Cryptocurrencies are the latest trend in town. No wonder it has caught the imagination of the younger generation. This digital currency has proven to be one of the best-performing assets in recent times. However, since its market is pretty volatile, you should have an exit strategy in place before investing in it. Currently, its volatility supersedes its growth.
Let’s understand some of the ways you can encash the bitcoin currency if the need arises:
- Debit cards
Bitcoin debit cards are like prepaid debit cards interlinked to a cryptocurrency wallet of the company issuing such debit cards. Bitcoin debit cards allow the users to withdraw cash from ATMs or make any online transactions in case such ATMs and vendors don’t accept bitcoin currency. The cryptocurrency in debit cards gets converted automatically to fiat currency at the time of withdrawal or purchase.
There are several specific cryptocurrency ATMs established around the world. Investors can use cash or a debit card to purchase any cryptocurrency from such ATM kiosks. Similarly, it can also be used to sell the bitcoin currency for cash. However, consider the transaction fees before using this method.
- Cash deposit or Bank transfer
The bitcoin seller can request the buyer of such cryptocurrency to deposit cash in the seller’s bank or make a bank transfer in exchange for the bitcoins. In both cases, it is always advisable to confirm the receipt of such payment before releasing the cryptocurrency.
- Third-party exchanges
With cryptocurrency exchanges available in different countries, you can easily sell your bitcoins on the exchange and get the local currency directly deposited in your bank account.
To conclude, yes, bitcoins can be converted into cash using any of the above methods. However, the future of the market is unknown so analyse and research carefully before deciding to sell.
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