When it comes to Bitcoin, the currency exchange becomes tricky. You cannot just pop into your local bank to get cash. Here are five popular and reliable ways to convert cryptocurrency to fiat today.
1. Get a Prepaid Card
One of the fastest ways to convert Bitcoin to Euro is with trastra.com and similar services. A special Visa card does not require a bank account, and it can be ordered by simply downloading the Trastra App available on Android and iOS. Once the card is delivered, you can enjoy smooth transactions. Use it as you would use any ordinary debit card: withdraw cash or pay in stores. Any online and offline purchases are possible. The best providers have zero fees on Euro transactions, and you will not need a bank account.
2. Use Trustworthy Exchanges
On platforms like Gemini, you may purchase and sell Bitcoin and altcoins for cash. Such exchanges establish a link to your bank account, so if you buy Euro, the amount is transferred in several working days. There is a downside, though. Most systems support a very limited number of cryptocurrencies. These include Bitcoin, Litecoin, and Ethereum.
3. Find a Bitcoin ATM
Today, it is possible to buy Bitcoins using special ATMs. For example, here is how this works with Coinflip, a leading operator of Bitcoin ATMs in the United States.
- Select the cryptocurrency you would like to purchase.
- Read and accept the terms and conditions.
- Enter your phone number and the verification code sent to it.
- Press your crypto wallet’s QR code to the camera.
- Insert cash and receive Bitcoin instantly.
At the same time, it is possible to send your cryptocurrency to the ATM and withdraw cash. For people who get their salary in Bitcoin, this option is invaluable. The biggest drawback is the cost, as it could be sizable. Additionally, there may be no ATM in your area.
4. Research Local Crypto Services
Through such services, you may exchange your Bitcoin without rigid verification requirements. Peer-to-peer exchanges connect people who live nearby and allow them to post bids. LocalBitcoins.com is one of such platforms. Popular systems offer decent security, and they educate their users on how to stay safe. You can also choose between different payment methods: receive your euro in person, via online payment, a bank transfer, or even have cash posted to you.
Think twice before converting your Bitcoins to Euros. Is cash really the best option in your situation? Remember that conversion is irreversible. You could miss out on profitable opportunities.
To conclude, the quickest way to turn crypto coins into cash is via a crypto debit card. In comparison, Bitcoin exchanges are the slow, and ATMs are not available for everyone. Therefore, choose based on how soon you need your cash, how strong the security is, and how high your acceptable expenses are.