Cryptocurrencies like bitcoins have been foreshadowed as the currency of the future though there are merely a handful of online services or shopping websites that accepts them as the mode of payment. Fortunately, converting digital money to a useful currency like US dollar is an easy job and can be done at any time. Making a research is the best way to know the actual worth of bitcoin and make a decision. In fact, the internet is the only place where you can transfer the digital money, sell it or convert it into a workable paper money.
Over a few years, people have been living with the concept that converting bitcoin to USD is shady and difficult. This is however not no longer the case; instead, there is an increase seen in the number of ways to use or sell your bitcoins. We can see many transitions involving cryptocurrencies are traded to the tune of over $2 billion on a regular basis. This means millions of users are using different ways, such as Coinbase GDAX for exchanging bitcoin to USD across the globe. The online market might quickly and easily exchange your digital money to dollars and transfer them into a bank account, digital wallet or a debit card of your choice.
Choosing a Conversion Platform
There is a plethora of currency conversion services across the world wide web hence deciding on the one may be complicated for new users. Here are a few points that can be taken into consideration when choosing an online conversion service to convert your bitcoin to USD.
- Compare Rates – Converting bitcoin to USD should be done with the top conversion service provider so you can avail the best possible deal for yourself. Usually, when the general conversion rate of bitcoin improves, many conversion services offer different rates for the same. For instance, an ‘A’ service may make a conversion of your bitcoins at the rate of 1 to $5000 dollar while a ‘B’ service comes up with an offer to convert 1 bitcoin into $5250. Since every additional thing is getting equal in converting bitcoin to USD, make sure you choose the second option to obtain the most out of your digital currency.
- Low Fees – Nearly all currency conversion services involve a fee. Usually, there is a flat amount to pay depending on how highly you want to convert your bitcoin to USD. Some conversion services may charge you a portion of the sum you convert with them. It’s better to evaluate the costs associated with different conversion services and decide on the one, offering the best deal at the lowest possible conversion costs.
- Safe Services – It is normal to find handful ways to validate if a digital currency conversion service is safe. And one of those is to visit reviews websites for testimonials of that particular company. You can also confirm if the service is harmless by looking at their URL address. Instead using a less secure http with their URL address, a safe conversion service’s website address starts with “https” because of the advanced security it has. Lastly, safe conversion services permit two-factor identification, enabling you to acknowledge each bitcoin conversion that you wish to make.
- Less Time Period for Transfer – Many website of bitcoin conversion services tend to transfer money to your account within the two days of transaction. Nevertheless, there are some quicker conversion services too that will convert your bitcoin to USD within 2 hours or even less.
Converting Bitcoin to USD
Good conversion services like Coinbase provides you with an instant bitcoin rate against other digital currencies and fiat. It works as an intermediary between the seller and the purchase and is a bitcoin exchange and wallet provider too. Let’s talk about the steps required to work with digital money like bitcoins.
- Sign up for an Account – Even if you are just starting out or already own some bitcoins, the first step for purchasing and selling the money is to have an account on Global Digital Asset Exchange (GDAX). It is a registered intermediary between traders, investing in bitcoins, litecoin, and ethereum. Signing up for an account is easy and requires you to provide your name, date of birth, contact details such as phone number, email address, and residential address as well as bank account information, and online payment service such as PayPal.
- Choose Secure Options for Sign up – Every time you get an account on bitcoin market, you will have the option to choose the two-factor authentication. It usually requires you to enter a strong password and a randomly-built code that you will receive through a SMS. Then, there is a multi-signature option which results in countless independent approvals before selling or conversing bitcoin to USD. Both of these options are very secure and can help you prevent hacking and theft attempt on your account.
- Deposit Your Bitcoin – Depositing your bitcoin is as easy as depositing traditional money into a bank account. It normally needs you to enter your bitcoin encryption key factor and upload the file whether you digital money is stored in wallet or code. You can also contact customer support if you are experiencing trouble depositing your bitcoins into the market.
- Sell Bitcoin For Dollars – If you want to sell your bitcoin using Coinbase or other exchange service, log on your account and click on the trading section. Select the ‘Sell” button and enter the number of coins you wish to sell. You can either place a ‘limit order’ at a fixed price or go for a ‘sell order’ at the current bitcoin rate.
Unlike common misconceptions about bitcoin related transactions, there is much advancement seen as to the subject. Whether you want to trade in digital money or looking for the best service to convert your bitcoin to USD, doing a proper homework is worth to find the best. While there are lots of digital currency exchanges around, make sure to choose the one that works as the safest and most profitable platform for beginners as well as for experienced traders.