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How to convert Bitcoin into cash

How to Convert Bitcoin into cash

Do you want to know how you can convert your bitcoin into cash easily? This article explains the different ways by which you can do that. Read further to know more.

Bitcoin is a virtual money and it is the most common type of cryptocurrency which can be used for payment of goods and services just like our normal currencies. The difference between cash and bitcoin is that cash is physical while bitcoin is digital. Just like money, it can be used to purchase goods and services and can also be transferred from one person to another through your digital wallet where your bitcoin are stored. Bitcoin can be bought and sold.

There is a public list where bitcoins are sold, sent, purchased and stored, it is called the block chain. This blockchain make it possible for fraudulent activities of bitcoin to be traced. To get bit coins, you can either create it using computers, you can buy with your money i.e. physical cash and you can also get paid with it when you sell something.

How to Convert Bitcoin into cash

How to Convert Bitcoin into Cash

You can convert your bitcoin into cash by selling it and demanding for cash payment. This can only be done if the person you are selling to is close-by. Also, you can request for bank transfer from your buyer but make sure there is an evidence that the money has been transferred before sending the digital currency.

How Bitcoins are Created

There are special computers for creating bitcoins. In order to create one, these computers are made to add up difficult numbers and the owners of the computers gets bitcoin to keep after the task as reward. Though this is not easy at all as it may take many years before the computer gets the result. It could even be a loss to the owner at the end of the day because after waiting for many years to get a single bitcoin, the money spent on electricity and internet may be more than the worth of the bit coin.

The most interesting thing about bitcoin is the uniqueness, just like diamonds and gold, it has been considered valuable because the society has taken it up as a means of exchange of both goods and services and it is not managed by banks who can decide just in one day to start collecting charges for it, also the government as well has no control over it and just twenty one million bit coin can ever be created.

When you spend your bitcoin, it cannot be tracked i.e. you can spend it without anyone knowing. Lately the value has been fluctuating and has led many people to debt as they buy more when it rises, then suddenly, it drops and rises again.

Conclusion

Make sure you’re very careful when transferring bitcoin to your buyer as most people can give you fake alert. You can even wait as long as two days, make sure the money is still intact in your account before transferring the bit coin. You can as well visit www.paychant.com to convert your Cryptocurrencies into cash.

Also Read:

How To Buy And Sell Bitcoin On TruexGold.com in 2021

How to trade on Luno in Nigeria despite CRYPTOCURRENCY BAN

Top Fintech Companies in Nigeria – Latest List

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