Today, there is nothing getting people excited than the bitcoin talks. When you walk around, you will hear and even see a headline about how the currency is trending. Some talks are positive and others negative.
People cannot seem to understand how an internet currency can take the world by storm. Thanks to a google ex-worker, we have seen and witnessed a more secure currency that does not know borders or a central control unit, that sounds amazing, right?
Bitcoin has come to be known as the currency of tomorrow. with the popularity it has gained, more and more people are buying and selling using the bitcoin as a medium of exchange. That has got investors excited because there are no more borders when it comes to training.
Do you have some bitcoin in your wallet? Are you inspiring to have some? If you don’t have, you are missing a lot on hat bitcoin in your wallet can do for you. that is because more and more trades are accepting bitcoin as a mode of payment which comes with its own convenience.
It is the expectation of every bitcoin user that it will be acceptable in the whole world. While this seems to happen in future, we must keep on trading with the bitcoin to make sure we get the best from them. That is why we buy and sell bitcoins.
Sometimes, you may have bitcoin in your wallet, but you can’t seem to find someone who accepts the currency as a mean of payment, what do you do? You need to look for a way that your fait cash quick so that you can trade with.
- 1 Exchange of bitcoin to US dollars
- 1.1 Choosing a conversion service
- 1.2 Sign in and upload your bitcoin
- 1.3 Observe the rate
Exchange of bitcoin to US dollars
Getting your bitcoin exchanged into US Dollars can be a hustle. That is because it involves a series of procedures that you must follow carefully not to lose your bitcoins. Before I take you to step by step on how to exchange the bitcoin, here are some of the reasons why you might need the exchange;
- You might in need of urgent cash and have bitcoin in your wallet.
- The currency might not be accepted in all trading. Some traders and investors are yet to accept bitcoin as a mode of payment.
- You might find it profitable to trade your bitcoin at this time.
whatever your reason or reasons are, you must be able to find a way in which you can safely exchange your bitcoin and get the dollar that you need. The following are the steps that you will go through for you to be able to get dollar into your account;
Choosing a conversion service
It is a vital step for every bitcoin holder who wants to exchange the currency into dollars. That is because it involves finding a convenient conversion service who will give you the best of hat your bitcoin is worth. For you to do this, you need to;
Compare the rete offered
Don’t be in a hurry to exchange your bitcoin. you need to shop around and look at the various rates on offer. It is by doing this that you will know ho is offering hat rate in the market. After that, you ill must sit down and decide.
Go for the one with a lo fee
Of course, if you want to get the best out of your bitcoin, you need to go for a conversion service with the lowest fee. Be keen when looking at the fees as some offer a fee compared to what amount of dollars you are expecting while some offer a fee that is flat for all the dollar you are anticipating
It’s not about the lowest fee alone. You also need to make sure that your bitcoin is being handled by reputable people and not scammers. Bitcoin is expensive, and you don’t want your coins to fall n the wrong hands do you?
It is for this reason that you need to look at the reviews of the conversion service that you choose to go with. Make sure they meet the safety precaution that is necessary. Check whether they are using the https instead of the non-secure HTTP URL. You also need to make sure they have the 2-factor identification process.
When you choose to exchange your bitcoin to US dollar, it might that you need urgent cash to trade with. For this reason. You need to look for a conversion service with the shortest conversion time. Some take five days to complete the conversion while some may take as less as three days.
Sign in and upload your bitcoin
No that you have chosen the best conversion service, you need to go ahead and upload your bitcoin. at this step, you now understand why it is important for you to choose the best conversion service, you are entrusting your bitcoin in their hands.
For you to upload your bitcoin, follow a well-laid procedure to make sure your bitcoin is safe, and the process is as transparent as possible, to do this, you need to;
Set an account
That is here you ill securely upload your bitcoin. at this stage, you are recurred to give your legal name, date of birth, email, residential address, phone number and any other personal information that they need you to provide.
When you are providing the above information, you need to make sure that the information is accurate and verifiable. You also need to add a bank account where your dollars will be deposited after being exchanged. If you have an electronic mode of payment, you need to add here as well.
