How transfer Bitcoin to bank account
Bitcoins cannot be touched. They are not notes or coins. Bitcoins also have little in common with electronic money on a bank card. Bitcoins are digital money with their own rules for transactions that cannot be broken.
Bitcoin runs on a blockchain, which has been compared to a big book containing all the records of what happens to the cryptocurrency. And every Bitcoin owner has an independent but identical copy of that book on hand.
The entries in all the books are valid and identical. Neither the banks, the government, nor the creator of the cryptocurrency can tamper with these records. In other words, there is no single controller in the blockchain; many participants control the system. A system built on mathematical calculations protects the digital currency from being tampered with or hacked. That's why many people choose Bitcoin to buy or save their money in BTC. But this raises the question of how to transfer BTC to bank account?
Below in this article, you can read about how transfer Bitcoin to bank account in the UAE or how withdraw Bitcoin to bank account in the UAE.
Why withdraw cryptocurrency into fiat
So, what why users and owners of various crypto-assets transfer BTC to bank account for? Another reason is that not all cryptocurrencies are as popular as Bitcoin . Many also lose a lot of liquidity due to exchange rate volatility. In this case, their fast convertibility to fiat or more widely used cryptocurrency becomes essential.
The reality is that one still has to use traditional money in everyday life. Yes, some online shops already accept Bitcoins, but you still have to use regular notes more often. Sooner or later, all crypto holders have to deal with conversion to fiat money.
However, many exchanges are expanding their functionality to make it more convenient for fiat transactions these days.
If you prefer to operate with cryptocurrency only, then withdrawing it in fiat currency has no sense - you will lose a lot on different taxes. It is enough to transfer earned BTCs to a "cold" wallet and store them there, waiting for an exchange rate increase.
Ways to convert BTC into real money
Cryptocurrency and especially BTC, has been prevalent lately. Indeed, it provides a wide field for online activities and an opportunity to get rich.
However, the following question immediately arises. Bitcoins and other coins are not accepted in shops, and you can't buy bread with them, as they say, directly. So then, how withdraw btc to bank account so that the efforts to mine it are not in vain and are not just "sporting interest"?
How to transfer btc to bank account in the UAE? Let's try to deal with this question in more detail.
It is clear that the primary goal of all miners, investors and traders is to get maximum profit and not just in the virtual world like I have a lot of wealth, but in reality. A person wants to live well - it is natural. Therefore, it is vital to know all the ways how withdraw Bitcoin to bank accounts.
And there are not many of them:
- to cash out using an exchange;
- cash out using classic e-money;
- cash out through a terminal;
- cash out through a special cryptocurrency card (electronic or exactly the same as a regular plastic debit card).
- via peer to peer platforms
- via BTC Wallet
Each of these methods has its advantages and disadvantages, that's why you should choose one of them very carefully. But, as practice shows, it's better to withdraw crypto-assets into real money in small amounts by all methods and then determine your priority direction.
Below is a closer look at some ways to transfer Bitcoin to bank accounts.
How to transfer Bitcoin from Crypto exchanges to bank account
How transfer Bitcoin to bank account? One of the most common methods is through cryptoassets exchanges. Many exchanges offer to withdraw cryptocurrency to bank cards. However, there are some essential points about this method.
Two important features of working with exchanges:
- If you wish to withdraw into fiat cryptocurrency (we are talking about cashing out), you will have to wait a while. Depending on the exchange from which you will be withdrawing, this time can vary from 3-5 days to a week. This is due to some complex financial solutions and alternatives which have not yet been invented. On the other hand, which is a bit alarming and even annoying for people, it takes 10 minutes to enter money (real money) and buy the coins. But how to withdraw cryptocurrency from an exchange, you have to wait up to a week. You have to accept this fact and take it for granted, at least for now.
- If you withdraw cryptocurrency through such exchanges, you lose the very essence, philosophy, and "religion" of cryptocurrency - its confidentiality and anonymity. Yes, transfers or other cryptocurrency transactions occur without registration, much less verification. But if you choose to work with fundamental financial institutions, with specific central authority from a bank (and cards are their tool), then be prepared to legalise and go through the verification process.
