Last Updated on February 17, 2023 by admin
Cryptocurrency is a viable asset that people trade all the time. However, there are certain restrictions on making payments with virtual money. Therefore, many investors and companies seek to convert crypto to fiat. Crypto enthusiasts can use different exchanges and debit cards to turn their cybercash into traditional banknotes. Let’s talk about this conversion in more detail.
Ways to convert bitcoin to fiat banknotes
Even though crypto is actively developing as an investment tool, people rarely use it for daily financial transactions, such as paying utility bills or having dinner at a cafe. There are a few variants for how to turn cybercash into fiat:
- Dedicated exchanges are the most common conversion option, resembling a standard currency exchange. The program converts your virtual savings into local currency. The disadvantage of this option is the delay in withdrawing fiat at the operation’s end.
- Bitcoin debit cards are the fastest method to transform crypto coins into cash. All counterparties who deal with debit cards accept such means of payment; The difference is that a person transfers the money from a crypto wallet, not a bank account. Card providers require a commission for performing any action and limit transaction sum.
- Bitcoin machines (BTM) operate similarly to traditional ATMs, allowing you to get cash. QR codes and various security systems ensure the smoothness and security of all procedures. BTMs charge substantial conversion fees and set maximum transaction volumes.
- Metal Pay: is a financial transfer application that allows digital resource owners to cash out capital. The user must provide bank details to purchase, sell and convert crypto.
Are you used to mentally calculating the amount that you will receive after converting to cybercash? Suppose you have some bitcoins, but their exchange rate is constantly changing, and it is problematic to calculate the value of a crypt in fiat. We recommend using a crypto calculator that will save you time calculating the value of your bitcoins or altcoins.
Fundamental tools to convert cybercash into fiat
Modern cryptocurrency exchanges have a built-in crypto converter that shows how much fiat currency you will receive after exchanging the existing crypto coins. Advanced virtual platforms have an intuitive interface that makes procedures easy. Consider the most popular exchanges with build-in converters in 2023:
Bitstamp
Bitstamp is one of the most famous and reputable European exchanges, allowing people to withdraw any amount without limits, which is essential for large traders. Investors can withdraw funds in dollars, euros, Swiss francs, pounds sterling, and yen. The system also supports 15 different cryptocurrencies.
One of the main advantages of the system is the low commission. The exchange charges 0.25% for conversions of less than $20,000. This rate is much lower than most well-known exchanges.
WhiteBIT
WhiteBIT is the largest cryptocurrency exchange in Europe that also ranks at the Top-3 of the best-secured crypto platforms according to the CER.live rating. Also, whiteBIT is one of the few exchanges that offer futures trading in addition to the spot market tools. There are over 350 trading pairs and the six most popular fiat currencies. Users can deposit national coins via bank cards and withdraw funds within a few minutes via various merchants. WhiteBIT prioritizes privacy and security, implementing the latest cybersecurity tools to protect users’ assets.
CEX
The CEX.IO system puts security first and always retains the digital wealth of its customers. The exchange offers low fees and valuable features, including buying, selling, and trading 70 crypto assets.
If an investor urgently needs money, he can sell bitcoins for cash through the CEX application and receive capital directly to a connected card. The «Instant Sell» function is available in the «Buy / Sell» tab and lets you transform digital money into dollars, euros, pounds sterling, or rubles in seconds. The program interacts with payment types, including bank transfers, PayPal, debit, and credit cards.
Kraken
Kraken is a major cryptocurrency exchange that simplifies selling, purchasing, and trading dozens of digital coins. The system sets significant limits on the withdrawal of capital; the specific parameter depends on the level of verification of the participant, which ranges from 10,000 to 10,000,000 dollars per day.
Kraken supports about 200 cryptocurrencies, including standard options like Bitcoin and Ethereum and exotic solutions like Sushi or Uniswap. You may withdraw fiat money in the form of euros, dollars, pounds sterling, Swiss francs, etc.
OKCoin
Launched in 2013 and available in over 200 countries, Okcoin is one of the world’s oldest and most user-friendly crypto exchanges.
The system’s popularity is because it deals with currencies not presented on other platforms. Users can receive US and Singapore dollars, euros, and Brazilian reals. When performing operations with ACH, you do not need to pay a commission, while the minimum transaction amount starts from $10 or equivalent. The exchange rate varies from 1 to 5 days, depending on the chosen payment system.
After all, buying or exchanging digital assets is simple. Turning your virtual savings into traditional banknotes is easy, as crypto offers several options for executing transactions. You should always proceed with caution when dealing with cryptocurrencies. In addition, make sure you do your due diligence by researching trustworthy exchanges before making virtual money transactions.
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