It will be safe to begin this post by saying that there are always a few risks involved in cryptocurrency. In fact, there is no form of investment that is void of risk. Life itself is full of risks and all that matters is how we minimize those risks by making the right decisions.
In this post, we will help you minimize or eliminate the risks involved in exchanging Bitcoin to fiat currencies. These are some easy steps that will help the beginner through the entire exchange process without any headaches.
WHY SHOULD I SEND BTC DIRECTLY TO MY BANK ACCOUNT?
Theoretically, a day is coming, when people will be able to buy anything online and in real life with Bitcoin. On paper, Bitcoin will take over from all fiat cash like Euros and USD. Hence you will not have to walk to the mall with money in your bag. The belief in this concept is the reason why tons of people are doing all that they can to invest in Bitcoin now.
However, only a few businesses and companies will allow you to pay them with Bitcoin. Hence, the reason why you need to convert BTC (Bitcoin) to fiat currency. This will help you buy things in the real world without too much stress.
- Another thing that may prompt you to transfer the BTC in your wallet to your bank account is if there is a declining trend in the market. You may choose to protect your investment if you believe that the BTC market will continue to decline. You can send the BTC directly to your bank account and change it back when the trend is steady. Visit https://nakitcoins.com/ to learn more.
HOW TO SEND BTC DIRECTLY TO YOUR BANK ACCOUNT
There are multiple ways to send BTC directly to your bank account or fiat currencies. Here are a few of them;
- USE A PEER-TO-PEER PLATFORM: One of the fastest ways to change BTC to cash is through a reliable peer-to-peer platform. It is also the easiest means to exchange BTC for cash. On these platforms, you simply sell your BTC to someone that is interested in buying it from you. It is often a win-win scenario as both parties will agree on the exchange rate that suits them. This may still be risky, however, there is a way to eliminate the risk involved. Make sure that the exchange is done only on the platform that you are using. This means that you should avoid transactions outside the supervision of your platform. The next step is to transfer the BTC only after you have either received transfer notification or proof of payment.
- USE A BTC DEBIT CARD OR ATM: There are currently over 2,000 BTC ATMs spread across the world. This means that you can simply walk to one of them to exchange your BTC for cash — if one of the ATMs is near you. This is one of the reasons why you need to order a Bitcoin debit card. Some online platforms will give you a debit card with the cash value of the BTC you exchanged with them. This means that you can simply walk to any ATM to make withdrawals or make purchases online with your new BTC debit card.
These few steps are risk-free ways to successfully exchange your Bitcoin for cash.