Bitcoin is a very popular cryptocurrency that you can store in a digital wallet. It is a virtual currency that is presently employed as a payment method. All the bitcoin-related transactions happen in the blockchain ecosystem. Every bitcoin is kept in a digital wallet, and transactions consist of the movement from one wallet to another. You can also send Bitcoins from P2P despite geographical areas without any mediator. It executes in a decentralized manner, which implies that no one can inhibit the virtual funds; just the concerned party is liable for the bitcoins.
Most people wonder how to sell Bitcoin when they become interested in purchasing cryptocurrencies because selling those cryptos is as crucial as investing in them. Selling Bitcoin is the same as purchasing Bitcoin, except in a somewhat reversed procedure. If you want to sell Bitcoin, initially, you should have Bitcoin with you. There are so many ways to sell your bitcoin, and some of the common ways include a Bitcoin ATM, rect peer-to-peer (P2P) transactions on-site or online, and online cryptocurrency exchange.
How to convert Bitcoin (BTC) to Fiat Currency
There are several methods to convert BTC to fiat currency. Some of the standard methods are described below –
Cryptocurrency Exchanges
Crypto exchanges are the most extensively employed way to sell bitcoin for fiat currency. It is like a money exchange facility that is essential when a person travels from one nation to another. Usually, cryptocurrency exchanges convert your cryptos into any of your desired local currency like euros, US dollars, rupees etc. Still, the main drawback of this method is the hold-up to withdrawing fiat currency even post finishing the transaction. Crypto exchanges have a built-in crypto converter feature that shows how much local currency you could receive with your Bitcoin.
There are plenty of exchanges out there, such as binance, coinbase, Gemini, etc., that has an easy-to-use interface that eases the entire procedure of bitcoin conversion. Such exchanges are negatively affected throughout bull run time and deal with some technical troubles. Coinbase seems a trustworthy solution because it has gotten better over its downtime difficulty by boosting the infrastructure capability. Coinbase exchange transfers the converted fiat funds straight into your bank account effortlessly.
Bitcoin Debit Card
The fastest and quickest way to convert BTC to fiat currency or cash is by processing a BTC Debit Card. The online portal is offered as a leading user interface where you can deposit your BTC, and the website will automatically exchange those into needed fiat currency. Bitcoin debit cards are employed anywhere, and the single difference is that money is sent from a cryptocurrency wallet instead of a bank account.
The major drawback is that the BTC debit card providers take the transaction fee on every purchase and restrict the overall sum per card. If you want to sign up to obtain Bitcoin debit cards, you should visit the respective bank and complete the KYC process.
Peer-to-Peer Exchanges:
You may already know that bitcoin doesn’t have any leading (centralized) authority. Hence any money can sent from one peer to another. That usually comprises getting a purchaser who will purchase your bitcoins and, in response, would offer money for that. But, you will have to remember one thing your bitcoin transactions are irreversible. Hence, you need to select a reliable purchaser from whom you can certainly get the funds after a BTC transaction.
Bitcoin ATMs
Bitcoin ATM also called a Bitcoin Teller Machine. It works just like an ATM that allows you to withdraw cash. Additional security features such as text messages and QR codes are there to make sure secure and smooth transactions. BTMs also enable you to sell and purchase Bitcoin, and it offers a convenient and quick way to withdraw cash from your bitcoin wallet. BTMs found in most developed cities of the globe, and more are constructing after the rise of the virtual currency age. The disadvantage of BTM is that they take a bulk amount of conversion, plus they set a higher transaction limit.
Metal Pay
Metal pay is a money transfer application that enables cryptocurrency users to cash out. The requirement for this application is to finish the KYC before entering the bank information. After entering the bank details, the customer can receive, send, sell, purchase and convert cryptocurrencies. Metal pay can easily convert a minimum of 24 cryptocurrencies comprising bitcoins.
How to sell Bitcoin on Binance P2P?
If you want to safely and immediately sell Bitcoins on the Binance P2P platform, check out the below steps and make your first trade.
Step 1
Visit the wallet tab, and click on the funding option. Then go to transfer the crypto option. If you already possess the cryptocurrency in your funding wallet, return to the homepage and click on P2P Trading for entering the trading page.
Step 2
Click on the P2P Trading option on the main window. Click on the sell option, choose a coin (for example, Bitcoin), and then choose an advertisement and click on the sell button.
Step 3
Type the quantity of crypto you wish to sell and choose a suitable payment mode. Then click on the sell Bitcoin option.
Step 4
Now, the transaction will display Pending Payment. Your transaction will show “Confirm Receipt” when the buyer pays you. Then, you will need to ensure that you have gotten payment from your buyer to the payment method/app you have chosen. After confirming the money receipt from your buyer, click on the Payment received option and confirm to release the cryptocurrency to your buyer’s account. If you did not receive the funds, don’t release the crypto to evade any financial losses.
Conclusion
Besides all the accessible options, you can also try the newly introduced Convert and OTC Portal that lets you convert the bitcoin into chosen fiat currency supported by the portal. Since this platform is accessible for huge transactions, you can access the suitable prices for your crypto than what’s available there on the open marketplace via this platform. Despite your choices for selling the crypto for fiat currency, Binance has a convenient and fast way to trade, sell and buy crypto.
