There may come a time when you need to convert your Bitcoin into fiat or another cryptocurrency.
Perhaps you want to realise a profit, simply need the cash, or believe another cryptocurrency offers more potential.
There are several different ways you can sell Bitcoin, and there are also lots of exchanges that enable you to convert Bitcoin into fiat currency such as GBP or another cryptocurrency like Ethereum.
The first step is to ensure the timing is right and thats where a Bitcoin calculator comes into play.
Bitcoin calculators are an essential tool if youre considering converting Bitcoin to cash because they show you how much currency youll get for your Bitcoin.
Since the price of Bitcoin is extremely volatile, its important to check its conversion rate in real time. This will ensure you dont end up cashing in at the wrong moment for example, when Bitcoins value has just plummeted.
There are a whole host of free Bitcoin calculators available on the web which let you convert Bitcoin to and from a range of world currencies using up-to-date exchange rates.
You can check the live Bitcoin rate with GBP, EUR, USD, JPY, and lots more fiat currencies. Some calculators also show the closing rate of the previous day as well as the highest and lowest rates of the conversion.
If you think the price is worth it, the next step is to make a Bitcoin conversion.
Converting Bitcoin to fiat
The main method of converting Bitcoin to fiat is to sell it on a cryptocurrency exchange. A crypto exchange lets you quickly and easily exchange your Bitcoin for a wide range of world currencies. The exchange essentially acts like a middleman between you and the buyer and will take a cut via trading fees.
To sell your Bitcoin, you will need to set up an account with the exchange of your choice. This will involve going through an identity verification process and connecting your bank account to the exchange.
Once completed, you can then make a sell order by entering the amount and type of coin you wish to sell (in this case BTC) and selecting the fiat currency you wish to receive.
Once the cash funds are in your account you can withdraw them to your connected bank account a process that could take up to a week to complete.
There are other ways to make a Bitcoin conversion for example, through a peer-to-peer platform, via a Bitcoin ATM, or through a direct trade with another person.
The right method for you will depend on factors such as how quickly you want to sell your Bitcoin, whether you want to secure the market rate, and the fees youre willing to pay.
Converting Bitcoin to other crypto
Although most people who make a Bitcoin conversion do so in order to get cash, there might be instances where you want to exchange your Bitcoin for another cryptocurrency such as Ethereum or Litecoin. Again, you will need to head over to a cryptocurrency exchange.
The first step is to find an exchange that supports your chosen Bitcoin trading pair. There are a vast number of exchanges in existence and, together, they let people exchange Bitcoin for hundreds of altcoins, so this step should be relatively straightforward.
Once youve selected an exchange, you can sign up for an account with your personal details and proof of ID.
The next step is to deposit Bitcoin into your exchange account. On most exchanges, you select the deposit button, choose Bitcoin as your deposit currency, and copy the account address shown.
You then need to open up the external wallet youd like to send your Bitcoin from, enter the account address, and press send.
Once the Bitcoin has arrived in your account, you can begin the exchange process. You simply navigate to the currency pair you wish to trade for example BTC to ETH and then enter the amount of BTC you want to convert and click sell.
To avoid the risk of being hacked, its recommended that you transfer your new crypto from the exchange into a secure, external wallet for safe storage.
The post How to make a Bitcoin conversion appeared first on Coin Rivet.
