Can you really make money with cryptocurrencies?

You can also cash out cryptocurrency using crypto mats - this is an analogue of ATMs. Each of them has its own digital address. The user can transfer funds to it and thus cash out bitcoin and several other popular coins.

Crypto ATMs have several drawbacks. Firstly, these are large commissions, often over 5%. Secondly, they are very difficult to find. There are only 5 such machines in Moscow now. Thirdly, the risk of the counterparty: you can use a device installed by fraudsters.

Another equally risky way to exchange digital money for traditional money is a cash transaction. For example, to negotiate with a familiar person in person and to make a deal at the meeting. Such operations should only be carried out with people you trust, because there are many ways to cheat. A partner can pay at the wrong rate, disappear when receiving a cryptocurrency, assign it to himself, citing a technical error, or simply rob it.

However, it is safe to conclude a deal with another person and exchange cryptocurrency without intermediaries. This will help p2p-platforms (p2p - person to person - from person to person). The most popular of these is LocalBitcoins. On it, the user conducts an operation with another user, and the service acts as a guarantor that one will not deceive the other.

At the moment, it is more profitable to withdraw Bitcoin through LocalBitcoins than through exchangers. However, there are several downsides to this. First, the price is indicated without the commission that the bank or the system will take for the transfer. Secondly, peer-to-peer services are less popular than exchangers and exchanges. Because of this, there are few offers for buying and selling cryptocurrency, and if they are, they are often for small amounts.

Another non-standard way of exchanging cryptocurrency for fiat is through Telegram bots. The messenger has channels where you can buy and sell bitcoin and other coins, as well as store them on a wallet linked to your Telegram account. However, this is very risky. A trader entrusts his money to a complete stranger who is unlikely to be able to get in touch with if something goes wrong.

To know more visit: convert bitcoin to usd