With the Bitcoins touching high prices, you can book some profit and encash your investment. If you have gained a good profit and you need some hard cash for other things in your life, you can easily convert your Bitcoins to cash and use it for your day to day needs. Here is a complete guide to encash your Bitcoins in real-time currency.
Methods of Converting your Bitcoins into Cash
- Using the LocalBitcoins
LocalBitcoins is a Finland based company which offer P2P Bitcoin exchange. It is spread widely across 248 countries having buyers and sellers of Bitcoins across 15000 cities. There are high chances that you will get a genuine buyer of your Bitcoin via LocalBitcoins in your own city.
LocalBitcoins is a trustworthy company and widely popular. You can use this website if you do not want to use an exchange for buying or selling your Bitcoins. The main advantage of using this method is that you are directly dealing with the buyer and there are no intermediaries in between.
The second advantage is that you can choose the format in which you require the money whether Bank deposit, cash or even PayPal. LocalBitcoins helps to meet the buyers online and the trade happens between the seller and buyer offline. The buyer can either wire the amount in the bank account of the seller or choose to pay cash after meeting up with the seller in person. LocalBitcoins only acts as an escrow manager and the prices for the bitcoins are set up by the individual sellers only.
- Cryptocurrency Exchanges
You can easily sell your Bitcoins using the exchanges where you can exchange your coins for fiat. Some of the most popular exchanges are Coinbase, Bitfinex, WazirX, Kraken, BitMex, bitFlyer etc. Some of these exchanges might not work globally as they vary from country to country and have currency restrictions.
You can turn your Bitcoins into any type of fiat/currency you require like INR, USD, EUR or GBP. You need to decide whether you need the money directly transferred to your bank account after selling your Bitcoins on the cryptocurrency exchanges or whether you need hard cash after selling your Bitcoins in person. You can also spend your Bitcoins for buying stuff on Amazon and other websites.