Where to exchange crypto to fiat
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
cryptocurrency
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
comments click like and share with
anyone that you think may benefit from
this information I also encourage you to
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brand new videos every single week until
next time I'm George levy we're changing
the world one blockchain at a time
thank you for watching
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