How to transfer cryptocurrency into fiat and onto a bank card
Cryptocurrency transactions are different from fiat money transactions. In this case, you need to take into account some subtleties, understand what the addresses are, what the commissions can be, and what they depend on. So if you have any questions about how to transfer cryptocurrency, including fiat, you can read all the information in our article.
Ways to withdraw cryptocurrency into fiat
There are quite a few different ways to convert cryptocurrency into real money — into cards, e-wallets, mobile phone accounts, directly into cash. All of them differ significantly in various ways, so it is important to choose carefully. Let’s talk about the main ways to convert cryptocurrency into fiat. Crypto exchanges are a popular way (e.g. Binance, bit4you, EXMO, Currency.com, Cex.io). Exchanges are trading platforms where users can exchange assets and earn money. Exchanges are notable for their wide trading functionality, including a variety of professional tools. Exchanges are also a convenient way if you’re interested in a quick and easy transfer without extra registration, verifications, etc. Exchangers support a very wide range of payment methods.
The exchange is usually complete within 15–30 minutes, it also depends on transaction confirmation speed in the blockchain. What about p2p exchanges (e.g. Cryptolocator, Binance P2P, Monabey, LocalCryptos, Bitpapa, Bitzlato). These platforms, although less liquid than conventional exchanges, are also very popular. The reason for their clear advantage is the absence of intermediaries. Another equally popular method is payment systems. (e.g. Payeer, Capitalist, AdvCash). Electronic payment systems are services for transferring digital and fiat currencies and paying for goods or services. Wallets (e.g. Ngrave, Matbea, Trustee Wallet, Blockchain Wallet). Some cryptocurrency wallets work with withdrawal to a card through a connected payment provider. Withdrawals are usually quick, within five minutes, if there are no delays on the bank’s side. And there is another relatively new way — cryptomats. These devices resemble regular ATMs but are used to buy or sell cryptocurrencies for cash.
Transferring cryptocurrency to a bank card
Today, it is possible to transfer crypto using virtually all of the above methods to bank cards issued by VISA, Mastercard, or MIR payment systems. Some cryptomats also work with cards, in addition to cash. You should also remember the legitimacy of the money transferred to your card from the listed services. Cryptocurrency transactions themselves are not illegal in most countries around the world, except for some Asian and African countries. However, it is important to follow the tax laws of your country and, if necessary, pay taxes on the profits to avoid being questioned by the tax authorities.
How to transfer cryptocurrency from wallet to wallet
Transferring cryptocurrencies from wallet to wallet is not a very complicated operation, but there are some issues to consider. First, let’s understand the basic concepts that are useful for making a transaction. Let’s start with the cryptocurrency address. This is an alphanumeric code that acts as a credential. It must be given to the person or service that the transfer is expected to come from. The first address is generated when the wallet opens, and then a new address should be generated after each new incoming transaction. This makes it more confidential and only applies to HD wallets. For example, the Bitcoin address is 1HuCoA44g8yJFLwn9sNK58bmSKuEGbQDy8. The address can be obtained and copied in a single click or it can be used with a QR code. Users usually use special bitcoin mixers to make transactions anonymous.
Now to clarify the situation with commissions. Unlike traditional financial institutions, commissions in the blockchain do not go to any centralized company or founder, but miners or stackers. Miners and stackers validate the transactions, make blocks of them and add them to the blockchain. For this, they receive a reward from the network and commissions from all the transactions included in the block. Some wallets allow you to adjust the fee, others automatically prioritize it so the payment goes as quickly as possible.
To transfer cryptocurrencies from your wallet to another address, just follow a few simple steps. First, go to the wallet section called Send, insert the recipient wallet address, enter the amount of currency to be sent, adjust the fee and carefully check the details entered, and confirm the transaction.
However, if you want to become one of the crypto users, then ways to transfer cryptocurrency are one of the most relevant for you. We have looked at the most popular and proven ways. Over time, the intricacies of the transfer process will become clearer to you, and the process as well. Pay maximum attention to choosing the most profitable and safe services for you.
If fast transaction confirmation is your priority, don’t hesitate to use the services of the bit4you cryptocurrency trading platform. Bit4you is the first Belgian cryptocurrency platform that operates on the European level. There you can buy, sell and trade with over 20 crypto assets without any risks and limits. Bit4you Academy and Demo mode will help to master your skills in crypto trading and investments. It’s high time to expand your horizons and start your crypto journey with bit4you!
Tatiana Leveria, Team bit4you