Most people prefer buying cryptocurrency rather than selling it. However, some people decide to finally grab the profit they have earned when they bought their digital asset at a lower price. Others want to sell one currency to purchase another. There are many reasons for selling cryptocurrency, as there are many methods to do so. This article discloses all ways you can use to convert Bitcoin to a fiat currency.

Cryptocurrency Exchanges

A cryptocurrency exchange (or, in other words, a crypto converter) is a digital marketplace where users can buy, sell, and trade cryptocurrencies like Bitcoin in exchange for fiat currencies. There are centralized and decentralized exchanges, but we will focus on the first solution as it’s more convenient and simple to use.

Users often deposit Bitcoin into their exchange account and sell it for the required fiat currency to convert Bitcoin to fiat currency. Then the user gets their fiat currency into a balance account. The amount of fiat currency can be withdrawn to a bank account or used to make transactions.

Exchanges charge fees for their services. These are trading/transaction fees, deposit and withdrawal fees, and currency conversion fees. To comply with regulatory standards, most exchanges demand users to complete a KYC (know-your-customer) process or AML (anti-money laundering) procedure.

When choosing a cryptocurrency coin converter to exchange Bitcoin for fiat currency, consider the exchange’s security measures, fees, and user interface. The exchange must be convenient for you and offer plenty of coins to choose from. For instance, consider WhiteBIT, one of the biggest cryptocurrency exchanges in Europe, which has over 270 crypto assets to choose from. Other options include Binance, Coinbase, Kraken, etc. 

Bitcoin ATMs

Bitcoin ATMs, also known as BTMs, are physical devices that enable customers to purchase or sell Bitcoin in exchange for fiat currency. These machines work in the same way that typical ATMs do, except instead of distributing cash, they facilitate the exchange of Bitcoin for fiat currency.

Customers must scan a QR code from their mobile Bitcoin wallet or enter their wallet’s public key to initiate a transaction using a Bitcoin ATM. After that, the ATM confirms the transaction and calculates the proper amount of fiat currency.

Bitcoin ATMs are popular among customers who want to do their transactions offline rather than online. They can be found in a variety of places, including convenience stores, shopping malls, and airports. It’s crucial to mention that Bitcoin ATMs may charge more fees than online cryptocurrency price converters, and the exchange rates may be less beneficial.

Users should take care of their privacy and security when using a Bitcoin ATM. These measures include hiding their private keys from the camera while entering the range of numbers and characters and utilizing a secure crypto wallet.

Peer-To-Peer Marketplaces

Peer-to-peer (P2P) marketplaces are online platforms that enable users to buy and sell cryptocurrencies directly with others. These markets connect buyers and sellers from all over the world, making it possible to swap Bitcoin for fiat currencies.

Users must register an account (and pass verification) and list their Bitcoin for sale at a set price to convert it to fiat currency. Then they can seek sellers and negotiate a price to get the chosen fiat currency.

When compared to traditional exchanges, P2P marketplaces offer lower fees and greater control over the transaction process. Users should be aware of the risks involved with peer-to-peer transactions, such as fraud, scams, and price volatility.

Bitcoin Crypto Debit Cards 

Bitcoin crypto debit cards are real or virtual cards that enable users to spend Bitcoin and other cryptocurrencies at retail stores that accept traditional debit or credit cards. These cards work by connecting the user’s cryptocurrency wallet to the card, allowing them to convert Bitcoin to fiat currency at the point of sale in real-time. Technically, you don’t get fiat currency since you can’t withdraw it, but you can use it as a standard credit or debit card. 

Users must deposit Bitcoin into their card’s linked crypto wallet to start making purchases. When customers make a purchase, the card converts the required amount of Bitcoin to fiat currency at the current exchange rate and uses it to pay for the transaction.

OTC Trading

Not many users ask themselves the question, “Can I convert cryptocurrency to cash if I require to convert a big amount of BTC?” but if they do, they can use over-the-counter (OTC) trading. 

OTC trading is a means of converting Bitcoin (or other cryptos) to fiat cash via private, direct trades between buyers and sellers. OTC trades are carried out between institutional investors, businesses, high-net-worth people, and huge cryptocurrency traders requiring large amounts of Bitcoin or other cryptocurrencies.

Instead of using a public exchange, the buyer and seller bargain directly with each other to convert Bitcoin to fiat currency through OTC trading. Typically, people use broker services in such cases. 

Metal Pay is a mobile payment app that allows users to send and receive funds using the cryptocurrency Metal (MTL). The platform gives clients a quick and easy option to execute transactions without the usage of traditional financial institutions and third parties with huge fees.

Metal Pay enables you to exchange Bitcoin for fiat money, but the process is a bit tricky. To do so, use the Metal Pay app to exchange your Bitcoin (BTC) for Metal (MTL) and then convert your MTL to a chosen fiat currency. Then you may withdraw your money to a bank account.

LocalBitcoins

LocalBitcoins is a peer-to-peer digital currency exchange that allows users to trade numerous cryptocurrencies with each other. As the name implies, you can trade Bitcoin for fiat currencies. The website connects buyers and sellers and allows Bitcoin to be exchanged for fiat currencies. LocalBitcoins is available globally. 

Create an account on LocalBitcoins to place an order to sell Bitcoin. Then you should wait for a buyer to conduct a trade to convert Bitcoin to fiat currency. Users can also search the marketplace for sellers eager to sell Bitcoin for fiat currency if they don’t wish to wait.

Bitcoin Futures

Bitcoin futures are contracts that allow investors to speculate on Bitcoin’s future price without holding the underlying commodity. Futures contracts are agreements to acquire or sell an asset in the future at a pre-disclosed price and date.

Investors join a futures contract in which they agree to sell Bitcoin at a future date and price to convert Bitcoin to fiat currency. The investor profits if the price of Bitcoin falls before the contract’s expiration date. The investor loses money if the price of Bitcoin rises. It’s a rather risky method that requires trading skills and experience.