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Author : Crypto Income Staff 12 August 2017
The biggest drawback to bitcoin and potentially the greatest barrier to its widespread adoption is the difficulty in converting cryptocurrencies into cash. That can be a real problem because most of us still need cash occasionally. Cash is still the most frequently used payment instrument, a study at http://www.frbsf.org/cash/publications/fed-notes/2016/november/state-of-cash-2015-diary-consumer-payment-choice by the Federal Reserve Bank of San Francisco found. Around 32% of all retail transactions in the United States still involved cash. More importantly, cash is still the preferred means of payment for small value transactions, those involving less than $20. Even in today’s world of credit cards, altcoins, debit cards and mobile payment apps there are still many places where you have cash. Some retailers; particularly in small towns and working-class neighborhoods, still operate on an all-cash basis. Many others place minimums on credit or debit card purchases; usually $5. Beyond retail there are still lots of settings where you have to use cash; for example at garage sales, estate sales, kids’ lemonade stands, hot-dog stands, paying tips at some businesses, or putting money on the church collection plate. That means cash is going to be with us for a long time to come, so all bitcoin users need to know how to convert digital cash to paper money.
BEST WAYS TO CONVERT BITCOIN INTO CASH. Since having a few bucks in your pocket can be a real life saver – it is always a good idea to know how to convert bitcoin into cash. Some popular means of converting cryptocurrencies into cash include. Bitcoin exchanges. This is still the best method because the proceeds of bitcoin sales on a major cryptocurrency exchange can be quickly transferred to bank accounts for cash withdrawal. There are some bitcoin exchanges such as CEX.IO that allows for free bank transfers via ACH or wire. However, to convert bitcoin to cash at an exchange, you need to have a verified account with the exchange ( a process that takes days to get verified and is quite invasive of your privacy) and a bank account to link to the account. Bitcoin debit cards such as that from Bitpay, and the new TenX card. These can be used for cash withdrawals from ATMs and some retail businesses; such as grocery stores, if they come with a pin number if they are associated with a popular brand such as Visa or MasterCard. Tenx is an interesting solution because you can put Bitcoin and many other altcoins on it while spending these directly at any merchants who accept Mastercard. You can even withdraw cash from an ATM. Tenx also does NOT charge you any fees other than what the crypto currency exchanges charge (minimal — cheaper than credit cards fees for sure). Bitcoin ATMs. These exist in some cities and at some retail stores. They can be hard to find, and are usually only located in out of the way businesses in big cities.
Websites such as Bitcoin ATM Radar at https://coinatmradar.com/ can help you locate a machine. Bitcoin ATM’s do charge you a hefty, hefty fee though (5-10 percent!). Bitcoin brokerages. These are businesses that will let you sell cryptocurrencies for cash in a physical location. Such brokerages are rarer than ATMs and can be harder to find. Currently in North America, they are concentrated in a few big cities such as Toronto, Montreal and Las Vegas. Two popular ones are Satoshi Counter at https://satoshicounter.com/ and Bit Access at https://bitaccess.co/. Wire transfer. Some bitcoin brokers and exchanges including CEX.IO will let you wire money via services such as MoneyGram and Western Union. The advantage to these is that you can get them in cash. The disadvantage is the cost; CEX.IO usually charges a $10 fee for each transfer. Friends and family. You simply send bitcoin to a friend or family member you trust and he or she hands you some cash in exchange. The big drawbacks to this method are that the person has to have the cash, and will be willing to fork it over. Localbitcoins.com. A popular website that connects local sellers in your area with local buyers. Transactions can be made directly in person or via escrow on the website. Fees are involved, but it’s a fast, convenient and somewhat cheaper method of trading bitcoin for cash.
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