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How to Convert Bitcoins to Cash: A Beginner’s Guide
Bitcoin remains the world’s most popular cryptocurrency, and over the years, many people have shown increasing interest in it, be it for speculation, a means of payment or any other reason. However, some people who are holding some of this digital currency remain unsure how to cash it out.
It is crucial to know how to convert Bitcoins into cash because you may need to do it at short notice for several reasons, including:
- To spend your money where BTC is not accepted. There are some places, such as Turkey, where it’s not legal to pay with Bitcoins.
- To avoid massive (or minor) losses when the value of Bitcoin is dropping
- To invest your funds in more profitable ventures
Below are some things you need to know as a beginner when it comes to converting your Bitcoin into cash:
Choose the right exchange for you
As you search for how to convert bitcoins to cash, the first step is to identify the most suitable exchange for you. The good news is that you’re spoilt for choice as there are many exchanges out there to help you convert your BTC into cash in Turkey. However, as you think about what the right platform for you is, consider factors such as transaction fees, security, speed of transaction, and the supported withdrawal options.
Create your account
After picking the right exchange, the next step when working out how to convert bitcoins to cash is to set up your account. The step involves providing your details and completing a validation process to meet the business’s Know Your Customer (KYC) requirements. These requirements may differ from one exchange to another and with jurisdictions.
Connect a bank account or a withdrawal option
With your account set up, you need to have a way to receive your money once you cash out your bitcoins. Most exchanges offer users an option for users to link their preferred bank accounts to their crypto trading accounts on the platforms. Additionally, some crypto trading platforms may provide alternative withdrawal options, like credit cards, PayPal, and other online wallets. You need to follow the instructions given carefully to link your account securely to your preferred withdrawal option.
Sell your Bitcoins and receive the funds
When you have created your exchange account and have linked a withdrawal option to the crypto account, you can start cashing out your BTC. If you are using an online platform, look for the option to “Sell” or “Trade” and pick the option to sell digital currencies. You need to enter how many bitcoins you want to sell, and the fiat currency in which you want to receive your funds, such as USD, TRY, or EUR, etc. The exchange will try to match your sell order with a purchaser and complete the transaction.
On successful completion of the Bitcoin sale, the platform will credit your account with the equivalent amount of cash, net of its transaction fees. After that, you can go on to withdraw your cash to the bank account you have linked with the exchange or use whichever withdrawal option you choose.
Conclusion
If you have been trying to find how to convert bitcoins to cash, now you know the steps to follow. Other than online platforms, you can also visit physical crypto exchange offices and cash out your bitcoins instantly. It is crucial to consider the timing and market conditions as you sell your bitcoins and pick a favorable time that will maximize your profits.
