Cryptocurrency has become a popular and more common investment option for individual and institutional investors alike. But the only challenge most crypto owners are facing is using their purchased crypto coins as a mode of payment at retailers for their purchase transactions. Though the number of merchants accepting cryptocurrency as payments is low, the number is expected to increase with time.
If you’re supposed to pay to retailers in the meantime, you’ll have to convert your owned crypto coins to cash or your fiat currency. For example, if you’re visiting a restaurant, you cannot pay the bill using Ethereum. But you can convert Ethereum or ETH to INR to make the payment. If you’re wondering how to convert cryptocurrency into cash/INR, you’re at the right place. In this guide, we cover all the possible ways that you can use to convert your purchased cryptocurrency into cash or a fiat currency of your choice.
Ways to Convert Cryptocurrency to Cash/INR
There are commonly two ways to convert your purchased digital coins or tokens to cash or INR. One method is by getting it done via a broker or exchange, and the second is by taking the help of a peer-to-peer platform.
- Converting Cryptocurrency Via Broker or Crypto Exchange
The first and the easiest method to convert your owned cryptocurrency is by getting it done via a reliable crypto exchange or crypto broker. Once you have opened a KYC-verified account on an exchange, you will have to deposit your purchased cryptocurrency to it. Once the transfer has been securely and successfully made, you can request the exchange for withdrawal in your preferred fiat currency. For example, if you own Ripple, you can check the Ripple price INR or other currency before conversion to ensure you don’t get a lower value post-conversion due to crypto’s volatility.
Though this method is very safe and reliable, the conversions on exchanges are not instant. On average, you can expect the conversion to take place between 5-6 working days and the money to reach your account. While using this method of cryptocurrency transfer, always keep in mind that you will have to use the same bank account to get credited with the converted amount that you used to make the initial purchase. This rule has been framed to curb money-laundering cases, so don’t overlook it at any point.
- Converting Cryptocurrency Via Peer-to-Peer Platform
The second method to facilitate the conversion is using a peer-to-peer platform. This method is less reliable compared to the previous process, and should be opted for only when necessary. However, the pros of this method include rapid fast transaction speed and cheaper transaction fees. To use this method, you will have to register yourself on a reliable peer-to-peer platform that facilitates direct buying and selling of cryptocurrencies among people.
Some platforms offer escrow, so prefer going ahead with them. Using this method, you can directly sell your cryptocurrencies to a person in return of instant cash or a fiat currency of your choice. However, you should be careful about dealing with fraudsters. Before making any transaction, try to verify if the potential buyer is genuine. Once you’ve made the direct sale and received the proceeds in your peer-to-peer platform, you can transfer your proceeds to your registered bank account.
While both methods discussed above are common, the first method is safer than the second. If you don’t want to take risks, go ahead with the first option.
Should You Convert Your Purchased Cryptocurrency to Cash/INR?
Cryptocurrencies are subject to wild price swings and extreme volatility. In such a case, you have to pay special attention to the time of conversion, since you wouldn’t want to lower the conversion amount due to price volatility. If you can spot the ideal time, there is nothing wrong in converting part of your owned cryptocurrency in cash/INR. You should also remember that any amount converted will be subject to taxation, so convert accordingly.
TheBitcoinNews.com – Bitcoin News source since June 2011 –
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