If you’re looking to convert Bitcoin to euro, it isn’t quite as straightforward as popping along to your local bureau de change. There are a few different ways to cash in your Bitcoin, and they each have their advantages and disadvantages.
The most popular method is to use a centralised exchange, but you could also trade your Bitcoin through a peer-to-peer platform or use a Bitcoin prepaid card. Whichever method you use, you need to make sure it is safe and secure.
- Start by exploring the reputable exchanges
Exchanges not only let you buy Bitcoin — they also enable you to sell your Bitcoin and other cryptocurrencies for fiat. The exchanges connect to bank accounts, enabling you to sell your crypto and have euro transferred to your account within a few working days. Exchanges are considered one of the safest ways to convert cryptocurrencies to euro. However, it’s worth bearing in mind that exchanges enabling fiat withdrawals tend to support the most popular coins only. You might need to convert altcoins and tokens into Bitcoin, Litecoin, or Ethereum prior to requesting a withdrawal.
2. Check out local services
Local crypto exchange services let you convert Bitcoin to euro by selling your coins to people living nearby. They enable buyers to avoid all the identity verification requirements of the big exchanges. Although most services offer a decent level of protection for buyers and sellers, it’s crucial to understand how they work and what fees they charge.
A popular choice is LocalBitcoins.com – a peer-to-peer marketplace where users post bids for buying and selling Bitcoin. Depending on demand, it might be possible to sell your Bitcoin above market value. You can choose to be paid in person, via a bank transfer or online payment processor, or even have the cash posted to you. LocalBitcoins.com has a guide explaining how to stay safe when selling your Bitcoin. Other similar platforms include Paxful and Bitquick.
3. Find a Bitcoin ATM
As well as letting you buy Bitcoin, some Bitcoin ATMs enable you to send Bitcoins to the machine and receive cash in return. This can be a convenient option for people who get paid in Bitcoin. However, the fees can be very high. What’s more, you might not be lucky enough to have a Bitcoin ATM in your local area.
4. Explore crypto loans
If you need cash but you don’t want to sell your Bitcoin, a crypto loan could be the answer. Platforms like SALT and Nexo enable you to borrow fiat by putting your crypto down as collateral. Comparing each platform’s loan-to-value ratio and APR will help you to decide which one is for you.
A final note
Before you convert your Bitcoin to euro, it’s worth considering whether you do really want and need the cash. Once you’ve made the conversion, your Bitcoin will be gone and there’s a chance you’ll miss out on big gains.
Bitcoin ATMs are one of the speediest ways speediest ways in which to get hold of cash, whereas the exchanges take several business days. Your decision will ultimately rest on how quickly you need the money, whether you prefer the security of a reputable exchange, and how much you’re willing to pay for the conversion.
For more news, guides, and cryptocurrency analysis, click here.