Cryptocurrencies have taken the financial world by storm, transforming the way we think about money, transactions, and investments. Whether you’re a seasoned trader or a newcomer looking to dip your toes into the digital asset realm, the process of buying and selling cryptocurrencies can seem complex and intimidating at first.

With practice, however, it becomes a breeze much like any other form of investing. Besides, there is the availability of apps like Relai lately that have made the entire process much simpler. It tends to offer a clear and concise presentation of the investor’s holdings and allows them to check the current Bitcoin price at any time. Those interested can refer to this outlookindia article for more details into the same.

That being said, a common way of moving bitcoins (BTC) into cash is by taking cash to your bank account through wire or automated clearinghouse transfer (ACH) once you have sold your BTC at a crypto exchange. Another circular way of selling your BTC using services provided by cryptocurrency exchanges is spending it through one of many cryptocurrency-oriented payment cards available in the market.

Users can either deposit funds to the exchanges in order to purchase cryptocurrency, or they can deposit their cryptos in order to exchange them for other currencies, known as crypto-to-crypto trading. If you buy zcash for instance, that’s an example of how to buy and sell crypto in this way. A crypto exchange is a trusted third party providing a way to sell and cash in bitcoins for fiat currencies like dollars, Japanese yen, Malaysian Ringgit, pounds, or euros.

Cryptocurrency exchanges are platforms for users to exchange digital currencies for other assets, including cryptos like bitcoin, etherum, litecoin, and common currencies such as U.S. dollars and euros. An exchange service may take the form of a simple website with limited functionality to trade cryptocurrencies, a digital wallet with bank connections, or a fully-fledged crypto exchange with order books, market makers, and more. There are plenty of exchanges, and many of them can be less than legitimate. That is why there are expert analyses such as this Immediate Momentum Review and others out there that should be consulted before anyone settles on using an exchange. These are meant to help you figure out how to trade your crypto in a safe and reliable manner.

Selling Peer-to-Peer

When selling Peer-to-Peer, one can circumvent the traditional banking system to some degree, taking payments in cash, using a payment application such as PayPal, or finalizing a settlement with goods or services.

To begin using these types of banking services, you first need to buy cryptocurrencies, like Bitcoin, Litecoin, Ethereum, or any other currency that you wish to invest in. The first way of turning any cryptocurrency into cash is via an exchange or a broker, which is pretty much similar to a currency exchange system in foreign country airports. The process is similar to currency exchanges at airports of a foreign country. A third-party exchange broker will convert your Bitcoins to cash at a preset rate.

To convert your cryptocurrency to cash, a bitcoin ATM will generate an invoice for you to sell your cryptocurrency at the agreed-upon rate. In addition to purchases, you can also use each card to cash out of ATMs that accept VISA or MasterCard. While you might need to drive or walk to the bitcoin ATM physically, you will be able to purchase bitcoins instantly when you arrive at an ATM. You can convert Bitcoins to cash using cryptocurrency exchanges such as Coinbase, Binance, Gemini, Kraken, or ChangeHero.

When you are ready to sell some or all of your bitcoins or buy and sell ethereum, there are various ways to do it, including online crypto exchanges, direct online or in-person peer-to-peer (P2P) transactions, and via Bitcoin (BTC) ATMs. Users at some emerging exchanges go through a similar series of steps to sell their bitcoin, Ethereum, and other assets for US dollars. Depending on your crypto debit card, you may be able to load the card through a number of different methods, such as through cryptocurrency accounts, wire transfers from bank accounts, or through other credit and debit cards.