Most people are now investing in crypto coins because they will be more valuable in some years to come. However, some people still don’t understand how cryptocurrencies work and even think that it is not real. Bitcoin was launched back in 2009, and as of now, it is worth around $50,000. If you’re interested in investing in crypto coins, you’re on the right page. We will share an in-depth guide on how you can exchange Bitcoin.
Open an Exchange Account
The first step towards investing in any cryptocurrency is owning an exchange account. For newbies, exchange accounts or sites help you trade real money for Bitcoin and vice-versa. You will require an email address to open an account. Once you’re set, you will need proof of identity before you begin trading using your account. You can do so by uploading a picture of your driver’s license or ID.
Once your account has been verified, you are set to start trading. You can use your bank account or credit card to load cash to purchase Bitcoins or any other cryptocurrency. However, it is not always a good idea to use your credit card as crypto coins are very volatile and their value can drop in an instant, causing you to incur losses.
Exchanging Bitcoin for Real Money
If you have Bitcoins and want to cash out in exchange for real money, the process is pretty simple. You can use your exchange account to swap bitcoin for cash or use P2P trading websites. If you have added a payment mode to your exchange account, you can change your bitcoins for USD or Euros. You can read additional info about the crypto to cash trade.
Once the exchange is done, the money will be sent to your bank account. However, you will be charged a small fee and the transaction may take a couple of hours before it reflects in your account. P2P trading websites are much faster if you want to make quick trades. What happens is that the platform connects buyers and sellers. If you’re going to sell your bitcoins, you will advertise on the site. You will then be linked up with an interested buyer, and if the price is right, you can close out the deal. The buyer will send you cash to your preferred account, be it PayPal or even a bank account. Once you confirm receipt of the money, the bitcoin will be released to the buyer.
Safety and Precautions
Bitcoins are now more valuable than they were before when everybody doubted anything to do with crypto coins. There is a vast number of scammers who are out there trying to rip you off. Ensure that you use a strong password for your e-wallet or exchange account. Another point worth noting is that make sure you use secure internet when carrying out your trades. Also, do a background check on an exchange account or e-wallet before you sign up. Crypto coins are quite lucrative and are proving to be the future of digital currencies.