Many believe that Bitcoin is the currency of the future, but even now, it’s not widely accepted for payments. Fortunately, you can quickly and easily convert Bitcoins into a more commonly used currency like dollars. If you want to find out the current Bitcoin price, simply type the relevant phrase into a search engine. If you want to exchange Bitcoins for dollars, deposit them into an electronic trading platform and sell them to interested buyers. The trading platform will quickly and easily convert your Bitcoins into dollars, transferring the funds to a debit card, bank account, or your chosen electronic wallet.
Choosing an Exchange Platform
Step 1. Compare rates on different exchange platforms and choose the most suitable one.
Compare rates on different exchange platforms and choose the most suitable one. Even with rising average exchange rates for Bitcoin across platforms, users are often offered different exchange rates. For example, suppose one platform offers you $5,000 for 1 Bitcoin, while another offers $5,200. If the other features are similar, choose the second platform to sell your Bitcoins for a better price.
Step 2. Transfer Bitcoins at an exchange with lower fees.
Transfer Bitcoins at an exchange with lower fees. Generally, users are charged a fee for currency conversion. Sometimes the fee is fixed and does not depend on the amount you wish to exchange, while other times exchanges charge a percentage of the exchange amount. Compare fees across different currency exchange platforms and choose the most favorable one.
- Fees may change over time, so check the service's working conditions and fee schedule.
Step 3. Ensure the reliability of the exchange point.
Ensure the reliability of the exchange point. You can determine whether a Bitcoin exchange point is reliable in several ways. First, visit reputable websites to find reviews about the service you are interested in. You should also check if the exchange point uses the HTTPS protocol (rather than the less secure HTTP) in its URL. Lastly, only use exchange points that have two-factor authentication in place, so that no one else can confirm the Bitcoin exchange except you.
Step 4. Prefer platforms with minimal conversion delays.
Prefer platforms with minimal delays between conversions. On some sites, Bitcoins can only be transferred to an account after 5 days, while faster exchange points allow the conversion of Bitcoins to dollars in no more than 3 days.
Registering an Account and Depositing Bitcoins
Step 1. Register an account.
Register an account. To register an account, you will need to provide your name, date of birth, physical address, email address, phone number, and other personal information. You will also be asked to provide details of your bank account, electronic payment system like PayPal, or both (depending on how you want to transfer and exchange Bitcoins).
Step 2. Choose the most secure security settings during registration.
Choose the most secure security settings during registration. When creating an account on a Bitcoin exchange platform, you will have the option to enable two-factor authentication, which will send a randomly generated confirmation code to your phone after each password entry. You should also enable multi-signature, which requires multiple independent confirmations for transferring or withdrawing Bitcoins.
- Both of these security options help protect your account from thieves and hackers, so enable them at the first opportunity.
Step 3. Deposit Bitcoins into the trading platform.
Deposit Bitcoins into the trading platform. The specific mechanism for depositing Bitcoins will depend on your current storage method. Generally, to deposit Bitcoins, simply click the "Deposit Bitcoins" button (or something similar) at the top of the trading platform’s homepage.
- If your encryption key is printed, you will be asked to enter it.
- If your Bitcoins are stored in a "wallet" (an encrypted file or code), you will be asked to upload the file.
- If you encounter difficulties depositing Bitcoins into your trading account, don’t hesitate to contact customer support.
Conducting the Exchange
Step 1. Convert Bitcoins when the exchange rate is most favorable.
Convert Bitcoins when the exchange rate is most favorable. The exchange rate constantly fluctuates. For instance, one day the exchange rate might reach $4,900 for 1 Bitcoin, and a week later, it might climb to $5,100. Wait for the value of Bitcoin per dollar to increase.
- There is no fixed percentage or value that determines a favorable exchange rate. For some, a rise of $100 in Bitcoin's value is already a good signal to exchange their cryptocurrency. Others may wait for the value to increase by 5 percent.
- Regularly check the exchange rate online or register on a site that will notify you about the Bitcoin to dollar exchange rate, so you stay informed about its price increases.
Step 2. Sell Bitcoins on the trading platform.
Sell Bitcoins on the trading platform. On some trading platforms, you can sell Bitcoins to other individuals. On certain sites, you can sell Bitcoins to the trading platform, which will then resell them to interested buyers. In any case, the specific method of selling Bitcoins will depend on the trading platform you are registered with. Typically, simply click the "Sell Bitcoins" button to begin selling your cryptocurrency.
- Bitcoins will be converted into dollars and transferred to the bank account you specified.
Step 3. Transfer Bitcoins to a debit card.
Transfer Bitcoins to a debit card. On some trading platforms, you can transfer Bitcoins to a debit card, which automatically converts them into dollars. If desired, you can apply for a virtual debit card. This is a series of numbers that can be used for online purchases in dollars. However, there is nothing stopping you from receiving a physical debit card by mail.
- You will have to pay for each card (typically, a virtual debit card costs $5, while a physical one costs $15–20), but they provide added convenience, especially if you rarely pay in cash.
Step 4. Transfer Bitcoins to another electronic wallet.
Transfer Bitcoins to another electronic wallet. On some exchange sites, you can exchange Bitcoins for dollars by transferring them to PayPal, LiqPay, and other payment systems. If you want to convert Bitcoins to dollars this way, select your desired electronic wallet as the payment method. Then simply sell or transfer Bitcoins to the chosen payment system using the trading platform's menu.
- Exchanging Bitcoins for dollars by transferring them to an electronic wallet often comes with higher fees and lower limits than a standard transfer to a bank account.
- This service is typically used by people who frequently make online purchases and do not want to constantly transfer money from a bank to an electronic wallet.
