Crypto has come a long way since Bitcoin was launched in 2009, creating the world’s first cryptocurrency. Today, the crypto industry has integrated into the world of mainstream finance, with financial institutions embracing BTC as an investment.
However, Bitcoin was originally created to be a type of money that would allow people to send each other digital cash without third-party oversight.
A criticism of Bitcoin has often been that it’s difficult to convert into fiat money, like the euro or US dollar, but all of that is about to change.
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Is Bitcoin Money, and Can You Spend It?
Bitcoin is a form of digital currency, or cryptocurrency, that can be used as a medium of exchange. In that sense, it can be considered a form of money. However, Bitcoin is not issued by a central authority or government, and it is not backed by any physical commodity or asset. This makes it fundamentally different from traditional forms of money, such as paper currency or gold.
Despite this, Bitcoin can be spent at a growing number of merchants and retailers around the world. Many online retailers, in particular, have begun accepting Bitcoin as a form of payment. Additionally, Bitcoin can be used to purchase gift cards, which can then be used to buy goods and services at a wide range of retailers.
However, the use of Bitcoin as a form of payment is still relatively limited compared to traditional forms of money. Additionally, the value of Bitcoin can be highly volatile, which can make it difficult to use as a stable means of exchange.
Overall, while Bitcoin can be considered a form of money, its unique characteristics and limitations make it a somewhat unconventional one. It is still a relatively new and rapidly evolving technology, and its potential uses and limitations are still being explored.
The CryptoWallet.com Crypto Card is launching in 2023, letting users spend over 800 supported cryptocurrencies on anything they like! There’s no need to convert crypto directly – simply tap the card and your crypto balance will automatically update at real market rates. You’ll even earn crypto cashback!
Join the whitelist to join the CryptoWallet.com revolution and order a card here.
How to Cash Out Bitcoin: Traditional Methods
These methods could be more expensive than using the CryptoWallet.com card, and will certainly take much longer and be less convenient than the card. However, the card is not currently available to US citizens, making traditional methods the only option in the US as of 2023 (check our site for updates on when you can order a card).
Cashing out Bitcoin, or converting it into fiat currency, is a straightforward process that can be done through several different methods. Here are some steps to follow when cashing out Bitcoin:
- Choose a reputable exchange: The first step to cashing out Bitcoin is to find a reputable exchange where you can sell your Bitcoin for fiat currency. Some popular exchanges include Coinbase, Kraken, and Gemini.
- Set up an account: Once you have chosen an exchange, you will need to set up an account. This typically involves providing some personal information and verifying your identity.
- Transfer your Bitcoin: Next, you will need to transfer your Bitcoin to the exchange. This can be done by sending it from your personal wallet to your exchange wallet.
- Sell your Bitcoin: Once your Bitcoin has been transferred to the exchange, you can sell it for fiat currency. This can typically be done through a simple sell order on the exchange.
- Withdraw your funds: Finally, you can withdraw your funds from the exchange and transfer them to your bank account.
It is important to note that there may be fees associated with cashing out Bitcoin, such as transaction fees and exchange fees. Additionally, the process may take some time, depending on the exchange and the amount of Bitcoin you are selling.
Overall, cashing out Bitcoin is a relatively simple process that can be done through a reputable exchange. As always, it is important to do your research and choose a trustworthy exchange to ensure a smooth and secure transaction.
Cash Out Bitcoin or Spend it?
You won’t always want to spend crypto as money. Many people are holding Bitcoin for the long haul, and would be best off holding it in offline cold wallets for safe keeping.
However, if you’re trying to convert Bitcoin to cash, there’s really no reason not to use CryptoWallet.com.
Withdraw Bitcoin from an ATM as cash
Send Bitcoin as cash to your bank account
Spend crypto directly in stores at real market rates
Over 800 other cryptos to choose from
If you’re ready to join the CryptoWallet.com revolution, sign up to the whitelist here!
Mohammad Humaid
Mo is an accomplished content marketer with expertise in Fintech, Blockchain, Web3, and SaaS. His professional journey includes a notable stint at Wise (formerly TransferWise) expanding the brand's footprints within European market. Presently, Mo is deeply engaged in shaping the vision of CryptoWallet, with the goal of making cryptocurrencies easily accessible and seamlessly integrated into everyday financial transactions.
