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How To Convert Bitcoin Into Cash (USD, GBP, EUR) – 3 Best Ways
In this article, I am going to cover how to convert bitcoin into cash. Bitcoin has become a worldwide phenomenon due to it’s revolutionary technology and unbeatable economic model. If you are serious about getting into cryptocurrency, I would strongly recommend focusing on how you can slowly (but surely) start stacking and earning Satoshis on a consistent basis. It’s not just the die hard believers, bitcoin has grown year over every January since it’s inception.
I believe it is going to be the reserve currency of the future and it’s only a matter of time before the masses will realize this. However, some people may need to go the other way and convert their bitcoin into fiat cash for various reasons. Although I recommend avoiding this at all costs, here are some ways you can do this fairly easily.
1.) FIAT ACCEPTING EXCHANGES
There are a handful of fiat accepting exchanges that I will link below. I will list the top 3 that I recommend first, since I’ve personally used them and can vouch for their integrity and I have personal experience with them. For others, you may not have access in your country or otherwise unable to use the exchanges I’ve used myself.
I will link reviews to them as well so you can do your due diligence. You can utilize these exchanges as a way to get cash directly in the form of a paper check, or a direct deposit.
Coinbase – This is a U.S. based exchange and the onboarding is fairly simple. You can add your bank account or even use Paypal to sell your bitcoin on the spot (for a fee) to convert it into your local currency. It then is setup in a direct deposit and usually takes about 1-3 business days before you see it in your bank account.
Kucoin – This is a Hong Kong Based exchange, but I’ve used it on several occasions and it works just fine. It is roughly the same process as Coinbase, but there is no Paypal option and it can take anywhere from 3-7 business days from start to finish.
Binance – This is the largest exchange by volume and has a sterling reputation. It is currently based out of Taiwan, but originated in China. You can also sell your bitcoin for fiat in a very seamless and easy manner. I was able to receive my deposit to my bank in about 2 business days.
Kraken – This is another U.S. based exchange that has been pretty consistent in terms of delivering what they advertise. If you are based in the U.S. (or you bank account rather), it’s possible to get your money in as little as one business day.
Other options – I cannot comment on them, however, I will link them to a trusted review source so you can do further research and see if it will work for your situation.
Note: All of the above options will require KYC in order to complete your transaction.
2.) LOCAL BITCOINS
Local Bitcoins is a good way for people to cash out their bitcoin and do not want to the route of an exchange. It’s usually conducted in person and in an agreed upon location. This is a good option if you want to maintain your privacy and do not want your information on an exchange, or if you simply cannot gain access to an exchange for any reason. This also applies to folks who do not have have access to other financial services.
Local Bitcoins is a Bitcoin start-up based out of Helsinki, Finland, which has been operating since 2012. It is a P2P Bitcoin exchange. It has on-ground buyers and sellers in more than 15,000 cities across 248 countries. Chances are, you will find a buyer in your country via Local Bitcoins.
The beauty of Local Bitcoins is that you dealing with the buyer directly and you can receive money in any of the supported formats (bank deposit, PayPal, Payoneer, cash). When it comes to converting Bitcoin into fiat, Local Bitcoins is one of the most preferred choices of those who don’t want to use an exchange.
I have used this personally before, and the only caution I can express is first, make sure you are not meeting in a private location or at someone’s residence for your own safety. Meet in a well-lit public area and ensure you have good cell reception and internet access.
My experience (for buying) was setting up a free wallet on my phone and then having the seller scan my QR code to make a deposit. Once I had at least 3 block confirmations, I released the cash and we went our separate ways. This is usually a seamless and safe method, just make sure to use common sense when meeting a stranger.
3.) USING A USD-BACKED FIAT COIN (USDT, USDC, ETC…)
Now this is a good option if you are trading and want to convert your profits into a stable coin until you are ready to make another trade, or you simply do not want to incur a taxable event when depositing into your bank account. You can also hold USDT (Tether) on a hardware wallet like the Trezor One, for even safer long term storage.
This is also an advantage because it is pegged to the U.S. dollar so you don’t need to worry about any volatility or price swings when dealing with a stable coin. Coinbase also supports USDC (USD Coin), which is essentially the same as Tether. You can hold it on a mobile wallet or on a Ledger Nano S, if you plan to hold it for more than a few days.
CONCLUSION
Ultimately, it depends on your goals and what method works best for you. This also would be a good opportunity to talk to your friends and family about bitcoin and making a transaction with someone you trust, while at the same time teaching them about this valuable tool and spreading the good word. Talk to your co-workers and even your boss. Ask if they use bitcoin or if they’ve even heard of it and strike up a friendly conversation about it.
It’s instances like these where we start to see awareness and mass adoption start to take place and every time you do this, you’re directly helping the overall cause and also doing them a favor. Trust me, they will thank you later.
Please sound off below! What exchanges have you guys used? Do you have any other fiat-based exchanges you can recommend not listed above? Let me know in the comments.
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Nordstrom And Whole Foods To Accept Cryptocurrency Payments Directly
Nordstrom
Nordstrom and Whole Foods to accept cryptocurrency payments directly. It has come. The first big announcement coming from Consensus this week in New York, and it’s a big one. One of the newest payment processors called Flexa has launched and is partnered with Gemini, which is a large bitcoin exchange based out of New York and is underpinned by it’s own ERC-20 token called Flexacoin.
