Ways to Sell and Convert Bitcoins to Dollars

It has been more than 10 years since Bitcoin has been around, and luckily for all of your trading and mining Bitcoin, the industry has caught up and come up with several ways for you to sell, as well as convert BTC to dollars. Everyone wants to ride the next wave of Bitcoin success, for the levels of profits it brought forth in 2017 was unprecedented and inspires numerous rags to riches stories. Moreover, experts and economists believe that Bitcoin would soon replace fiat currencies, and unite the world in one singular currency, making financial transactions hassle-free and the global economy decentralized. With more and more people investing in Bitcoin every day, one day you’d no longer need to convert BTC and you’d be able to make all purchases and transactions with it. But until that day is here, let’s find out the easiest ways to sell and convert bitcoins to dollars.

Let’s start with the easiest and the most preferable ways to sell and convert bitcoins to dollars, shall we? Proceed to use a cryptocurrency exchange service like Coinbase, and sell your bitcoin here. Once you’ve sold your BTC, you can directly withdraw your proceeds from your bank account. It is a very secure method, but it usually takes some time, around 4 to 6 days, depending upon your country and its Bitcoin regulations. Also, your country and geographic location determine whether you’ve to pay any associated fees for this transfer and conversion. Coinbase is the most popular broker exchange service available for BTC, but you can also opt for Bitcoin Union Software and get the best results! First, you’d be required to sign up on their websites, complete the verification process for safety and security reasons, deposit the BTC in your possession into your account, and cash your BTC out via bank transfer or PayPal.

Bitcoin Mining Cryptocurrency

The second way to convert bitcoins to dollars would be using a Bitcoin ATM. Yes, Bitcoin ATMs are a thing and they’ve been around for quite some time, now. A Bitcoin ATM allows you to sell as well as buy bitcoins, and you can do all of it with government-issued currency. Around 76 countries worldwide have BTC ATMs. However, this method is not very suitable for large amounts, as often, the ATMs come with a withdrawal limit. The biggest setback for using this method to sell and convert your bitcoin into dollars is the high transaction fees you’ve to pay. Usually, the rate varies from 7 percent to 12 percent, depending upon your country and that’s why most people prefer Bitcoin ATMs only for emergencies, and small transactions that are quite urgent.

Ever heard of a Bitcoin Debit Card? It functions like a regular Debit Card, but just that with this one, you can sell and convert your BTC into dollars. You can make use of some websites which allow you to sell your BTC in exchange for a debit card and as they’re powered by either MasterCard or Visa, you can do any online or offline purchases you deem necessary, with them. Also, you can use these Debit Cards at BTC ATMs to withdraw cash. This third way to sell and convert BTC into dollars is preferred by ones in emergencies.

You can also take help of peer to peer transactions, in a platform, to sell bitcoin for cash. If you want an option that’s secure, fast as well as lets you be anonymous, this fifth way is your best shot! When you’re selling your BTC to other folks, via these platforms, you determine the payment method you want them to pay you via when they’re buying your BTC. You choose dollars, and you receive dollars in exchange for BTC. You can ask them to deposit cash, into your personal bank account, from where you can withdraw your proceeds. Or, they can directly transfer you the amount via a bank transfer or other services like PayPal. You can release your bitcoins to them after you’ve received the transfer so that you’re sure that you’re not being duped.

Well, if you’re using a service to convert your bitcoins and sell them, it is best you choose an exchange service that does not cost you much, in the name of conversion fees. There’s no flat service conversion rate for these transfers, so we’d recommend a good comparison every time you need to sell your BTC, and convert them into dollars. But, when you’re selecting a site, please be very careful about the authenticity of these sites. There are scammers even in this new domain of cryptocurrency, and it is best to be on your guard, rather than have some dupe website forfeit your BTC and its earnings. If you’ve time, keep checking the conversion rate, and on the day you seem to be making most profits, go ahead with it and earn some profits!

Ranbeer Maver is a Computer Science undergraduate. He's a geek who embraces any new consumer technology with inhuman enthusiasm.