One reason people still avoid cryptocurrencies like Bitcoin is the perceived difficulty of converting it back into regular currency. Fortunately, it’s now easier than ever and shouldn’t be a roadblock to dabbling in these growing financial markets.
Let’s take a closer look at 6 ways you can easily cash out cryptocurrency …
1) Online Cryptocurrency Exchanges
The most obvious and easiest way to trade crypto for fiat currency is to use one of the leading exchanges.
At one time the legality of these was in a gray area and they could be quite hard to use, but in 2018 it’s as easy as linking a card or bank account and selecting how much crypto you wish to sell and what currency you want in return.
The longest you’ll wait to see the fiat cash in your bank account is a couple of days.
Sometimes you may run into a demand issue, especially with more obscure cryptocurrencies, but you can almost always trade bitcoin straight to USD the moment you want to.
Just remember, if you intend to trade in large amounts you will need to verify your identity.
2) Crypto Loans
You can now even get fiat currency in the form of a loan by using your cryptocurrency as collateral.
A regular bank won’t take your crypto assets into consideration when applying for a regular loan, so this essentially boosts your creditworthiness.
Those who are smart can use this mechanism to make real-world purchases, without losing the potential gains from their crypto holdings.
The SALT platform is leading the charge in crypto loans.
3) In-Person Trades
If for whatever reason you don’t want to sell crypto online, perhaps you have issues at your bank or need cash on hand quickly, you can setup in-person trades with people in your area via marketplaces like LocalBitcoins.
Because trades are linked to an online profile where ratings can be left, this is generally a secure process and is also verified via the online platform.
The only downside is that there may not be anyone nearby if you live in a small town.
4) Pre-paid Cards
One service that is growing in popularity is prepaid crypto-cards that function like any other bank card, allowing you to make in-store purchases and withdrawals from an ATM. The provider simply links your online crypto wallet to the card and does all the converting behind the scenes.
As far as the local store clerk is aware, you are paying in the regular currency—because you are.
TenX is one such solution that comes in the form of a Visa card.
If you live in a big city like Los Angeles or London, you can cash out by using a crypto ATM machine. Most of these focus on Bitcoin and you will need to have an associated account to verify who you are. Once you’re set up you can return whenever you need to.
Note: Most Bitcoin ATMs were created to buy Bitcoins not withdraw in fiat currency, so check beforehand if the ATM supports withdrawal.
Steps typically include:
Verification (usually by mobile/SMS but some may require document scams), sending the BTC via a QR code with your phone, immediate withdrawal or a redeem code to use later.
6) Spend It Online or In-Store
If you’re having trouble cashing out you always have the option to spend it online at one of the many online stores that support payment by crypto. This obviously won’t get you cash, but if you’re desperate you can always sell the physical item for cash later—though we can’t imagine a scenario where this would be necessary given the simplicity of today’s exchanges.
Overstock helped lead the way in accepting crypto as a payment method online and now even the likes of Microsoft accept payment at the online Xbox store.
Lots of physical stores and restaurants now also accept payment in crypto, usually involving the use of your phone at the point of sale.
The ways in which you can cash out crypto are broadening and becoming easier. If you live in the US or most European countries, you should have no trouble finding a method that works for you.