How to convert my cryptocurrency into cash?
While Indians are flocking to earn quick profits out of the crypto frenzy at the top cryptocurrency exchanges in India, there are some practical issues with the cryptocurrency — as it cannot be exactly used for daily transactions.
Nobody can deny the fact that cryptocurrency is gaining popularity with each passing day, nevertheless, it cannot be used for daily transactions like purchasing something on the spot. Hence, you will still need to convert your crypto into the currency that is ‘cash.’ From finding the best cryptocurrency exchange in India to the process, we are here to tell you that doing this is very easy. The processes are hassle-free and safe. Yet, there are certain things to look out for before you make the conversion. The instability of the digital tokens makes them very volatile hence causing their values to fluctuate. So an investor can consider the conversion of their crypto to fiat currency. Also since it is not legal tender in the country, you are liable to pay taxes on profits.
Let’s find out how cryptocurrency can be converted into cash:
There are two ways of doing this-
1. Through exchanges or brokers
This is a pretty simple method of converting your cryptocurrency into cash. This requires you to deposit the cryptocurrency into an exchange like Shiftal, a crypto exchange in India, and then ask for a withdrawal. The broker then steps in to perform his role and transfers the money (cash) to the same bank account used by you to buy the coins. This is done following the money-laundering laws. It is a very safe process but the downside is for those who need the cash urgently. As this process takes about 4–5 days for the money to reach your account. A certain amount is also charged by the broker for the transaction. To make you understand the process better we have explained it all in the following steps:
Step 1- Create an account with a broker or exchange.
Step 2- You will be required to complete the signup and verification process.
Step 3- Deposit the digital money into your account.
Step 4- Wait for a few days until you can withdraw the amount in the form of cash.
2. Through peer to peer network
If you’re looking for a faster and anonymous withdrawal, the peer-to-peer network is the best option. All you will have to do is sign up on a peer-to-peer exchange platform and then you get the liberty to select the location of the buyer. Use the marketplace to find buyers or top cryptocurrency exchanges in India. It is also easy and quick when it comes to cash withdrawal. However, you ought to be on the lookout for fraudulent peers so you should use a peer-to-peer platform that lets you keep your digital currency locked away until the payment by the buyer has been verified by you. If you cash out your crypto assets, then here too you will need to pay taxes on your profits.
Go through the following steps to understand the process better:
Step 1- Sign up and find your ideal buyer by choosing a location.
Step 2- Send a trade request when you find a buyer in the marketplace.
Step 3- For safety purposes keep your cryptocurrency locked away till the payment is confirmed from the buyer’s end.
Either way, you need to be very careful about your conversion process. Find only the best cryptocurrency exchange India, like Shiftal to make your process safer and easier. The cryptocurrency frenzy has taken over the country. However, its only limitation is an unacceptable form of payment for daily transactions, so using these methods of conversion will allow you to obtain cash through your cryptocurrency.