Ever since the Crypto market has turned many folds amid the ongoing pandemic, people are getting attracted to Bitcoins and other dominating cryptocurrencies.
Today, the bitcoin price in India is running at $48,973.
Investors and traders have declared the cryptocurrency market as a very reliable source to earn money and book reasonable profits.
However, there are places where Bitcoin isn’t accepted yet. In the case of India, the stores are still confined to fiat currencies for exchanging goods and services.
So to use Bitcoin at stores, it needs to be converted into fiat currency.
So is it important for someone to convert the BTC into Cash? Why does an investor or a trader need to convert the coin into cash? Is it way necessary?
Let’s see some factors where conversion seems quite sound and appropriate.
Factors Affecting BTC to Cash Conversion
Well, a lot of reasons pile up together that eventually make this conversion important and fair.
- The Bull Run has propelled the market to new heights. So the bearish ones are trying hard to loosen the value. So to avoid losses, conversion is important.
- The market hasn’t developed yet. People are still confined to a single thought and using only fiat currency to trade goods and buy services.
- They need to know that evolution is necessary and has to be accepted. For the advancement of the markets, it’s important to start accepting crypto norms and trading coins with services or goods.
- We can say, only a handful of people are involved in the cryptocurrency market that makes it less competitive than other stock, commodity markets where you can use this converted cash to trade.
Top Ways to Convert Bitcoin Cash
Well, there are various methods that you can easily opt to convert Bitcoins into cash.
Selling Bitcoins with an Exchange
Bitcoin Exchanges in India provide users with the platform to trade Bitcoins and other cryptocurrencies.
Moreover, they educate you on how to Buy Bitcoin in India, permitting you to transfer funds or conversion of Bitcoins into desired fiat currency.
Bitcoin Exchanges in India like Binance, Coinswitch, WazirX aids you to convert your coins into physical money, i.e. cash.
Before you choose Bitcoins exchanges in India, it’s important to look out for some factors to make sure your money reaches you in time without any charges.
Factors like withdrawal limits, the completion time of Exchange, fees, payment modes, jurisdiction, KYC completion etc., are involved in Bitcoin Exchanges.
Peer-to-peer Exchange takes more time than other modes, but the silver lining is that they offer good returns.
When you choose peer-to-peer instead of Cryptocurrency Exchange in India, you can easily mark the prices as high or competitive as you wish. Then by this agreement, you both come to a healthy consensus.
Appropriate options are also available when you choose peer-to-peer transfer. Like bank transfer, cash deposits into bank accounts, or cash in person as well.
Over 15,000 ATMs have been installed across countries that make sure you can easily withdraw cash against your Bitcoin holdings.
Offering cash along with effortless verification is the strength of Bitcoin ATMs. However, not all the Bitcoin ATMs are available for withdrawal, but 40% of the total has this facility.
Using Coin ATM Radar Map, you can locate the nearest ATM facility. Before you start making transactions, you first need to go through a little identity verification process.
After your validation is complete, the machine will generate the desired cash on your Bitcoin holdings.
Well, every new thing takes time for perfect adoption.
From Cryptocurrency exchanges in India to ATMs, things have still come far and well.
It is quite significant that the crypto market has crossed a humongous figure of $ 2 TN in which the Bitcoin market cap comprises half of the total wealth.
Factors do affect the process and appropriate reasons why the BTC to cash conversion is important.