Some of those who hold crypto assets (virtual currency) such as Bitcoin (BTC), may want to convert their assets (virtual currency) to legal currency. It is not difficult to exchange virtual currencies (crypto assets) such as bitcoin for cash, and you need to choose the right method to save your transaction cost.
Steps to convert bitcoin (BTC) to fiat currency
For such people, this article will introduce how to exchange crypto assets (virtual currency) such as bitcoin (BTC) for legal currency according to the following three contents.
- Services that can be exchanged for fiat currency
- Procedure for converting to fiat currency
- Things to be aware of when converting to legal tender
How to cash out virtual currency (crypto assets)?
There are three main ways to cash out virtual currency (crypto assets,3 ways to cash cryptocurrencies (crypto assets): Let’s take a look at each service.
- Cash at a cryptocurrency (crypto asset) sales office
- Cash on cryptocurrency (crypto asset) exchanges
- Use BTM or bitcoin ATM
The easiest way is to exchange money at the “sales office” of the cryptocurrency (crypto asset) exchange. The sales office offers a service that allows you to purchase/sell crypto assets (virtual currency) such as bitcoin (BTC). It is an easy-to-use service for those who want to trade at any intended price.
The merit of the sales office format is that it can be contacted at any time (trading is established). However, you must trade at the price offered by the sales office. There is a de facto commission called “spread” which is the difference between the selling price and the bid price. It is a disadvantage that there is a possibility of losing money in trading.
Use crypto asset (cryptocurrency) exchanges
There are two types of trading methods in the cryptocurrency (crypto asset) exchange, “sales office format” and “exchange format”. The first is to use crypto asset (virtual currency) exchanges. The second method of cash exchange is a method of buying and selling in “exchange format”. The exchange format has the disadvantage that it cannot be sold at the time and you need to sell your coins in a certain amount or numbers.
However, if you find a trading partner, you can sell it at a price you are satisfied with. So if you get used to cryptocurrency (crypto asset) trading, trading in exchange format is also recommended.
You can receive legal tender by selling crypto assets (virtual currency) such as bitcoin (BTC) on crypto asset (virtual currency) exchanges.
Exchange (spot trading)
Exchange (spot trading) is a service that concludes buying and selling when there is an order corresponding to a customer’s buy order or sell order. You can trade while referring to information that cannot be read from the chart as the volume you want to buy and the volume you want to sell are all visible as plate information.
Use Bitcoin ATMs
The next way is to use a bitcoin atm. Bitcoin atm is a service that allows you to purchase or sell crypto assets (virtual currency) such as bitcoin (BTC).
If you sell a crypto asset (virtual currency) such as bitcoin (BTC) using a bitcoin atm. You can receive legal currency circulating in the country where you used it. For example, if you sell bitcoin (BTC) using a bitcoin atm set up in the United States, the legal tender you will receive will be us dollars (USD). According to coin atm radar as of June 8, 2022, there are more than 37,000 crypto asset (virtual currency) ATMs installed worldwide. Make sure, you must check the charges because you need to pay a hefty transaction fee for selling your coins through a BTM.
So if you want to exchange your crypto assets (virtual currency) for legal currency, it is a good idea to use a crypto asset (virtual currency) exchange. You can also sell your coins directly to a seller. There are some online platforms available where you can place your selling order and you can contact probable buyers through such portals.
In addition, each crypto asset (virtual currency) exchange has different securities to handle. When using a crypto asset (virtual currency) exchange, it is recommended to check quantum-ai-trading.com .