How to Convert Bitcoin, Ethereum, Ripple As Real money?
Published March 25, 2020 by SYNARION IT
Whether you live in a big city or a small city, there is a high opportunity that you still need to convert cryptocurrency to cash before spending it for your daily uses. Still, there are multiple stores or websites that don’t receive a cryptocurrency or have a cryptocurrency ATM at their location.
Some cities might accomplish like Vienna or Stockholm, but not most of them and far from that certainly for now. The uses and implications behind the adoption of cryptocurrencies are still unknown to the general public and this is a great opportunity for you to be part of what is called the early adopters of emerging technology.
For taking full advantage of the crypto-revolution, we will explain how to to use Bitcoin/Ethereum/Ripple as real money:
- Create a wallet.
- Receive cryptocurrency in your wallet
- Convert that cryptocurrency to Real money in your bank account
- Converting crypto to cash is actually the core of the crypto-economy pending its adoption, as it is directly pertaining to its in-real-life value.
Store your crypto before converting it
If you wish to convert cryptocurrency to cash, you will have to create a wallet first to collect your crypto. It is generally important to occupy one single wallet per cryptocurrency but some user-friendly wallets like Exodus.io permit you to establish various possessions through one single interface.
It is important to understand that the Bitcoin or Ethereum blockchains are networks like the internet is itself. The wallets we are going to cover below are clients allowing access to these networks. As one of the consequences of this, you may access a blockchain through different points, some are more secure or user-friendly than others.
Receive Crypto in Wallet
The wallet refers to a cryptocurrency wallet that is connected to the internet in a manner. The most popular hot wallets relate to the wallets you own on cryptocurrency exchanges. However, software wallets, which are software installed on your computer, are connected to the internet too and can be considered as hot wallets as well.
Your wallet on a cryptocurrency exchange
If you purchase a cryptocurrency for the initial time, you may have to take off a cryptocurrency exchange. You will have to create an account and verify it through a KYC.
Some of the Reliable Platform for Bitcoin Exchanges are as follows:
Zebpay is one of the popular platforms for cryptocurrency exchange. Zebpay has served more than 3 million crypto users on its mobile and web app platforms. It started in 2014, achieved great growth in the last couple of years.
Bitsamp offers you a great platform for reliable trading of cryptocurrencies. It offering bitcoin exchange since 2011 and is considered one of the reliable and popular platforms for secure trading of cryptocurrencies.
Bitpanda is based in Vienna, Austria, and started in the year 2014. There are more than 1 million users that trust Bitpanda for the trading of bitcoins.
Coin base is one of the popular and secure platforms for trading popular cryptocurrencies like Bitcoin, Ethereum, Ripple, and others. Coin base founded in the year 2012 in San Francisco, California. Coinbase is having more than 30 Million users
Coinmama is one of the popular and leading cryptocurrency exchange platforms used to buy and sell cryptocurrencies with a credit card, debit card, or bank transfer. Coinmama has the trust of millions of users across 188 countries since 2013. It is a financial service provider that makes it fast, easy, and secure for everyone to buy digital currencies.
Bitfinex is a reputed platform for trading cryptocurrencies. On Bitfinex, you can sell and buy any kind of digital currencies from Bitcoin, Ethereum, Litecoin to Ripple and others.
All the websites above will allow you to buy cryptocurrencies with your digital wallets or bank transfers or other payment methods. These websites are the ones allowing you to convert Bitcoin to USD or to EUR as well, and to cash out the amount in USD or EUR to your bank account.
If you provided your bitcoin exchange wallet address to the person sending you money, you can immediately leap from the converted crypto to cash. However, you should not make a habit of using your exchange wallet systematically for transactions. Your exchange wallet is as safe as the exchange is and in a constantly changing environment like the crypto-world is, that implies direct legal, technical, and security threats for your funds. Please do consider the following storing options too.
Bitcoin is the first cryptocurrency launched by Satoshi Nakamoto. The main motive for the development of bitcoin is to remove control from the government authorities by launching a digital currency based on blockchain technology which is getting highly popular among people around the globe.
Ethereum was introduced in the market in the year 2015, which is also a cryptocurrency and based on blockchain technology. Ethereum was launched to solve the problem of most people resolve the biggest problems of the internet that people are facing related to hackers. Now everything is protected and safe from hackers, theft, and manipulation.
The Ethereum market capitalization is much higher, nearly second to bitcoin and more than Ripple.
Ripple is both a platform and a currency. The Ripple platform is an open-source protocol that is formulated to enable fast and cheap transactions.
Unlike Bitcoin that was never planned to be a simple payment machine. Ripple is certainly going to rule all international transactions worldwide. It may happen that currency exchanges will disappear in a few years as Blockbuster stores did. The platform has its own currency (XRP) but also enables everybody to utilize the platform to create their own via RippleNet.
Ripple is initially designed as a day to a day payment system, so it is much more power safe than Bitcoin. As a result, the transactions are much quicker and cheaper. It has started as an official organization, as its main priority is to be used by banks. So it is not a subject of multiple regulation checks as many other cryptocurrencies. Ripple has the ability to be exchanged to any currency or valuable (like gold) with a united minimal commission.
How to Change Bitcoin, Ethereum, Ripple as a Real Cash?
When it comes to converting your Bitcoin, Ethereum, or Ripple-like cryptocurrencies into real cash, there are several possible ways that can help you in converting into cash or move it into a bank account.
- You can sell your bitcoin, ethereum, and ripple on cryptocurrency selling platforms like coinbase or Zebpay. This is the easiest method if you want to sell your cryptocurrencies and convert them into cash or real money.
- Get a Bitcoin debit card, there are several websites that accept bitcoin and provide you a prepaid debit card in exchange.
- If any of your friends need bitcoin you can send them and in exchange, you can collect money in your bank account or cash real money.
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