Learning to buy bitcoin and other cryptocurrencies is essential to be able to invest and grow capital over time.
However, even more important is knowing how to exchange your Bitcoin (BTC) to dollars or any cryptocurrency for “real” money in order to consume goods and services and realize the profits.
Currently, there is no one-size-fits-all way to convert BTC to dollars, as it all depends on the user’s needs, conditions, and goals. Although switching from BTC to dollars is usually very convenient and fast, it is important to know exactly how to do it so that you do not get confused.
Turn bitcoin into dollars
There are hundreds of companies that allow you to easily and intuitively exchange cryptocurrency for cash.
It is very convenient, simple and safe, since the platforms are highly optimized, transfers arrive instantly and everything is done remotely, as if it were a classic stock broker.
The first thing you need to do is start researching the various crypto intermediaries that are in the market. The key points to investigate are Bitcoin price and commissions. The ideal is to find the perfect balance so as not to lose too much money between buying and selling assets.
Next, information about the security of the exchange must be collected. As with any business that acts as a quid pro quo, trust and peace of mind must be managed.
Create an Exchange account
For all trades, you must have a username and password. When registering, these companies ask for the surname, first name, date of birth, e-mail address, telephone number and, in some cases, the national document number.
On the other hand, they also ask for some facial photos and attach a salary receipt or income statement. In turn, platforms will request a Uniform Bank Code (UCB) or Uniform Virtual Code (CVU) for the exchange of funds.
Each exchange has a specific mechanism for depositing cryptocurrencies. On most pages there is usually a section that says “deposit cryptocurrencies” or something similar. In this case, you must select the amount to transfer and then choose the network.
Pick the right time to sell
Selling bitcoins at $50,000 is not the same as trading them when they cost $35,000, so try to pick the most profitable time.
bitcoin to dollars
The last step in the conversion operation is simply to sell the Bitcoins. In this case, you have to choose whether to sell the P2P centrally, that is, with the exchange as the intermediary, or see if it is better to operate against the market as a whole.
transfer the money
Finally, transfer the dollars to your bank account or your virtual wallet to be able to use them on a daily basis. To do this, you just need to choose the preferred method available on the exchange, such as CBU, CVU, PayPal, Payoneer, etc.