Posted on: May 23, 2022
Bitcoin (BTC) is a digital currency that can be used as a form of payment in many instances. For the most part, bitcoins are stored in a virtual wallet and the transaction involves the transfer of bitcoin from one wallet to another.
Bitcoins can be sent peer-to-peer from anywhere in the world because bitcoin is entirely decentralized. This is a defining feature of the world’s first — and still most valuable — cryptocurrency, but it’s also what makes bitcoin the phenomenon that it is.
When you think of how far bitcoin has come in a relatively short time from a pipe dream and something that had virtually no value to a global frenzy culminating in “bitcoin machine locations” and “bitcoin ATMs near me” becoming top searches on Google, it’s been a fascinating journey.
Unlike bitcoin and other cryptocurrencies, fiat currencies, like the U.S. dollar, are centralized, formalized, and controlled by financial bodies and government agencies. So why, you might ask, would anyone want to convert exciting, versatile, and decentralized bitcoin for boring old controlled and monitored U.S. dollars? That’s a great question — and here are some of the answers.
Bitcoin has made incredible progress, but we can all agree that fiat currencies like the dollar have had a slight head start. Society’s reliance on fiat currencies is at the heart of why people might need to convert BTC to USD. Let’s take a look at how this manifests itself on a practical level.
The profit made on bitcoin is enticing for many people. For example, if you bought 100 bitcoin in 2011 for $100, you’d be cashing in almost $5 million today.
For people who invested early and those who took advantage of BTC price dips, it’s often too tempting not to cash out, and BTC to USD is one of the best options.
Currently, not everyone agrees — especially not the big financial groups that control currencies worldwide — that cryptocurrency is the wave of the future. As a result, there are still many things you can’t buy with bitcoin and can only buy with cash.
While this is slowly changing, the truth is that when people need to pay specific bills or buy particular things, they might need to exchange some or all of their BTC for USD in a hurry.
No matter how much of a savvy crypto investor you are, you will have noticed that times are getting tough. Inflation and the cost of goods and services have skyrocketed and many people have had to increase their cash flow to get through the month.
For those fortunate enough to have something like bitcoin to fall back on, the most obvious solution is to convert some of your investment to cash.
Earlier, we mentioned the massive popularity of searches for “bitcoin machine locations” and “bitcoin ATMs near me,” indicating how widespread the need for BTC to USD transactions is. More about that shortly.
One way to convert BTC to USD is via peer-to-peer platforms. This involves selling your bitcoin to other private individuals for a cash remuneration. The payment method is entirely up to you, and you save on fees and get a better exchange rate compared to other methods.
You can use cash, PayPal, or a bank account deposit, whatever is easiest and quickest for all parties. The downside is that it can attract fraudulent operators. You need to know what you’re doing and you need to be aware of the various scams. Most importantly, it’s best to always choose peer-to-peer exchanges that are well known, safe, and credible.
These are also known as cryptocurrency exchanges. They’re similar to currency exchanges in the way they operate. You deposit your BTC into the exchange, then request a withdrawal. BTC to USD is one of the most popular exchanges.
There are rules in place that make it difficult to launder money, which makes these types of exchanges the most popular when it comes to converting BTC to USD.
However, these third-party exchanges are not the fastest ways to get cash, and transactions can take up to four to five days, depending on your country and your bank.
We mentioned the massive popularity of searches like “bitcoin machine locations” and “bitcoin ATMs near me.” These searches are directly related to the enormous rise in popularity of one of the most convenient and quick ways to convert BTC to USD.
Bitcoin ATMs are like regular ATMs, allowing the deposit and withdrawal of USD for bitcoin transactions. You can deposit USD and buy BTC, or sell bitcoin and draw USD from the ATM. When it comes to fast, easy, and convenient ways to convert BTC to USD, bitcoin ATMs are the way to go.
Now that you understand more about converting BTC to USD, we’d like to introduce one of the premier providers of bitcoin ATMs in the United States — Cryptobase ATM.
Bitcoin ATMs are becoming more prevalent as a way to convert BTC to USD, and they’re one of the most reliable and discreet ways to buy bitcoin.