Tipps und Neuigkeiten

Cryptocurrency gradually penetrates into everyday life: in many countries, bitcoins can already pay for a trip in a taxi, a cup of coffee or pizza delivery. However, this is rather an exception than a rule: we still use fiat money much more often. So how does one exchange crypto for fiat, if most of the banks don’t support it yet? CryptoTab has some ideas for you.

Disclaimer: The legal status of cryptocurrency varies in different countries. Some of the procedures described in this letter could be illegal in your country — check it thoroughly before taking any action.

Convert via online service

Cryptocurrency exchanges, such as Coinbase.com or Binance.com, are the way to go for the most crypto owners. As a rule, there are some restrictions on exchange amounts for unverified users, but it doesn't matter for those who are not to withdraw large sums. The process of exchange is pretty simple and novice-friendly.

How it works:

After creating an account on exchange site, you'll have to link it with your card/bank account. Then you decide how much crypto you want to sell, choose the currency, and run the exchanging process. It can take anywhere between a couple of minutes to a couple of days, depending on the exchange and bank you've chosen. Note that most of the exchanges will charge a small fee for their services.

Using a bitcoin ATM

Yep, you heard it right: there are Bitcoin ATMs out there. Crypto ATMs are already present in 78 countries — here is the map to help you find the nearest. Most ATMs allow to buy, sell & exchange cryptocurrency, while others could have limitations in terms of operational support. ATMs can be the fastest and the most convenient way to sell crypto, but one should know that they have slightly higher fees comparing to online exchanges. Also, waiting for transaction completion at the ATM can be a real pain.

How it works:

Selling procedure differs depending on a particular ATM model. However, in most cases there will be 3 general steps:

Verification

In most cases, you'll need to identify yourself before you'll be allowed to sell crypto. It can be done with login/password, pin, mobile phone or even biometric scanner.

Send bitcoins

It can be done with special QR-code provided by ATM.

Get cash

You'll either get cash immediately out of the machine or get a redeem code. It allows you to get money after transaction confirmation.

Direct trade

Direct trade is another way to buy/sell crypto coins online. It is pretty similar to trading used goods on websites like Craigslist or eBay. The trading platform of this kind can act as a guarantor, but it's people themselves who make deals and set prices. Bitbargain.co.uk, Localbitcoins.com, Bittylicious.com — there are plenty of sites & services supporting direct trade.

How it works:

Register, post an offer or reply to an existing one, then make a deal. Note that the selling process on direct trade platforms can be really time-consuming and sophisticated. You won't be guided or supported as you would be on a commercial exchange site, so this way of selling is to be recommended mostly to experienced crypto users.

Sell in person

It's kinda paradoxical, but the most high-tech payment instrument in the world is often traded in person, just like the good old days. Selling in person is pretty popular, cause it's anonymous, profitable and fast way to get cash for your bitcoins. Of course, meeting in person with strangers brings some risks and demands some precautions, but the benefits outweigh shortcomings.

How it works:

You can find offers on direct trade platform, on cryptocurrency forums, among your own friends or relatives and so on. There are even special crypto meet-ups, where you can catch a good deal. Usually, a seller and a buyer would meet somewhere in a public place with a stable internet connection. Seller sends crypto, gets his cash — that's it!