As we all know, Bitcoin is an innovative form of digital currency and new payment system. To be specific, Bitcoin is so odd because it works without a centralized banking system, transaction are done without any mediator.
The master brain behind Bitcoin is still under the veil, but generally known as Santoshi Nakamoto. It offers lower transaction fee than other online payment methods. Bitcoin system mainly depends on digital platform related to cryptography.
Check out the benefits and risks of investing in Bitcoin.
We can exchange it digitally and are available in Bitcoin exchange and can also purchase it from other users also. These type of crypto currencies are banned in many countries because of there is a chance for money laundering, forgery and related crimes. There are many Bitcoin exchanges like Unocoin, Localbitcoins, etc. There are so many ways to exchange Bitcoin, some among the same are mentioned and discussed under.
How to exchange Bitcoin Online?
It is a common way to sell Bitcoin through online. There are many ways to sell Bitcoin on online. The first way is the direct trade with another person who need the currency. Websites like Coinbase help us to exchange Bitcoin through online. In this case, one needs to interact with a buyer. The website helps to transfer it to the buyer. By transferring Bitcoin to the person who is buying the same, cash can be transferred to the bank and one can collect it from their account. First of all, one needs to register as a seller. After registering, add an offer. The website will alert us when one gets an ideal buyer, then trade it, and collect cash from account.
There are many trading exchanges like Coinsecure to exchange the Bitcoin into cash if one is need of. Trading exchanges is an easy way to exchange Bitcoin rather than trading it with other person. Exchanges are trading platforms and we need an account to trade in exchanges. Seller can place a sell order in it by indicating type, price that we interested to sell etc. When we find a similar buyer, cash will be credited to the account. We can collect it from bank by using our accounts. By using an exchange service we can convert the digital currency into Dollars, Euros or other currencies. We can choose what currency we have and which currency we need. When the transaction is finished we can collect the cash from ATM counters by using debit cards.
Convert using Peer to peer trading
In this case two people combine with specific needs. The first person wants to buy goods from sites using Bitcoins. The second person likes to buy Bitcoin with a credit or debit card. It will be most helpful for a person who is ready to trade his or her Bitcoin. So the user and buyer can buy and sell Bitcoin and its value by using peer to peer trading.
We can sell crypto-currency by also using offline method. We can sell it by avoiding services of fees by direct exchange. We can meet buyer personally in a specific meeting point. We can also enquire a buyer by making use of social Medias. Mycelium is a web site to help to find buyers close by. When we sell the Bitcoin, we need to ensure payment receipt in our account, and then the transaction will be completed.
All above mentioned points are the popular ways to transfer Bitcoins into liquid or solid cash. But we need to understand that, generally not all countries accept the crypto-currencies. Besides, there high chance on the digital world to lose money. As the global economy is not yet ready to accept Bitcoin trade as a legal method of money transaction, individuals must be so careful while buying or trading Bitcoins.
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