Bitcoin is digital money in form of coin which can be used for exchange, buying products or services and can be liquidated anytime. It is crypto currency or in simple words, digital asset which can be transformed into paper money. It is worth a huge amount in USD or Indian rupee. It can also be considered as debit or credit coin which give access to buy services or products from companies including Microsoft and Subway. However, when in need, the coin can be liquidated to change into paper money and transferred to bank or get money in hand. There are various modes which help to cash out Bitcoin. These mediums are legal and licensed including- bank transfer, peer to peer. Pay pal or currency deposit in bank.
Modes to cash out Bitcoin:
- Direct exchange– Direct exchange refers to person to person exchange of Bitcoin for currency. It can be done either by receiving money in back account, or by personal meeting and exchange of Bitcoinfor currency in hand. You can also get the amount in form of cheque deposited in the bank. However, it is advised to do the exchange only with a valid ID proof of both parties to be sure of his identity.
- Third party broker– It is also a legal way to exchange Bitcoin for currency. It requires the seller to deposit the coin in exchange, in return to it, he will receive money in this account in form of currency paper note. Always keep in mind to deposit and receive in the same bank.
- Coin base– It is other medium to cash out Bitcoin via broker exchange. For this, you have to open an account of coinbase. It requires a few instructions to follow and there you can add your Bitcoin in sell section. The same wallet has a buy section for other person. Buyers and sellers can reach each other from this coin base which is charged. The charges of the transactionvaries on different countries.
Bitcoin has been a trend lately, however it requires the owner to be careful while doing transactions and exchanging it. Lack of knowledge can create potential loss while exchangeof Bitcoin with paper money.