Types of Crypto Cashing Out: A Comprehensive Guide
Crypto has become increasingly popular over the years with more and more people and institutions involved in it. Here is a quick look at how users can easily turn crypto into cash and the pros and cons of them:
- Centralized Exchange
One of the easiest ways to cash out cryptocurrencies is through a centralized exchange. While the FTX incident highlights the risks associated with using cryptocurrency exchanges, users should be aware of related security and transparency methods the exchanges adopt to trade cryptocurrencies safely and profitably.
Peer-to-peer (P2P) trading is the direct buying and selling of cryptocurrencies among users without intermediaries. It is also true that these platforms are always at way more risk, such as scams, low liquidity, and slow trading speed.
- Crypto ATM
Crypto ATM is another way to cash out cryptocurrencies. These machines allow users to sell their cryptocurrencies for cash directly. Yet, the commissions on Bitcoin ATM trades can be tremendously high, so it’s important to note whether it’s worthwhile to go another route.
- Gift Cards
Users can also cash out their cryptocurrencies by purchasing gift cards. Some websites allow people to purchase gift cards with cryptos which can be used by various merchants. Yet, crypto gift cards may only be accepted at select retailers or online platforms, limiting the users’ options for spending the funds.
- Prepaid Card
Last but not least, crypto physical/virtual prepaid cards allow you to spend cryptocurrencies as fiat currencies. Users link their crypto wallets to their crypto prepaid cards to get instant access to spend cryptos anytime at any merchant either online or in-store worldwide. Yet, some prepaid cards are accepted only in limited regions and even require staking of users’ crypto assets on their cards or purchase their tokens in advance.
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