Cryptocurrency is an exponentially growing market that holds the potential of replacing fiat currencies one day. However, as of now, only a handful of companies and individuals leverage cryptocurrencies to facilitate transactions.
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BitQuick is a simple Bitcoin exchange that allows customers to easily buy or sell BTC using cash or SEPA transfers. Given that this is a P2P exchange; the exchange is done directly from the seller to the buyer. The seller will list the coins that they would like to sell and then the buyer will communicate directly with the seller. Bit2Me Converter is a cool cryptocurrency converter: over 300 cryptocurrencies and 100 supported national currencies (resulting in over 40,000 combinations), 4 types of exchange (crypto to fiat, fiat to crypto, crypto to crypto, fiat to fiat), real-time quotes and infinite simultaneous converters. For example: how many bitcoins are 100 litecoins? For example, the exchange rate for the currency pair of Bitcoin-US Dollar is roughly 1 Bitcoin to $4,000 as I write this. You can draw other relationships with Euro, Pound or Yen, etc. The exchange supports many cryptos, including Dogecoin. Livecoin’s flat fee is set at 0.18%. The exchange supports three fiat currencies, namely the US dollar, EUR, and Russian Ruble, which can be deposited through a number of e-payment processors, including Payeer, PerfectMoney, Capitalist, AdvCash, and Qiwi. Prior to converting your cryptocurrency coins to fiat money, the following are some caveats that you should consider: Conversion Fees. When you convert cryptocurrency to fiat and while sending the money directly to the bank, you have to look out for the fees. To execute this process, exchanges levy certain transaction fees.
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This is why you have to convert your cryptocurrencies into fiat currencies. Another important reason to do so is when there is a decline in the market. If the value of a cryptocurrency is sinking, it would be a wiser call to withdraw your crypto into cash.
Smart Methods to Cash Out Your Cryptocurrencies To Fiat
Now that you have decided to cash your cryptocurrency, you have to determine which medium you should use to do the same. Below we are presenting several great ways to withdraw cryptocurrencies:
1. Cryptocurrency Exchanges
You can sell off your crypto coins in cryptocurrency exchange and, in turn, acquire fiat currencies. The money can be sent directly to your bank account. While not the fastest way, it is certainly an easy and safe way to convert your coins.
The whole process will take around four to six business days. Moreover, this time period depends on the country and the exchange you have selected. Following is the process of converting your crypto into cash via exchanges-
- Sign up to the exchange and execute the verification process
- Deposit the cryptocurrencies into the account
- Cash-out the coin to fiat through Paypal or bank transfer.
Best Cryptocurrency Exchange
In order to ascertain that you have a seamless and secure transaction, it is imperative to choose a reputable cryptocurrency exchange. The following are some of the most reputable crypto exchanges in the market:
- Coinbase
- CEX.io
- Bitpanda
- Kraken
- Bitstamp
- OKCoin
A good thing about choosing a cryptocurrency exchange is that you get reliable support, making it easier to execute the whole process. Moreover, many exchanges also provide anonymity. You do not have to create an account, and all the data will be removed from the site after the transaction.
2. Crypto ATMs
Contrary to standard ATMs that allow you to withdraw currency from your bank account, a crypto ATM is a physical unit that enables you to purchase or sell cryptocurrency with fiat currency. Presently there are around 7,700 crypto ATMs across the world.
You will come across different types of crypto ATMs. Therefore, it will be wiser to be more informed about them as they all have different functionalities. And you can access websites such as Buy Bitcoin Worldwide, Bitcoin ATM Map, Coin ATM Radar, etc. to locate this physical unit near you.
Investing in a crypto-ATM is a faster way of acquiring cash than registering and authenticating the account on a cryptocurrency exchange. Moreover, the processes can be highly anonymous based on the ATM machine.
How to Withdraw Money from Cryptocurrency ATM?
While different providers instill distinctive processes, the general process of withdrawal involves the following steps:
- Initiate the process by creating an account with the ATM. The process is easy and free, and you can do it on your smartphone.
- Considering that you are withdrawing, you must already have a crypto wallet. You would need the wallet address to execute the process.
- Login to the account on the ATM and select the option “Withdraw Cash.”
- Enter the amount you wish to take out and send the crypto to the wallet address through scanning a QR code
- Once the cryptocurrency network verifies and completes the transaction, you will receive your cash. The whole process will take up to thirty minutes.
Also note that all ATM providers charge certain transaction fees, which vary between 7% and 12%.
3. Crypto Debit Cards
Many websites enable you to sell and buy cryptocurrency through a prepaid debit card. These cards can be used as a standard debit card. Moreover, these cards are powered by Mastercard or VISA. This implies that debit cards can be used to perform online and offline transactions across the globe.
