Investing in Bitcoin can be very profitable on long-term but regardless of the outcome, it is possible to cash out at any time.
These days Bitcoin is considered as digital gold despite this year’s bear market because regardless of the regulatory hurdles and other types of obstacles Bitcoin and the crypto industry is currently facing, the potential of the blockchain and other crypto-related products is undeniable.
While Bitcoin is a great asset to invest in on long-term sometimes things don’t go as planned and you might need some real money fast. If you want to turn Bitcoin into cash we’ve got you covered. Below we will discuss the best ways to convert Bitcoin into fiat currency and all the steps that need to be taken.
How to get cash for Bitcoin
Everyone who invests in Bitcoin does it for one main purpose: so they can make more money from their initial investment. Then comes the time to convert those BTCs back into the fiat currency you can use in your country. The good news is, that’s not difficult to accomplish and there are actually several ways you can do it. Below we will discuss the best methods you can use to turn Bitcoin into cash which includes some of the most popular currencies like USD, EUR, GBP, and INR.
Convert BTC into USTD stablecoin (digital fiat)
Before we get to actual fiat currencies you might want to consider turning your bitcoins into USDT (Tether). USDT is a stablecoin physically backed by the US dollar so if you’d like your investment to remain in the digital realm but still be as good as fiat then converting your BTC into USDT is an excellent option.
Using USDT would allow you to avoid your tax liabilities for a while and there is no concern regarding the usual volatility that’s affecting crypto assets. USDT always maintains parity with fiat US dollars. Converting Bitcoin to USDT will also make it easier to go back to BTC should you change your mind later.
Regardless of your reasons, there are quite a few exchanges supporting USDT (Tether). Here are some of the most popular ones:
Convert Bitcoin to fiat via supporting exchanges
This might vary from one country to another but regardless of where you live there will always be some exchanges allowing you to convert your BTC to your country’s fiat currency.
There are a lot of exchanges that allow you to trade your Bitcoins for fiats such as USD, EUR, and GBP, as well as other currencies. Here are some of our hand-picked recommendations:
- Coinbase – USD/EUR
- Bitfinex -USD/EUR
- BitMex – USD
- Kraken – USD/EUR
- bitFlyer – USD/JPY
- Bitstamp – USD/EUR
- WazirX (India Only) – Convert BTC to INR (using a P2P method) or USDT
Convert Bitcoin to cash via LocalBitcoins
The options listed above may not support some countries but even if you can’t use these LocalBitcoins is another excellent option for P2P buying and selling Bitcoin.
This service is a Helsinki-based Bitcoin start-up that was founded back in 2012. LocalBitcoins is basically a P2P Bitcoin exchange that connects buyers and sellers from 248 countries so the chances of finding a buyer in your country are quite high.
When using LocalBitcoins you will deal directly with the buyer. They can send you the money using various options such as bank deposit, cash, PayPal, and Payoneer.
It’s also possible to connect with the buyer or seller and perform the trade offline in which case the payment can be wired or performed in cash. There are other options such as PayPal, SEPA, or direct bank deposits for converting Bitcoin into fiat currencies such as USD, EUR, INR, AUD, JPY, CNY and so on.
Convert Bitcoin to cash via CEX.IO
As we stated in our how to buy Bitcoin article, CEX.IO is one of our go-to places if we want to get a quick satoshi or just convert BTC into USD. The process is fast and while the prices aren’t always the best you can get on the market, you can trust the service will offer you a fair price.