How to enchase your bitcoin?: How to enchase your bitcoin: Investing in bitcoin becomes easy because you can find numerous exchanges from where you can buy such cryptocurrencies. But, if you want a good amount of return from them you need to sell your coins after a certain period of time. You can sell your coins through a crypto exchange or online platform or you can convert your coins into cash.
As you know that there is no physical form of bitcoin is available and it is completely a digital asset that is stored in a blockchain. It cannot be controlled by any government or bank. But, bitcoin is capped at 21 million and people cannot produce bitcoin more than this limit. In the future, if there is any shortage of coins, there will be demand and the price of such coins will be increased. So, you can buy such cryptocurrencies and store them in your digital wallet. In huge demand, you can sell your coins and earn profits. Click this image below to start your bitcoin journey.
Move your coins to your bank account:
Holding your coins for a longer period of time can give you more profits, but you need to sell your coins at the right time to keep your funds safe. In this case, you can use your coins for buying goods and services. Else, you can transfer your coins to your bank account. You can also encash your coins by bitcoin ATMs.
You might have used the currency exchange counter at the airport, and the bitcoin exchange is similar to that currency exchange counter. Once you arrive in a new country, you need to convert your fiat currency into their currency, and you need to buy equal value in dollars or any other foreign currency. The exchange rate of a fiat currency is determined by the respective government or the central bank of the country. Similarly, the exchange value of bitcoin is determined by its market demand. So, you have to convert your coins into a fiat currency and a similar value will be transferred to your bank account.
Cash out your coins:
There are two ways that you can use to convert your coins into cash. You can use a third-party broker to convert your coins into cash and they will charge an additional amount on your transactions. In this case, you can also use a BTM or Bitcoin ATM to convert your coins into cash. Else, you need to go for the peer-to-peer transactions and you can sell your coins directly to a buyer to convert your coins into cash. Once you finalize the deal and transfer your coins to a buyer’s account, he or she will transfer the cash to your bank account.
Use a crypto exchange:
There are multiple crypto exchanges available and you can use an exchange to sell your coins. You need to deposit your coins into an exchange and you can place a withdrawal request to transfer your funds to your linked bank account. In this case, you cannot use multiple bank accounts for getting your funds credited. Brokers are regulated by money laundering law and you need to use the same account for depositing and withdrawing your coins that have already been linked to the exchange.
Before you withdraw your funds by selling your coins, you need to consider the following factors:
- You need to pay taxes on your profits earned from bitcoin. Make sure, you should not hide such information from the government because third-party brokers are liable to report their transactions for tax purposes.
- There are some exchanges available that can charge a hefty transaction fee on your cash-outs and you need to check their charges before you sell your coins. BTM transactions are the most expensive in this regard.
- Such exchanges can take a couple of hours or days to transfer the funds to your account. It will take more than five to seven days in some cases. So, you must choose a platform that is faster and cheap.
Peer-to-peer transactions can be better if you find out the best deals for your coins online. You can find such listing portals online where you can list your bitcoin and make a selling offer.