Bitcoin for Fiat: Best Ways to Cash Out Digital Coins
If a few years ago an expression "I have 20 Bitcoins" aroused confusion or laughter, in our time this fact means a person has a solid state. Although many people have heard of digital currencies, it is rather difficult to spend them in real life. For this reason, many lucky owners of digital coins want to convert them into traditional fiat money. In this article we will analyze what methods of cashing out Bitcoin exist, and also review their reliability, convenience and speed. Contents: (please, click the topic to scroll down to it)
- What are the ways of converting cryptocurrency into fiat?
- Cryptocurrency exchanges
- Currency exchanges
- using cryptocurrency exchanges;
- using the WebMoney wallet;
- using regular exchanges;
- using the services of individuals.
- Security. Pretty high, but you should remember that exchanges are subject to hacker attacks. Larger sites monitor reliability carefully, but they are still not 100% safe yet.
- Profit. The size of the commission is set by the developers of a particular exchange, it can vary. It is smaller at less popular exchanges and bigger at the top ones. On average, it is 1-2%.
- Convenience. Large exchanges have a fairly pleasant and intuitive interface, but the speed of money transfer is directly proportional to the exchange rate. The more profitable the procedure is for the seller, the longer he/she will have to wait for the buyer and vice versa.
- Security. It differs depending on the exchange chosen. If you seriously approach the issue of choosing a service, it can be high. But there is a possibility to run into an unscrupulous office with a high commission, which is written about in a small transparent font, or you could even lose all your coins.
- Profit. Often it is not very high, but it generally depends on the final point of withdrawal (the value of the payment system or the recipient bank of fiat). The average commission is 7-8%.
- Convenience. Depends on the level of the exchange, large projects differ in thought-out usability and automatic transaction confirmation system. Smaller projects, where the Bitcoin rate can be more profitable, often work in manual mode. They often lack a reserve of assets, etc.
- a formal certificate;
- generated WMX wallet.
- Security. The highest of all the abovementioned methods. All funds are stored in the WebMoney system, which has not caused complaints from its users for many years of its work.
- Profit. Commissions in the service are the arithmetic mean between cryptocurrency and regular exchanges, but again, everything depends on the speed of exchange. For urgency you will have to pay an additional 0.8%.
- Convenience. Quite high, if you have a formal certificate. Everything is simple and logical.
- Security. Very low, because you can come across either an honest man or a criminal.
- Profit. In case of exchange with a reliable seller, the commission may be minimal, but if you come across a fraudster, you can lose all money or even suffer physically.
- Convenience. If you are dealing with an honest seller, you can agree on the most comfortable way to commit a transaction.