Through cryptocurrency exchanges
The first method to convert any cryptocurrency into cash is through an exchange or a agent, this is quite similar to the currency exchange system at airports of a foreign nation .
Read more |Crypto over gold on Dhanteras? Why GenZ and millennials are thinking different You deposit your cryptocurrency into an exchange such as WazirX, CoinDCX, CoinSwitch Kuber, Unocoin, and request a withdrawal in the currency of your choice. The withdrawal will be paid into your bank account. Let ’ s understand this by taking Bitcoin as an model of a cryptocurrency that you want to convert into cash.
Transfer your Bitcoins to the exchange that supports buying and sell in INR. In this case, we use WazirX, for demonstration purposes. gradation 1 : Open the WazirX app, and tap on the ‘ Funds ’ option .
dance step 2 : click on the INR option and you will be able to see your account transactions, deposits, and withdrawals .
step 3 : At the bottom of the blind, you will be able to see two options, ‘ Deposit ’ and ‘ Withdrawal ’ .
gradation 4 : cluck on the withdrawal option, where you will be able to enter the sum you need to withdraw. now, enter the amount and put in.
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step 5 : You will receive an e-mail soon, where you have to authorise the withdrawal. once you have verified, the funds will be reflected in your account soon .
This method is considered the safest, but at the lapp time, the time for money to reach your account is about 4-6 days. In accession, crypto exchanges besides charge a fee for the transaction, and it differs from broker to broker .
Through peer-to-peer network
For a quicker, more anonymous secession, you can use a peer-to-peer platform to sell Bitcoin for cash. One of the most popular peer-to-peer platforms is LocalBitcoins .
Read more |Cuba’s crypto artists put new spin on the genre Sign up on a peer-to-peer exchange platform and choose the location of your ideal buyer. then, use the marketplace to find buyers. Most peer-to-peer platforms have an escrow choice where your Bitcoins are not released to the buyer until you have confirmed you have received requital.
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While using the peer-to-peer sell method, it is crucial to be mindful of fraudsters. besides, it is highly recommended to use a peer-to-peer platform that lets you keep your Bitcoins locked until you verify the payment has been obtained from the buyer .
It is worth noting that if you cash out your crypto assets, then you will need to pay taxes on your profits — although crypto presently exists in a legal grey sphere in India, investing in this asset is not outside the scope of taxes .