Bitcoin is a form of digital currency. This means that it only exists electronically. Basically, you only see the records of different transactions from different addresses. There are many ways you can get the most out of a Bitcoin. You can consider it as a form of payment for goods or services. For example, Expedia and CheapAir.com accept Bitcoins as payment for airplane tickets.
Aside from that, you can also choose to store Bitcoins for later use. However, if you want to turn your Bitcoins into real paper dollars, you can choose to cash out. The demand for simple and quick Bitcoin conversion to cash is increasing globally. If you want to know the most efficient ways to convert Bitcoins into cash, you can consider the following:
The simplest way to sell Bitcoin is through exchange platforms. There are many platforms available but the most popular are the Kraken, Coinbase, and CEX. Exchange platforms will serve as your middlemen. Whatever exchange you consider, you need to create an account and wallet then link your bank account. After that, you need to take your deposit address from the exchange wallet and send your Bitcoins there. You are now ready to “sell order”. As soon as the sale is completed, the funds will be transferred to your bank account.
Employing peer-to-peer trading
Another way to sell Bitcoin is through peer-to-peer trading or P2P. You need to create an account and after setting it, you can sell your Bitcoins in a direct manner. You should first put a “sell order” and once there is someone who agreed on the price, you will be immediately notified. There are no middlemen for this exchange. However, this is time-consuming. With this, you need to be patient and you need to handle the trade manually.
Choosing Bitcoin ATMs
If you do not prefer online transactions, you can choose Bitcoin ATMs. These look like your traditional ATM machines. The only challenge here is locating one. For this option, you only need to locate a Bitcoin kiosk. The machine is connected to the Internet and if you want to buy, you can insert cash and there will be a paper receipt.
Selecting Bitcoin gift cards
If you want to give gift cards, you can do this by presenting a Bitcoin gift card to your family and friends. There are stores that offer this type of gift card. After you purchase it online, the card or voucher will be automatically mailed to you. The recipient can easily redeem the card at any exchange platforms.