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Nowadays, businesses all over the world are realizing the benefits of accepting direct cryptocurrency payments for both in-store and online purchases.
Despite the promising growth of cryptocurrency holders around the world, the number of outlets accepting crypto as a valid payment method remains quite limited.
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So… how crypto holders can actually pay for goods and services everywhere? One of the easiest ways to pay anywhere is, logically, to cash out cryptocurrency. In other words, convert Bitcoin into cash euros, dollars or whatever fiat currency you prefer.
Surprisingly, the number of options to cash out Bitcoin and other cryptocurrencies remains quite limited, manipulated by a few players that corner holders with high fees and bad rates. If you need is it possible to withdraw money from bitcoins where do you go?
How to withdraw bitcoin
Most likely, you head to the closest ATM and withdraw some fiat currency from your bank account. Instead of withdrawing from a bank account, you would use a cryptocurrency wallet.
Yes, you heard it right. Unlike Fiat money, Bitcoin is actually much easy to withdraw, and you may not have to wait for days to receive your funds.
Generally, the process goes something like this: the BTM asks you to transfer your cryptocurrency to a specific wallet address within a fixed timeframe, say 30 minutes. Once the operation is confirmed, the BTM releases your cash. Does it sound like a simple and fast process? First of all, you need to find a Bitcoin ATM in your location.
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Now this might not be an issue if you live in a big city, but what about those living in the countryside? You get the idea.
Moreover, the process of sending your cryptocurrency to a specific wallet takes time. So, you would have to wait until your transaction is validated on the blockchain to finally triangle in trading cash. That can take from minutes to hours depending on your wallet service, blockchain, etc.
But the most discouraging thing about Bitcoin ATMs is certainly the fees and rates.
Usually, fees and rates are worse than those offered by online services. With online services, you just open a new tab on your browser and find another solution. It only takes a Google search to find some available options. Among the first services to pop up, you would likely come across services advertised by cryptocurrency exchanges like Coinbase and Binance.
For example, Coinbase only allows you to withdraw your funds to bank accounts in the US and certain European nations. The rest of the world cannot access this solution. A similar story repeats with a number of popular cryptocurrency exchanges. Yet, there are third-party services like Localbitcoins, which literally connect buyers and sellers acting as escrow service to prevent fraud.
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Now, again, you would have to find a buyer offering a decent rate to sell your cryptocurrency, and that can take some time.
Not to mention the execution time… Typically, cash is sent to bank accounts and the standard processing is it possible to withdraw money from bitcoins is 2 days. Today, wallets offer a vast variety of services.
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And yes, that includes features to withdraw Bitcoin. For instance, cryptocurrency wallet Luno allows customers to cash out cryptocurrency to bank accounts.
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Leaving aside the geographical limitations of this type of service, there is another actor that sort of messes the entire process: banks. Companies like Crypterium have been able to come up with what are binary options strategies that offer a much smoother, less bureaucratic way to access your cryptocurrencies.
Instead of sending funds to bank accounts, you can do it straight to a bank card.