To the topic, here are the titbits to follow to convert your bitcoin to cash:
Via exchanges for cryptocurrencies
The first way to turn any cryptocurrency into cash is through an exchange or a broker; this is quite similar to the way that international airports handle currency conversion.
You fund an exchange like WazirX, CoinDCX, CoinSwitch Kuber, or Unocoin with your cryptocurrency, then request a withdrawal in the currency of your choosing. Your bank account will be credited with the withdrawal. Let's use Bitcoin as an example of a cryptocurrency that you wish to exchange for cash in order to better comprehend this.
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Transfer your Bitcoins to an exchange that permits INR purchases and sales. For demonstrational purposes, we utilize WazirX in this instance.
Step 1: Launch the WazirX app and select "Funds."
Step 2: Select the INR option to view your account transactions, including deposits and withdrawals.
Step 3: You can find the "Deposit" and "Withdrawal" choices at the bottom of the screen.
Step 4: Select the withdrawal option, and then input the required withdrawal amount. Enter the amount and hit "submit" now.
Step 5: You'll get an email shortly asking you to approve the withdrawal. The monies will soon appear in your account once you have authenticated.
Although this technique is regarded as the safest, it takes roughly 4-6 days for the money to arrive in your account. Additionally, there is a fee for the transaction that varies from broker to broker on cryptocurrency exchanges.
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Via use of a peer-to-peer network
You may exchange your Bitcoin for cash through a peer-to-peer marketplace for a speedier, more private withdrawal. LocalBitcoins is one of the most well-known peer-to-peer services.
Join a peer-to-peer exchange site and select the region where your desired buyer is located. Then, seek buyers via the market. The majority of peer-to-peer sites include an escrow option, which prevents you from releasing your Bitcoins to the buyer until you have received payment confirmation.
The peer-to-peer selling approach must be used with caution because of scammers. Additionally, it is strongly advised to utilize a peer-to-peer network that enables you to keep your Bitcoins locked until you can confirm the buyer has provided the payment.
It is important to keep in mind that if you cash out your cryptocurrency holdings, you will be required to pay taxes on your income. This applies in many countries.
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