Take your crypto debit cards to stores that accept Mastercard and VISA. Additionally, some of these debit cards hold crypto top-in in specific coins and only convert them when you are making a transaction. However, some cards convert the currency into fiat instantly after you top them up. You can also connect these cards to your bank accounts, allowing you to seamlessly choose between cryptocurrency and fiat currency.
4. Peer-to-Peer Marketplace
In case you do not completely trust the process of exchanges, you can leverage peer-to-peer transactions. You can secure your coins in a wallet (software or hardware) and choose a peer-to-peer marketplace to sell your cryptocurrency coins in exchange for fiat money. A reliable platform offers escrow services so you can be confident about the authenticity of transactions. You and the buyer can decide how and when to meet and exchange the funds.
While a highly flexible exchange method, it is also subject to many scams. Therefore, you must ensure to select a secure platform.
Take Advantages of Your Personal Contact
If you know someone who regularly deals in cryptocurrencies, then you can get their help. Choosing a cryptocurrency enthusiast whom you know allows you to make a better deal. And considering your relationship with your friend, he or she might agree with you.
This is one of the best methods to get cash in a fast way without having to bear any transaction fees. It is wiser to liaise with more than one known person. It will provide you with the opportunities to evaluate the options you have and choose the best amongst them.
What to Understand Before Exchanging Cryptocurrency for Cash?
Prior to converting your cryptocurrency coins to fiat money, the following are some caveats that you should consider:
Conversion Fees
When you convert cryptocurrency to fiat and while sending the money directly to the bank, you have to look out for the fees. To execute this process, exchanges levy certain transaction fees. Check out the fees charged when using different methods and then make a final decision.
Taxes
If there are financial transactions, there are taxes. Certain jurisdictions dictate that the profit you earn from selling the crypto for cash is taxable. However, some countries are yet to figure out their stand on cryptocurrencies and taxes. While you may think of dodging the tax, exchanges tend to report the tax authorities’ profits when you withdraw the money. So it is better to be aware of the taxes and comply with the rules associated with them.
Which is the Safest Way to Cash Out Your Cryptocurrency?
Directly selling the cryptocurrency to your friends is among the most secure ways to get cash. You can be in touch with them while the transaction occurs and also acquire the cash instantly.
A reputable cryptocurrency exchange also proves to be a reliable way to change cryptocurrency into cash. But there is always a risk of hacking, and your transaction can be sent to another bank account or wallet. Moreover, there are also chances of your personal data being exploited.
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Which is the Most Cost-Effective Way of Cryptocurrency Exchange?
When you sell your cryptocurrencies directly to a friend or an acquaintance, it eliminates the transaction fees. So if you want to save money in this process, try gathering as many friends as possible who would want to buy coins.
Cryptocurrency exchanges are also a relatively economical way of getting cash from selling your cryptocurrency. While there are transaction fees, they are minimal. The maximum fees charged by exchanges go up to 2%, and some of the platforms do not even charge any fees. But the drawback is that you have to wait for a week or so to get your money.
Which is the Fastest Way of Converting Cryptocurrency into Cash?
Getting your money from a cryptocurrency ATM is the fastest way of exchange. But their availability remains limited to big cities.
Another quick way of cashing out cryptocurrency is through the crypto wallet. You can create a selling order within five minutes. Getting buyers for your order can take hours or if you are lucky, some minutes.
Final Thoughts
With growing research and development, cryptocurrencies have become more affordable and accessible. They provide businesses and individuals with a safe and efficient avenue to execute the transactions.
But cryptocurrency still lacks mainstream adoption, creating the need to exchange your digital coins to fiat money. Above, we have highlighted some of the effective ways to execute this conversion. Each of the options has its strengths and weaknesses, and it is up to you to decide based on your preferences.
In this guide we’ll talk about how you can withdraw your Steam wallet money from Steam into your pocket, there is no feature in Steam that let’s you do that but that doesn’t mean you can’t get real money from your Steam funds, in this guide we’ll show you a easy way on how to do this. The idea about is simple, we’ll head over to the Steam community market, buy items with our Steam funds, then sell those items for real cash. Below I’ll go through the process step by step. and show you how to maximize your profit when converting Steam funds into money.
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First things first we’ll head over to the Steam Community Market’s, I would suggest you buy any CSGO key (not Capsule Key), these keys have a stable price and has a high demand, so you’ll sell them pretty fast for a fair price.
After you bought the keys you should head over to Bitskins (they have only a 5% sales fee making it great for cashing out) to sell them, use their price check feature to see what the best selling price could be, undercut the lowest price will get your item sold fast and if you set your price to compete with other sellers but not the lowest you should sell your keys in a few hours or so. After the keys are sold you can cash them out though Paypal, Bitcoin or via Bank wire.
