How Can I Convert Bitcoin To Australian Dollars?
If you have taken the leap to purchase some Bitcoins, then it’s also important to know how you can cash out. Here is a guide to inform you on how you can convert your Bitcoins or other cryptocurrencies back into Australian Dollars.
Typical Buying and Selling Process
When buying you might typically do this:
- Transfer AUD from your bank account to a cryptocurrency exchange such as Coinjar (using BPAY).
- In Coinjar you trade your AUD to BTC (you can then either hold it there or transfer your BTC to another wallet or another exchange and trade for other cryptocurrencies such as Ethereum).
When selling you might typically do this:
- Transfer your BTC back to Coinjar (from wherever it was).
- In Coinjar, trade your BTC back to AUD.
- Then transfer your AUD from Coinjar back to your bank account.
There are some other methods you can use to sell your BTC back to AUD, let's take a look at them.
Many people agree that using a Bitcoin ATM is one of the easiest ways of converting your Bitcoins into Australian Dollars (and probably the most expensive way too, read below). These types of ATMs are made specifically for Bitcoins and cryptocurrencies and they are available in many major cities across the world, including Australia. These ATMs provide a method for you to convert your Bitcoin into fiat currency.
A Bitcoin ATM is a kiosk that allows a person to exchange Bitcoin and cash. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine.Source: Wikipedia (https://en.wikipedia.org/wiki/Bitcoin_ATM)
Many Bitcoin ATMs will permit users to purchase Bitcoin with money in much the same way someone would deposit money to their bank account as a regular ATM. Most Bitcoin ATMs will support other cryptocurrencies as well, such as Ethereum and Litecoin. One disadvantage of using a Bitcoin ATM is the fact there are feeswhich is commonly higher on the ATM than an online service. Also, the conversion rates are likely to be lower than other methods as well, therefore means that you won’t receive as much money for your cryptocurrency as you could.
Random Online Services
There are many popular online services that will let you purchase Bitcoin or other cryptocurrencies in a convenient way and some may also allow you to sell them for fiat currency via their website or smartphone app. The most well-known service in Australia is CoinJar, which provides the options of selling and buying of Bitcoin, Ethereum and Litecoin.
Most of these services will be able to connect to traditional bank accounts to pay for cryptocurrency purchases. By having this connectivity, it can enable you to sell your cryptocurrency and convert it into fiat money. This can then be transferred to your bank account within a few days. On the other hand, some people as seen overseas use their account to receive cryptocurrency international payments so that it can be withdrawn in their local currency. This sounds pretty handy because of its speed and ease of use, and we will likely see this space evolve over the next few years.
Read More on Crypto News Australia
The world of cryptocurrency is constantly changing. You can stay up to date with the latest Australian Crypto news here. Or, if you would like to learn more about digital currencies, then please visit our Guides section for more tips, advice, and information.