It is all very well earning and mining all these Bitcoin, but what if you need to transfer it into cash in order to make a purchase for something that is not yet accepting Bitcoin as payment? Thankfully, there are ways to do this, so you are not left with Bitcoin in your wallet that you cannot use for doing something like buying a house (we can dream, right?).
There are a few options when it comes to converting your Bitcoin into cash, depending on what is available for you. The easiest way is to head over to a Bitcoin ATM if this is something that is available in your country. Bitcoin ATMs look similar to classic ATMs however they offer users the ability to buy and withdraw Bitcoin via a Bitcoin exchange. Although, as easy as this may be, the transaction fees are often pretty high, up to around 7% and this might not be the most cost effective way of withdrawing Bitcoins into cash.
Another way of doing this, if you are not able to get to a Bitcoin ATM or would rather not have to pay those charges, is via on online Bitcoin exchange. The downside to this is that you must identify yourself to the exchange (thus losing the anonymity that a lot of people use Bitcoin for) and offer them details in order for a transfer to go into your bank.
Things to be aware of when converting Bitcoin into cash, aside from the charges and transaction fees, is the chance that you could be being scammed. As Bitcoins are not regulated in the same way as regular currency, it is easier to be scammed, and there is almost nothing that can be done if this has happened to you so it is important to read reviews on the best exchanges available, and if something feels dodgy, it probably is.
Another point is the length of time it takes to convert your Bitcoin into cash. Different sites will have different time frames, and if you need the money sooner rather than later, it is best to look around.
Converting Bitcoin into cash is doable, but along the way, you may compromise your privacy (which of course, for some people isn’t an issue), or lose a little of your money to fees, or it may take a little longer than expected. As long as you are careful and read individual site reviews for exchanges, or understand the fees at ATMs things should run relatively smoothly.