For cryptocurrency beginners, the single most common aspects they want to know is how to withdraw Bitcoin or exchange from Bitcoins to fiat currency (USD, INR, CAD, EUR, Etc). It is just natural as BTC has grown in value over time, so when it rise in its value, the clear question of knowing your profits also come in.
For knowing the profits you need to sell BTC in cash as acceptable in your native countries. There are a few methods to convert BTC into USD, CAD, EUR, INR, or even GBP, You may sell Bitcoins to person for cash or maybe you can sell it on exchanges and then you will get the cash directly laid on into your local bank account. There is also the option to use your Bitcoin to purchase goods from Amazon by using services like Purse.io. Nevertheless, I think for now you would like to sell your BTC and receive cash from person or directly transfered to your bank account.
The most convenient way is to find fiat accepting exchanges in the country. After that you can sell your Bitcoins in exchange for fiats like CAD, USD, INR, GBP, or EUR. I know that all the above mentioned will not work in every country as the cash system differs from country to country. There is one more alternative of P2P buying and selling Bitcoins through LocalBitcoins .
The great thing about Localbitcoins is that you deal with the buyer directly giving you the ability to receive money in almost any of the supported platforms (cash, Payoneer, Paypal, Bank Deposit). When considering transforming Bitcoin into fiat, Localbitcoins can be the perfect choice for those who don’t want to choose an exchange.
Selling Bitcoin via an Exchange
So far the most in-demand way of transforming Bitcoin into fiat currency is using centralized exchanges like Coinbase or Gemini. With easy user interfaces and processes included in account creation, such exchanges allow you to link your local bank account for withdrawal helping to make the process simple and fast.
One more easy way to transform you Bitcoin into real money is by selling Bitcoins to your family and friends. When your purpose is to gain more profit and not because you don’t feel assured about the potential future of Bitcoin , selling Bitcoins to your family and friends is the right choice . It may also help them to learn more about Bitcoin and both of you can save on the transaction from brokerage fees.
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