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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You Can Now Buy a Cup of Coffee in a Swiss Cafe Using Bitcoin’s Lightning Network

coffee for btc

While cryptocurrency is leaking into the spheres of entertainment, music and sports, the food industry seems to be falling behind a little. Though McDonald’s did launch its MacCoin, frankly speaking, it had nothing to do with crypto except its name.

A little cafe in the capital of Switzerland managed to outrun the king of fast food. You can now purchase food and beverages there using the Lightning Network of Bitcoin. By the way, the cafe is called energyKitchen.

To come up with this upgrade, the management of the cafe partnered up with a local IT company, and here is the result – Bitcoin holders now orders meals from the online menu or scan QR codes outside the cafe and pay for everything in BTC.

Oliver Grugger, the owner of this cafe, revealed some details on his Twitter.

So if you happen to be in Bern with a couple Bitcoins in your virtual pocket, make sure to stop by energyKitchen and get a cup of coffee.

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Cryptocurrency Prices for the 19th of September: Bitcoin and Ethereum Are Recovering, Ripple Skyrockets

crypto prices

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

According to the online platform Coin360,  Bitcоin (BTC) added 1.31% over the past 24 hours. The price at the time of writing is $6375 per coin.

Cryptocurrencies are also recovering:

Bitcoin Cash increased by 4.54% over the past day and costs $436 per coin;

Ripple rose by 20.38% and is now at a price of $0.33;

EOS added 5.27%, and its price is $5.13;

Litecoin grew by 4.05%, and its value is $54;

Cardano gained whopping 15.24% and costs $0.073;

Stellar rose by 6.96% and is worth $0.21;

IOTA lost 0.14%, and its value is $0.53;

Dash increased by 0.30%, and its price is $188;

Monero grew by 5.12% and is worth $192.

In the past 24 hours Ethereum added 6.67%. The cost of the coin is $212.

The total market capitalization is $200 billion. Bitcoin accounts for 55.1% of the total volume. It is $110 billion in monetary terms.

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Akon: Nobody Knows What Cryptocurrency Is, But It Doesn’t Mean You Should Not Invest Into It

akon talks crypto

The famous American rapper Akon, the author of such hits as Smack That and Right Now, seems to be very interested in cryptocurrencies. First, he announced the launch of his own digital coin – Akoin – which is supposed to be the currency of a crypto city in Africa.

While the details of his ambitious plan have not yet been revealed, Akon keeps researching the possibilities of the crypto world. Recently he gave an interview where he discussed the financial situation in Africa and his vision on cryptocurrency.

When the interviewer said he did not quite what cryptocurrency was in the first place, Akon’s response was simple – “Nobody does.” The rapper actually finds digital assets very similar to regular company shares.

You know they’re going to yield an investment. You go there with your money because you know, these guys, in the next four, five or ten years, their projection said they are going to make triple what they are making now.” – he mentioned.

In the end, Akon said he would keep studying the subject and would do everything in his power to improve the difficult situation in Africa.

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Elon Musk Turned to the Creator of Dogecoin for Help in the Fight Against Twitter Scammers

musk needs help with crypto spammers

The CEO of Tesla Motors, entrepreneur and engineer Elon Musk published a message in his Twitter meant for the creator of the cryptocurrency Dogecoin Jackson Palmer with the request to invent a way to deal with crypto scammers on the social network.

A few minutes later, Musk received a response with an invitation to use a script that would resolve the issue with the scammers. Judging by the message of Dogecoin’s creator, Elon Musk used it.

https://twitter.com/ummjackson/status/1041577055970893824

We remind you that Elon Musk had to deal with Twitter fraudsters not once and not twice. Bots with offers to receive different cryptocurrencies for free were attacking Musk so much that he even started writing brilliant responses to them. Later, the social network management even began to block accounts containing the name of Elon Musk.

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McAfee Birthday Collection: Top-5 Eccentric Statements, Promises, Innovations and Scandals

john mcafee birthday compilation

The editorial board of The Coin Shark wishes happy birthday to the most unconventional crypto personality John McAfee and hopes he will thrive and please the crypto community for many more years.

For this occasion we decided to compile the loudest things that McAfee has said or done this year.

1. There is no doubt that the wildest promise of John McAfee remains his infamous claim about the price of Bitcoin in 2020. The interesting part is, of course, related to the physical tortures that McAfee is ready to face if his predictions turn out to be wrong.

2. Another loud claim of McAfee was his firm intention to run for presidency during the next election. Given the low levels of popularity that the current US President is coping with, we believe that anything might happen at this point. Politics aside, no doubt that the crypto world will be thrilled to have such a president.  

3. We could not leave out the epic with McAfee’s crypto wallet Bitfi. Was it really hacked? Was McAfee planning to give such a pricy award? We don’t know. However, what we do know is that the story brought a whole lot of attention to the wallet, so maybe it was an ultimate goal in the first place.

4. The CoinMarketCap should beware, because John McAfee is on its toes. His own site with market capitalization and cryptocurrency exchange rates is already functioning.

5. Last, but certainly not least comes the McAfee crypto challenge. Brilliant minds with innovative crypto solutions can join his team to improve and develop the crypto world together.

Anyway, even if John McAfee does not eat any parts of his body or loses the run for presidency, he will always remain one of the brightest stars of the crypto universe. Happy birthday, John!

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Bitcoin and Ethereum Price Analysis Today on the 18th of September: Cryptocurrencies Collapsed Again

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

According to the online platform Coin360, Bitcоin (BTC) lost 3.07% in the past 24 hours. The price at the time of writing is $6286 per coin.


Source: https://coin360.io/

In the past 24 hours Bitcoin reached the highest mark for the day at $6452, later it fell drastically to $6338 and then fell to $6257 per coin. At the time of writing BTC added about $30.


Source: https://coinmarketcap.com/

In this time interval, we can observe a downtrend.

The remaining cryptocurrencies fell into the deep red zone:

Bitcoin Cash lost 7.23% over the past day and costs $414 per coin;

Ripple dropped by 2.50% and is worth $0.27;

EOS fell by 9.17%, and its price is $4.86;

Litecoin lost 7.79% and its value is $51;

Cardano fell by 7.69% and is worth $0.063;

Stellar decreased by 3.51% and costs $0.19;

IOTA lost 6.01%, and its value is $0.53;

Dash lost 6.58%, and its price is $182;

Monero became cheaper by 7.89% and is worth $107.

Ethereum reached the highest mark of $221 in the past 24 hours. A few hours later, ETH dropped to $195. At the time of writing, the price of the coin is $197.


Source: https://coinmarketcap.com/

The total market capitalization dropped to $192 billion. Bitcoin accounts for 56.3% of the total volume. In monetary terms, this is $108 billion.

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