In some aspects, bitcoins are similar to cash: they are good for the bearer (identified by their private key), they are exchanged directly without intermediaries and without any limit or control.
Of course, BTC transactions are publicly recorded in the blockchain, while cash transactions are not recorded in any way, but the registration in the blockchain is anonymous, so this difference is relatively insignificant.
But how can BTC be converted into cash and trust currency? It should be mentioned that the operation is not so immediate ...
The first and simplest way is to sell them on a normal exchange that accepts fiduciary currencies, then transfer EUR/USD or other currencies from your exchange account to your bank account, and withdraw cash from your account at an ATM or at your bank counter.
Simple as it is, it is not immediate and involves a transaction on your bank account.
The second way is more complex: find someone willing to buy your BTC by paying cash, in person. In this case, it would be necessary to organize a physical meeting and proceed with the exchange.
To find the buyer, you can take advantage of the help of LocalBitcoins where, in addition to online exchanges, you can also arrange meetings for physical cash exchanges.
Even this method is not very fast, it also presents some problems, how can you trust the person you will meet? Unfortunately, there are several cases in which, even if there are large sums of money at stake, the meeting turns out to be a scam or an ambush (not just for cryptocurrencies).
The easiest way to sell BTC and collect cash
A third way is to use a fiduciary currency debit card fed with cryptocurrencies. In fact, there are some debit cards in cryptocurrencies in which you can pay and spend (or withdraw) trust currency.
Certainly, this is the fastest system, because once you get the card, payment in cryptocurrencies is quick and easy. At this point, it is possible, for example, to withdraw cash with that card at any authorized ATM.
The main defect of this option are the commission costs: these cards, in fact, convert the cryptocurrencies into Fiat currency, but with a commission cost in the conversion. Therefore, the cash you get will be worth less than the cryptocurrencies you actually paid with.
The fourth way in theory would be even faster, but unfortunately it is rarely usable. In fact, there are ATMs that convert fiat coins into cryptocurrency, and that can also do the reverse operation, i.e., convert cryptocurrency into fiat coins. In this case, it is enough to go to an automatic teller machine, make a deposit in cryptocurrency (from your cryptocurrency) and withdraw in fiat coin.
Unfortunately, this type of ATMs are still rare, as most ATMs only allow the exchange of fiat coins into crypto coins. At coinatmradar.com you can see a map of all the available cryptocurrency ATMs and the ATMs that also allow the sale of cryptocurrency in exchange for a fiat currency: as you can see, the latter are much less. In addition, the costs of commission on the exchange should be taken into consideration, as in the third option.
A last way would be to convert BTCs not into physical cash (i.e. banknotes), but into stablecoin such as USDT or GUSD. Of course, it is not the same, but stablecoins based on fiduciary currencies are actually much more like cash than you think. Their limitation is that they are not yet widely accepted, while cash is accepted almost everywhere, but in the future they could spread much more and become a valid alternative to inconvenient banknotes.
Do you want to invest in cryptocurrencies?
We offer you the weekly portfolio CryptoFIB30, in a PDF format. A portfolio of cryptocurrencies with high earning prospects, suggested by our staff (the dates and purchase prices for the reported crypotos in addition to operative signals - when to sell or keep - are indicated).
Bitcoin Future: for those who prefer, instead, to follow the derivative, Bitcoin Future is analyzed, quoted on the CME, with the indication of important levels and operative targets of purchase/sale with a weekly perspective.Pay
The views and opinions expressed are the views of Crypto Currency 10 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material(s) have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.
Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.
Past performance is no guarantee of future results and the value of such investments and their strategies may fall as well as rise.