Suppose you have bought yourself Bitcoins or Altcoins so much that it is time to buy an apartment or a new Kruzak. The challenge is to withdraw cryptocurrency in real rubles, dollars or euros. And how, in fact, do this? About this in our today's article.
Before the happy owners of electronic currency today is the actual question: how to turn Bitcoins into real money (Fiat)? And the problem is not even in the fact of cashing, but in choosing the best way for this.
Here it is necessary to take into account three key criteria: profit, reliability and convenience. Remember, even Sberbank, which has practically everybody’s card, has different ways of transferring money: if from card to card, then one percent, if from account to account, it is more complicated, but the percentage is much lower.
The same happens with cryptocurrency: the more convenient the way, the more expensive it is. To date, several methods are common: through exchanges, through exchange services, including using electronic money like Yandex.Money or QIWI, using Webmoney (a separate item!), Or using private individuals (the latter method is the most expensive, but fastest).
Method # 1: withdrawing money using exchanges
On exchanges, it is easiest to cash out popular currencies such as bitcoin or “ether”, ripple or litecoin. But there are also those who are more loyal to little-known cryptocurrencies: for example, the Poloniex exchange.
What is the algorithm of action? First of all, you need to find a stock exchange that supports the required currency pair. First, look for it on the top exchanges, or simply enter the “ETC / EUR exchange exchange” request into Google. Of course, the first option is best, because exchanges go to the top for a reason, but because they are reliable and safe. Do not forget that the risk of running into fraudsters is high on the lowly popular exchanges, and the exchange itself may turn out to be unfair. If you still choose the option with Google, do not be too lazy to look for reviews about the selected exchange.
After registration you need to replenish your account or wallet by crediting the corresponding cryptocurrency to its address. Then you need to put up cryptocurrency for bidding for the course that you consider acceptable. If you have an adequate offer and the currency is claimed, then a buyer appears, and the deal is to the satisfaction of both parties. There are rubles / dollars / euros on your account, and you can withdraw them. We recommend that you familiarize yourself with the list of supported systems in advance, because among them there may not be an acceptable way for you. The set of each exchange is different.
What are the disadvantages of this method? First, you can wait for the buyer for a very long time if the price you indicated is too high. Secondly, there is a commission that can be charged twice: at the time of concluding a transaction with the buyer and in the process of withdrawing fiat money. Commission for different exchanges for different processes is different, but usually does not exceed 2% (and in a good way - 0.1-0.5%). Be sure to calculate whether the commission will not override your profit.
Method # 2: exchange services
There are a lot of them, and the conditions are very different from each other: rates, transfer speed, commissions, banks, a set of partner payment systems, etc. Based on that, you need to choose the appropriate service.
And in order to make it easier for you to navigate among a large number of such exchangers, there are special sites that follow the exchange rates of cryptocurrencies on different exchangers.
Recommendation: do not rush to change money in the exchanger with the most favorable rate, but look at the commission he charges for various operations. Someone who is particularly greedy can demand a withdrawal with a good course up to 10%. Again, you need to look at the maximum amount of funds withdrawn (both from the exchanger and from your wallet to which you deposit money - this is especially true for Yandex.Money). Of course, the most profitable exchange rate will be for the most common pairs: BTS / USD, BTC / EUR, etc. If you have an unpopular currency like tenge or hryvnia, then you can only be upset, because the commission will be significantly higher than in the case of the dollar / euro and even the ruble.
Some exchangers allow you to withdraw small amounts quickly and with a small commission. You can also find exchangers that allow you to use the well-known Western Union money transfer system. For this you need only passport data. Unfortunately, the commission for such a method will have to be paid very considerable - for bitcoins, approximately 15%.
Cons of exchange services - reliability. Often it may not be necessary currency reserve. So you have to wait for them to appear. Output speed - from a couple of minutes to 2-3 days.
And do not forget about the financial control of a Russian or international bank if we are talking about withdrawing to Visa / Mastercard (the average commission is 7-8%): they may be interested in too large amounts and block them until all incomprehensible points are clarified.
Method №3: Webmoney
The only service that recognized the cryptocurrency and even introduced a bitcoin wallet - WMX. The procedure is very simple: an address for bitcoin crediting is prescribed, crediting occurs, after which the bitcoins are converted into another currency or already withdrawn to a bank card.
And all the shortcomings of this method relate to the shortcomings of the system Webmoney. But, nevertheless, the reliability of this method is high, because even though there are complaints about the Webmoney system, over the long period of its existence it has established itself as a reliable and fairly convenient system. Of course, if you do not have a verified profile, the convenience is reduced. But the same can be said about Yandex. Money: verified users have the opportunity to operate with amounts up to half a million rubles, while others have a much smaller amount.
Method # 4: individuals
As long as cryptocurrency processes are not limited by law, there are chances to crank out such transactions. But they are fraught with the fact that a large number of scammers are operating in this field.
Suppose you left a request in some crypto community about the desire to cash out bitcoins. You will immediately be bombarded with offers, one more profitable than the other: from 3 to 10% commission (maybe more - depending on the greed of the buyer). But then there are some rough edges: for example, cashing out five bitcoins today (at the beginning of spring) costs more than 3 million rubles. And how are you going to get that money? “I will transfer to the account” - law enforcement agencies will instantly become interested in you, if you receive this money at all, because when transferring more than 300 thousand rubles, the financial control of the bank will be interested in you. Microtransfers Yandex.Money? A more transparent way with your full identification. Set up a personal appointment with cash transfer? And if two cars of some “good fellows” come to you?
In general, this is a very risky business - direct communication with individuals. Although serious money changers have already appeared, which rent offices for an hour (for example, in the so-called coworkings) for carrying out operations in excess of 1 million rubles. So far, this method can not be called completely illegal. But by the end of this year, Russia is already going to adopt laws on cryptocurrency - so stay tuned for our news.