Virtual currencies such as bitcoin have turned into a major investment alongside investing in cash, gold, stocks or bonds.
Taking 2020 into consideration, the number of people investing in virtual currencies has doubled, causing the market value of the currency to also double up. While, the other currencies have almost died globally due to weak trading and less demand and marketing among traders.
As of early trading, today, the market value of virtual currencies around the world reached 1.502 trillion US dollars, numbering 8,367 currencies, traded among 479 trading platforms (digital exchanges).
However, there are some ways through which you can convert your bitcoin into cash easily.
Many people know that they can receive their bitcoin payments through different digital wallets. They are also aware of how to buy bitcoins via cryptocurrency exchange platforms which are now widely available. However, there are still some people who have only an idea about converting their bitcoin into real cash.
Bitcoins can be converted to real money at any time and anywhere. Some of the ways are listed below.
Using cryptocurrency exchange:
Perhaps cryptocurrency exchange platforms like New Spy do offer the easiest way to exchange bitcoins. These platforms allow the traders to sell their bitcoins to other uses. Thus, traeders are able to exchange their bitcoin into Euros, US Dollar, Malaysian Ringgit, British Pound or any other available currency. These applications are user friendly and super easy to access.
P2P Bitcoin exchanges:
Peer-to-peer bitcoin exchanges can be made which allows the interested people to buy and sell bitcoin online. Essentially , these platforms facilitate direct bitcoin reading between sellers and buyers. This means that traders do not need to involve different brokers in their trading; instead, they deal with bitcoin buyers directly without any extra hustle. Moreover, they can use the escrow service to protect their bitcoins.
Bitcoin Automated Teller Machine:
Traders may not want to go through a lengthy sign-up process and might try to avoid the identity verification process. In this case, a bitcoin ATM can be used to obtain physical cash. This option provides a hassle-free way to convert your bitcoin into local currency.
Currently, you can find Bitcoin ATMs in over 76 countries. Thus, making it easier to get your hands on a bitcoin ATM. One thing to keep in mind is that not every bitcoin ATM will allow you to sell your bitcoin for local currency; also, each ATM has different buying and selling limits, supported coins and fees.