Make sure your account is secure
This cannot be emphasized enough. You are trading with your currency. For this, you need to ensure that where you are uploading your bitcoin is secure and safe. The password you choose must be strong and make sure you use the 2-factor verification process to make sure your account is secure enough.
There are so many fraudsters and untrustworthy services offered online. It is up to you to make sure you identify any suspicious activity that can make you stop the process. When you do this, you will make sure your bitcoin doesn’t all into the wrong hands.
Deposit bitcoin in the marketplace
Once you have made sure that all is well, and your bitcoin and account are secure, it is time you deposit your bitcoin into the marketplace. You need to know that the mechanism of deposit varies depending on the conversion service that you go with.
The good thing about a good secure conversion service is that they will guide you through the whole process to make sure you follow the right procedure. Follow the guideline and once you are done, you need to click on the deposit bitcoin link to deposit your bitcoin from your wallet.
This is the actual exchange of the bitcoin that you have put into the market into the US dollar that you need. You need to follow the process and observe for the best time to convert your bitcoins into dollars. For you to do that, you need to know the following;
Observe the rate
You are given a chance to observe the changes that are taking place in the exchange rate. That is to give you a chance to exchange the bitcoin-only when the exchange rate is at your favour. Be patient because the rate may sometimes go down or up.
Sell your bitcoin
So, you have observed and seen that the current rate is favourable, it’s time to sell. The marketplace allows you to sell your bitcoin into ways. You can choose to sell your bitcoin to another investor who is willing to buy your bitcoin in exchange for the US dollars that you need.
You can also sell to the conversion rate service provider and in exchange, they will give you the dollars that you need. Whichever way you choose, make sure you are keen during the whole process to ensure you get the best out of your bitcoin.
For you to sell the bitcoin, you need to initiate the process. That is by clicking the sell link in your account to get the process started. Once you click the sell button your bitcoin will be converted into dollars and the cash will be transferred to the bank account that you provided.
About debit card
There are some conversion services that allows you to put your bitcoin into a debit card. Once you deposit your currency into a debit card, you will go around transacting with the card and the bitcoin in the card will be exchanged with the current rate to US dollars for you to trade with.
That is convenient especially for traders and investors who don’t have time to wait to sell the bitcoin. What you should note with the following service is that it comes at a cost that can be expensive than waiting to sell your bitcoin.
Transfer bitcoin into another wallet
That is another way of making sure that you transact with your bitcoin but still get to exchange them into US dollars whenever you need them. For you to do that, the conversion service that you choose will deposit your bitcoin into another wallet for you to transact with.
They can do this by transferring the bitcoin into your PayPal account or apple pay and while you are making payment, they will oversee exchanging the bitcoin in your online bank into US dollars for you to complete transactions with.
What every trader should know including you is that the depositing bitcoin in your PayPal or Apple pay can be convenient to you as a trader as you don’t have to wait to get the US dollars that you need but it will come at a cost, which might be higher than you expected.
That is the step by step procedure that you will take to make sure that you have the US dollar that you need from the bitcoin in your wallet. Hen it comes to the exchange, you should note the following points while exchanging;
- Go for the best
You want to get the best of what your bitcoin has to offer. This means trading with your bitcoin without losing them. Go for the best conversion service that will offer the US dollars at the lowest fee in the shortest time possible. That ill leave you with a smile on your face.
- Safety fast
Bitcoin in is an expensive coin to have. You don’t want to lose your currency in the process. Don’t be in a hurry to get the dollars that you need. While exchanging, be keen when it comes to the security of your bitcoin. set your account and password using the 2-factor identification process.
Be keen on any suspicious activity that can make you terminate the process. Before you upload your bitcoin, ensure that the account you set is secure and safe for you to upload the bitcoin. don’t trade your bitcoin until you are sure you want to. Losing your bitcoin can be a big blow financially.
- Do your calculation well
It can be tricky when handling your bitcoin and want to exchange them into another currency. That is because you want to do this and still have the value of your bitcoin in the other currency. It involves a lot of rates in the process and it’s up to you to update yourself with the rates for you to gain the value of your bitcoin.
If you have your bitcoin and you are ready to trade, you don’t have to be afraid and get confused while doing so, you can safely exchange your bitcoin into US dollars for you to be able to do business and complete transactions. Follow the above procedure to get the dollar you need.