A cryptocurrency is a form of a digital asset. Blockchain technology plays a significant role in the case of crypto trading. Alt coins refer to another type of cryptocurrency that is not similar to bitcoins. According to the experts’ opinion, this technology has the power to disrupt many industries in the future. However, the cryptocurrency exchange rate is very volatile, and it consumes high energy in the case of mining.
Process of Storing Cryptocurrency:
We can use a blockchain wallet to store our cryptocurrencies because it always allows safe and secure payments and transactions for bitcoins. To complete the whole transaction process, crypto traders can use any wallet like CoinDCX or WazirX. Follow the steps to store the coins securely:
- Download and install the crypto wallet app on your phone.
- Then login into your wallet and complete the KYC process
- Next, set up your crypto account and add money in INR.
- You can buy coins under the exchange tab after completing the account setup.
- Enter the amount and then click on the buy button.
- Finally, after completing the purchase transaction, go to the ‘Funds’ section to see the coins in your account.
Different Methods of Converting Cryptocurrency Into Cash:
We can convert our cryptocurrency into cash through the crypto exchange. These exchanges are very essential to buy and sell crypto. The first method is very safe and secure. After conversion, it takes four to six days to reach the trader’s bank account. This process charges a small fee for the transaction. Below are the steps to follow:
- First of all, create an account with a broker or an exchange platform.
- Next, log in to your account and complete the verification process.
- Deposit the digital currency into the exchange through your account.
- Then demand a withdrawal or cash out your bitcoin.
- Lastly, the broker will transfer the money to your bank account.
Another method of converting crypto into cash is through peer-to-peer platforms. It is very flexible because you can decide the payment method while selling cryptocurrency. This conversion process is swift, and it also charges a minimal amount for the transaction. The exchange rate is always favorable in the case of the individual buyer.
It is the method you should always lock your bitcoins until the verification and payment processing. It allows you to use a VPN to secure your coins. Below are the essential steps to follow for crypto conversion into cash:
- Firstly, log in to your account and choose the appropriate location of your ideal buyer.
- Find out the buyers interested to buy cryptocurrency in India by using the marketplace and sending them a request for crypto trading.
- Use the peer-to-peer platform to keep your bitcoins secure until you get the payment from the buyer.
To choose the best exchange platforms for selling and converting bitcoins into cash. Follow the steps below in case you are using this method.
- Install and open the app and click on the ‘Funds’ option.
- Next, go to the INR selection option to see all your deposits and withdrawals in your crypto account.
- Then choose the withdrawal option and enter the amount you want to withdraw.
- You will get an email authorizing the withdrawal after clicking the submit button.
- Finally, you will receive your funds in your bank account after the email verification.