For all the newcomers in the world of cryptocurrency, here’s a quick preview of how to convert Bitcoin into a fiat currency such as the US dollar.
There may come a time when you need to transform your Bitcoin into a fiat exchange. If you are considering selling Bitcoin, you basically have two alternatives. Also, in spite of the fact that both have their merits and demerits, both face similar challenges, for example, absence of user awareness and vague remediation procedures.
Selling BTC via Exchange Platforms
Till date, the most prominent method of transforming Bitcoin into USD is via centralized exchanges, for example, Gemini and Coinbase.
With smooth UIs and Know Your Customer (KYC) processes needed as a major aspect of account formation, these exchange platforms give you a chance to connect your bank account for withdrawal, making the procedure simple and effortless.
Convert Bitcoin into US Dollars via Coinbase
With your Coinbase wallet holding your precious Bitcoin, you are all prepared to transfer your assets to your bank account. Go to the Buy/Sell segment of the wallet.
Once you have chosen the ‘Sell’ option, choose the wallet which you want to sell from, as well as the bank account where you wish the dollars to get deposited.
Provide the amount of US dollars which you wish to acquire. The Bitcoin equivalent for the entered sum will be automatically calculated by Coinbase. If you do not have sufficient funds, Coinbase will notify you about the same and will ask you to make a fresh entry. Once you validate the sum that you want to sell, take into account the fees as reflected during the transaction and then click on the ‘Sell Bitcoin’ tab.
Convert Bitcoin into US Dollars via Gemini
Yet another prevalent choice for clients to purchase, sell and trade their Bitcoin into US dollars is Gemini. It has some of the best trading features, and just like Coinbase, will permit you to obtain cash for Bitcoin in a simple and quick way.
Go to Gemini’s ‘Sell’ tab to select how you wish to sell Bitcoin and the price you are ready to offer. It is not at all like Coinbase, and you first need to exchange your Bitcoin for fiat cash, before having the capacity to transfer it to your bank account. Get the equivalent USD and get ready to transfer it to your connected bank account. Just like Coinbase, Gemini will take 2-5 business days to process the transaction.
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