Read this article:
How to make a Bitcoin conversion - Yahoo Finance
- Spiritual Reflections on the Bitcoin Halving - CoinDesk - CoinDesk - May 24th, 2020
- Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017 - Bitcoin News - May 24th, 2020
- 8 Reasons Why This Could Be the Time to Take Bitcoin Seriously - Entrepreneur - May 23rd, 2020
- Market Wrap: Traders 'Buy the Dip' as Bitcoin Hovers at $9,000 - CoinDesk - CoinDesk - May 23rd, 2020
- RenBTC Quietly Goes Live in Latest Bid to Bring Bitcoin Into Ethereum - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Could Be More Resilient to Global Electric Failure Than Banks - Cointelegraph - May 23rd, 2020
- The Shadow of Satoshi's Ghost: Why Bitcoin Mythology Matters - CoinDesk - CoinDesk - May 23rd, 2020
- How This Billionaire-Backed Crypto Startup Gets Paid To Not Mine Bitcoin - Forbes - May 23rd, 2020
- As Bitcoin Halving Dust Settles, Network Awakens to Costly New Reality - Cointelegraph - May 23rd, 2020
- 'No need' to invest in bitcoin or gold during the pandemic, says wealth manager - CNBC - May 23rd, 2020
- Goldman Sachs Is Hosting A Client Call About Bitcoin, Gold and Inflation - Forbes - May 23rd, 2020
- This Bitcoin Documentary From Africa Is Streaming on Amazon Prime - CoinDesk - CoinDesk - May 23rd, 2020
- Monster 369MB Block Processed on Bitcoin SV - Cointelegraph - May 23rd, 2020
- Team Behind Bitcoin-Backed Ethereum Token tBTC Explains Shutdown - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Block Generation Speed Falls to 2017 Lows - Cointelegraph - May 23rd, 2020
- You can now bet on Bitcoin or Ethereum with this new priceless token - Decrypt - May 23rd, 2020
- Exposure to -1x the Daily Performance: Bitcoin.com Exchange Adds Inverse Token BTCSHORT | Promoted - Bitcoin News - May 23rd, 2020
- This Metric Shows Bitcoin Is Undervalued Even After 150% Price Rally - CoinDesk - CoinDesk - May 19th, 2020
- The Fed Is Bitcoins Best Friend - Forbes - May 19th, 2020
- Here's when Bitcoin will actually reach 99.99% uptime - Decrypt - May 19th, 2020
- Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC - CoinDesk - CoinDesk - May 19th, 2020
- Citi's Tony McLaughlin on CBDCs, Libra and bitcoin - Finextra - May 19th, 2020
- From Buenos Aires to Beirut - Covid-19 Excuse Restricts Millions of Citizens from Withdrawing Their Own Money | Economics - Bitcoin News - May 19th, 2020
- Bitcoin.com's Mining Video Censored: The Tale of Youtube's Blatant Censorship and Propaganda - Bitcoin News - May 19th, 2020
- Bitcoin Product Demos During the Halving - Bitcoin Magazine - May 19th, 2020
- J.K. Rowling Made the Grave Mistake of Asking the Internet to Explain Bitcoin - InsideHook - May 19th, 2020
- ISIS's $300 million war chest is hidden in Bitcoin, says think tank - Decrypt - May 19th, 2020
- S2F Hopium: Report and Twitter Critics Find Flaws With Bitcoin's Stock-to-Flow Ratio - Bitcoin News - May 18th, 2020
- 45 Older-Generation Bitcoin Miners Are Unprofitable After the Reward Halving - Bitcoin News - May 18th, 2020
- Bitcoin to Paint 2 Bullish Golden Crosses This Week, as it Eyes $10.5K Close - Bitcoinist - May 18th, 2020
- Fund manager: Past 6 weeks have been one of Bitcoins most bullish periods ever - CryptoSlate - May 18th, 2020
- P2P Bitcoin Trade Volumes and Inflation in Latin America Are on the Rise - Bitcoin News - May 16th, 2020
- Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week - CoinDesk - CoinDesk - May 16th, 2020
- Bitcoin Bears Say These 5 Metrics Will Stop BTC From Reclaiming $10K - Cointelegraph - May 16th, 2020
- First Mover: Bitcoins Hot Again and Crypto Miners Are Hoarding Or Are They? - CoinDesk - CoinDesk - May 16th, 2020
- How Investors Are Presented With Bitcoin: 'A New Decentralized Monetary Asset, Akin to Gold' - Bitcoin News - May 16th, 2020
- Australian Woman Charged With Unlawfully Exchanging Over $3M in Crypto - CoinDesk - CoinDesk - May 16th, 2020
- Heres how Bitcoin sentiment changed over the halving - Decrypt - May 16th, 2020
- CEO at Real Vision Raoul Pal Bets on Bitcoin Up 100x in Next Five Years - Cointelegraph - May 14th, 2020
- Bitcoin Is Suddenly Back On The Move - Forbes - May 14th, 2020
