Once you have the bitcoin on an exchange, such as Coinbase and Gemini, you can painlessly sell it. LocalBitcoins is a person to person trading site where people can post their own bids for the buying and selling of Bitcoins to USD or other local fiat currencies. Not only is there no identity verification, but there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area. This can create the ability to sell your Bitcoin above market value.
After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing. LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin.
Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment. Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request. Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow.
At this point, the buyer will get your payment details how do you want to get paid for your BTC and release the USD equivalent in cash over to you via the agreed upon manner. When you have received the payment, you will confirm to Localbitcoins. That is it the trade is done! As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
In the early stages of Bitcoin development, most cryptocurrency enthusiasts tended to think that the original digital…. Even though it was founded in , a time when there were already established companies in the…. Ethereum 2. Part meme, part functional token, dogecoin is like the class clown who got kicked out of school but who ended up becoming a billionaire anyway. When not focused on crypto, Reed can be found passionately following the NFL.
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The currency symbol is XBT. To see the rates we quote for money transfer, please select Live Money Transfer Rates. Currency Updates via Email. Currency Chart. From XBT Bitcoin. Bitcoin to US Dollar Conversion. Want to send money? Try XE Money Transfer now. Low These are the lowest points the exchange rate has been at in the last 30 and day periods.
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When it comes to converting Bitcoin to USD or any other popular fiat currency , cryptocurrency exchanges are definitely the most obvious choices for most of us. The easiest way to exchange Bitcoin for fiat is to locate fiat-accepting exchanges that work in your country. The main problem with the most popular exchanges is the fact that they are centralized , which might put off some privacy-oriented users. For those wanting a bit more privacy while exchanging Bitcoin, P2P trading is a far better solution.
In short, these services allow you to get physical cash from the buyers by organizing a meetup. Even though they might seem like a new concept, Bitcoin ATMs have been around for years now, despite their relative scarcity. Their functionality is somewhat similar to the run-of-the-mill ATMs we use on a daily basis. All you have to do is locate the Bitcoin ATMs that support sell operations, so make sure you check before actually going there.
Bitcoin debit cards work just like most other debit cards at the point of sale or ATM. The primary difference between Bitcoin debit cards and their fiat counterparts is that the card draws from a cryptocurrency wallet and not a banking account. These cards can be loaded with Bitcoin or any other supported cryptocurrency and offer its users with a unique and fast way of exchanging Bitcoin for USD or most other local currencies.
Another very good option when it comes to converting your hard-earned Bitcoin into USD is a Bitcoin lending platform. Bitcoin lending is fairly similar to how regular banks work: the borrower has to pay back the money plus interest and fees over a pre-set period of time. Converting Bitcoin to USD is also possible with the help of various online digital wallets.
The only drawback of this method is the fact that you receive digital fiat in exchange for your Bitcoin meaning that you can only make online purchases. Before we conclude, there is one extra method of turning Bitcoin into cash, and that is selling them to either your friends or family, especially if they are interested in starting with Bitcoin.
The best thing is, by doing so, you can both save money on the transaction fees. We hope that the methods listed above will help you get a general idea of the multiple possibilities of converting Bitcoin into USD. Nevertheless, it is very important to do your own research before committing to any method described above.
You can make the exchange anonymously with private and experienced sellers. And in some areas, it might be the only way to exchange Bitcoin where exchanges are not available. Get started here. LocalBitcoins displays advertisements from users, who state exchange rates and payment methods for buying or selling Bitcoins.
Other users may reply to these advertisements and negotiate the terms of trade. LocalBitcoins acts as an intermediary, providing an escrow and conflict-resolution service, in addition to the platform itself. Most local trades using LocalBitcoins happen in larger cities.
Two LocalBitcoin users agree on a meeting place and a time for the trade to occur and typically use a smartphone Bitcoin wallet to perform the transaction itself. LocalBitcoins has its Android app , which is a must-have for any local trading. There is a growing number of Bitcoin ATMs, which are Internet-connected machines that allow people to exchange Bitcoins for cash, and vice versa. Bitcoin ATMs can be typically found in high-traffic areas, such as shopping malls or train stations.
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