Ways To Convert Your Cryptocurrencies To Cash

In the last few years, the value of cryptocurrencies has seen a considerable level of appreciation with Bitcoin hitting an all-time high of over $18,000 as of December 2017. The increasing popularity of these tokens has given rise to the development of hundreds of cryptocurrency exchanges that allows all potential crypto traders to quickly convert their fiat currencies to crypto coins. Attention has not been paid much to the conversion of cryptocurrencies to cash, that is why this article will discuss several ways and platforms that allow users all over the world to convert their crypto coins to fiat currencies in no time.

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Some of these mediums include :

Cryptocurrency Exchanges
This is one of the ways users can convert their tokens to fiat currencies. Once you decide to set up an exchange account, let's say on the Coinbase exchange, you will have to fill in and link your exchange account to your bank or credit card. Once this link has been made, you can convert your fiat currencies into digital tokens. It works the same way for cryptocurrencies, you can either choose to exchange your already owned crypto tokens for fiat currencies with another individual. Also, you can exchange your cryptocurrencies for fiat on the platform by clicking on "Exchange" on your dashboard menu. As soon as you have confirmed, your cash will be sent directly to the linked bank account.

The only problem with this method is that it takes time. You will have to wait for a couple of working days before the funds are sent to your direct bank account. So if you want to use the money urgently, then this medium is not for you.

LocalBitcoins
This is a P2P platform that links those who are interested In selling and buying of cryptocurrencies or other currencies. The platform is a marketplace and acts as an agent that links buyers and sellers together. To Convert your cryptocurrencies into cash, you have to place an order and someone who needs your crypto coin will send a buy request, prices will be negotiated based on the current market price for the particular crypto. Once the transaction between you and the buyer is verified, your cash will be sent to your direct bank account. This platform also ensures that users link their bank accounts in order for them to make purchases. Wire transfer, bank deposits and other online payment methods are acceptable on this platform.

Cryptocurrency Loans
There are companies that offer crypto traders loan on the basis that they use their cryptocurrencies as collateral. This is another way you can convert your tokens to cash. You can request for a loan that is slightly proportional to the number or equivalent value of crypto tokens you own and they will transfer the specified amount to your account.
To receive a loan, you have to store your cryptocurrencies in a smart contract, before the loaned cash is sent to you. This medium helps hedge you against any form of crypto investment risk.