How Do I Convert Bitcoin into Cash?
There are so many retailers and companies that are globally accepting the Cryptocurrency Bitcoin, although it can still be difficult to use your Bitcoins everywhere. Another typical reason could be that converting Bitcoin into cash when the market is in decline. Since the price of bitcoin can decline frequently so if you think it will decline further then converting into cash would protect you from further losses. So, this is a guide on how you can convert your Bitcoin into cash.
Transfer to Bank Account via an Online Service
There is a growing number of online services that accept Bitcoin as a form of payment, as well as other cryptocurrencies on their websites. The most well-known service is probably Coinbase, although it doesn't currently allow Australian customers to withdraw funds back into cash so a good Australian based alternative is Coinjar. They allow you to cash out your cryptocurrencies directly back to your bank account.
Withdraw Cash from Bitcoin ATM
Australia has a number of Bitcoin ATMs available in major cities, which provide a quick way to convert Cryptocurrencies like Bitcoin and Litecoin into real cash just like a regular ATM does. Having this Bitcoin ATM is very convenient especially for people who get paid in Bitcoin since it converts their earnings into cash so they can spend it freely. However, there is a disadvantage on the ATM that is the fees could be much higher than the alternatives. In addition to this, the conversion rates might be much lower than different methods as well (this means that you might not receive as much money for your cryptocurrency as you thought if you were to check the price online).
Spent Bitcoin on a Debit Card
There are now such things as Cryptocurrency debit cards. These debit cards are a convenient way to spend your Bitcoin at traditional markets and retailers that do not accept cryptocurrency as a form of payment but they do allow support for debit and credit cards (EFTPOS). Some cryptocurrency debit cards enable the user to deposit their Bitcoin via an online website which will instantly auto convert them into Australian Dollars. The most well-known cryptocurrency debit cards are Crypto.com, CoinJar and Bitpay. All these cards are powered by either Visa or Mastercard network meaning that they can be used for major retailers either online or offline shopping. Although the availability of these cards mainly depends on your region, also the daily and monthly usage limits will affect the availability as well so it is best to compare every card to see which one suits you the best.
Is it worth Converting Bitcoin into Cash?
So, is it actually worth converting Bitcoin into cash? Well, converting your Bitcoins and other cryptocoins to real-world fiat currency does make it more usable in most situations until crypto adoption grows amongst businesses and consumers. That being said, if you ever in need your cash in a rush then it can be withdrawn almost instantly through an ATM or Bitcoin debit card instantly. And if your using online services for transferring cryptocurrencies to a bank account then it could take up to 5 days to clear so if you need emergency cash it is best not to rely on cryptocurrencies.