George Levy - How Can You Convert Your Cryptocurrency into Fiat Currency?

one of the students of the

cryptocurrency fundamentals course asks

how can you convert your cryptocurrency

into local currency such as dollars

euros or yen that's a great question and

I'll give you the answer right after

this crypto currency is a very powerful

means of exchange and people are making

money by trading bitcoins trading

aetherium litecoin and many other crypto

currencies these are the topics that I

cover in the cryptocurrency fundamentals

course however once you've made your

money and you actually want to convert

that cryptocurrency into local currency

how exactly can you do that I'll tell

you exactly some pointers of how you can

easily convert your cryptocurrency into

local fiat currency the first one is to

simply use a crypto currency exchange

you see like whenever you travel to

another country say you're in the United

States and you're traveling to Argentina

you have US dollars but when you arrive

in Argentina

US Dollars are not accepted everywhere

in fact you need to pay in Argentinian

pesos or say you are traveling to Mexico

and you need Mexican pesos or you travel

Europe and you need euros the point is

sometimes your currency is not accepted

wherever you're going and with

cryptocurrency that happens sometimes

because not everybody accepts

cryptocurrency as a form of payment so

whenever you need to convert your

cryptocurrency into local fiat so you

can pay your bills like your car or the

rent or be able to just pay for anything

you need to be able to go to a

cryptocurrency exchange and there are

many options for these cryptocurrency

exchanges some of the more popular ones

include coinbase for instance which is

available in over 30 different countries

there are other options as well such as

Kraken there's Gemini I have included a

full list of cryptocurrency exchanges

that help you do these exchanges in the

cryptocurrency fundamentals course but

for the purposes of this video I'd like

to encourage you to check out the ones

that I've told you about because they

provide for a very easy way for you to

be able to convert your cryptocurrency

into local fiat currency another very

easy way for you to convert your clear

the currency the fiat currency is to get

a cryptocurrency debit card you see

there are debit cards that can be tied

to your cryptocurrency holdings and

there are multiple options for this for

instance coinbase has a visa Bitcoin

debit card which enables you to keep

your holdings in Bitcoin but you can

spend them anywhere that visa is

accepted it's very convenient you could

go to a store you can go to the movies

and you can be paying using your Visa

card but in fact you're actually using

your Bitcoin holdings to the retailer it

makes no difference they're actually

getting paid in the local fiat currency

additionally these debit cards also let

you go to an ATM and you can withdraw

funds in your local fiat currency

against your Bitcoin holdings now

coinbase is not the only provider that

offers these types of cryptocurrency

debit cards there are others for example

butuan also has a Visa debit card that's

tied to Bitcoin holdings and there are

numerous ones that are coming out that

enable you to use all types of

cryptocurrency with a debit card

the next option that I would tell you

for converting your cryptocurrency into

local fiat currency is to simply sell

your cryptocurrency as someone else it

could be to a family member it could be

to a friend or to someone that you could

meet say for example in a local Bitcoin

meetup there are people looking to buy

Bitcoin and cryptocurrencies from others

and you can simply do the transaction

directly by sending your cryptocurrency

to the other person's wallet however in

those types of situations I encourage

you to be careful because the problem

with it is that while you can simply

send your bitcoins to someone else's

wallet you're not guaranteed that the

other person is actually going to pay

you so for example if they pay you in a

check the check could have insufficient

funds or simply they could issue a stop

payment or they might simply not pay you

and whenever you send a cryptocurrency

transaction such as a Bitcoin transfer

to another person it's irreversible

which means you can't take it back so if

you don't get paid you lost that


so a good alternative to that is to use

a local trading site some good options

and the primary option is local bitcoins

calm local bitcoins calm is available in

over 200 countries and it provides for a

platform where buyers and sellers have

access to an escrow

service where you're able to deposit

your bitcoins in this escrow and then

the buyer can simply send payment and

the platform will take care of issuing

the bitcoins out only when you receive

payment for those bitcoins you're

actually notified that you have received

the payment and then you can simply

release the bitcoins to go to the other

person that's a very good option another

option you can use is to simply use a

Bitcoin ATM these Bitcoin ATMs are also

called B teams or Bitcoin teller

machines and they do exactly what you

hear you go to one of these teller

machines and you can simply buy bitcoins

from them but you can also sell bitcoins

in too many of them and it's a very easy

transaction where you simply process the

sale of your bitcoins and then you

transfer them using your own wallet into

the teller machine and the teller

machine will issue you local fiat

currency so these are some very valuable

easy ways that you can convert your

cryptocurrency into local fiat currency

if you have any questions I encourage

you to leave them below leave any

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next time I'm George levy we're changing

the world one blockchain at a time

thank you for watching