Bitcoin is based on a blockchain network where you can make peer-to-peer transactions at minimum fees. You can store your coins in a digital wallet that can be based on a device or an app. You do not need to visit your bank to make a transaction with BTC and you can use your wallet to send your coins to another wallet. Bitcoin and crypto markets or exchanges are open 24×7, and you can transfer your funds from any location.
On the other part, fiat currencies are regulated by the government of the respective country, and they are available in physical forms such as INR, Euro, Dollar, and GBP. You can use your fiat currency to buy BTC and you can connect your crypto account with your bank account to fund your wallet. After a certain period, you need to sell your coins, especially when you predict that the market will be crashed soon. In this case, you can convert your bitcoin into cash and get the amount in your bank account, which is linked to your crypto account.
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Different ways to convert your BTC into fiat currency:
There are several methods for converting your bitcoin into cash, and you can choose the perfect way to save your transaction cost and time. Here, you can find some steps that you can follow to convert your BTC into fiat currency:
Convert your coin through exchanges: This is the most convenient way to convert your bitcoin to fiat currency. All you need to do is to open an account in the respective exchanges whichever you feel to be suitable for your needs. These exchanges are similar to stock exchanges where you can open your trading account to trade BTC. For example, most of exchanges support fiat currencies like INR, Dollar, and Euro, and you can convert your bitcoin to your local currency through your exchange. But it can take a few hours to days to convert your coins and complete your transaction.
You can find a crypto converter tool on your exchange where you can calculate the amount that you will get into your bank account after completing the transaction. Make sure to check whether your exchange supports your local currency or not because these exchanges can work within a boundary and they cannot approve your account if you live in a banned country. Apart from that, you can find some technical difficulties while converting your coins into cash through your exchange because such exchanges have some downtime problems.
Use your BTC debit card: if you are willing to convert your BTC to cash, then one of the most convenient options which you can opt for is to use the BTC debit card. Yes, you got it right. Now among the various other options in the market, BTC debit cards are also available. The sad part is that you cannot use the same card for regular banking transactions. All you have to do is to go to your suitable bank and complete the KYC procedures for making your BTC debit card valid. You can easily carry out the transactions and convert your digital money to a fiat one. However, you would not be able to transfer your amount to any other peer or bank account using the same debit card.
Use Peer-to-Peer Exchanges: Such exchanges can help you to sell your bitcoin to potential buyers. BTC is a decentralized currency and you can use a P2P exchange to find a potential buyer to sell your coins. You can sell your coins to a buyer and he or she will send the value of your coins to your bank account. You must check the background of the buyers and choose a buyer on whom you can rely.
Bitcoin ATMs – Fastest transaction process: Bitcoin ATMs or BTMs are available in limited locations and you can use an ATM to withdraw funds. You can scan the QR code with an ATM available in your wallet to access your bitcoin wallet, and you can buy or sell your coins through an ATM. Converting BTC to fiat currency through ATMs can charge a hefty amount, and you need to pay this transaction fee every time whenever you use an ATM.
You can buy or sell cryptos through such apps. These apps are available free of cost and you can download such apps on your Smartphone to convert your coins.
