The challenge of converting some crypto currency to Fiat cash.

[Kayzzy3]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

 

[Prettybabe]

I think it is not that difficult converting cryptocurrency to fiat currency. I have done that several times.

If you're using app, just go to your cryptocurrency account and hit exchange to convert to any fiat currency of your choice.

I think the limitation only comes into play with all these new cryptocurrencies that have not been fully accepted. I understand you though.

 

[Trexxxy]

It is quite easy to convert your crypto to fiat cash ,infact this days we have bitcoin ATMs on which you can withdraw your equivalent amount of bitcoin in cash, these days crypto currency exchange is evolving, we now have apps that have options of bitcoin payment. There isn't any difficulty with exchanging or converting your bitcoin to your local currency.

 

[Nurudeen]

A lot of companies are now using Bitcoin as their means of transaction so I don't think anybody should panick about converting their coin to Fiat. The other time I wanted to buy a Domain from namecheap they now have BTC on their means of payment

 

[Suba]

I think it's not a big problem, because it's easy to exchange cryptocurrency for fiat money, there are many crypto to fiat money exchanges, and then we can transfer to bank accounts. this is a way for countries that prohibit cryptocurrency, also vice versa we can buy crypto in exchanges, abroad.

 

[Kayzzy3]

Yes, I think the covertion I easier with BTC and Ethereum. As you tightly noted, the newer currencies presents a major challenge converting.
Maybe since am somehow new in the terrain, I do still have a thing or two to learn going forward.

 

[Josemendez]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

This is not always the case . With some wallet , one can convert directly to local bank with wallets like Luno for Africans and Coinbase for US citizens .

 

[Lagazine]

Converting crypto Currency to fiat money is not a problem in my country, there are a lot of wallets that allow exchange into fiat's or direct to your bank account. We have luno or coinbase and other platforms, so no cause for alarm here again.

 

[Niftyyem]

I've been having this same issue for quite a while now, I received some fiat currency to my Tether (USDT) account and I've been unable to convert it to cryptocurrency. Or probably coinbase doesn't offer services like this.

Coinbase has limitations on some countries, so they are unable to fully utilize their services. Check to make sure your country is not part of those who have such restrictions. There are other ways to deal with your cryptos issues though.

 

[Sake]

I can why a lot of people specially new to Cryptocurrencies are having a hard time of converting their Bitcoins to fiat, we don't have that problem in my country because that can convert Bitcoin directly to our local currency and withdraw it to cash in an instant with no fees too.

 

[Goodday]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

That is very true. Most people that are not from the crypto accepted regions always have some problems converting crypto into fiat and if you don't know any trusted local exchanger, you might even end up losing your funds.

 

[Peterlight]

That is why it is best to make research on SEO so has to know which wallet is best for your region and also know if the wallet is user friendly/ easy to invest on.

I have used some wallet before in which I regret ever finding out about them.

 

[Niftyyem]

I never knew about the restrictions on coinbase. I will research on that. Can you update me about the other ways to deal with crypto currency related issues? And which other wallets can you recommend?

If your country is supported, then, Luno is your best bet if you don't want the hassles of using exchange sites to convert to fiat. Luno gives you the option to sell and get your funds straight into your local bank account(s).

 

[Ralphjoe]

Converting cryptocurrency to fiat currency is pretty much easy, apps like luno,trust wallets offers those services, this pretty much take like 30minutes to complete.

 

[ahmedo24]

It is very much easier to convert to individual fiat Currency or at worst to USD by using local bitcoin or paxful they are available in most countries, alternatively each member can search for wallet compatible to their country.

 

[tuna89]

I have never faced any issues while trying to convert my crypto to fiat, I use quidax crypto wallet, whenever I trade my crypto, I am very much able to withdraw to my local bank account without difficulties. This is one of those things that developed my love for crypto.

 

[giddy]

The best way to navigate through this challenges is selling your coin to another person.
As we know that, you can transfer bitcoin directly to another person without involving the services of a third-party such as a bank or a credit card. So you simply need to find out somebody who wants to buy your Bitcoins. When the buyer is available, you can transfer your bitcoins directly into their wallet and can get paid for that. In this type of transfer, there are some
security risks involved because when you do a transfer of bitcoin to someone else, that transaction is irreversible . So if you send your bitcoins to someone else and that person does not pay you for the bitcoins, then there is no way to retrieve your bitcoins back. So whenever you are going to sell bitcoins to someone else whether it's a family member, a friend, or some other person, make sure that you can trust on this person, and you are going to get paid for the bitcoins that you send.

 

[Ltherman]

New investors in the crypto space are being a bit skeptical about investing much in less know crypto currency, this is because crypto currencies are not yet fully integrated as a direct means of exchange for goods and services because some countries and even individuals haven't yet accepted crypto currency for the purpose of exchange.
Conversely, crypto holders depends on other crypto user to buy their crypto in order to convert it to Fiat cash.
This is a challenge I believe has mitigated against the rise in the use of crypto currency.

Converting cryptocurrency to fiat has never been a challenge for. There are even several exchanges that are now offering fiat conversion Binance, Crypto.com, Paxful, Coinbase and several others depending on your location.
On its acceptance, some of these cryptocurrency are already being considered as an asset class which has caused institutional finance to flow in.

 

[Adeyoola7]

There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account.

 

[Bookwormlux]

With luno wallet, that's not a challenge. I send all my crypto currencies from coinbase to o luno then sell for naira and proceed to withdraw directly to my bank account. It's not a challenge to convert my crypto currency to naira.