be aware, constantly transferring fiat money in and out of your bank account can get time intensive and honestly, painstaking as well.
The biggest positive of using USDT is currency volatility. Since crypto (including BTC) is highly volatile and goes up or down by the minute, USDT always maintains parity with US dollars, hence its value of $1 per USDT always stays consistent.
Not to mention, it will save you crucial time buying Bitcoins via fiat currencies on exchanges because USDT can be used to buy Bitcoins whenever you want. Furthermore, USDT is supported by many exchanges across the world including top ones such as Binance, and Kraken.
Converting Bitcoin Into Cash: Conclusion
So, these are some of the best working methods of converting Bitcoins into USD or any other fiat cash currency of your country. While selling Bitcoins for cash is indeed profitable, however, please bear in mind the taxes imposed by your local government on such transactions.
For instance, when you are selling off a large sum off your bitcoin stash for cash, chances are, you need to pay taxes accordingly. There are many tools and apps available that can calculate tax based on your Bitcoin selling profits such as Koinly.
The aforementioned methods have their own pros and cons insofar as taxation is concerned. Hence, it is very prudent to carefully choose the best method that will be least tax intensive.
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