Lately, we have seen a good growth of digital currency in our society. It has added a new revolution in the contemporary world when we talk about the exchange medium in the market. Now, the big question that we often hear is – do you choose to use these digital coins simply to pay for various things like adding up for the dinner cost or using the money in your travel? The answer is a big yes. It is very much possible to use these digital coins to avail of products and services. However, one can find a few more businesses or people who are seen making the payment in terms of BTCs. At this juncture, you can find an option to make any payment or have the choice of converting them into digital coins using your traditional money. Now, the big question is, how on earth can you use BTC as an example to check these things.
If you are keen on converting your Bitcoin into fiat currency, you very well know it remains very volatile. Thus, the current value of the coins will count a lot before you get the same every moment. In these cases, you can find the conversion timing to play a vital role. However, if you find a mismatch in this, you will likely lose or gain. So now let’s check the two options of doing it, while you can check the other conversion choices by visiting sites like an ultimate beginners guide to know regarding bitcoin and cryptocurrency .
1). Through Exchange or Broker
The first method you get to do is to convert the coins into cash by relying on any broker or exchange that remains very similar to the currency exchange seen over the airports. Also, with this method, you get the chance of depositing the digital coins while withdrawing the exchange and demand. Then you can find the broker getting the chance to transfer your money along with the same bank account using the coins. Depositing money in the same bank account would give you certain limitations on your account. It goes as per the money laundering laws as per your country. Therefore, you can find your methods to be secure and safe and, at the same time, can be time-consuming as far as time conversion is concerned.
On average, you can find the option of money that can help you reach your account in not less than four to six days. The exchange that you find has several elements at the helm of the affair. First, you need a few days to reach out to your account. Also, the exchange rate would go with a fee that is done with the transaction. Also, this can differ a log from one broker to another and even from one country to another. The next option in this category includes the BTC ATMs and even the debit cards made exclusively for Bitcoin. Also, you have third-party brokers as well in this regard. Generally speaking, you get the chance to create an account that can further help you to sell the BTCs and then draw them in the form of paper money. However, the biggest downside is that you have to pay a vast fee for transactions. However, few nations like India do not allow this option.
2). P2P Platforms
The next best option to convert BTCs into cash is P2P (Peer to Peer) platforms. You can sell the coins to earn cash, especially when you are not in a rush. The method allows you to choose any payment option to draw the money from selling away your BTCs. Also, it can come along with quick transactions and affordable fees. The other benefit is that you can often get reasonable exchange rates from any buyer compared with the third-party brokerage.
At the same time, you can see the option of P2P selling choice, which remains critical if we speak in terms of fraud elements. Also, one can find the P2P platform to be effective and beneficial for many since it keeps the coins locked or can even have the payment option that comes with the verification coming along with the buyer. Choose the P2P exchange that suits you the moment, and then you can find the right set of buyers and then plan to send out the trade request. Most P2P platforms rely on the escrow choice to release the BTCs and then get the confirmation once you receive the payment.