Surely if you have ever talked to a family member or friend about investing in bitcoin or cryptocurrencies, the first thing they asked you is what they are, and then … How can I convert bitcoins into real money?
It is the first question that comes to mind when we want to invest in bitcoin or other cryptocurrencies and we must know the answers.
Where and how can I convert bitcoins into real money?
There are several options to convert bitcoins into real money, such as Bitcoin ATMs, Exchanges, Bitcoin buying and selling platforms, Debit cards, Peer to peer sales … etc., today we will show you how to do it, where and what precautions should be taken.
Exchange currency exchange:
Using Exchanges is one of the most common ways to convert bitcoin into real money, for this, the most important point that must be taken into account is that the Exchange where you want to exchange bitcoin or other cryptocurrency for fiduciary money, has the Cripto / Fiat pair that you want to convert.
This means that if our goal is to change Bitcoin to Euros, the Exchange must have that option, because otherwise, it will be impossible to make the change. Bitcoin’s most common Par (fiat) is the dollar (USD), which is usually available in almost all Exchanges.
Be careful not to confuse the USD pair with the USDT (Tether), the Tether is a cryptocurrency with a value equivalent to the dollar, but it is still a cryptocurrency, therefore if you want to exchange to real money it should be exchanged to USD or EURO.
The second point to consider is whether the platform will allow sending those funds in Fiat money directly to our bank account or if they only allow us to send that money to another wallet.
Exchanges with the Bitcoin / Euro pair
The most known platforms that allow this change are: Kraken, Bitstamp, GDAX and Bitfinex.
Exchanges with the Bitcoin / USD pair
The most known platforms that allow this change are: Bitfinex, Bitstamp, GDAX, Gemini, Kraken, CEX.IO.
Once the change has been made and the euros, dollars or fiduciary currency that we want in the withdrawal section of the chosen platform appear, we must transfer the money to our bank account.
In order to carry out this change to fiat money, the exchanges usually request a prior verification of data, such as the telephone, address and a picture of the passport or id. Once the data has been verified (this process usually lasts several days until they verify that the data is real) you can send the money to the bank account and convert the bitcoins to real money.
Peer to peer platforms
As for P2P platforms to convert bitcoin to euros, Localbitcoins is the best known. This platform allows you to buy and sell bitcoin to other people, either through bank transfer, in person, by Hal-Cash or Paypal, among other options.
It is a worldwide platform, where you only have to search if,0 in the place where you want to make the exchange, there is someone interested in selling or buying bitcoin. Localbitcoins will then indicate the closest people both for the purchase and for the sale of cryptocurrencies.
To convert bitcoin into real money, you just have to register on the page and put the offer with the price that you want to sell the cryptocurrencies with and the payment methods that you accept.
The biggest drawback of this page is that the price of the cryptocurrency sales is usually more expensive than in the market since here the sellers are the ones who mark the price, although if your interest is to sell, a greater benefit will be obtained.
HalCash is a company of Spanish origin, which since 2004 offers an electronic payment system where they can send money both domestically and internationally.
This platform has more than 12,000 ATMs around the world and with the association of 16 banking entities, in Spain, Poland and they are expanding their borders to the United States and Mexico.
Among its associates, it has: Bankinter, ABanca, Evo, ING Direct, Santander Group, Laboral Kutxa, Cajamar Group, mBank, WBK, Euronet Wordwide, Payment Alliance International, Pademobile, among others.
How do I change Bitcoin to real money with HalCash?
HalCash as such does not allow directly changing bitcoin into real money, this is why they are associated with other companies in the sector that can make the process of changing from crypto to fiat, such as Bit2me, Localbitcoins or Chip-Chap.
To use HalCash you do not need to have a bank account, you only need a phone number since the withdrawal codes are sent via SMS.
Uphold is a financial services platform based on the cloud, which can be accessed from 184 countries and gives the possibility to exchange with more than 30 currencies, fiduciary, cryptographic or precious metals.
- Add funds to a portfolio through a transfer, debit card or bitcoin wallet.
- Save funds securely (protected by reservations all around the world)
- Move and convert your money instantly and for free.
- Total control of funds in real time.
The platform was launched in 2015 and already moves more than 3 billion dollars in transactions.
Bitcoin buying / selling platforms.
There are platforms in which you can buy and sell bitcoin, the biggest drawback of these platforms are the commissions and the price difference with the market, since because they have to obtain a benefit from each transaction, these platforms usually buys more expensive and is sold cheaper than at the market price.
As a point in favor, it can be said that they provide security, since these platforms have been offering these services for years.
Coinbase is one of the best known platforms both for buying and selling bitcoin, to exchange bitcoins for euros on this platform the following steps should be done:
- Have Bitcoin in the wallet
- Sell Bitcoins to Fiat money.
- Make a withdrawal of the fiduciary money to a bank account by a transfer.
In Bit2me it is possible to buy and sell bitcoin, regarding the sale it can be made through SEPA bank transfer (to Europe), SWIFT bank transfer (international) or from HalCash.
Cex.io has been offering services related to bitcoin since 2013, this platform also allows the purchase and sale of bitcoins, the withdrawal of cash can be made through Visa, MasterCard or Cryptocapital (a private Fiat banking platform built to support any Cryptocurrency Blockchain)
Platforms that offer debit cards
Debit cards are a fast and convenient way to convert bitcoin into real money, you just have to recharge the debit card with bitcoin or another cryptocurrency that they accept and it will automatically convert the balance to fiduciary money to make a payment at any place that allows payments with debit card.
The most known platforms that offer these services are: Wirex, Shift Card or Bitpay.
Through Bitcoin ATMs
More and more Bitcoin buying / selling ATMs are being installed around the world. It has reached more than 3000 units and will undoubtedly continue to grow.
The United States is the country with the most bitcoin ATMs surpassing 1000 units, followed by Canada, Austria, the United Kingdom and Spain.
To change bitcoins to real money through a selling cashier / bitcoin, you only have to send bitcoin to the address indicated and when the transaction is verified the cashier will deliver the corresponding cash.
After converting bitcoin into real money, how do we receive its payment?
Depending on how and where we exchanged bitcoin to fiat money, we can receive our money one way or another.
To receive cash, you must exchange bitcoins at a bitcoin purchase / sale cashier or make a peer to peer sale through a platform such as Localbitcoin.
In an account:
To receive money in a bank account, you can make the change through an Exchange, a bitcoin buying platform such as Coinbase or a platform that allows this type of deposit, Localbitcoin in addition to cash also allows this type of exchange.
It will be necessary to register in one of the platforms that offer this service, send the bitcoin that you want to sell to the wallet you specified and wait for the Cripto / Fiat conversion to be done so you are able to buy with the debit card anywhere.
If you liked our article and you are interested in knowing more about the world of cryptocurrencies, do not hesitate to contact us, we will be happy to assist you.