New Delhi, December 7: Bitcoin (BTC) is a type of digital currency known as cryptocurrency. Bitcoin does not have any central authority, such as banks or governments, overseeing its operations. Instead, it functions through a system that allows users to connect directly with one another using peer-to-peer software and cryptography.

If you hold Bitcoin or other crypto assets and wish to convert them into cash, there are various ways to do so. The most common methods include using an exchange, and Bitcoin ATMs, and more. Each method offers unique advantages and challenges and allows users to select the best option for their situation. Bitcoin Price Hits All Time High: ‘Digital Gold’ Bitcoin Surpasses USD 1,00,000 for First Time, May Reach USD 120,000 Soon, Say Experts.

Different Ways To Convert Bitcoin to Cash

There are different ways to convert your Bitcoin into cash. Here are the following options that you can use to cash your Bitcoin.

Crypto Exchange

You can use a cryptocurrency exchange to change your Bitcoin into cash. There are exchanges like Coinbase, Binance, and more which allow you to convert your Bitcoin into cash. To do this, you will also need a bank account where you can deposit the cash once the conversion is complete. The method can be helpful if you already use a centralised exchange and keep your cryptocurrency in a custodial wallet.

To sell your Bitcoin, select the amount you want to sell. After agreeing on the exchange rates, your cash will be ready for you to access. Since these platforms provide a service, you will have to pay a transaction fee for converting your cryptocurrency, as well as an additional service fee that the exchange collects to cover its operational costs.

Bitcoin ATM

A Bitcoin ATM is a physical machine that lets people buy, and in some cases sell, Bitcoin using cash or debit cards. If you are looking for a Bitcoin ATM nearby, you can use websites like Coin ATM Radar to find one in your area. When using a Bitcoin ATM, you will usually need to go through an identity verification process, which can vary based on local laws. It might involve entering your phone number or scanning an official ID. Once you have completed the verification, you can send Bitcoin from your digital wallet to the address displayed by the ATM. In exchange, you can receive cash. Bitcoin Price Tops USD 100,000 As Big Rally in World’s Most Popular Cryptocurrency Sparked by Donald Trump Election Win Rolls On.

Peer-to-Peer Trading Platform

Another option for selling your cryptocurrency is to engage in a direct trade with another person. It can be done through a peer-to-peer online platform to connect sellers with buyers, which allows to find the best deals. If you prefer, you can also arrange to sell your cryptocurrency. By using an online peer-to-peer trading platform, you can sell your cryptocurrency in exchange for cash.

(The above story first appeared on LatestLY on Dec 07, 2024 12:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).