How do I convert INR to USD via Bitcoin?
William It is only natural for it to grow in its value over time, irrespective of what the pundits say, and when it bound is to increase in its value, the obvious question of realizing your profits come in.
For realizing the profits one needs to sell BTC in exchange for fiat/cash as acceptable in their native countries.
Hence, I think it is apt to talk about the questions that come to mind while selling Bitcoins for cash.
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How To Turn Bitcoin Into Cash?
There are some easy ways to convert BTC into USD, INR, EUR or GBP, some of which are listed below.
However, before you pick any of the listed methods, you need to find out how you want to receive your fiat. You can sell Bitcoins in person for cash or you can sell it on exchanges and get the money directly deposited into your bank account.
You also have the option to spend your Bitcoin to buy stuff from Amazon using services like Lolli or Bitrefill.
However, I assume for now you want to sell your Bitcoins and get hard cash in person or directly in your bank account.
1. Via Fiat Accepting Exchanges
The easiest way is to find out fiat accepting exchanges in your country. You can then sell them your Bitcoins in exchange for fiats like USD, EUR or GBP. Some of the exchanges that allow you to do so are listed below.
- CoinMama-USD/EUR
- Coinbase-USD/EUR
- BitFlyer– USD/JPY
- CoinSpot (Australia): AUD
- WazirX(India Only)- Convert BTC to INR or USDT
2. Via LocalBitcoins
LocalBitcoins is a Bitcoin start-up based out of Helsinki, Finland, which has been operating since 2012. It is a P2P Bitcoin exchange. It has on-ground buyers and sellers in more than 15,000 cities across 248 countries. Chances are, you will find a buyer in your country via LocalBitcoins.
The beauty of Localbitcoins is that you dealing with the buyer directly and you can receive money in any of the supported formats (bank deposit, PayPal, Payoneer, cash). When it comes to converting Bitcoin into fiat, Localbitcoins is one of the most preferred choices of those who don’t want to use an exchange.
3. Convert BTC Into USDT Like Digital Fiat
If you are not in a hurry of converting your BTC into the fiat currency of your country and also want to avoid your tax liabilities for some time, you can convert Bitcoin into USDT (Tether).
Using USDT has its benefits when compared to dealing in USD or EUR if you plan to buy Bitcoins later. Moving cash in and out of your bank account regularly makes you accountable and may add to your taxes.
Also, you need not worry about the volatility of cryptocurrencies when you switch to USDT because USDT always maintains parity with actual US dollars, hence maintaining its value of $1 per USDT always.