Converting bitcoin into cash and vice versa

This may be one of the most interesting topics among users, since anyone who plays in casinos bitcoin, sooner or later wants to trade that virtual currency to their own currency or vice versa. And that is why we are going to try guiding you in this task.

How do bitcoins become real money? Actually, the options are many. The easiest, of course, is to use an exchange. There are a large number of exchange services on the Internet, several of them work with Bitcoin. (It is very important to choose a good Bitcoin exchange service, so you are better of investing some time with checks than be a victim of fraud, very often it happens that webs that work today, vanish from the Internet tomorrow, as if they had never existed).

Converting Bitcoin into cash and vice versaConverting Bitcoin into cash and vice versa

The exchange can be either automatic or manual, but keep in mind that every exchange is built on the same principle: you specify that you are selling bitcoins, choose the currency you want to get and confirm the payment.

  1. In the first case the transaction is processed instantly
  2. In the second method you will have to wait for it to be processed by the operator, it is slower and more complex, you will have to transfer the digital currency to the exchange, and set the selling price to wait for someone to accept your offer. When the transaction is complete, the order will be filled and the money will reach your account in the chosen currency.

Converting bitcoins into real money with the help of personal exchange is a simple method, if you have a friend who wants to buy bitcoins. For security issues it is not recommended to make exchanges with strangers.

Let’s see in simple terms the 3 most common conversion options:

  1. One of the most important and used pages among users is LocalBitcoins. It is a trading page that people use to buy (named depositing) and sell (named withdrawing) only Bitcoins and then convert it to Paypal, currency…

    In this site one must register and find the offer that suits you since the different members listed by reputation and also the exchange rate they offer as well as the minimum and maximum amount they are willing to exchange. The use of the platform is very simple, only choose one, to the seller or buyer, as the case may be, agree on how much one thinks to buy or sell and in case one wants to buy Bitcoins, it must be deposited to a bank account that is determined by the seller and send the photocopy of the deposit voucher; once this is done, the system automatically releases the amount of Bitcoins requested to the account we previously registered. It is a safe transaction since the site acts as mediator between both parties and the commission charged is minimal.

  2. The “HalCash” option is used in several countries. It offers you the possibility of sending bitcoins to a buyer upon payment in your currency. This banking service allows you for example buy bitcoins in your currency by sending money from your bank to your mobile phone. The code and password received along with your mobile phone number will be given to the bitcoins vendor so that he can withdraw it from the cashier and release the bitcoins. In order to perform this transaction you only need a bank teller connected to your halCash network.
  3. There are also apps that buy / sell bitcoins, although the commission is high, around 5 or 10% for the change

An example is Bit2me that allows you to convert bitcoins to Euros and then withdrawn them in a network of 10 thousand ATMs in Spain without having to register and only with a couple of text messages.

The system works as follows: the application is installed on the mobile phone and you are entered the amount of Euros you want to buy. By means of SMS message, the user receives a message with a code telling him how much bitcoins he has to pay for the euros and to which address he should send them. Once the transaction is completed, a new SMS message gives you a password to withdraw the cash.

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