Although bitcoin (BTC) is a new currency, it is known globally as virtual money or people’s money. Since 2009, its fame has grown soaringly. As the currency is gradually accepted and incorporated as a payment option, more people, especially investors, want to know how it works. Information about the acquisition of the virtual money to how a bitcoin converter works is sort after. This article focuses on the latter.
How Bitcoin Conversion Works
Many people are concerned about BTC stability and prefer to hold virtual money for the shortest time possible. Consequently, they convert it to real money at regular intervals. This was after the drastic drop in its value that started in late 2017 to late 2018.
To get the benefits of owning bitcoins, one will have to convert them into real money used in their country.
How to turn Bitcoin into real money
The most common conversions include:
- BTC to USD ( United States Dollar )
- BTC to EUR (Euro)
- BTC to GBP (British Pound)
- BTC to AUD (Australian Dollar)
- BTC to JPY ( Japanese Yen)
Bitcoin conversion to any currency is simplified through the use of a bitcoin calculator. A BTC calculator helps determine how much your bitcoin is worth against any of the supported global currencies.
Once you have your estimate, you move onto the next step, finding a suitable means to make the exchange. The following are some of the channels you can use to make the conversion:
1.Using Authorized Accepting Exchanges
3. Converting to USDT
Using Authorized Accepting Exchanges
Most people prefer looking for local exchanges where they can sell their bitcoins for any currency. This method is the easiest.
LocalBitcoins is a platform where you can find independent buyers who are located in many countries globally. LocalBitcoins is based in Finland and has operated since 2012. It has buyers and sellers in over 14,000 cities in over 240 countries.
The benefit of using LocalBitcoins is that you can directly receive the money to supported forms like bank deposit, cash, skrill, and Paypal. You meet the buyers and sellers on an online platform and agree to meet in person to make the trade.
Converting to USDT
For a person who;
- Is not in a rush to get real cash
- Wants to avoid long term tax obligations
- Regularly buys and sells BTC.
The best way for them is to convert the bitcoins to a tether like USDT. Dealers mostly prefer this method as money moved in and out of an account makes you accountable and may add more taxes.
USDT’s value moves according to the value of the US Dollar. The benefit of using USDT is that other currencies widely accept it.
Some of the Authorized USDT supported exchanges include: