Many countries are welcoming Bitcoins. Bitcoins are virtual money that can be stored in a digital wallet and can be spent on shopping as well as making transactions through websites.
To learn how to make transactions through websites, see the video for the complete process. The value of the Bitcoins varies daily depending upon a country’s currency value.
This article discusses the steps used when converting Bitcoins to one of the many valid currencies for example GPP, USD, INR and so on.
Changing Bitcoin to an equivalent valid currency
The following are the steps needed to convert Bitcoin to any equivalent valid currency:
Choose an exchange service
Conversion rate comparison: Various conversion services offer you the Bitcoin equivalent currency conversion concerning the country’s currency value. One service may convert a Bitcoin to £5000 GBP whereas other services may offer £5230. Likewise, many services convert the Bitcoin to different conversion rates. It is a wise choice to select the service with a higher conversion rate.
Low conversion fee: To convert Bitcoins to a valid currency, the conversion service may incur a cost. Sometimes, there will be no conversion fee for whatever high amount of Bitcoins you wish to convert. The service terms and conversion rates may vary from time to time. So it is best to compare various service fees and choose the one with a low fee.
Cross-check for secured service: Several Website provide Bitcoin conversion. Therefore ensure that whichever website you choose is safe for Bitcoin conversion. Ensure safety by following three steps:
- Check the reviews about the website
- Make sure the website uses https protocol rather than Http, which less secure
- The website should ensure a 2-step identification process
Quick transaction time: Make sure that, the conversion service can transfer the currency in less than two days. Some services even transfer in 2 hours. So choose a service that makes a speedy transactions.
Registering and uploading Bitcoin
Register your account: After choosing the conversion service, you must register your account by giving your personal information for example Name, DOB, residential address, e-mail id, telephone number, and an online payment service for example PayPal.
Security: The next step is to ensure a secure login, with a registered mobile number which will recieve a code whenever a sign-in has been made. Many security steps have to be approved before the Bitcoin is converted or withdraw. These all ensure the safety of your Bitcoin account.
Bitcoin Deposit: You might be holding your Bitcoins in a wallet stored in a cloud or your computer/mobile. Wallets are just files consisting of Bitcoins. For depositing the Bitcoins you just need to upload your file to the conversion service website, where they will prompt you for a deposit option.
Exchange fees
The Bitcoin conversion rates will have a graph with ups and downs. Suppose for this week if the conversion rate of 1 Bitcoin is £4500, the next week it might either fall to for example £4000 or hike up to £5000. Few people would expect 2% hikes, and even fewer people would expect 5% hikes. So it differs from company to company. Whenever there is a rise in the Pound or any currency value, it could be a good time to convert your Bitcoins.
Selling Bitcoins
There is the option to sell your Bitcoin to the market place. There are two ways of selling. Either you can sell your Bitcoin to an invester of your choice through the market place, or you may sell your Bitcoins directly to the market, and later on, the market will sell the Bitcoins to investors. The selling process might slightly vary from market to market.
Saving Bitcoins on debit card
Many market places allow you to save Bitcoins on an online Debit card, where the Bitcoins are easily converted to any currencies for example Pound, Dollar, INR, and so on. The online debit cards may have a limit on how much you can spend on online shopping in your desired currency.
Bitcoin transfers to another wallet
Many Bitcoin conversion services make the easy transformation of Bitcoin from one online wallet to another online wallet like PayPal, where the Bitcoins are then converted to the desired currency. Although some conversion service might incur a fee for this transfer.