The advanced technology brought many new things to our world. All these changes have a huge influence on people’s behavior, daily habits, and requirements. It doesn’t need to surprise us why we got some new industries that are fantastic and a bit controversial at the same time. One of those fields surely is the crypto industry.
Well, this industry is controversial because of various reasons. Almost every digital currency has a turbulent past. Many ups and downs made a certain group of people think that digital currencies are nothing more than a scam. However, a turbulent past is not a relevant factor. When you look closer, neither of the industries is completely certain. A coronavirus crisis is a good example of that. If you plan to become an entrepreneur or investor, you need to reduce the fear of uncertainty. It is simply something you can’t skip.
The beginners that want to participate in this industry have different questions. Logically, the first one is – how to become rich with cryptocurrency? Most of them are impressed by the most popular digital currency in the world – Bitcoin. Because of that, we suggest you start getting familiar with this subject in theory. After reading articles similar to this one, you should test your investing skills. Software solutions like bitqt-app will probably be a helpful tool to earn a decent profit. It can also help you to understand how the system around Bitcoin functions.
Anyway, it often happens that investors want to cash out Bitcoin. We can’t deny the importance of flat currencies in today’s world, right? Well, doing that is possible in many different ways. However, we would like to couple a couple of them that will surely meet your expectations.
1. Bitcoin ATM
Let’s use the example of fiat currencies. Each time when you need money, you will go to the nearest ATM. Well, the same counts when we talk about digital currencies. This type of opportunity was not available before. Fortunately for all investors, they can use it now.
The entire process is quite simple and you do not need to be a genius to complete it. You go to the so-called BTC (Bitcoin ATM) and turn your coins to cash. However, this time, you are not going to withdraw money from your bank account. Users will use their crypto wallets to get their money.
Well, let’s spend a couple of words on the entire process. As we said, you go to the BTM and ask to transfer the digital currencies you possess. You will do that to a specific wallet address. Despite that, you will do that within a fixed timeframe. After you go through all the steps, the BTM will release your money.
Okay, we probably sound a bit optimistic. After reading the text above, you probably believe everything is ideal. Well, there are certain obstacles that you need to pass as well, First of all, the toughest thing is to find BTM in your location. This is not going to be a problem for people that live in larger cities. Yet, smaller places around the world usually do not have this type of ATM. Because of that, they need to travel to the larger ones to accomplish the transaction.
Despite that, the process of sending Bitcoin will take you a bit more time. It is hard to say precisely for how long you will need to wait for the transaction to end. This depends a lot on the blockchain, wallet services, etc. In some cases, you might need to wait for a couple of minutes. On the other hand, users sometimes need to wait for hours.
The good thing is that Bitcoin is the most popular digital currency. Because of that, finding a BTC that supports it is not tough.
2. Online Services
We said that people from smaller cities usually need to travel to larger ones. Because of that, BTM is not a good option for them. Yet, some people that live in larger towns also want to avoid this method. Fees and rates are usually not good enough to satisfy the user’s expectations.
Well, for online service you will need to use your research skills. You can find a huge number of them by a basic Google search. Still, you should know that some of the services won’t work for every crypto user. In most cases, these services support withdraws to the US and certain European bank accounts. Unfortunately, this option is not available for the rest of the world.
3. Wallet Services
Most beginners believe that the wallet serves as a place where you can store your Bitcoin. Because of that, they do not invest a lot of effort to find the right one. The best wallet on the market will make different types of services available to you. This includes the service of Bitcoin cash out as well.
Certain wallets will allow you to withdraw digital assets directly to your bank account. Despite geographical limitations, there is one thing that might mess up your plans. Logically, we are talking about banks.
Many banks in the world do not want to participate in the cryptocurrency world. Each time when you manage to transfer funds, be sure you will receive a call. People from the bank will ask you to tell more details about your transactions. In some cases, they might even freeze your funds because of so-called “security reasons”.
We probably seemed a bit pessimistic now. However, we describe the worst-case scenario that could happen. Fortunately, there is a lot of smoother solution to this problem. Certain companies will allow you to transfer your digital assets directly to your bank card. Avoiding the process of sending funds to a bank account can make the entire process easier.
4. Cryptocurrency Cards
In the end, we would want to talk about the favorite method of Bitcoin cash out among investors. The purpose of these cards is to connect your digital assets to a well-known payment and withdrawal method.
Your crypto card is directly connected to your wallet. Each time when you get to the store, you can use it to pay the bill. Logically, the conversion to fiat currency will automatically be finished. Despite that, this will allow you to cash out Bitcoin in every regular ATM. Many of them are limited to people that live outside of the USA and certain European countries. However, there is also a Crypterium Card that is available in more than 150 countries.