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How to exchange crypto for cash

3 min read

Leading cryptocurrency exchanges allow you to convert your crypto to cash. Each exchange has a slightly different process to sell your crypto and get paid back. For instance, if you are currently holding cryptocurrency such as bitcoin and solana on a specific wallet, the easiest option is to sell the crypto on an exchange. For instance, you could change cryptocurrency for cash with another buyer, or trade your Bitcoins for a fiat currency, should you find a taker.

As the demand for Bitcoin increases, you may be able to trade one bitcoin for more cash or services. For a faster and more anonymous method, you can sell bitcoins for cash using a peer-to-peer platform. Select a currency to convert it to or ascertain the value of your holdings in the currency you used to buy it with the help of a bitcoin converter, say, bitcoin to naira, and sell it. Once the sale is made, you will have the cash directed into your bank account. In either scenario, you set up an account which allows you to sell bitcoins and withdraw the physical cash.

Once you sell bitcoin cash for local currency, you can then withdraw this currency into a bank account. Once a cryptocurrency exchange has received your bitcoin, you can ask for withdrawal to your chosen currency. Once you have an account on the exchange, and you have transferred bitcoins onto the exchange (or, if you already have an account with bitcoins held on it), you just submit a sell order, specifying what kind of currency you want to exchange, the amount, and the asking price for each unit. With a sell, if you are in a supported territory, you may send the Bitcoin cash (BCH) you would like to sell to the specified Bitcoin cash address.

You can either request that the buyer send the cash into your bank account, or they can send you a bank transfer payment (you can also use PayPal). If you are holding a digital currency on these apps, you can use them to sell your cryptocurrency for money as well. At this point, you can cash in your cryptos by converting it into fiat currencies, which includes the Brazilian Real and Argentine Real. Traders can expect to pay fees when converting one cryptocurrency to the other, just as they would with an exchange of normal currencies in a bank (such as the conversion of USD to EUR).

Users of decentralized exchanges typically must pay the network fees themselves, as there is no third party between them and the crypto miners. Centralized exchanges charge Network fees as well as transaction fees, but if you are already holding cryptocurrency in your exchanges wallet, it is the fastest way to get paid back for your cryptocurrency. Cashing in Bitcoins using a third-party exchange with an intermediary is convenient, and can be easier and safer for cryptocurrency beginners. If fees are taking up a big chunk of your cryptocurrency sales, sticking to P2P exchanges is the best way to cut selling fees.

Just keep in mind the downside to selling bitcoin for cash via P2P trades is it takes longer than it would with selling via a centralized exchange.

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