Convertion of crypto currency into fiat money is not a problem now, cause now their are lots of apps available to help with that. Secondly most companies and online stores uses bit coin as their mode of payment , I don't think their is any problem converting crypto to fist.
The challenge of converting some crypto currency to Fiat cash.
- Thread starter Kayzzy3
- Start date
Throughout history, fiat money has failed over and over again, where sound assets like gold have survived. Ruling out acts of god and unforeseen circumstance, the number one reason fiat fails is due to unsound economic policy. This is where gold and bitcoin stand to truly prevail
In as much as my country is one of those that hardly see people that accepts crypto currency as a means of transaction i have not been finding it difficult to convert crypto currency to cash because of the app i use
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Concerning the challenge of converting cryptocurrencies into fiat currency. Well, I believe it is not a big problem at all to converting cryptocurrencies into fiat because we have applications which are purposely built to carry out such operations and I do hear of bitcoin ATM's which have not seen or used.
I think the only problem I see is that some crypto are not allowed on some exchanges. Because they are not popular so most exhcnages don't have them among tradable coins. But it is getting better with more exchanges everyday accommodating more coins as the clock ticks.
I think the only problem I see is that some crypto are not allowed on some exchanges. Because they are not popular so most exhcnages don't have them among tradable coins. But it is getting better with more exchanges everyday accommodating more coins as the clock ticks.
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I think the only problem I see is that some crypto are not allowed on some exchanges. Because they are not popular so most exhcnages don't have them among tradable coins. But it is getting better with more exchanges everyday accommodating more coins as the clock ticks.
Converting your cryptocurrency to your Fiat currency is a very hard thing to do especially if you're in a country that does not fully embrace the crypto world. The easiest way that you can convert between the two is probably to sell it off to someone and have them deposit the equivalent amount in fiat currency directly into your account. Also, if they are ATMs within your region that deal with Bitcoin then perhaps you can use this as a means as well.
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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.
I think the limitation only comes into play with all these new cryptocurrencies that have not been fully accepted. I understand you though.
While fiat currencies are issued by the government of a particular country and deemed legal tender in that specific region, cryptocurrencies are not controlled or backed by any single entity. Consequently, they can be used anywhere in the world without restriction or regulation.
kayode10
Guest
One of the challenges is that someone that do not link with the local account. The other way round to this problem is to sell your cryptocurrency at the marketplace. If care is not taken you can easily get scammed of cryptocurency. that's why it is good to choose a wallet that leads with your local account easily.
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Yeah I have faced the same problems you shared.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. But now i found an app which is providing this facility.
If crypto currency is not legal and if the bnks block crypto currency transaction, it is really difficult to convert crypto currency to fit currency. The only way to do this is through peer to peer trading.
One of the ones who are the important things to know before you buy or swap to any cryptocurrency especially in decentralized wallet is weather there is an available for liquidity or it is just a sheet coin.
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Cryptocurrency conversion of cryptocurrency has never been easy because the rate at which scammers are out here now they tend to discourage one from converting your cryptocurrency to cash this is because you might be scammed and some cryptocurrency platforms have banned some countries
Yeah. Even on reputable platforms like Binance, those scammers still find their ways there and newbies are usually easy prey for them.
Exactly that is main reason why conversion of cryptocurrency requires a lot of scrutinization in order for you to convert successfully because scammers are finding their way into every platform that is paying real money
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The best way to convert your crypto currency to fiat using the p2p platform on binance or if you live in a country that accept s Bitcoin and has some Bitcoin ATM machine, it is also a good option
To me it is very easy to convert my cryptocurrency to fait currency in less than 30min. If you want convert to naira I will recommend you use raven. I use raven app very easy and fast in converting cryptocurrency to fait currency.
If you use Binance you will not have any issue in converting crypto currency into fiat currency s P2P trading is available on Binance and you can trade with local people to receive fiat currency
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A cryptocurrency you cannot convert to USDt is a scam, most especially if you are using a trusted exchange is like binance or pancake swap, apart from the fact that the cryptocurrency is a scam I don't really see a difficult task here to convert any cryptocurrency to your fiat currency using binance exchanges.
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
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