How transfer Bitcoin to bank account
Over the past few years, digital assets have surged in value and popularity. This surge has been driven primarily by public interest, massive capital injections and increased trading activity. As most cryptocurrencies hit their all-time highs, thousands of investors became very wealthy.
Bitcoin is the first cryptocurrency. It transformed the existing business architecture of money transactions, making transactions faster, cheaper and more transparent. In this article, you can read about how transfer Bitcoin to bank account in India.
What is Bitcoin?
The financial world has changed with the advent of Bitcoin. After all, it is the first peer-to-peer digital assets or digital currency designed for instant transactions between users without intermediaries in the form of central authorities and banks. Complete decentralisation means that transactions and the issuance of new units are done through the collective management of the network.
The project is based on an open-source Bitcoin Core client. The software has a high level of confidentiality and security and is built in compliance with the Massachusetts Institute of Technology license requirement.
To understand why and how withdraw Bitcoin to bank account, let's first look at some benefits of the cryptocurrency:
- Customisable fees. It is up to the user to choose the fee. The higher it is, the higher the priority the transaction has and the faster it can be confirmed. The amount of the transfer does not matter.
- Instant (fast speed) and cheap overseas transactions. You do not need to use the services of intermediary banks to transfer BTC to bank account. That reduces the operation time (instant, not 3+ days), eliminates bureaucracy, limits the amount and transaction fees.
- Transaction security. Cryptographic methods protect transactions.
- Easy payments via mobile devices. All you need to do to accept payment is open an online wallet on your phone. Then show the QR code to someone else to have it read by their device.
Why Transfer Bitcoin To Bank Account?
Why should you transfer Bitcoin to bank account?
The idea that Bitcoin will someday replace fiat money is why so many people are investing in it now. In theory, you will one day be able to use Bitcoin for any purchase when it replaces fiat money, like U.S. dollars, which will no longer be required.
For now, nevertheless, there are still relatively few businesses or individuals that accept payment in Bitcoin. That is one cause you may want to convert Bitcoin to cash—to use the value of your Bitcoin to purchase real things. Another motivation is when the market is in decline. If you believe the price of Bitcoin will keep sinking and you want to rescue yourself from losses, it makes sense to convert crypto to fiat while you wait for the Bitcoin price to recover.
Fiat money is another name for government-issued currency (e.g., U.S. dollar, Euro, etc.), which is not backed by a physical commodity such as gold or silver.
How to move BTC to a bank account?
If you open an account with a bank or a broker, it is pretty clear to the modern person how to withdraw money: to a card or to receive cash. But what about when it comes to cryptocurrency? How to transfer BTC to bank account in India? How can it be converted into familiar fiat money?
There are several reliable ways how to transfer BTC to bank account:
- Crypto exchanges.
- Peer to peer platforms.
- Online Wallet.
- Cash App.
Each method is described in detail in the article below.
Way to transfer Bitcoin from сrypto exchanges to bank account
To convert a crypto-asset, it must first be sold. You can sell Bitcoin on a cryptocurrency exchange such as Coinbase, CEX.IO or Binance. That is the easiest method if you want to trade Bitcoin and withdraw the money received directly to your bank account.
However, there are some nuances. For those wondering how transfer Bitcoin to bank account, you should know that you have to specify the same bank account from which you deposited your funds.
This way is simple, easy and secure. However, this method is not the fastest. The average time your money will reach your account will vary from country to country. Any associated taxes and fees also depend on the country where your bank is located.
Now let's take a closer look at Bitcoin exchanges, which are used for buying and selling Bitcoin.
- Binance is one of the largest and most secure exchanges. In addition to running the world's leading cryptocurrency exchange, Binance covers the entire ecosystem. The main advantage of Binance is its extensive functionality. You can buy cryptocurrencies, trade derivatives, and buy and sell with leverage (i.e., with your own money and borrowed money). In addition, the exchange has a mobile app.
Binance's vision is to increase the freedom of money around the world. Binance believes that they can significantly improve lives worldwide by spreading this freedom.
- Coinbase is another popular brokerage exchange for buying and selling crypto assets. They handle more Bitcoin transactions than any other broker and have a massive customer base of 13 million people.
The process of how withdraw Bitcoin to bank account in India:
- Register and go through the verification process. Of course, there is no anonymous user in this case, but your funds will be safe.
- Enter the amount (or buy) of BTC into your account.
- Cash out BTC into fiat money via bank transfer.
- CEX.IO was one of the first platforms to make transactions between fiat and cryptocurrency available, offering card payments and bank transfers to customers. In addition, the company has worked hard to develop and maintain trusted relationships with dozens of reputable banks in key markets.
CEX.IO currently provides a rich selection of trading instruments for Bitcoin, Bitcoin Cash, Ethereum, Ripple, Stellar, Litecoin, Tron and other crypto assets. You can trade these cryptocurrencies in USD, EUR and GBP.
How to convert BTC through P2P platform
There are other ways how withdraw BTC to bank account, such as peer to peer platforms.
P2P is a peer-to-peer, peer-2-peer, partner-to-partner interaction model. Therefore, it is also called peer-to-peer.
P2P cryptocurrency exchanges are places where you can exchange recursos digitales and withdraw the amount received to your card or bank account. That is a reasonably common way to exchange coins for fiat in the cryptocurrency market.
P2P cryptocurrency exchanges usually do not charge their customer's withdrawal fees. Therefore, it is often preferable for users to use such exchanges. Among them is the P2P section on the top platform, Binance.
Before conducting external transactions, a cryptocurrency exchange may require personal identity verification (KYC). For this purpose, scans or photos of documents should be prepared in advance. The images must be of high quality, without glare or blurring. Then the verification process will be quick and straightforward. After KYC, you can proceed with the withdrawal.
Withdrawing BTC with Online Wallet
How withdraw BTC to bank account in India?
Just follow this algorithm:
- Choose a suitable exchanger.
- Choose a pair for the transaction: Bitcoin and the currency you want to receive on your card.
- Choose the number of Bitcoins you want to transfer.
- Enter the card you will receive the money on.
- The exchanger will give you a wallet to transfer the Bitcoins to.
- Transfer this amount to the provided wallet.
- Confirm the transfer in the exchanger/exchange.
- Receive the money on your card.
About Cash App
Transfering and receiving money should be accessible online, whether for a payback lunch, an instant birthday gift, a little credit, or any different motivation. Fortunately, there are online applications for sending money and services, so what should you choose?
Let's take a look at the main features of the Cash App.
Primary elements of the app:
- Funds are available immediately.
- Sign up with your existing debit card.
- Get a free debit card to use with.
- Buy Bitcoins.
- Earn rewards.
- Add regular cash to your account.
- Accept payments through deposit.
The final part
Bitcoin is a young part of the young ecosystem. So, most traders in this market have no experience. Therefore, they are more easily influenced by both euphoria and panic. All kinds of events make them either buy or sell in droves, and the rate is in a constant state of flux. Many marketplaces allow you to withdraw money to your bank card. That is a convenient and secure way. But many exchanges charge a high fee for direct withdrawal because trading floors usually cooperate with counterparties.
Exchange Bitcoins for whatever you need. And remember, cryptocurrencies and their ideas have already fundamentally changed the traditional way of thinking about money. Accordingly, it would be best to change how you feel about exchanging money. But one thing should remain unchanged - careful monitoring of exchange resources for reliability. Many users think that they don't have a good head for figures, but the future scenery is so invigorating. That's why even those people made it to the crypto world.