Bitcoins to Dollars Exchange

Over the past couple of years, the popularity of BTC has increased significantly. In 2021, the asset reached a maximum of $69 thousand, and in 2022 it lost 69% of its value. In order not to lose money in such a volatile and risky market, investors need to timely exchange bitcoins for dollars and other national currencies. There are many ways to convert coins. Each of them has its pros and cons. It is important to choose the right platform.

Available options for exchanging bitcoins to dollars

Owners of digital currencies are looking for a safe, fast and easy way to cash out their assets. You can exchange BTC to dollars using crypto exchanges, conversion sites, peer-to-peer platforms, and Telegram bots. Users are offered to convert digital assets into fiat money or other coins.

Exchange on a cryptocurrency exchange

The most popular way to sell digital currency is through CEX. Exchanges offer customer support, fulfill regulatory requirements, and set commissions for trading coins. To make an exchange, you need to follow the following steps:

1. Create an account on the chosen platform.
2. Pass identity verification.
3. Go to the “Trade” or “Spot” section.
4. Select the BTC/USDT pair.
5. Sell the cryptocurrency at the market rate or set your own price.

After conversion, USDT will appear in the built-in wallet. They can be sent to non-custodial storage or sold via P2P service and withdrawn to the card.

If the user sets a limit order well below the current value, the transaction will be completed only when the asset falls to the entered value.

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Online exchanges

This is a faster method of converting cryptocurrency than exchanges. Exchangers allow you to change Bitcoin into dollars and other monetary units. The main plus of such services is the lack of mandatory verification. To sell coins you need to:

1. Go to the site of the platform.
2. Select a pair of assets.
3. Specify the number of the card or e-wallet.
4. Enter e-mail to track the status of the application.
5. Go to payment. Transfer digital currency according to the issued details.

When choosing a crypto exchange, you need to take into account the mode in which it operates. Automated services function around the clock and conduct transactions in an average of 5-15 minutes. With manual processing, the process can take several hours.

Exchange on P2P platforms

Peer-to-peer platforms facilitate the buying and selling of coins between market participants. Users create ads where they specify exchange limits, asset price, and payment method (card transfers, ATM cash deposits, gift certificates, EPS). Clients then contact each other to discuss the details of cooperation.

To keep participants’ funds protected, P2P services offer an escrow function. Money is held on the platform’s account until all the terms of the transaction are met.

These exchanges are decentralized, and many do not require identity verification, keeping users anonymous. However, some peer-to-peer platforms implement KYC protocols to comply with AML rules. The algorithm for exchanging bitcoins for dollars is as follows:

1. Create an account.
2. Filter ads by amount and payment method.
3. Find a buyer and submit a transaction request. Most P2P exchanges have a rating system that allows you to choose a counterparty based on reputation.
4. Specify the number of coins and details.
5. After the buyer confirms the transfer, go to the mobile bank and check the receipt of funds.
6. Mark the transaction as completed. Bitcoins will be sent automatically.

If the seller does not confirm the payment from the buyer, the coins will be returned to the account. Also, the customer can always contact the support team to solve a disputable issue.

Telegram bots

For conversion, market participants can resort to services in Telegram. There are 2 types of bots: P2P and programs from popular exchangers. Usually, they do not require verification, you can make a transaction immediately after connecting to the service. The most famous ones are BTC Banker, Bitpapa, 60sek.

Fraudsters often create clones of popular platforms. You need to go to the bots from official sources.

The algorithm of actions is almost the same for each application. The order of conversion is as follows (using BTC Banker as an example):

1. Launch the bot by pressing “Start”.
2. Go to “Wallet” and get the address for replenishment.
3. In the “Settings” section, select the USD currency.
4. Open the “BTC/USD Exchange” tab and click “Sell”.
5. Specify the payment method.
6. A list of ads with transaction limits and asset prices will be displayed.
7. Select an offer, study the terms and conditions and open an application.
8. Transfer BTC to the specified details.

The money will be credited to the account in 10-15 minutes. In case of problems, you can contact tech support.

How to exchange BTC to dollars

Bitcoin is the most popular cryptocurrency. You can convert the coin on any platform, but you need to know how to do it correctly. The procedure takes place in 4 steps:

1. Choosing a platform.
2. Account registration.
3. Replenishment of the account.
4. Exchange.

Choosing a platform

There are dozens of trading platforms for converting BTC. Before cashing out cryptocurrency, you need to pay attention to several factors. They are reflected in the table.

Account registration

The largest exchanges require new customers to be verified before they can start buying and selling coins. It can take several hours to review the documents. A user who is not ready for this will lose time and a favorable exchange rate. The algorithm for creating an account is almost the same for each platform. You need to perform the following steps:

1. Specify personal data (full name, e-mail address).
2. Set account protection (two-factor authentication).
3. Confirm identity (attach passport or driver’s license). Crypto exchangers may only require a bank card verification.

Deposit bitcoins into the account

Exchangers do not involve depositing bitcoins into an account. However, other types of conversion platforms include custodial storage. There are 3 main ways to deposit currencies:

• Transfer from bank cards
• Payment systems
• Wallet transactions

Some cryptocurrency exchanges have a built-in P2P service. You can deposit money through it. For example, for Binance, the procedure is as follows:

1. Open the “Wallet” section and go to “Deposits”.
2. Click “Buy/Sell” or “P2P” (in the mobile app).
3. A list of ads will be displayed. They should be filtered by currency and payment method.
4. Choose the most suitable one and click “Sell”.

Carrying out the exchange procedure

After selecting the site, creating an account and replenishing the account, you can proceed to trade. It is important to know how to correctly perform the exchange of bitcoins to dollars.

Where to exchange Bitcoin for dollars quickly and profitably

Opportunities for selling cryptocurrency are many. For instant conversion, owners of digital assets choose online exchangers. Most of them do not require registration and verification, support popular coins and national currencies. Users specify their preferred assets and receive money directly to the card. You can find reliable platforms on special monitoring sites.

Author: Saifedean Ammous, an expert in cryptocurrency economics.