The Cryptocurrency market is growing continuously with the demand for various cryptocurrencies rising continuously. Hence, it has become a regular means of exchange between individuals and firms.
If you’re new to cryptocurrency, then you may be wondering how to convert your bitcoin into dollars.
Converting your bitcoin (BTC) into dollars can be done via several platforms.
In this post, I’ll be showing you how to convert your BTC into dollars. Stay glued to this post to see full details.
What is Bitcoin?
Bitcoin is a type of digit currency known as cryptocurrency. It doesn’t have a physical form, but rather a digital data stored in Blockchain. Hence, this is a kind of secure currency devoid of governmental control.
Bitcoin has a stipulated amount to be produced which is set in its source code. Only 21 million bitcoins will ever be produced. That means the supply is limited, making it all the more valuable.
As the demand for bitcoin increases, so does its value. Bitcoin has become a commonly used form of exchange between buyers and sellers. There are numerous platforms that accepts payment via bitcoin. Hence, bitcoin is now traded as a store of value commodity like gold.
How to Convert Bitcoin To Dollars
If you’re looking to convert your bitcoin to dollars then there are several means with which you can achieve this.
If it’s simply converting the bitcoin to know it’s value in dollars, then you can make use of a currency calculator to convert the bitcoin into its equivalent in dollars. Just like converting dollar to naira today, you can convert bitcoin to dollars so easily. You can make use of currency calculators like coinbase calculator, BNB calculator, etc.
However, if you wish to convert your bitcoin to dollars in other to withdraw your cash, then you’ll need to make use of a third party conversion app, or a peer to peer transaction platform to make the conversion.
How to Convert Your Bitcoin to Dollars
There are two main methods you can use to convert your bitcoin into US dollars.They include; third-party exchange broker, andpeer to peer transaction platforms.
These methods can help you convert your bitcoin and get the equivalent value for your bitcoin in dollars. See details on how to use both methods in this post.
How to Convert Bitcoin to Dollars via Broker Exchange
Using a broker exchange to convert your bitcoin to dollars is quite simple, here’s how to do it:
- Select a third party broker exchange platform you wish to use. Coinbase and Kraken are some of the most popular options used by investors to convert their bitcoin
- Sign up on the platform and complete the brokerage verification process
- Deposit the bitcoin you wish to convert to dollars into your account.
- Now you can cash out your bitcoin by depositing the funds into your bank account through wire transfer or via PayPal account
- Bear in mind that the withdrawal may take up to 4-6 days to be completed. Also, some transaction fees may be applied.
How to Convert Bitcoin to Dollars via Peer to Peer Exchange
Another method to convert your bitcoin into dollars is via Peer to Peer Exchange, see how to do it below:
- Decide on which peer to peer exchange platform you will make use of. Some of the most popular ones include; LicalBitcoins and Paxful
- Sign up on any of these platforms and choose the location of your ideal buyer
- Upload your trade request on the platforms to find buyers
- Thesepeer to peerplatforms will not release the bitcoin until you have confirmed the payment from the buyer.
- You can also create an advertisement for your bitcoin, although it might come at an extra cost. You can also rate the buyers and sellers to help you and others remain safe when using the platform.
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