Trading digital assets on a cryptocurrency exchange to receive income in this unstable market is a common thing for many people worldwide.
Every such platform supports a number of pairs made of digital assets that can be exchanged against each other.
Can cryptocurrency be converted to cash?
Yes, it is possible, but only if you choose a platform supporting this function.
An example is the WhiteBIT exchange.
In this article, we will explain how to do it.
There are several reasons why people convert their cryptocurrencies to cash:
The value of cryptos often changes abruptly, leading to significant profits over time.
To secure these profits or use them for financial purposes, investors and traders convert their crypto assets to fiat.
Even though more people are using crypto to pay for things, most places still accept traditional cash.
People can convert crypto to cash to pay for everyday expenses, bills, or things they want to buy at places that don’t take cryptocurrencies yet.
Cryptos are a type of digital asset that can be purchased, sold, and traded.
But if you want to use their value for real world transactions, you usually need to convert crypto to fiat.
There are people who like to have a mix of investments, such as crypto and traditional assets, in their portfolios.
They may choose to convert their crypto to fiat so they can adjust their portfolio and invest in other opportunities like stocks, bonds, real estate, etc.
Converting crypto to fiat can be a fast and convenient way to obtain urgent funds.
This option can be particularly useful in situations such as unforeseen expenses, medical emergencies, or other unexpected events, providing an accessible solution for those who need immediate cash.
Now let’s see how to turn crypto to real money using the WhiteBIT cryptocurrency converter.
Here are the steps to convert your digital coins to cash using the WhiteBIT cryptocurrency converter:
1. Go to whitebit.com and sign up by providing the necessary information.
2. To verify your email address, use the one time security code sent to the email address you provided. Sign in to your account using your credentials.
3. To deposit a digital asset, navigate to the “Balances” tab and select “Main”. Next, click on the “Deposit” option next to the asset you wish to deposit.
4. Transfer the amount from your personal wallet or exchange to the deposit address provided. Make sure you choose the correct network and enter the address accurately to prevent losing your funds.
5. After the cryptocurrency you deposited is added to your WhiteBIT account, you can use the converter feature on the platform to switch your crypto assets into cash.
6. Select the crypto you deposited as the “I give” currency and the fiat currency (like USD or EUR) as the “I receive” currency. Then enter the amount you want to convert.
7. Double check the conversion details including the estimated conversion rate, transaction fees, and the amount of cash you will receive before clicking on the Confirm button.
After the conversion is verified, the corresponding cash value will be deposited into your WhiteBIT cryptocurrency exchange account.
You may then withdraw the funds to your tied bank account.
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