How to convert money to bitcoins

The money will be available instantly or by the next business day, depending on your bank's policy. Cash in Person Offline payment method and the only method that requires face-to-face F2F meetings to complete transactions. You will need to arrange a meeting with the counterpart in a safe place and exchange the crypto for cash.

Online Wallet Customers can transfer money from one wallet to another if both parties have the same e-wallet. The transfer is done instantly. Mobile Top Up It is a transfer where you add credit to the recipient's mobile number. All you need to know is their phone number.

Why Convert Bitcoin? Although bitcoin and other cryptocurrencies are set to rival or even replace fiat and other traditional currencies in the future, cryptocurrencies are still not as widely accepted as cash. Thankfully, crypto is a liquid asset class that can be easily converted to cash, allowing you access to more funds to buy tangible products and services.

Transferring crypto funds to your bank account is a two-step approach of converting your crypto to cash, and then depositing that cash into your bank account. You can do so easily with Binance P2P, a platform that lets crypto buyers and sellers create ads to buy or sell crypto with each other. Set up your ad Choose your preferred payment method, currency and the amount of bitcoin you are planning to sell.

Place an order After reviewing all the ads and selecting the one that works better for you, place your order. Your crypto will be escrowed by Binance P2P. Confirm the payment Check the transaction record in the given payment account, and make sure you receive the money sent by the buyer.

Release your crypto Once you confirm the receipt of money, release the agreed amount of crypto to the buyer on Binance P2P. But there are new services on the horizon that could help people use bitcoin and other digital coins in more mainstream ways for their day-to-day finances. Here's a look at how to use these banking-style services for cryptocurrency, as well as their benefits and barriers.

The term cryptocurrency banking could be considered a misnomer, since the exchange companies and firms that offer these services aren't technically banks, but it generally refers to the ways in which consumers can manage their cryptocurrency balances. At this stage, this kind of banking mostly just allows people to hold their funds in a digital wallet or spend it like they would spend traditional money.

They allow you to use your digital coin balance like any other currency to make everyday purchases or withdraw it as cash instead of keeping it as an investment. Before these debit cards were available, you could spend your cryptocurrency only at retailers that chose to accept it directly or sell it in exchange for dollars. This means that your digital funds are accepted wherever many regular debit cards are. Many banks rely on the stable value of currency in order to lend, borrow or earn interest on money, but it's not possible, at this time, to do those things with cryptocurrency in a way that's as stable or safe as with traditional currency.

And to spend your digital coin, you have to accept the risk that its value could go up after you spend it, since your transactions are based on the real-world value of your coin as it exists at that moment. But the value could also go down, making previous purchases a good deal. Another barrier to consider is that regulators are still evaluating cryptocurrency fintechs.

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Any associated fees also depend on the country that your bank is located in. Does Perfect Money accept Visa? Western Union or MoneyGram. How can I send money without revealing my number? Select your preferred language.

Log in by setting a four-digit application password. Also Read. Jan 11, How can I get money without giving my name? Paying by cash — the most anonymous payment method. Third-party private payment services — many different types of services to choose from. Which countries use Perfect Money? Perfect Money is in the list of available payment systems that FBS offers. Can I use Perfect Money in Nigeria?

Is Perfect Money available in Nigeria? Perfect Money is available in most countries including Nigeria. What is the cheapest way to buy Bitcoin? PayPal: Paypal is the easiest way to buy Bitcoin, even easier than your credit card. The charges are high. How much does it cost to convert Bitcoin to cash? Unlike an online cryptocurrency exchange, which might charge from 0. How do I cash out 1 million Bitcoins?

Cashing out Bitcoin is best done via a third-party broker, over-the-counter trading, or on a third-party trading platform. You can also trade it peer-to-peer. In fact, some exchange accounts offer P2P services on the same platform. The process of using the services available on the platform is quite simple, too. You will need to sign up for an account, and the good thing here is you do not need to verify your identity. Once your account is set up, you can then buy cryptocurrency with no id.

P2P websites or services are much faster compared to using centralized crypto exchange platforms. Your transactions are also kept anonymous. P2P websites usually mimic a marketplace with merchants selling different coins at different prices. Most merchants sell the coins at a lower price than the market rate to attract more clients. However, before you engage a merchant, make sure you preview their rating and customer response rate.

Bottom Line Buying and selling crypto is much simpler nowadays thanks to the various centralized and decentralized trading platforms available. If you are planning to invest in huge sums of crypto, make sure you invest in a premium crypto wallet service.

It is not always advisable to use wallet services provided by crypto exchange service platforms. The reason why is that you do not have complete ownership of your private keys.