Converting BTC to USD/EUR
Turning your BTC into Fiat:
Owning BTC is equivalent to owning digital gold, a great store of value that is scarce and still has a long way to go. Since most of our daily transactions are dealt in Fiat, it makes sense to convert part of your BTC to EUR\USD. Furthermore it is always smart to keep your funds diversified in many assets.
We will discuss one of the many options that a player can resort to, in case they want to withdraw their BTC to Fiat.
Exchanges
In order to convert your BTC to Fiat, you first need to create an account on an exchange. It is important to note that KYC is mandatory on most exchanges that allow BTC to Fiat conversion.
BitStamp is a licensed Bitcoin exchange that is based in Luxembourg, while it focuses mainly on European countries, it does support the US. You can deposit BTC, XRP, BCash, Litecoin and Ethereum, which can be converted to USD or EUR. KYC is mandatory if you are thinking of using this exchange.
Bitpanda is a reputable and licensed cryptocurrency exchange that is based in Austria, it supports ALOT of different cryptocurrencies and is another popular choice for European players. One of the drawbacks of this exchange is that it is not available worldwide and only EUR is supported. KYC is mandatory if you are thinking of using this exchange.
Coinbase is one of the biggest licensed exchanges, it is very noob friendly and supports a good amount of cryptocurrencies such as BTC, ETH, LTC, ZRX and BCH. Coinbase supports 55+ countries. KYC is mandatory if you are thinking of using this exchange.
Gemini is another notable exchange that is licensed and puts alot of emphasis on security. You can deposit BTC, ETH and US Dollars. KYC is mandatory if you are thinking of using this exchange.
Paxful is more of a marketplace than an exchange, where buyers meet sellers to trade BTC to fiat and vice versa. Trades are secured by escrow to limit fraud however fees are a bit higher compared to others. KYC is not mandatory for some sellers.
LocalBitcoins is the original Bitcoin marketplace, its services are worldwide and facilitates OTC trading of Fiat to BTC and vice versa. It is always a better idea to double check the seller that you are dealing with and make sure that they are not trying to scam and have many previous successful deals.
