More and more businesses are accepting Bitcoin, Litecoin, and other cryptocurrencies but it can still be hard to use your coins everywhere. Here are the three best ways to convert your Bitcoin into money/cash to use when shopping online and in a store.
Bitcoin ATMs are available in most major cities around the world and they provide a relatively fast way to quickly convert Bitcoin and other cryptocurrencies into traditional, real-world money.
Many Bitcoin ATMs also allow users to buy Bitcoin with money in much the same way someone would deposit money into their bank account at a regular ATM. Most now support additional crypto coins such as Litecoin and Ethereum as well.
Using a Bitcoin ATM to convert cryptocurrencies into cash can be a convenient practice for those who get paid in Bitcoin and wish to spend their earnings. One downside though is the fees which are usually much higher on an ATM than an online service. The conversion rates can also be much lower than other methods as well, which means that you may not get as much money for you crypto as you'd like.
There are several popular online services that not only allow people to easily purchase Bitcoin and other cryptocurrencies via their websites and smartphone apps but also sell the ones they have for real money.
The most popular service is Coinbase while a good alternative is CoinJar. Both offer the buying and selling of Bitcoin, Litecoin, and Ethereum, while Coinbase also supports Bitcoin Cash (a completely separate cryptocurrency from Bitcoin) and CoinJar has Ripple.
Each service can connect to traditional bank accounts to pay for crypto coin purchases. This connectivity also enables the selling of cryptocurrencies which can be converted into regular money and transferred to a bank account within a few days.
Many people use Coinbase and CoinJar to buy Bitcoin (and other coins) and cash out their profits via bank transfer as their crypto coins gain in value. Others use their accounts to receive cryptocurrency payments from friends, family members, or customers which can then be withdrawn as money.
Cryptocurrency debit cards are a practical and affordable way to spend Bitcoin and other crypto coins at traditional retailers who may not accept crypto payments but do offer support for debit and credit cards. These cards allow their users to deposit their crypto coins via an online website which automatically converts them into a fiat currency such as the American Dollar or Euro.
Popular cryptocurrency debit cards are Monaco, Bitpay, CoinJar, and BCCPay. Each card is powered by either VISA or Mastercard which means that they can be used for both online and offline shopping at most businesses. Availability can vary by geographical region as can the daily and monthly usage limits so it's recommended to compare each card to find the right one for you and your financial situation.
A good strategy to implement is to keep your cryptocurrency stored in a wallet or online service and only convert to money that which you'll need to spend over the following month. If there's a sudden need for more money, more crypto coins can be withdrawn as cash from a Bitcoin ATM or added to a debit card in a matter of seconds. Remember that transferring cryptocurrencies to a bank account via Coinbase or CoinJar can take between one to five days, however, so it's best not to rely on this method for getting cash in emergencies.
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1. Get Cash With a Bitcoin ATM
Many Bitcoin ATMs also allow users to buy Bitcoin with money in much the same way someone would deposit money into their bank account at a regular ATM. Most now support additional crypto coins such as Litecoin and Ethereum as well.
Using a Bitcoin ATM to convert cryptocurrencies into cash can be a convenient practice for those who get paid in Bitcoin and wish to spend their earnings. One downside though is the fees which are usually much higher on an ATM than an online service. The conversion rates can also be much lower than other methods as well, which means that you may not get as much money for you crypto as you'd like.
2. Convert Bitcoin Via an Online Service
The most popular service is Coinbase while a good alternative is CoinJar. Both offer the buying and selling of Bitcoin, Litecoin, and Ethereum, while Coinbase also supports Bitcoin Cash (a completely separate cryptocurrency from Bitcoin) and CoinJar has Ripple.
Each service can connect to traditional bank accounts to pay for crypto coin purchases. This connectivity also enables the selling of cryptocurrencies which can be converted into regular money and transferred to a bank account within a few days.
Many people use Coinbase and CoinJar to buy Bitcoin (and other coins) and cash out their profits via bank transfer as their crypto coins gain in value. Others use their accounts to receive cryptocurrency payments from friends, family members, or customers which can then be withdrawn as money.
3. Using a Bitcoin Debit Card
Popular cryptocurrency debit cards are Monaco, Bitpay, CoinJar, and BCCPay. Each card is powered by either VISA or Mastercard which means that they can be used for both online and offline shopping at most businesses. Availability can vary by geographical region as can the daily and monthly usage limits so it's recommended to compare each card to find the right one for you and your financial situation.
4. Should You Convert Bitcoin to Money (Cash)?
Converting Bitcoin and other cryptocurrencies to regular fiat money to make them immediately more usable in more situations. One thing to keep in mind, however, is that once a crypto coin is converted into money, it will no longer increase (or decrease) in value. There is the potential for losing out on some potential earnings if the coin's price goes up.A good strategy to implement is to keep your cryptocurrency stored in a wallet or online service and only convert to money that which you'll need to spend over the following month. If there's a sudden need for more money, more crypto coins can be withdrawn as cash from a Bitcoin ATM or added to a debit card in a matter of seconds. Remember that transferring cryptocurrencies to a bank account via Coinbase or CoinJar can take between one to five days, however, so it's best not to rely on this method for getting cash in emergencies.
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