Bitcoin has been around for over 10 years now, and the craze is gradually taking a leap. Today, everyone is intrigued by this novel idea of Bitcoin and the most asked question in this regard continues to be – How to convert Bitcoin in cash?
Perhaps that’s the reason why the industry is providing several great options for converting Bitcoin to INR, USD, EUR and other fiat currencies.
Yes , it is now easy to cash out Bitcoin!
Why Cash Out Bitcoin?
A lot of people, today, want to invest in Bitcoin because of the theory that cryptocurrency will ultimately replace fiat currencies in the near future. Still, people are looking for ways to cash out their Bitcoin possessions for these reasons.
- There are only a few businesses or individuals accepting Bitcoin as a payment option, which is the prime reason you might want to convert your Bitcoin to cash so that you can attain the value of your Bitcoin holdings to buy actual things.
- Another reason to cash out your BTC is when the market is turning bearish. If you believe that the Bitcoin price is expected to sink, and wish to protect yourself from the losses, converting your Bitcoins to cash makes sense.
The Most Trusted Ways of Converting BTC to Cash
Needless to say, there are several ways of converting Bitcoin to Cash. And there’s no denying that most of them add a lot of risk to the transaction. Therefore, they are not advised.
Here, I’m going to share some easy and most trusted ways to cash out your Bitcoin holdings.
Sell Your Bitcoins to an Exchange
The easiest way to cash out your Bitcoins is to find out a trusted fiat accepting cryptocurrency exchange. Some of the exchanges that allow you to sell your BTC in exchange for fiats are listed below.
It is easy for you to cash out your BTC holdings via these exchanges. You can choose any of the mentioned platforms by creating an account.
A Few Steps to Follow.
- First, go to the official site of the exchange.
- Sign up and complete the verification process.
- Deposit BTC in your account.
- Cash-out Bitcoins via Bank transfer.
It usually takes about 1 to 5 days to convert the cryptocurrency into fiat.
Convert Bitcoin to Cash in India
Today, you can find many exchanges in India to convert Bitcoin to Indian Rupee (INR). When it comes to an efficient Bitcoin exchange platform, WazirX is the best choice.
WazirX offers a simple, secure and safest approach to exchange BTC to INR through their Bitcoin App.
A Few Steps to Follow
Create an account with WazirX using their mobile app or the website and complete the verification process. Login to your WazirX account and go to the funds option. Click on BTC.
There you will find two options ‘Deposit’ and ‘Withdraw’. Click on Deposit.
You will receive a wallet address.
Go to your previous crypto exchange where you have your Bitcoins saved. Click on the withdraw option and paste that wallet address here.
It might take 2 to 10 hours to receive Bitcoins in your WazirX account.
Once you have received your Bitcoins in your WazirX wallet, you can see the amount present in the Bitcoin Wallet as well as its value in INR.
Now select the exchange option, and go to BTC-INR pair to see Bitcoin’s INR market rate.
Now you can withdraw your preferred amount of Bitcoins to your Bank Account or use it to buy other digital currencies.
When to Convert Bitcoin to Cash?
Many people see Bitcoin as an investment strategy instead of a daily-use currency. Frequent conversions to address the volatility in the cryptosphere may cost a great deal in fees.
Thus, keep your Bitcoins stored in the wallet as long as possible and only convert them to money when you need to spend over one of your budget cycles. Converting 1 BTC to INR at one time is the best choice at a time.