How to change Bitcoins for real money |
Posted: November 22, 2018 |
One of the main doubts of those who are starting in the world of Bitcoin is how they can change their cryptocurrencies to currencies of legal tender like dollars or euros. However, the process is simpler than what is believed and bitcoiners have a range of options to perform this type of operation. The holder of this cryptocurrency has several ways to carry out the transaction: exchange houses, peer-to-peer portals, prepaid credit/debit cards, private and direct negotiations, and even ATMs. In addition to its versatility in terms of exchange facilities, this cryptocurrency can be exchanged for practically any currency in the world. Here are the main points of bitcoin exchange to fiat money. Money exchange They usually manage an internal rate for the exchange of bitcoins, allowing users of their platform to change their cryptocurrencies to the currency they wish using that index. They have great liquidity, so users of this type of platform should not wait long to access their funds in fiat money. The interested party must only create an account in the exchange house of his preference, deposit in it the amount of bitcoins he wishes to change and execute the exchange, receiving a bank transfer with the equivalent fiat currency amount. It is a simple procedure and without intermediaries that the platform itself. To register, interested parties must provide their full name, email address, bank account details, credit or debit card and set up a two-factor authentication process to increase the security of the account. In addition to its password, the user will request the sending of a code that must be provided to the system in order to enter. There is a considerable range of this type of business. Bitfinex, Kraken, Bitstamp, Changelly, Gemini, Coinbase , BitMEX or GDAX (which also allows trading) are some of the most recognized on a global scale, concentrating much of the bitcoin trade in the world. Others such as Bitinka, Buda.com, Orionx, Quoine, Ripio, Cambista, Uphold, AirTM or Panda Exchange serve more specific markets in South America and Spain, but providing the same service. Commissions for this type of platform vary, and currently range between 5 and 0.5%. Sites peer-to-peer (P2P) But if you want to avoid exchange houses and their centralized scheme, you can go to P2P portals, where you can negotiate directly with other people the exchange conditions of bitcoins. This type of portals is highly used due to its low or zero commissions, its decentralized nature and its ease of access. However, there is a risk of fraud, so users of these peer-to-peer platforms should exercise caution when choosing the buyers of their bitcoins. Groups on Facebook or Telegram Due to its decentralized nature, Bitcoin establishes a new way of relating to money, allowing users to manage their finances in a more direct way, without depending on the administration and intermediation of banks in the management of their personal accounts. This same nature has encouraged the proliferation of direct commerce of cryptocurrencies, with operations that are arranged through social networks and that involve the exchange of bitcoins to other cryptocurrencies or fiat money, either by means of a bank transfer or in cash. Credit cards/virtual debit There is a possibility that, in order to change their bitcoins, the interested party may prepay a debit or credit card to make consumptions with fiat coins. The cards are simply reloaded with bitcoins and are ready to be used. It should be noted that due to recent restrictions by some financial institutions, companies such as Cryptopay, Bitwala, TenX, Bitpay, Shakepay or Xapo canceled the issuance of this type of instruments, but there are still more options. ATMs Another option - a bit more futuristic - are the ATMs that work with Bitcoin. Currently there are more than 2,700 ATMs worldwide, spread over 67 countries and operated by a total of 391 companies. Generally the majority of this type of machines works with money exchange operations to fiat, and ATMs such as Robocoin, Genesis Coin, BitAccess or General Bytes work for this purpose.
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