It’s no doubt that investing in cryptocurrency may be the best decision anyone can make at this time. There have been a lot of highs recently in the industry, and many investors are making good money from their investment.

However, sometimes you may need cash urgently, and have no other choice than to quickly exchange your cryptocurrencies for fiat. When this happens, you want to use a reliable method that will help you to quickly convert your crypto to cash you can use to settle some bills. So, in this post, we have highlighted some of the most reliable ways you can get this done.

But First, What Are Fiat Currencies?

In case you are still fresh to the crypto world, let’s quickly define what fiat currencies are some of the most common ones you can come across in crypto trading and investment. Fiat currency is a government-issued currency that is generally accepted as a physical currency. Unlike cryptocurrency, fiat currencies are physical cash you can handle in your hands. Examples of fiat currencies include USD, INR, EUR, GBP, etc.

Of all the different types of fiat currencies, U.S Dollar seems to be the most popular in cryptocurrency trading. It is the most used and holds more than 80% market share. This is followed by the Japanese Yen, and then by Euro.

Euro has about a 5% market share when it comes to trading cryptos like Bitcoin into fiat currency. However, the major limitation about Euro is that it is confined to certain regions when you are trying to use it to buy cryptocurrencies.

So, Why Would One Want to Exchange Their Cryptos for Fiat Currency?

There are many reasons this could happen. It could be part of the crypto exit strategy of an investor. It could be in order to pay some bills or quickly sell to make some profits when the market seems to be in a favorable condition.

One could also want to exchange their cryptocurrency for fiat in other to get more flexibility with the money. Cryptos are very volatile, and when most investors perceive a bearish season coming, they quickly convert their crypto assets to stable coins or into fiat currencies to preserve their assets.

How to Convert Cryptocurrencies into Fiat Currencies

#1: Using cryptocurrency exchanges

This is perhaps the most commonly used option when looking to exchange cryptos for fiat currency. It is similar to a money exchange center one visits to convert currency when one just arrives in another country. What crypto exchanges do is that they convert cryptocurrencies into your local currency or any other currency of your choice.

It is very easy to use and has a good level of reliability. Most exchanges have a built-in crypto converter on their platform which would tell you how much fiat currency you would get for the amount of cryptocurrency you want to sell.

There are lots of crypto exchanges out there including the likes of Anycoin Direct, Binance, Coinbase, Gemini, etc. However, the only downside with this method is that it can sometimes take quite some time before you get your cash. Delay in withdrawal is common to most crypto exchanges.

#2: Buying with your cryptocurrencies

This may not look like the method you would want to take if you are looking to get the cash to settle some bills. But if you want to use it to make some purchases, you might need to consider it. Most stores and online purchase platforms now accept payment in cryptocurrencies. So if the store from which you are making a purchase allows you to pay using cryptos, why not go for it?

Most of the time, using crypto payments would cost you less than when you decide to first exchange to fiat currency. At the same time, it will save you the stress of looking for a trusted platform or user to use for the exchange.

#3: Using crypto debit cards

In the case of Bitcoin, having a Bitcoin debit card might be the fastest way to get quick cash for your Bitcoin. Some platforms provide you with a debit card you can use any time to withdraw your Bitcoin. When you deposit bitcoins in your account on such platforms, they automatically convert them into required fiat currency.

So, when you get to anywhere where debit cards are allowed for payments, you can simply use your Bitcoin debit card as though you are using debit cards issued by your bank. However, you should be prepared to pay transaction charges on every purchase you make using the card and there is a limit to the number of transactions you can make on each debit card.

#4: Using Bitcoin ATMs

Again, if you are exchanging Bitcoin, you can make use of Bitcoin ATMs to get some fiat currencies for your Bitcoin. Bitcoin ATMs work just like conventional cash ATMs. The machine allows you to buy and sell your bitcoins on it. It is very fast, secure, and very convenient. However, the only challenge with Bitcoin ATMs is that transaction charges are too much on them. Also, there is a maximum limit to how much cash you can get from the machine.

#5: Peer-to-Peer exchanges

This is another way you can convert your cryptocurrency into fiat. Here, you will need to look for a buyer willing to buy your cryptos, and in return, give you cash for it. It is a simple method, but before you use it, remember that cryptocurrency transactions like Bitcoin are not reversible. That is why it is important that you choose a buyer you can trust that will give you the cash after the transaction is successful.

#6: Metal Pay

This is a new method newly introduced into the market. Metal Pay is a money transfer application that you can easily use to withdraw your cryptocurrencies and convert them into fiat. Before you can use it, you will need to complete KYC and fill up your bank details.

Once that is done, you can receive, buy, sell, and even convert your cryptocurrencies using the app. Presently, the app has more than 24 cryptocurrencies listed for exchange, including Bitcoin.

Final Note

When it comes to exchanging your cryptocurrencies for fiat currency, there are a variety of ways you can do that. We have mentioned the most popular methods already in this post, and you can always trust any of the methods.

But to know which of them is perfect for you, you will need to consider the transaction fees, the security, and the convenience of the method. Make sure any method you are choosing matches your expectation in these criteria.

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