How can I exchange bitcoins to USD?

After a lengthy and technical period of mining or consolidating Bitcoins, you need to know how to turn the coin into a fiat. Though the pioneer coin has been in the market for about 10 years starting from 2009 when Satoshi Nakamoto founded it, the process of converting it to fiat is still lengthy and complex.

Visit here to exchange bitcoin to PayPal

How to turn Bitcoin into USD is an uphill task that often requires the use of multiple platforms. Because Bitcoin is not recognized as a legal tender in most countries, and the definition of digital currencies is also unclear, many entities handling them opt to stay away from acting as a bridge with fiat currencies.

To help people who have Bitcoins or that want to join cryptocurrencies but harbor fears about conversions, this post digs into the best method to turn Bitcoin into USD.

Cashing Out Bitcoins Online

This method involves using a platform that allows the Bitcoin owner to interact directly with the buyer using an intermediary site. The intermediary platform charges a fee for facilitating the transactions.

The process requires the Bitcoin owner – you – to select a financial service provider (preferably a bank) to create a seller’s account and complete it with ID verification. Then, you are required to post the Bitcoins to be sold so that the facilitating selling platform can identify a buyer and initiate the transaction.

To keep your coins safe, the Bitcoins may be frozen once they are deposited into the platform’s account. Once the potential buyer is identified, he is required to send the ordered amount in fiat for the Bitcoins on sale before they are deposited into his wallet.

The process ends with the amount your Bitcoin fetched being deposited into your bank account and the digital coins being transferred to the buyer. Note that the amount you will receive is less the transaction fee for the facilitating platform.

One of the companies that use this method is the Coinbase exchange. Coinbase has indeed simplified the process so much that you can turn Bitcoin to USD with just a few clicks. They even allow Bitcoin owners to cash them out promptly using mobile phones.

The transaction fee at Coinbase varies depending on the amount under consideration. For example, the Coinbase website indicates that if you state that $100 as the amount of Bitcoin to sell, the fee is 1.49%.