Cryptocurrencies such as Bitcoin and Ethereum can be easily sold for their value in cash and the amount can be transferred to your bank account. These cryptocurrency exchanges show you the current value of cryptocurrencies in rupees, transaction fees charged, and allow you to withdraw funds directly to your bank account. In this guide, we will take you through the steps of converting bitcoin to cash.
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Convert Bitcoin and Other Cryptocurrencies to Cash
The main way to convert bitcoins and other cryptocurrencies into cash is to sell your cryptocurrency on any major currency exchange platform such as CoinDCX, WazirX, Coinbase, etc. WazirX also provides you with advanced controls over the selling price of your cryptocurrencies.
Deposit Cryptocurrency from Wallet to Exchange
This process is only applicable if your cryptocurrency is stored in another wallet or you need to transfer it from any other exchange. The wallet gives you easier access to use your crypto on different platforms and exchanges. If your Crypto is already in the Exchange funds/wallet, you can avoid this process.
1. Go to the Funds page where you will be able to see your wallet.
2. Click Deposit funds in the currency you want to deposit from your wallet.
3. A public address will appear. Copy and paste it into the send section of your wallet.
4. Now, select the amount you want to deposit for the sale. And you’re done! Once the processing is done, you will be able to see the funds in your wallet.
Selling on the cryptocurrency exchange
Let’s go through this process step by step. Remember that even depositing funds will cost you some transaction fees.
Here, we will use the WazirX exchange to prove the process but it will be similar on other exchanges as well
1. Once you deposit your money, you will be able to see it in My Money, My Investments or My Wallet.
2. You will be able to see the total quantity of the cryptocurrency and its current price in rupees.
3. Enter the quantity you want to sell in coins or in rupees and click sell. WazirX also allows you to sell at your custom prices or reduce processing time if an immediate buyer is available.
4. Once sold, you will be able to see your funds in the Funds or Wallet section.
5. Now, click on Withdraw. If you have already provided your KYC and bank account details, you should be able to withdraw the amount to your bank account. Note that the minimum amount must be at least more than Rs 500.
amazing! You have now succeeded in converting your cryptocurrency into cash.
Swap coins and tokens
If the cryptocurrency you have invested is not yet available on the Indian cryptocurrency exchanges, you will have to exchange it for the cryptocurrency that is available on the Indian exchanges. This should not be an issue with Bitcoin and other major cryptocurrencies.
Some exchanges give you the option to swap while some wallets like MetaMask also give you options to swap coins.
Related article | MetaMask Wallet: How to Create and Set Up Account and Other Tips
After exchanging your cryptocurrency, you can sell it on the Indian exchanges by following the same process that we discussed above.
Although it is all about selling cryptocurrency on exchanges. We hope we were able to cover the basic methods and processes by which you can convert Bitcoin into cash. These methods are simple and easy to follow but you still need to be very careful and take your own precautions when following the process.
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