- Understanding the Growing Trend of Bitcoin Currency Exchange - The Duke Perspective - Duke Today - May 14th, 2020
- Man behind $2 million in Bitcoin hacks arrested in Ireland - Micky News - May 14th, 2020
- Craig Wright Threatened to Crash The Bitcoin Price So What Happened? - Cointelegraph - May 12th, 2020
- Bitcoin Has HalvedWhat Now? - Forbes - May 12th, 2020
- Bitcoin poised to shine as governments print more money: report - Decrypt - May 12th, 2020
- Bitcoin Crashes as Halving Hype Loses Impetus Over the Weekend - Bloomberg - May 12th, 2020
- Bitcoin Mining is a Silly and Confusing Term - Anchorage Press - May 12th, 2020
- The CoinDesk 50: Bitmain, the Behemoth of Bitcoin Mining - CoinDesk - May 12th, 2020
- Bitcoin Is Staging a Comeback Reminiscent of 2017 Bubble Frenzy - Bloomberg - May 12th, 2020
- Craig Wright: Bitcoin truth versus the 'turd that is fake news' - CoinGeek - May 12th, 2020
- Bitcoin investors are bracing for a key technical event here's what you need to know - CNBC - May 11th, 2020
- Traders Say Binance Cut Their Bitcoin Shorts: Here's Why It Happened - Cointelegraph - May 11th, 2020
- Bitcoin: Will 'halving' fuel another monster rally? - The Australian Financial Review - May 11th, 2020
- RPT-UPDATE 1-Coronavirus sows doubt over bitcoin's rally after third 'halving' - Reuters - May 11th, 2020
- Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum - CoinDesk - May 11th, 2020
- There's more Bitcoin on Ethereum than in the Lightning Network - Decrypt - May 11th, 2020
- Erik Voorhees: Bitcoin will replace the Feds 'pre-mined' dollar - Decrypt - May 11th, 2020
- Review Cryptopia: Bitcoin, Blockchains and the Future of the Internet - Cointelegraph - May 11th, 2020
- Bitcoin could hit above $100000 by August 2021 - Nairametrics - May 11th, 2020
- Bitcoin price action causes an increase in spread on low-tier exchanges - AMBCrypto - May 11th, 2020
- Cryptocurrency market jumps by over $13 billion driven by bitcoin as major technical event approaches - CNBC - May 9th, 2020
- Bitcoin 101: What is Bitcoin? - CoinDesk - May 9th, 2020
- One of Bitcoin's Earliest Miners Is Dedicating $66M in Crypto to a Fund of Funds - CoinDesk - May 9th, 2020
- Dollar Vigilante Founder Talks Covid-19 and Economic Crisis: 'The Modern Financial System Is at the End of It's Rope' | Interview - Bitcoin News - May 9th, 2020
- Here Are the Options: Bitcoin Derivatives Give BTC Halving Insight - Cointelegraph - May 9th, 2020
- Bitcoin ATM Locations Surge to Over 7700 Worldwide Amid Global Crisis - Bitcoin News - May 9th, 2020
- Decentralized Finance Startup Focused on Bitcoin Cash Raises $1 Million for Expansion - Bitcoin News - May 9th, 2020
- Bitcoin Revenue in Square's Cash App Tops Fiat Revenue for First Time in Q1 - CoinDesk - May 9th, 2020
- Bitcoins Gut Check: The Time of Crisis as the Moment of Truth - Cointelegraph - May 9th, 2020
- Bitcoin in Emerging Markets: The Middle East - Consensus - CoinDesk - May 9th, 2020
- Coinshares Acquires Gabi Trading: New Unit Traded $3 Billion Worth of Crypto in 2019 | News - Bitcoin News - May 9th, 2020
- Analyst Tone Vays Predicts 12-Month Bitcoin (BTC) Trajectory, Says Three Factors Will Drive People Into Crypto - The Daily Hodl - April 27th, 2020
- Bitcoin Hits April High; Crypto Portfolios Get Stimulus Injection - Forbes - April 27th, 2020
- Bitcoin Price Analysis: BTC/USD paces above $7,800, the focus shifts to $9,000 - FXStreet - April 27th, 2020
- Ethereum Price Analysis: ETH is ten times more profitable than Bitcoin in 2020 - FXStreet - April 27th, 2020
- The Coronavirus May Have Actually Helped Bitcoin - Live Bitcoin News - April 27th, 2020
- Bitcoin to the Rescue as Ron Paul Says US Fed Fake Economy Has Burst - Cointelegraph - April 27th, 2020
- Take the Money and Run - Bitcoin Transfers (even within the same state) Provide Basis for Federal Jurisdiction in Money Laundering Conviction - JD... - April 27th, 2020
- Bitcoin returns to form with solid price growth amid the coronavirus pandemic - SiliconANGLE - April 27th, 2020
- HandCash make Bitcoin more accessible 'for the rest of us' - CoinGeek - April 27th, 2020