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Cryptocurrency to Cash via bank Account: How to Cash out Bitcoin and Ethereum
Though being touted as the future currency, Bitcoin and other cryptocurrencies are still on the edge of being accepted globally. Volatility concerns over crypto have made banks strengthen their stand against crypto.
Several major banks have banned or no longer accept credit card transactions that involve the purchase of cryptocurrencies whatever happens to Bitcoin. Moreover, as per recent news in The Guardian, the Bank of England has warned that virtual currencies like crypto face a regulatory crackdown.
Now, despite banks being extremely rigid in their stand against virtual or cryptocurrencies, there is no denying that over a couple of years this modern form of currency has managed to gain popularity worldwide. One of the reasons why Litecoin, Bitcoin, Ethereum, and other forms of cryptocurrencies are gaining ground is the security that they offer in a digital-transaction world.
Apple, for example, is encouraging Bitcoin as a payment method. Cryptocurrency offers extremely tempting benefits to a world that runs on the Internet of Things (IoT). However, a majority of people are still immature to the concept of cryptocurrency and have a number of apprehensions about it.
For example, we often found people exploring different sources about how to turn crypto into cash or how to cash out ETH/BTC via bank account. Consider the gravity of this situation with the help of this example:
An employer is willing to employ you but he/she offers a monthly salary in cryptocurrency?
Will you be able to say yes to the offer instantly? Most likely, you won’t. While you might have seen the internet brimming with positive stories about crypto taking on the world of finance, you still won’t be able to break the habit of getting a cheque at the end of the month that you can encash into your local currency easily.
But what if you knew how virtual currency can be converted into your local currency or how to cash out Bitcoins or Ethereum via bank account, would you consider the offer? Now, some of us would! Even if you don’t, this article will help you to cash out BTC or ETH directly to your bank account. So, let’s get reading about how to turn out Bitcoin into cash.
How to cash out BTC and ETH via bank account – 4 Ways
Noobs in the world of cryptocurrency often spend a lot of time and effort finding out ways in which they can turn virtual/digital coins into cash.
Out of the various options they have, they try to scout for ways in which they can turn their virtual money into a government-issued currency in the safest, cheapest manner.
Therefore, in this post, we list down four out of the many different methods on how to cash out Ethereum, as well as other cryptocurrencies.
Selling Bitcoin through Exchange
You have the option of selling your Bitcoins to a centralized exchange, and turning it into local currency.
This option is by far the most popular way in which you can convert Bitcoin to cash and further cash out money through the bank. The steps to sell your Bitcoin through an exchange are simple:
- Set up an account with the exchange and link it either to your debit/credit card or with a bank account.
- Simply deposit the amount of BTC that you need to exchange, pick a currency of choice, and proceed to ‘click’ exchange.
Please note that you might be charged a nominal fee for converting your cryptocurrency into cash.
Another thing to take into consideration is that you will not be able to instantly get cash for crypto and might have to wait for a few days for the bank to credit the money into your account.
Opt for Bitcoin Prepaid Cards
For those scratching their heads wondering how to cash out Bitcoins without paying even a minimal exchange fee, here is another option – Bitcoin prepaid cards. If your country accepts these debit cards, then it is a great way to cash out virtual currency. However, if not you’ll still need to pay a certain amount of conversion fee.
Though it might be time-consuming to apply and obtain a Bitcoin prepaid card, the benefits of owning one are tremendous. For example, you can cash out Bitcoins at any Bitcoin ATM worldwide, or pay at any point-of-sale system without any hassle.
Using a Bitcoin debit card to cash out ETH or other virtual currencies is a fairly simple process. Just load the card from your digital currency wallet.
The card automatically performs currency conversions and you can use it as you use any other debit card. So, if you are planning on avidly using virtual or digital currency, opting for Bitcoin cards makes a lot of sense.
Companies that use Bitcoin to pay their customers often consider using a Bitcoin prepaid card linked to their business account. They can this way transfer most of their money into their business account and keep a certain percentage in Bitcoin. It is among the safest ways to mitigate any risk associated with Bitcoin, and so far even the best tactic of gaining from the virtual currency.
One of the companies which are going to provide users with Debit Cards is TRASTRA. In TRASTRA web or mobile app, you can easily and totally free get Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash, Dash, and Ripple wallets, and connect them with your TRASTRA Debit Card (virtual or plastic) through the Instant Crypto Exchange.
Thus, cashing out crypto becomes real in day-to-day life.
Trade Bitcoin for Physical Cash
There are quite a few person-to-person trading sites that allow trading Bitcoin for physical cash. These sites work on a bidding model. This means you can post a bid for buying or selling Bitcoins in exchange for USD or any other local currency.
The person-to-person trading site is only acting as an intermediary and decisions like who to sell Bitcoin for cash, or who to purchase cryptocurrency in exchange for local currency from, are at your discretion.
The best thing about the person-to-person exchange is that there isn’t any elaborate identity verification process to go through. The risk of the transaction is all yours, and so is the gain from it. All you need to do is bag the best bid or deal.
Head to the Local Bitcoin ATM!
In certain countries, people really do not think hard about where to cash out Bitcoins. They have local Bitcoin ATMs to convert virtual currency into real cash, real quick. So all you need to be informed about is if your country or city falls under this ‘lucky’ list.
These Bitcoin ATMs not just allow you to convert Bitcoin to cash, but also facilitate converting cash to crypto. And doing all this is absolutely no rocket science. Everything works the same way as with normal ATMs.
The only drawback of using Bitcoin ATMs as a method of Bitcoin cash out is that the fees charged for cashing out is higher as compared to most other methods. So, while there is the convenience of cashing out and you are getting real money in no time in exchange for the cryptocurrency, you will have to pay a little higher price.
Final Words – Is there a need to Convert Bitcoin/Ethereum to Cash?
Given the likelihood of crypto being the future of finance and online commerce, foraying into the territory might interest many of you.
However, those who are tempted to join the cryptocurrency bandwagon it is required to follow the best practices of the trade. Keeping a specific amount deposited in your crypto wallet and converting most of it into local currency quickly is always a good idea.
And, the methods that we have discussed how to cash out Bitcoins should be of help in doing so. However, once you’ve converted a certain amount of digital coins to cash the value of that cryptocurrency will not rise (or fall). This could mean gain or loss, depending on the market situation. Wishing you a bright future in virtual currency! Do share your valuable comments and insights with us.