How does it work? You pay for your items using Flexa’s app, Spedn, which generates a QR code that you scan at the checkout register. The merchant receives immediate payment in dollars, and the equivalent amount of cryptocurrency is debited from your cryptocurrency wallet in the Spedn app.
Whole Foods, which is owned by the e-commerce behemoth, is now accepting bitcoin as a payment method. The mind-blowing development was made possible thanks to a deal between payments startup Flexa and Gemini, the latter of which is the crypto exchange launched by Tyler and Cameron Winklevoss.
Users only need to download an app dubbed Spedn and can make everyday purchases using cryptocurrencies including bitcoin, ether, Bitcoin Cash, and Gemini Dollar (GUSD). Considering that GUSD is the stablecoin of the Winklevoss’ Gemini exchange, it’s not surprising that it’s being supported as well. GUSD should will introduce some stability into crypto payments given its peg to the U.S. dollar and the volatile nature of the bitcoin price. As crypto investors have come to expect, there are no hidden fees or markups, so consumers will be incentivized to use the app.
Everyone knows that Nordstrom and Whole Foods customers are already “being green” given that the grocery no longer uses plastic bags. Wait till shoppers outside of the crypto community learn about bitcoin.
AMAZON’S MARKETPLACE COULD BE NEXT
Earlier this week, it was rumored that Amazon’s competitor eBay would stop using paypal and start accepting crypto payment directly on the site, and will facilitate payouts to sellers via that method as well. This is a key move as this is a large eCommerce retailer that does millions of transactions each month have found a way to implement a safer, faster, and cheaper payment system.
Tyler and Cameron Winklevoss have been mum about this secret but now that it’s out of the bag, there’s nothing stopping wide-scale adoption of bitcoin.
The Flexa/Gemini/retailer partnerships are really a reflection of the best of both worlds. The technology builds on existing payments infrastructure that’s used to accept digital payments such as Apple Pay, for instance. All the retailers must do is tweak their scanners to identify payments from the Spedn app. Customers are already familiar with tap-and-go with their mobile device, so there’s nothing new for them to do. There are no additional hoops for the cashier to jump through that might slow down the line. As for the merchant, they can either accept to take the payment in crypto or convert it into fiat money.
For the crypto ecosystem, the announcement is what everyone has been waiting for. It means that if Whole Foods can accept bitcoin and other cryptocurrencies, theoretically Amazon’s entire marketplace can integrate the infrastructure to do the same, seemingly with Flexa. In the U.S., Amazon Prime customers reportedly dole out an average of $1,300 per year on the e-commerce marketplace vs. $700 for non-members.
In addition to Whole Foods, the initiative extends to other merchants including Crate and Barrel and high-end retailer Nordstrom. The Flexa network is comprised of more than 30,000 stores and finally thrusting crypto into the spotlight for micro-purchases such as a cup of coffee, pizza, or electronics.
WHY THIS IS GOOD AND BAD
This will require people becoming aware of this change. This is amazing news, but there is always a learning curve when people start to adopt a new method of payment. People have been using only cash and credit card essentially for the last 60 years and it will take a an older generation and a newer generation to find ways to change their spending habits. That is the Bad.
Here is the good. With new innovation, comes new possibilities. Why would merchants want to start accepting crypto? First off, there are no chargebacks. It was reported that merchants can be charged upwards of $300 per chargeback when accepting credit cards. With cryptocurrency, the charges are irreversible. That’s not to say that you will not be dealing with customer service and/or returns in your business, but this is a HUGE advantage for no longer having to deal with credit card disputes.
Additionally, the fees to accept credit cards are typically anywhere from 2-5% per transaction, plus a $0.39 cent fee each time you accept a credit card. That’s absurd. As more and more awareness of this alternative, mixed with consumer confidence and adoption of spending cryptocurrencies on a consistent basis, the credit card companies and banks will hopefully soon be a thing of the past. Soon, it will almost be as antiquated as paying with a check.
THERE IS STILL A BETTER ALTERNATIVE TO THIS!
What if you could EARN cryptocurrency by shopping at these stores already? You can. I recently wrote an article on the new Life Info App that allows you to connect your bank account or credit card and use a shopping app that essentially allows you to create an instant electronic gift card, and save anywhere from 2-10% off on any purchase you make at thousands of retailers (including Nordstrom and Whole Foods).
How does this work? When you download the free app, you can use online or in person purchases on thousands of stores and brands and save on each purchase. The money that you save on each transaction is accumulated in the wallet and can be converted directly into Bitcoin! You can also convert it into several other altcoins that are supported by Coinbase as that is how you convert your savings directly.
This is a GREAT way to dip your toe into the cryptocurrency world, WHILE saving money at these stores you are already spending money at anyways, you may as well get free Bitcoin to do so.
If you refer to my review link I mentioned above, there are some demo videos that explain the entire process and it’s super easy to use. To me, this is a great bridge to get people familiar with the process. Additionally, you can then send your newly acquired bitcoin to the Spedn app, if you so choose. Please use my link here to get your free download and check it out.
***GET YOUR FREE LIFE INFO APP DOWNLOAD HERE***
Conclusion
All in all, this is very positive news for the cryptocurrency world, and this is a large first step in bringing the utility of cryptocurrency into the real world and offering people a BETTER alternative to our failed legacy financial system. Any tool that helps people transition from the inflationary dollar to the sound hard money of bitcoin, is something I support. The easier it becomes and the lower the barrier to entry is, we will begin to see MASSIVE droves of people start to transition from fiat to crypto.
What do you think? Is there a better way for us to start gaining mass adoption and utility for crypto payments? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
