Trade Your Bitcoins into Real Cash
Bitcoin is a decentralized cryptocurrency, which has ultimately a very proper essence. It is a currency. Bitcoin appears to be like any other currency. You can use it wherever you want to buy something or to get a payment for a service or a from a sale. Well, if it this is the case, then Bitcoins must be easy to convert into other currencies, digital or not. Let’s understand how we can turn our digital money into real cash.
Bitcoin as a Gift
Some people do not fully understand that Bitcoin is a real substitute for cash and may eventually take its place. For example, if you have an amount of coins and are thinking about purchasing a gift for your girlfriend or boyfriend, they are a good option. There is many people who do their shopping and buy gifts or presents for friends online using a credit or debit card. It’s easy and comfortable, you just need a card and do not even have to leave your home. So, why not use your coins stored in your online wallet? If you want to give a gift, just present a gift card with a Bitcoin balance. There are many websites and companies, which accept cryptocurrency. Nice and simple idea don’t you agree? What if you need to turn your precious coins into real cash right now?
The most common way to purchase cryptocurrency, to buy or to sell, is using the Internet. People around the globe use Bitcoin exchanges, which offer such services. If you have a Bitcoin, you can go to, for instance, to register, attach your credit card, and sell your Bitcoin for US dollars or other currencies . Then you just wait while your bank verifies and approves your transaction with cryptocurrency and your card.
Sometimes this process may drag on for a week or more. This is not the best option if you require your money immediately.
In this case, Bitcoin doesn’t appear to be a very liquid asset. What’s the solution? Remembering that Bitcoin is a currency like any other, you definitely may sell it using a face-to-face transaction without the need for bank cards at all, just as you can make a trade with a friend exchanging dollars to euros or giving a gift to someone.
People around you probably do not have Bitcoins or may not even be aware of them and only use traditional currency. Cryptocurrency is not so widespread as standard payment options such as credit cards. That’s why you need a way to find people who have Bitcoins and are willing to sell them to you or who want to buy their Bitcoins from you. There is an excellent online service that helps such people to find each other. This service is. LocalBitcoin is a Finnish company, which provides a service to connect Bitcoin buyers and sellers. Many sellers around the world are looking to sell their coins. If you have Bitcoins to sell, you may join them and offer a price. If you want to purchase then you just need to choose a contractor for your transaction.
You may find the closest people who live around you in your area or in your city. Just fill in your residency and find how much Bitcoins are being sold or bought for.
You should pay attention to a partner’s reputation, which can show how honest and responsible they are. It looks similar to a trading system on eBay where you can find a seller’s reputation next to his nickname.
Then you may choose the best price on offer. Sometimes it can be different from the current global price of the currency. It mostly depends on the seller’s circumstances. Then there are two main ways to make a transaction. First is a transfer using a bankcard to exchange money from your card for Bitcoins directly to your partner. This method is not so popular among LocalBitcoing users due to the fees and charges taken by banks. In fact the main idea of the website was to enable face-to-face transactions. Therefore, this is the second way to make a deal.
Meet and Make a Deal
When you have chosen a LocalBitcoin partner and agreed to meet somewhere, you need to have an online Bitcoin wallet to make the trade. When you meet with a person somewhere you should take into consideration your security and meet in a crowded place. Obviously, it’s not a good idea to meet in a dark alley of a dangerous location. Think about restaurants, big malls, or shopping centers where there are always plenty of people and security. When you meet a partner and realize you are ready to deal with him, you may begin. The whole process is extremely simple but a bit more difficult than to exchange cash for cash. In our case, your partner gets your wallet address and makes a transaction with you. A few minutes later, you get your Bitcoins in your wallet and give money to the person. If you try to sell your Bitcoins, the process is the same. You send Bitcoins to your buyer in his presence and get your money. Consequently, this is a simple way to get cash for your Bitcoins.
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