Contents
- 1Convert cryptocurrencies into cash
- 2Get cash with a Bitcoin ATM ATM
- 3Convert Bitcoin through an online service
- 4Using a Bitcoin debit card
- 5Should you convert your Bitcoin into cash?
More and more businesses accept Bitcoin, Litecoin, and other cryptocurrencies , but it can still be difficult to use your coins everywhere. Here are the top three ways to convert your Bitcoin into cash to use when shopping online or in a brick-and-mortar store.
Get cash with a Bitcoin ATM ATM
Bitcoin ATMs are available in most major cities around the world and offer a relatively fast way to quickly convert Bitcoin and other cryptocurrencies into real-world traditional money.
Many Bitcoin ATMs also allow users to buy Bitcoin with money in the same way that someone deposits money into their bank account at a normal ATM. Most now support additional cryptocurrencies like Litecoin and Ethereum.
Using a Bitcoin ATM to convert cryptocurrencies into cash can be a convenient practice for those who receive payments in Bitcoin and want to spend their earnings. One downside, however, is the fees that are typically much higher at an ATM than at an online service. Conversion rates can also be much lower than other methods, which means that you may not get as much money for your cryptocurrency as you would like.
Convert Bitcoin through an online service
There are several popular online services that not only allow people to easily buy Bitcoin and other cryptocurrencies through their websites and smartphone apps, but also sell the ones they have for real money.
The most popular service is Coinbase, while a good alternative is CoinJar. They both offer the buying and selling of Bitcoin, Litecoin, and Ethereum, while Coinbase also supports Bitcoin Cash (a completely separate cryptocurrency from Bitcoin) and CoinJar has Ripple.
Each service can connect to traditional bank accounts to pay for cryptocurrency purchases . This connectivity also allows the sale of cryptocurrencies that can be converted into regular money and transferred to a bank account in a few days.
Many people use Coinbase and CoinJar to buy Bitcoin (and other currencies) and collect their earnings via wire transfer as their cryptocurrencies gain in value. Others use their accounts to receive cryptocurrency payments from friends, family, or clients that can then be withdrawn as money.
Using a Bitcoin debit card
Cryptocurrency debit cards are a convenient and affordable way to spend Bitcoin and other cryptocurrencies at traditional retailers that may not accept crypto payments but do offer support for debit and credit cards. These cards allow their users to deposit their cryptocurrencies through an online website that automatically converts them into a fiat currency such as the US dollar or the euro.
The most popular crypto debit cards are Monaco, Bitpay, CoinJar, and BCCPay. Each card is held by VISA or Mastercard, which means they can be used for both online and offline purchases in most businesses. Availability may vary depending on the geographic region, as well as the limits of daily and monthly use, so it is recommended to compare each card to find the most suitable for you and your financial situation.
Should you convert your Bitcoin into cash?
Converting Bitcoin and other cryptocurrencies to regular fiat money immediately makes them more usable in more situations. One thing to keep in mind, however, is that once a cryptocurrency is converted to money, it will no longer increase (or decrease) in value. There is a possibility of losing some potential profit if the price of the coin goes up.
A good strategy to implement is to keep your cryptocurrency stored in a wallet or online service and only convert into money what you will need to spend during the following month. If there is a sudden need for more money, more cryptocurrencies can be withdrawn in cash from a Bitcoin ATM or added to a debit card in a matter of seconds. Remember that transferring cryptocurrencies to a bank account through Coinbase or CoinJar can take between one and five days, however, so it is best not to rely on this method to obtain cash in emergencies.
