Ever since the meteoric rise of Bitcoin, people have been wondering what to do with their newfound wealth. The answer is simple; follow these easy steps for turning your bitcoin into cash! These steps have proven to work and can be accomplished by anyone with a basic understanding of trading, investing, and technology.
This lead is intended to serve as a basic introduction to the cryptocurrency ATM and how it has helped thousands to turn their Bitcoin investments into cold hard cash.
Bitcoin Versus Fiat
First of all, we should understand the differences between Bitcoin and fiat. Bitcoins are not stored in physical wallets. They are held digitally in specialized wallets known as digital wallets. The wallets themselves are connected to the internet while remaining secure and safe behind a password or key. The way to gain access to your bitcoins is through a Bitcoin exchange.
There are two types of Bitcoin exchanges; choosing one depends on your needs and the amount of money you want to invest.
- LocalBitcoins – This is the best way to buy bitcoins, as it can be done with cash, and payouts are usually completed within 1-2 days. The downside is that it is a very local operation, and you must meet the person selling the bitcoins in person.
- Coinbase – Coinbase is one of the most trusted exchanges as it does not allow only individuals to sell bitcoins. A broker will enable you to sell your bitcoins for actual currency or cash, so there is no need to meet in person.
Buying bitcoins can be done in two ways. The cheapest way is to find a local person who wants to sell their bitcoins for cash, and the second way is buying from an exchange. Below are some of the deals that you can use to buy bitcoins.
- LocalBitcoins – local bitcoins are a powerful and cheap way to get your hands on bitcoins. The only failure is that it is very local, and you need to meet in person to complete the transaction.
- Coinbase – this is widely regarded as one of the best ways to buy bitcoins. It allows you to buy bitcoins with your credit or debit card through their online service.
- CoinMama – it allows you to buy bitcoins with a credit card, no ID required, but limits are low, and the processing time is slow.
- Cex.io – This is a trusted exchange that allows you to buy bitcoins through your credit card, but with higher limits and a swift processing time.
Cashing out and Selling Bitcoins
Once you have bought bitcoins on Coinbase or Cex.io, you can move them to your digital wallet. It is crucial to understand that only a small number of exchanges deal with cash transactions. The most efficient way to use your bitcoins is by selling them for cash using an online exchange.
After successfully selling your bitcoins, the next step is to exchange them for cash. Some websites allow you to sell your bitcoins through a real cash medium and pay the exchange rate. You can use Cryptobase ATM or any similar website to sell your bitcoins. If you choose the latter option, the site will sell your bitcoins at a price between 70-100% of the market price.
When using Cryptobase, you can use it as a quick way to fund your bitcoin wallet. You can also use it to withdraw cash if you are traveling abroad. The Cryptobase ATM is easy to use and allows you to buy bitcoin with a physical cash deposit.
It is a quick and easy guide on using your bitcoins. The steps above will allow you to exchange your bitcoin for cash and make instant profits.