Bitcoin for Fiat: Best Ways to Cash Out Digital Coins

cosmonaut Bitcoin

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)

  1. What are the ways of converting cryptocurrency into fiat?
  2. Cryptocurrency exchanges
  3. Currency exchanges
  4. Webmoney
  5. Individuals
  6. Conclusion

1. What are the ways of converting cryptocurrency into fiat?

There is no universal best method of exchanging cryptocurrency for fiat money. The fact is that every single person has his/her own personal preferences. Therefore, each of the methods presented below works better or worse than others, taking into account certain circumstances in a particular situation. For this reason, we will evaluate each method according to three key criteria:

  • security;
  • profit;
  • convenience.

At the moment, there are 4 main ways to convert cryptocurrency:

  • using cryptocurrency exchanges;
  • using the WebMoney wallet;
  • using regular exchanges;
  • using the services of individuals.

Let’s analyze each of the abovementioned methods to find out which one is best for you.

2. Cryptocurrency exchanges

Perhaps, the most popular method of releasing and withdrawing digital coins is the cryptocurrency exchanges. Some projects are cryptocurrency only, they have no place for fiat, however, there is also a sufficient number of platforms on the market where you can exchange real money for Bitcoin and vice versa.

If we talk about converting cryptocurrency into the usual money, Bitcoin, Ethereum and Litecoin are best for these purposes, but even little-known coins (for example, the Poloniex exchange) can be used as well.

Criteria analysis:

  • 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.

3. Currency exchanges

There are quite a few similar services on the market, for this reason, it is practically impossible to track the exchange rate manually. For the convenience of users, there are special websites where rates at various exchange offices are monitored. The most popular monitoring site in RuNet is bestchange.ru.

Very often, beginners are hunting for the most profitable rate and do not conduct a thorough research of an exchange itself. This could lead to sad consequences, from an overestimated commission of 10-15%, to total deception and theft of users’ funds. Therefore, before you convert BTC at any exchange office, you need to find out about its reputation.

Criteria analysis:

  • 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.

4. WebMoney

Service WebMoney has recently began supporting Bitcoin. To be able to convert digital assets, you must have:

  • a formal certificate;
  • generated WMX wallet.

Criteria analysis:

  • 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.

5. Individuals

Perhaps, it is the most dangerous and ambiguous way to convert cryptocurrency into fiat money. You can find private traders on specialized resources (for example, bitalk.org). The human factor is very unpredictable, so there is no single description of this method.

Criteria analysis:

  • 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.

6. Conclusion

Nowadays a question of how to cash out Bitcoins has a lot of answers. Cryptocurrency has already stopped being a wrapper for geeks, so now this industry has way more infrastructure for converting in both directions.

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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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