The good news is that this is very easy to do. Having said that, there are several factors an individual might want to consider before converting their cryptocurrency into cash. Digital tokens are extremely volatile and their values fluctuate a lot so if your timing is wrong you potentially stand to lose money. On the other hand, a risk-averse investor, seeing the uncertainty around digital currencies, might consider converting their digital money to fiat currency.
Either way, here's what you need to know about converting your cryptocurrency into cash. Just remember that if you cash out, then you will need to pay taxes on your profits — although crypto currently exists in a legal grey area in India, that's not to say that gains made from investing in this asset are outside the ambit of taxes. How to convert your crypto into cash? Let's understand this by taking Bitcoin as an example of a cryptocurrency that you want to convert into cash.
Remember to keep in mind that converting any cryptocurrency into cash will involve taxation as well an exchange fee that a third-party broker will levy depending on the number of digital tokens. Not to forget, a third-party broker may take a day or two to transfer the money to your bank account. Bitcoin price in India stood at Rs.
Now let's come to converting cryptocurrency into cash. There are two ways of doing it. Through an exchange or broker This is similar to the currency exchange system at airports. 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. Things To Remember About Converting Bitcoin To Cash Before you convert your bitcoin to cash, consider the following points: Taxes: If you are earning profits by selling bitcoin, you will need to pay taxes on your profit income.
On Binance, you can download a file with all your transactions for tax purposes. Fees: Unlike other platforms, Binance P2P does not charge fees for buying and selling cryptocurrencies. You can buy and sell bitcoin with zero fees.
Speed: It usually takes exchanges a couple of days to transfer the funds.
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