How to turn Bitcoin into money
Methods to convert Bitcoin to fiat include: via exchanges (Binance, Huobi, OKX), cryptocurrency ATMs, P2P trading platforms (LocalBitcoins, Paxful) and payment processors (CoinbaseCommerce, BitPay).
How to convert Bitcoin to fiat currency
After holding Bitcoin, there are many ways to convert it to fiat currency. Here are some common methods:
1. Trade through exchanges
- Binance: The world’s largest cryptocurrency exchange, supporting multiple fiat currency deposits and withdrawals.
- Huobi: Another large exchange that supports multiple fiat currencies.
- OKX: An exchange that offers a variety of trading pairs and payment methods.
2. Use Cryptocurrency Automated Teller Machines (ATMs)
- These machines allow users to exchange Bitcoin for cash.
- Find a Bitcoin ATM near you
3. Peer-to-peer (P2P) transactions with individuals
- LocalBitcoins: A platform that allows users to buy and sell Bitcoin directly with other individuals.
- Paxful: P2P trading platform that provides multiple payment methods.
4. Use a payment processor
- Coinbase Commerce: Allows merchants to accept Bitcoin payments and convert them to fiat currency.
- BitPay: Another popular payment processor that offers a variety of services, including fiat currency conversion.
Steps:
- Choose a method:Choose the method that suits your needs and location.
- Create an account (if required): Register on an exchange or P2P platform and verify your identity.
- Deposit or connect your Bitcoin: Send your Bitcoin from your wallet to an exchange or ATM.
- Sell or exchange Bitcoin: Sell or exchange your Bitcoin for fiat currency, depending on the trading method you choose.
- Withdraw your funds: Withdraw fiat currency to your bank account or other payment method.
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