Down below I’ll go into more detail how you can do this and also provide a few alternatives that will increase the amount of money you can get from your Steam funds when cashing out, that being said buying/selling CSGO keys is one of the quicker option for cashing out from Steam.
Buying our items on the Steam Community Market
The first step of the guide is to buy a few items on the community market with our Steam wallet funds, you can do this with items from any Steam game, but we’re going to use CSGO items just because there’s a high demand for them and people buy & sell them for real money at high volumes.
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You got two options here, either you just buy the skin/key of your choice on, or you can place a buy order for that item, placing a buy order will get you a lot more money for your Steam funds but it will take much longer. To minimize the wait I would place buy orders on several items in the hopes that any of them would go through, also don’t be a cheap ass when placing your buy orders, if you place a way to low buy order you’ll never get any items.
If your in no hurry and want to maximize what you’ll get when converting your Steam wallet into cash you could wait for any of the big Steam sales (summer/winter sales). When the big sales comes around the corner a lot of people are in need of Steam funds and they sell their items on the community market so they can buy the games they want on the sale, this makes a lot of items on the market drop in price, making it a perfect time to spend your funds in your Steam wallet. Just make sure you wait to sell them for real cash until the prices have gone back up to normal, which could take anything from a few days to weeks after the sale has ended. This is your best option for maximum value but it will take a lot of time.
Another thing you should consider when buying items on the Steam community market is that after you bought a item there’s a 7 day wait period until you can trade that item, this is a feature that was implemented years ago to fight scammers, but for us regular users it can be quite frustrating.
What items should you buy when cashing out
Buying CSGO keys to use to cashout is always a safe bet, they have a good value when being sold for cash and they tend to sell really fast, the only downside is they can be quite expensive on the community market, a high demand means a high price for both buying and selling.
Your other option would be to invest in some CSGO skins, there’s a potential to get more for your Steam funds when buying skins, but there’s also a bigger risk considering skins are changing in value from time to time, and also the fact that all skins won’t sell that fast (if there isn’t a high demand for it). You would want a skin that’s high in demand so that it sells relatively fast, and at the same time you don’t want a item that have a to big of a demand, then you will have a hard time buying that skin for a decent price on the market and you’ll also be competing with a lot of other sellers.
How to find a good skin to buy
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We want a skin that has a high demand so we can sell it fast and for a reasonable price, we can find skins like that by heading over to the Steam community market and more specificity the CSGO section of the market, here we can see a bunch of skins that are in high demand right with a list with all the most popular items. This is a great start for finding popular items, make a list of potential skins to buy or leave a tab open in your browser with the Community market.
In this guide we’ll be using Bitskins to sell and cashout our skins, and we’ll be comparing the skin prices over there with the Steam market prices. Now it’s time to start to comparing the prices on the Steam Community market and on Bitskins, try and find a item that has a good exchange rate and a low difference between buy price and sell price. Open up a tab in your browser for Bitskins and one for the Steam community market and start comparing prices, keep searching until you find something worth buying. Just keep in mind that you won’t be able to convert 100% of what you have in your Steam wallet into cash, expect to lose around 20-30% in value when cashing out.
I would avoid Souvenir & StatTrack skins, just because they can be hard to sell.
Selling our items for cash
As mentioned above I suggest you use Bitskins for this part, it’s one of the most popular marketplace to buy and sell CSGO items for real money, which means you’ll get your items sold fast (if you set at a fair and decent price), they also have low fees for selling, they take a 5% sales fee on every sale, which is as low as it gets on these kinds of sites, less fees means more money for you when cashing out your Steam funds.
First things first, we need to check what other people are selling our item for on the site, do a quick price check. And then either put it up for sale below the lowest price if you want the item to be sold fast, or a bit higher if you have no problem waiting for the item to be sold. It’s also important that you picked a item that has a high demand, otherwise you’re looking at sitting on your item for a long time before it gets sold.
Alternative shops to cash out with
There’s plenty of other CSGO shops you can use to cashout your Steam wallet, and SkinBaron and Opskins are two other option. If you want even more alternatives to Bitskins you can check out this guide for other CSGO marketplaces.
Here’s a quick recap of all the steps.
- Pick your items/skins to resell
- Buy the skins/items/keys on the Steam community market, either with buy orders or from the cheapest seller.
- Wait 7 days to be able to trade your items
- Sell the items on Bitskins (or any other marketplace), do your research and see what others are selling the items for, and sell your item for a fair price.
- Cash out your money via Paypal, Bitcoins or the payment option of your choice.
What items are you using to cash out with? What skins or items works the best? Share your experience.