How to Exchange Bitcoin for Cash – Cryptocurrencies are digital currencies used for exchange on a worldwide scale. Bitcoin is the world’s most popular cryptocurrency and though it was created in 2009. Its popularity gained even more prevalence in 2016/2017 and shoot up bitcoin exchange demand.
Tecrada.com review how bitcoin exchange is being done in this article. Bitcoins rose to heights that were never envisaged by many as it grew to a mind-blowing $17,000 to 1 BTC in the past year. Till now, it still retains its spot as the most traded and accepted cryptocurrency in the digital market.
Flowing from the numerous advantages the trading of bitcoins offers, it is no wonder that people are investing heavily in this cryptocurrency. Amongst its advantages, I will highlight a few.
- Faster means of carrying out global transactions: cryptocurrencies were created to be 10 times faster than our normal/ local means of exchange. By the use of bitcoins, you are not only going with the digital market trend. You are also setting yourself for a more efficient way of carrying out transactions;
- A new digital market wave: With the way the world is edging, in a few years, digital currencies would be larger than they are not. In fact, it is already happening. With major service providing companies like Amazon and co. looking to start taking bitcoins as payment for their services, the world is not ready for the revolution yet!
What is the bitcoin exchange?
With the apparent advantages and the fact that this is a trend to get in on, this is an all-important question. Bitcoin can be exchanged with your local currencies or other types of cryptocurrencies like Ethereum and Litecoin. Here is how bitcoin can be exchanged for your local currency;
- You need to download a wallet (they are like applications and it can either be a software wallet or a hardware wallet);
- For large bitcoin exchange, it is advised that investors use the hardware wallets. This is because they are more secure in nature than the software wallets;
- You then fund your wallet through a local transfer from your bank (the value you want to exchange for bitcoins);
- After successfully transferring the funds, you will then proceed to exchange same for a corresponding value in bitcoins.
- You will be notified whether your transaction is successful or not. It is advised to always go for the established applications like Coinbase when seeking an exchange platform for bitcoins.
Exchanging Ethereum and other cryptocurrencies for bitcoin
As stated earlier, bitcoins remain the most valued and popular cryptocurrencies currently available in the digital market. Following closely is Ethereum and some other cryptocurrencies like LiteCoin and Bitcoin cash. In similar ways as exchanging your local currency for bitcoins, you can also exchange your other cryptocurrencies for bitcoins. This can be done in these easy steps;
- Login into the wallet where you have stored your other cryptocurrencies;
- Calculate the value of bitcoins you want to exchange, make the exchange using the cryptocurrencies you have on the platform.
The exchange of bitcoins could be quite seamless and simple but great care and calculation are required because most times (if not all the time) bitcoin transactions are irreversible. While you might want to jump on the bitcoin train by trading your money or other cryptocurrencies. You will need to exercise due diligence and care.