Personally, for Bitcoin, it is recommended to use only popular exchanges, as this will help you secure your crypto assets. The most recommended crypto exchanges are Binance, CEX.IO and Coinbase. Transaction fees on different exchanges are also various.
All in all, the following conclusion can be drawn from this perspective. Banks, for specific reasons, don't deal with crypto directly yet but are happy to do so indirectly through platforms. That is not surprising; if you don't, a competitor will take over, and cryptocurrency has a promising future.
Withdraw cryptocurrency via terminal
If you want to know how withdraw btc to bank account in the UAE, the terminal is one way to achieve your goal.
When the Internet was not available to everyone, people used terminals to pay their bills. QIWI terminals were the most common. Also, with the growing popularity of cryptocurrencies, similar terminals appeared but worked only with cryptocurrencies. They are called crypto-terminal.
With their help, you can both withdraw cryptocurrency into real money and vice versa and replenish your cryptocurrency wallet at the current rate.
The relevance of this method of cashing out your cryptocurrency assets is not the most attractive. This is because, firstly, not every city has such terminals, and secondly, they have a relatively high commission, which can reach up to 11%.
This method is suitable for those who urgently need to cash out a small amount of cryptocurrency into fiat.
Using unique cryptocurrency plastic cards
If you're a cryptocurrency user, you've likely thought, "How nice it would be if I could pay for some of my cryptocurrency savings in a shop."
That possibility already exists. There are plastic cards that are linked to cryptocurrency wallets. You can use them to withdraw cryptocurrency into dollars at any terminal that accepts Visa or MasterCard. In the same way, you can pay with such a card when shopping in a shop. However, they are not available in many places and are rarely issued.
P2P exchanges
Peer-to-peer cryptocurrency exchanges usually do not charge their customers a withdrawal fee. Therefore, it is preferable to use such exchanges.
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 in high quality, without glare or blurring. Then the verification process will be quick and straightforward.
After KYC, you can proceed with withdrawal. Cashing out an account on peer-to-peer crypto exchanges does not differ from classic centralized platforms. The stages of withdrawal are roughly the same.
How to transfer Bitcoin with Online Wallet to bank account
Cryptocurrency exchanges, cloud services, exchanges, and payment systems are all part of one big system called the 'Cryptocurrency Universe'.
The complexity of interaction between all market participants lies in the lack of unified rules and unified standard. Each exchange works only with certain payment systems, each exchanger supports only its own specific set of cryptocurrencies. Deposit and withdrawal scheme sometimes becomes so complicated that investor loses at least a significant part of money on commissions. There is no single instruction on how to withdraw Bitcoin from a wallet or exchange account, because the game conditions on the cryptocurrency market are constantly changing: new schemes appear, fees change, etc.
You can withdraw cryptocurrency from a cold wallet through any of the electronic exchangers, of which there are several hundred. The only question is to choose reliable one and save on commissions.
How to transfer Bitcoin to bank account?
Select the exchanger, focusing on the following criteria: the amount of commission and exchange rate, the official rating of the wallet exchanger, the mode of exchange (manual, semi-automatic, automatic), go to the page of the exchanger.
At the exchanger site we check the availability of reserve (if conversion is carried out to another cryptocurrency) and read the FAQ.
Pass registration (required). Specify purse number and number of the card (purse), to which you want to transfer.
Withdrawal speed is different. Is considered a fast transfer within 10-15 minutes, but it happens that the transaction hangs for a few days.
Conclusion
All these methods are nothing complicated. A first encounter with wallets and transfer schemes can be puzzling, but both exchangers, exchangers and wallets have an intuitive interface and conversion instructions. But there are a few problems, understanding which comes in practice:
- Before you withdraw coins from Bitcoin wallet to card, you should check if this function is supported by payment system itself.
- Check the reliability of the exchangers you work with.
- The more intermediaries there are, the higher the commission. Wallets, exchanges and exchangers each work with their own set of partners.
If you want to get involved in the crypto industry, the question of how you can transfer cryptocurrency in different ways is one of the most relevant to you. We have looked at the ways that are best proven and actively used by people from all over the world. Over time, the intricacies of the transfer process will become clearer to you, and the process itself will become less and less complicated. Pay maximum attention to choosing the most profitable and safe services for you.
