Bitcoin is the world’s most popular cryptocurrency. A lot of retailers and payment processors these days accept Bitcoin payments, but many users still prefer converting Bitcoin to regular cash for their everyday needs. And if before using Crypto Exchanges was the only way to go, today’s blockchain financial platforms offer more choices to crypto HODLers.
DeFi (Decentralized) Exchanges
De-Fi Exchanges have been around for years and offer one of the original “go-to” methods to get cash for crypto. These exchanges require that you deposit the Bitcoin into the exchange before asking for a withdrawal.
Wire transfer is the most common method of withdrawal.
The broker exchange may require that you deposit money into the broker account at least once before requesting a withdrawal. You can withdraw your currency to fiat currency, but you’ll likely need to use the same bank account for your deposits and withdrawals.
Anti-money laundering laws are in place that may not allow you to make deposits from accounts not the same as the withdrawal account.
Broker exchanges may require 1 to 5 days to receive your money.
SEPA or SWIFT payments are made depending on if you’re in the EU or US.
The main downside of converting bitcoin into cash using a de-fi exchange is that it can be a very time-consuming process and doesn’t come with the anonymous benefits that other forms of withdrawing money do.
Fees will exist when withdrawing your crypto and turning it into cash.
Blockchain based P2P platforms providing more than exchange services:
Over the past few years a new segment of companies has emerged providing crypto users additional ways to get cash for their Bitcoin holdings. Those companies largely self-regulate providing quick and secure alternatives to customers who may not want to part with their hard earned Bitcoins. Now they don’t have to.
P2P Crypto backed loans
Crypto-backed loans are growing in popularity as they provide a convenient way of converting cryptocurrency into cash. The concept is very simple – customers use Bitcoin as collateral and can receive up to 80% in cash loan of their BTC pledge. All interactions between lenders and borrowers are conducted through blockchain based platforms, like Nebeus. Customers can choose the amount of cash loan they need, pledge the collateral required and they will have requested cash deposited to their wallet in minutes, ready to be withdrawn and used.
What should a customer look for in a P2P blockchain financial platform:
- Speed of services
- Security
- Currencies you are looking for (EUR, GPB, USD)
Crypto backed loans are a great way to get cash and keep Bitcoin at the same time. Once the loan is repaid customers get their BTC back. Crypto back loans interest rates, especially for shorter term loans, are much lower than a conventional bank would charge making them even more attractive. Many crypto-backed loan providers would allow terms as short as 30 days, but can also give as long as 36 months to repay the loan, so customers can enjoy the flexibility based on their needs.
Turn Bitcoin into Cash Using Nebeus
Can Bitcoin be converted to cash using Nebeus? Yes. Since 2014 Nebeus has offered its customers a variety of services allowing them to take best advantage of their crypto holdings, including Bitcoin. The services are quick, simple, and easy to use. Setting up and verifying your Nebeus account is the first step. Once your wallet is set up, you can:
Get a crypto backed loan
- Open a Bitcoin savings account and earn interest in EUR
- Exchange BTC for EUR, GBP or USD
- Keep BTC assets in cold vault storage
- Transfer money to a bank card in over 150 countries worldwide
- Buy Bitcoin using your credit/debit card
The platform now supports three main currencies for withdrawal and transfer:
- GBP
- USD
- EUR
Nebeus takes the safety of its users very seriously and practices the highest security standards including but not limited to Password protection, 2-Factor Authentication, entering a unique PIN for any withdrawal, Inability to change wallet address, Inability to withdraw large amounts without manual verification by our team.
Conclusion
You can convert Bitcoin into cash in several ways. But before you decide to simply cash out through one of the crypto exchanges, definitely consider new services, available to you as a crypto user. Visit The Nebeus wallet to see if a crypto-backed loan or a crypto savings account is more beneficial right now, providing you access to the cash you need without making you sell your crypto assets.
