Cryptocurrency is now a popular option with sports betting. Since cryptos were introduced to the world in 2009 through the Bitcoin whitepaper, they have grown faster than expected. Although cryptocurrencies have had tremendous growth, they are not accepted everywhere. Luckily there are several ways that you can convert bitcoin into fiat currency.
Wondering how to cash out Bitcoin? Well, look no further as this article outlines a number of ways in which you can convert bitcoin into cash.
Using Bitcoin for Sports Betting
Betting with cryptocurrencies, especially Bitcoin, has gained popularity in the sports betting industry. This is probably because it comes with its perks. Some of the benefits include easier deposits, fast withdrawals, reduced transaction fees, top-notch security, elimination of third parties and access to more online sportsbooks. Bonuses and promotions are some of the best approaches used by gaming platforms and you will thus find punters searching for top-rated no deposit bonus sportsbooks with juicy offers.
If you are placing bets using bitcoin, you are probably ahead of the curve as a punter. However, if you have not braced the new norm well, it is time you begin paying attention as using bitcoin for withdrawals and deposits at online sportsbooks is the wave of the future. Cashing out bitcoin can help you withdraw large amounts.
Convert Bitcoin via Cryptocurrency Exchange
One of the easiest methods to cash out Bitcoin is through an online cryptocurrency exchange. With this method, the third-party exchange makes it easy to sell your Bitcoin for EUR, USD, MYR, GBR or other fiat currencies.
To begin, you need to find an exchange that supports your country. For instance, some of the places you can sell your bitcoin in the USA include Coinbase, Bitstamp, BlockFi and Paybis in Australia, Independence Reserve and China, Huobi.
For this method to work, first, you need to sign up and complete the verification process. Secondly, you need to deposit or buy bitcoin into your account and finally cash out your bitcoin via PayPal or bank transfer.
The method is simple and secure; unfortunately, it is not the fastest way as it can take up to 5 days depending on your country and the platform you are using to get your money.
Selling your Bitcoin Using LocalBitcoins
This is a peer-to-peer Bitcoin exchange that was founded in 2012. LocalBitcoins is a platform that makes it possible for direct trading between potential buyers and sellers. The platform serves more than 1.35 million people across 249 countries.
LocalBitcoins is most preferred because individuals only deal directly with buyers and no intermediaries are involved. In addition to this, the platform also offers escrow services to protect both bitcoin sellers and buyers.
Other than this, you can decide how much you want to sell your Bitcoin for as well as request any payment method that you like. Examples of payment options you can choose from consist of Payoneer, bank transfer, PayPal and Western Union.
Keep in mind that even though you can trade directly with other people, it is vital to conduct transactions through peer-to-peer platforms to resolve any disputes, provide escrow, and mediate transactions.
Get Cash with a Bitcoin ATM
If you do not prefer to involve yourself in ID verification processes and lengthy sign-up, then getting cash from a physical ATM is the best choice. Bitcoin ATMs allow you to convert bitcoin into cash easily.
Like the standard ATMs allow you to withdraw your currency, Bitcoin ATMs allow you to buy bitcoins with fiat money and sell your bitcoin for local cash.
With more Bitcoin ATMs coming up, it is much easier to find a bitcoin ATM near you. You can use Coin Radar to find the nearest Bitcoin ATM. However, it is crucial to bear in mind that not all machines are the same. Each machine offers different fees, buy or sell limits and some supported cryptocurrencies.
Unfortunately, this method only supports small transactions as the ATMs have deposit and withdrawal limits between $1000 to 10,000. Another drawback of this method is that it involves high transaction fees.
However, if you need to cash out bitcoins, a fast Bitcoin ATM is the most feasible option.
Utilize Your Bitcoins Using Bitcoin Debit Card
A bitcoin debit card is an option that won’t turn bitcoins into cash. However, it will allow you to utilize your bitcoins the same way you use your standard debit card.
By loading your bitcoins into your debit card, they will be converted into fiat money such as EUR, USD, AUD or more. Having a bitcoin debit card makes it possible to spend your bitcoins by buying or paying for anything both online or offline, provided they accept MasterCard or VISA.
Apart from that, you can withdraw cash at an ATM anywhere in the world only if VISA/ MasterCard are accepted. Some of the well-known bitcoin debit cards consist of Crypto.Com and Wirex Visa.
Crypto.com gives cardholders Visa debit cards with no annual fees that you can top up with cryptocurrency or fiat money. This debit card allows you to earn rewards of 1-8% in regard to the amount you have spent on your wallet the past six months.
Wirex Visa, on the other hand, supports more than 150 forms of currency; therefore, you can make international purchases without exchange fees or additional charges.
Since the invention of cryptocurrency in 2009, Bitcoin has gained popularity in sports betting. However, not all places accept cryptocurrency as a method of payment. Luckily, you can convert bitcoin into your local currency through converting bitcoin via cryptocurrency exchange, selling to LocalBitcoins, withdrawing from bitcoin ATMs and using Bitcoin debit card.