Have you ever thought of converting your precious BTC into cash? Although cryptocurrencies are far from the all-time-highs that they reached at the end of 2017 and most patient investors opt to hold, BTC still has the chance to reach such heights again one day. That’s when you may want to sell it off and grab the cash.
The main problem associated with cryptocurrencies is that they are still in the grey economical zone and there is no way to cash out cryptocurrencies via banks. Have no fear, we are here to cover your back. In this article, we will talk about some workarounds and options that may be useful for someone who wants to exchange BTC to USD or any other fiat currency.
Option 1 – Fiat-Supporting Exchanges
Exchanges that support fiat trading pairs are few and far between, largely because it’s very difficult to set up such business legally regardless of your location. But still, they do exist. Typically, they allow their users to withdraw money directly to their bank accounts (after thorough check and verification, of course).
Such exchanges usually offer the best rate to make a switch, but the problem is that it may be a challenge to find one that works in your region since such platforms usually operate in a limited number of countries.
Here are some of the popular platforms that allow you to convert BTC and some other popular altcoins such as Ethereum and Monero into cash:
- Bittrex – USD
- Cex.io – USD / EUR / GBP / RUB
- Kraken – USD / EUR / JPY / CAD
- Coinbase – USD / EUR / GBP
- Bitstamp – Europe only
- Wazirx – India
- BTCC – China
Option 2 – LocalBitcoins
LocalBitcoins is a famous exchange platform where you can buy and sell BTC on a peer-to-peer basis. You can switch cryptos to your local currency in any suitable way. Just select the payment method from the drop-down menu and look for the best offer.
This platform works in almost 250 countries and covers more than 16,000 cities. So the chances that you will find a person willing to buy BTC right in your home city are very high. The platform itself serves as an intermediary to govern the deal, so there’s no need to fear of fraud. However, given LocalBitcoins murky reputation in recent years, it’s hardly the safest way to convert BTC into cash.
Option 3 – Bitcoin ATMs
Despite the lack of consistent regulation across different countries, cryptocurrencies may be easily bought and sold via special Bitcoin ATMs. The first crypto ATM was launched in Vancouver, Canada, in 2013, and many more have been installed across many big cities ever since that time (mostly in the US and in Europe).
The website CoinATMradar displays the location of almost all ATMs worldwide, so you may try your luck to find such a machine on a nearby street. Pay attention to the exchange rate and the fees though, as they may differ across different regions.
Find the nearest Bitcoin ATM at CoinATMradar
Option 4 – Stablecoins
Stablecoin conversion can be regarded as a half-measure since it doesn’t let you get real cash after you sell your BTC. You still possess cryptocurrency, but it has a stable rate which can come especially handy during the market downtrend.
Such coins are usually pegged to the rate of popular fiat currencies (USD/EUR/GBP/JPY). Tether is one of the oldest stablecoins available on the market and has proved to be a reliable project. There are also a number of alternatives that have been released, mostly launching back in autumn 2018 (TrueUSD, PAX, USD Coin, etc.). You may consider them as well if you want to diversify your portfolio and reduce the risks.
Option 5 – Bitcoin Debit Card
Bitcoin debit card providers have faced tough times ever since VISA blocked WaveCrest in January 2018. Most of them haven’t found an alternative plastic card provider and now offer only virtual cards – in the best case scenario. However, there are some projects that have managed to stay afloat and found local partners eager to join this risky business. Among them are the following:
- BitPay – US
- Wirex – EU
- Bitwala – Germany
- Cryptopay – Russia
Such cards allow to switch BTC to cash right within your online account and then withdraw your local currency in the nearest ATM.
From BTC to Cash in a Flash!
Feel free to use any of the methods we have described in this article if you need to convert BTC to fiat, as they’re all viable. That being said, don’t forget to do your own research as well, since the rules may differ across different regions. Always check the rate and the fees and never entrust your funds to unreliable third-parties.
Cash might not be king anymore, but as this list proves, you can still get your hands on it if you want to sacrifice some BTC in the process.
