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How do I cash out my crypto savings?

October 15, 2018

Are there a lot of available options out there?

Actually, there are. You can go to an exchange with your crypto, which is by far the most common way of cashing it out. Then there are Bitcoin ATM machines and such services as LocalBitcoin.com that also can let you sell your assets. Finally, there is Crypterium app with the help of witch you shop on eBay, refill PayPal and traditional bank accounts with cryptocurrencies.


So the first option is going to an exchange?

That’s the first thing that comes to mind. There are now a lot of exchanges that allow you to deposit funds using fiat money. They are known as broker exchanges and here are how they work: you link your exchange account with either a debit/credit card, or a bank account. Afterwards, you deposit how much BTC or any other supported cryptocurrency you’d like to exchange and choose fiat. Not that complicated, right? The drawback is that the withdrawal process may take a while. Usually, it depends on the exchange that you have picked and your bank/card provider. If we’re talking about Coinbase, then it will normally take about 1-5 days for the money to reach your account.


Is there a way to exchange crypto faster?


If you don’t like the thought of having to wait three days to turn crypto into cash, you should consider using a peer-to-peer selling platform like LocalBitcoins. Basically, it serves as an intermediary between the buyer and the seller bacause it is really up to them to decide which type of payment they are going to use. From personal meetings where cash and digital currencies are exchanged, to gift cards, Western Union and other methods, anything is possible upon the agreement.


How do Bitcoin ATMs work?

Bitcoin ATMs are more like kiosks. They are connected to the internet and actually operate as an exchange. By inserting cash (or selling crypto for cash) you are technically moving money to a public key on the blockchain.

How to use a Bitcoin ATM?

First, the ATM will ask you to confirm your identity via a cell-phone confirmation code, fingerprint or some other form of I.D. After that, you’ll have to provide a wallet address for the deposit or choose to send your coins from an address. This can be from a paper wallet or a QR code generated by your wallet. If you want to purchase Bitcoin, you enter cash and it is then deposited to your wallet address. Or if withdrawing you send your coins to the exchange, they are sold, and you withdraw the concurrent amount in fiat.

How do I find an ATM nearby?

To find a Bitcoin ATM you can go to the main website that features a live map of the ATMs. The number of machines steadily increases. As of now there more than 2000 Bitcoin ATMs worldwide.

What if I want to cash out my crypto assets by spending it in a shop?

This is a nice new option Crypterium has to offer. By enabling its users to transfer crypto directly to bank accounts, the app opens the door to many new use cases. Wherever bank transfers are accepted as a method of payment, you can now pay with Crypterium App. Once you sent crypto, banks and merchants get their currency of choice without doing anything to their systems, and Crypterium effectively does all the conversions.


So where exactly can I pay with crypto?

You can shop on eBay, replenish your PayPal account or spend your coins at any platforms that accept bank transfers as a method of payment. Bank transfers also allow you to pay with crypto a diverse range of bills, including mortgages, loans, utility and phone bills, taxes etc.


What else can I do with my crypto?

Crypterium also allows its users to top up their mobile phones with crypto and buy vouchers with bitcoins, which can be used to top up their Skype, Viber and Steam credits. The most progressive solution is on its way. Crypterium is partnering with banks to issue cards, both virtual and physical, that will be linked to users’ cryptocurrency accounts. The goal is to make it easy to pay with cryptocurrencies in everyday situations at any of the world’s 42 million NFC terminals, by scanning QR codes, or conducting online payments.

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