You are here: Home / Banking and Financial Services / How To Easily Convert Bitcoin Into Cash-Part 1 How To Easily Convert Bitcoin Into Cash-Part 1 (MyPR.co.za) By clydethorburn Filed Under: Banking and Financial Services
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Author : Crypto Income Staff 12 August 2017
The biggest drawback to bitcoin and potentially the greatest barrier to its widespread adoption is the difficulty in converting cryptocurrencies into cash. That can be a real problem because most of us still need cash occasionally. Cash is still the most frequently used payment instrument, a study at https://coinatmradar.com/ can help you locate a machine.
Bitcoin ATM’s do charge you a hefty, hefty fee though (5-10 percent!). Bitcoin brokerages. These are businesses that will let you sell cryptocurrencies for cash in a physical location. Such brokerages are rarer than ATMs and can be harder to find. Currently in North America, they are concentrated in a few big cities such as Toronto, Montreal and Las Vegas. Two popular ones are Satoshi Counter at https://satoshicounter.
com/ and Bit Access at https://bitaccess.co/. Wire transfer. Some bitcoin brokers and exchanges including CEX.IO will let you wire money via services such as MoneyGram and Western Union. The advantage to these is that you can get them in cash.
The disadvantage is the cost; CEX.IO usually charges a $10 fee for each transfer. Friends and family. You simply send bitcoin to a friend or family member you trust and he or she hands you some cash in exchange. The big drawbacks to this method are that the person has to have the cash, and will be willing to fork it over. Localbitcoins.com. A popular website that connects local sellers in your area with local buyers.
Transactions can be made directly in person or via escrow on the website.
Fees are involved, but it’s a fast, convenient and somewhat cheaper method of trading bitcoin for cash.
Read more about Bitcoin and The BitClub Network at https://mypr.co.za/how-to-buy-bitcoin-with-a-bank-transfer-part-3/ .
From: Clyde Thorburn.