Ever since the advent of blockchain technology, digital currencies got an unprecedented push from it and the trends continue to grow more dynamic with each day. Financial firms & investors have been heavily attracted to this bitqt industry and it becomes important to know the worth of such cryptocurrencies in the national currency.
People are constantly flocking towards making money through cryptocurrencies every day. As far as the investments in cryptocurrency are concerned, India is a predominant country where the level of investment has grown substantially i.e., $923 million to $10 billion from 2020 onwards. However, if you are looking forward to knowing some specific & reliable ways to convert your digital currency/crypto assets into tangible assets i.e., cash, this blog will help you to get acquainted with the process.
What do I have to do to convert the crypto into cash?
The predominant method to know the crypto conversion can either be done through a broker or an exchange. You can easily deposit your cryptocurrency/digital assets into an established exchange in the likes of CoinDCX, Unocoin, WazirX, CoinSwitch Kuber, etc. In continuation of the deposit, you can then withdraw the amount of money in any currency that you deem necessary. The withdrawal thus made will be sent to your registered bank account without any further hassle. You should also be aware of the fact that while converting the cryptocurrency into tangible cash, there will inevitably be a necessary token fee that you will have to pay and such charges will be imposed by the 3rd party brokers.
It takes on an average of four-to-six days for the entire amount to be credited into your respective bank account. Moreover, the exchange will also charge you a minimal fee against the transaction that you carry out and the amount will differ from one broker to the other.
Steps to follow
Below mentioned are some of the basic steps that you have to follow for a successful conversion of digital coins into cash:
- First off, you as a user will have to create a separate account with an established exchange or broker
- This step will require you to complete the verification process which will be facilitated by the brokerage firm. You have to sign up for it and complete the entire process in one go.
- Now, you have to buy or deposit the digital currency/cryptocurrency that you own directly into your bank account.
- The facility of withdrawing bitcoin from the bank can easily be availed by you.
What does the Peer-to-Peer platform have in store for me?
Peer-to-peer platforms are also being heavily used by traders, users, investors & financial institutions to convert crypto into cash successfully. This method is quite predominant and comes in handy if you want to sell your coin for cash without any extra minute to spare. Furthermore, you also have an option to decide which payment method you are most comfortable with during the entire process of selling bitcoins. This process is quicker and does not warrant any sort of transaction fees or, the amount is significantly lower in case the transaction fees are involved.
It is also advisable to lock away your bitcoins safely until the entire payment is processed in this peer-to-peer transaction. You get an exclusive option to remain anonymous, thanks to the peer-to-peer platform, moreover, the option to use a secured VPN will keep your network/connection secured throughout.
Here is a brief process that will help you to get accustomed to while operating on any peer-to-peer platform:
- First off, you will have to sign up & go on to choose the ideal buyer’s specific location
- You can leverage this marketplace to seek crypto buyers. You can also send you a trade request which will make you visible on the platform.
- The majority of the peer-to-peer platforms will always showcase their Escrow option to conduct the transactions successfully. It is a secure place where you can easily secure your bitcoins until the payment is verified.
You will have to choose a reliable platform to know the credibility of the information that they display. You might even lose track among a plethora of such platforms, so explore your options wisely.
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