What is the Best Way to Cash Out Your Bitcoins?
The digital currency has turned out to be one of the most prominent segments of the economy recently. The technology of blockchain has proven to steal the hearts of millions around the world – and became a profitable business. Numerous cryptocurrencies are rising each day, and the most successful one is definitely bitcoin, which has recently reached the exchange rate of $8000. If you have several BTC on your deposit, you probably need to know how to make use of your millions: one of the easiest ways is, of course, cashing out. Let’s discover which cash our methods of bitcoin are available on the market, and how do they differ.
The difference between Cash-Out Methods
Bitcoin is a wonderful investment as it rises dramatically and promises to do the same for a long time. Having a certain amount of digital currency, you might want to exchange it for real money, though. Thus, there are several options to cash it out. However, consider the fact that the crypto will come out with fees – and also note that the current rate plays a crucial role in any of the methods, so pay attention to it carefully.
The available cash out methods for BTC include the following:
Yeah, just like with the ordinary money. Nowadays, such ATMs are available in almost all big cities – check if you have one where you live. Just like with other ATMs, you can cash out your crypto assets in governmental-issued currency, or buy some crypto for cash. Some ATMs also support other cryptos, for example, Litecoin, and Ethereum.
This method is quick and easy, but it also has a noticeable disadvantage. Fees on ATM transactions are higher than those on online services. Plus, the conversion rates generally are not as favorable as they could be using other tools.
Bitcoin Debit Card
Cryptocurrencies have become so popular lately, that there have already occurred specific cards for their owners. It is a useful method to use crypto in daily life. Powered by Visa or Mastercard, such debit cards allow you to use them both for online and physical shopping. Such crypto cards convert your assets into fiat currency – for example, euros or dollars. They, however, are not available in many countries and have monthly usage limits, so think twice before ordering it.
This option is available not only for those who have “A” for their finance college classes: crypto exchanges are nowadays one of the most widely used methods of bitcoin trading. You can sell or buy digital currency there: there are exchange order books where all the transactions are listed. The exchange becomes a middleman of a deal between the two parties.
However, this way might be challenging as cryptocurrency trading requires a lot of specific knowledge of economy, finances, and cryptocurrency, of course. Moreover, it is stressful and time-consuming as you have to find an appropriate buyer (or several) and keep a watchful eye on the rate as not to face the slippage.
OTC Bitcoin Trading
BTC OTC or Over-the-Counter trading is a crypto trading where the two parties discuss the details of the deal directly with each other. OTC markets open vivid opportunities for the holders of big amounts of cryptocurrency as transactions made there do not affect the overall market. Plus, it’s easy, stressless, and the prices there are usually reasonable as both parties are not dependent on an exchange.
As you see, there are multiple options talking about cashing out cryptocurrency. Crypto OTC market remains one of the investing aspects which most people do not fully understand, so let’s take a closer look at this trading method.
Bitcoin OTC Trades
An over-the-counter market is a place where all the “whales” – those who posses big crypto assets – work. Making deals with this method allows them to transfer big amounts of crypto for once. Moreover, it is an anonymous service, and the fees there are usually much less than using other cash out methods.
Bitcoin OTC trades are executed between the two parties. In our case, you act like a seller. Another party is bitcoin otc broker with whom you directly cooperate on over-the-counter (otc) crypto trading service, or simply a “desk”. Trading with OTC, you cooperate directly with a counterparty of the deal, and all the information about the transaction remains private.
OTC marketplaces are where most of the financial operations on the planet are made, and the same is with the crypto. This method offers numerous benefits, such as anonymity, easiness, and no impact on the overall crypto market. That is important when you want to cash out big amounts of digital currency.
Safety of Bitcoin OTC Trading
If you think whether to selling bitcoins over the counter, you might be interested in whether this method is safe. And OTC market, in fact, is one of the safest ways to transfer your crypto. As it offers anonymity, it also means that your private information will not get anywhere it shouldn’t. You will cooperate directly with otc desks, which are usually reliable and safe.
When registering – and it is obligatory – you have to provide a wide range of personal documents. The list might include criminal record checks, the documents which provide your income, identity, residence, and many others. This might be bothering, but it is a matter of safety: just like you, all the people entering the platform have to do this. This guarantees that everyone’s funds will be safe and minimizes the probability of scams. Thus, OTC trading desks are proved to be extremely safe.
Cash Out Your Bitcoin With a Crypto OTC Trade
You have chosen to cash out your assets with otc service and have already prepared all the personal documents – wonderful! Let’s quickly find out how to receive government-issued currency for bitcoins easily.
Firstly, you need to choose an appropriate desk. Choose from the most well-known ones: they provide a high-quality service. Secondly, create your account on the website and attach all the needed documents. Thirdly, wait for confirmation. As you are done, you are ready to start your first bitcoin otc trade! Just contact bitcoin otc trader: you’ll see this option on the website, and note which sum you want to exchange. For example, you could write something like, “Hello, I want to sell 100 BTC for dollars.” And that’s actually all: the trader will offer the price for your digital currency, and if you agree, you should only confirm the transaction and transfer your assets. Directly after the confirmation, the trader will contact their buyers, and you will get the government-issued currency you have previously chosen on your banking account. Easy-peasy!