Cryptocurrencies like Bitcoin and Ethereum can be easily sold in exchange for their value in cash, and the amount can be transferred to your bank account. These crypto exchanges show you the current value of your cryptocurrency in rupees, the transaction fees charged and allow you to withdraw money directly to your bank account. In this guide, we will walk you through the steps for converting Bitcoin into cash.
Also, read | 5 Ways to Buy Things Using Bitcoin and Other Cryptocurrencies India
Convert Bitcoin and other cryptocurrencies into cash
The main method for converting your Bitcoin and other cryptocurrencies into cash is to sell your cryptocurrency on any major coin exchange platform such as CoinDCX, WazirX, Coinbase, etc. WazirX also provides you with advanced controls on the selling price of your cryptocurrencies.
Deposit a cryptocurrency from a wallet to Exchange
This process is only applicable if your cryptocurrency is stored in another wallet or you need to transfer it from any other exchange office. The wallet gives you easier access to use your Crypto on different platforms and exchanges. If your Crypto is already in Exchange funds / wallet then you can avoid this process.
1. Go to the Funds page where you will be able to see your portfolio.
2. Click Deposit funds into the currency you want to deposit from your wallet.
3. You will be shown a public address. Copy it and paste it into the sending compartment of your wallet.
4. Now determine the amount you want to deposit for the sale. And you’re done! When processing is complete, you will be able to see the assets in your portfolio.
Sales on Crypto Exchange
Let’s go through this process step by step. Remember that even depositing money will cost you some transaction fees.
Here we will use the WazirX exchange to demonstrate the process, but it will be similar on other exchanges
1. Once your money is deposited, you will be able to see it in my funds or my investments or portfolio.
2. You will be able to see the total amount of cryptocurrency and its current price in rupees.
3. Enter the quantity you want to sell in a coin or in rupees and click sell. WazirX also allows you to sell at your own custom prices or shorten processing times if an immediate customer is available.
4. After the sale, you will be able to see your money in the assets or wallet section.
5. Now click on drag. If you have already submitted your KYC and bank account information, you should be able to withdraw the amount to your bank account. Please note that the minimum amount must be at least Rs 500.
Great! You have now successfully converted your cryptocurrency into cash.
Coin and token exchange
If the cryptocurrency you have invested in is not yet available on Indian cryptocurrencies, you will need to replace it with one available on Indian stock exchanges. This should not be a problem with Bitcoin and other major cryptocurrencies.
Some exchanges give you a swap option, while some wallets like MetaMask also give you token swap options.
Related article MetaMask Wallet: How to create, set up an account and other tips
Once you have exchanged your cryptocurrency, you can sell it on Indian stock exchanges by following the same process we talked about above.
Although mostly it all comes down to selling your cryptocurrency on the stock exchanges. We hope that we have managed to cover the basic methods and processes by which you can convert Bitcoin into cash. These methods are simple and easy to follow, but you still need to be very careful and take your own precautions when following the process.
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