Have you ever wondered how to convert crypto to cash? Today, it’s simple to convert between cryptocurrencies and fiat currencies using many different service providers within modern and technologically advanced fintech systems. Here, we’ll explore the process and one of the dynamically developing service providers making it easy to convert crypto to cash, Blackcatcard, rival to old-fashioned crypto exchanges.
In order to convert crypto to cash, you basically have to sell your crypto and accept your choice of fiat currency – USD, Euro, GBP, etc – as payment. Up until recently, almost everyone did this at crypto exchanges. But cashing out at the exchange meant selling your crypto with many steps and risks, sometimes enormous. We will consider this process and risks below in the context of new solutions and approaches on the fintech market.
But today there are a number of ways to handle crypto-fiat conversions. Your options depend partly on regulations of your country of residence and partly on the service providers you choose. Not all providers offer the same terms, though. Some charge high commissions, while some offer zero-fee or very low commission options. How can you choose the right one?
Let’s trace the history…
Bitcoin is rooted in the global financial crisis of 2007-2009, and was offered as an alternative to the centralized banking that was the only option at the time. Thought he first BTC were created in 2009, they were initially very hard to sell or spend. It wasn’t until May 2010 that someone managed to buy a pizza with BTC. In fact, 2 pizzas, for 10,000 BTC.
Imagine paying that much today! 2 pizzas for more than 20 000 euros!
The same year, the first BTC exchanges opened online, and the fiat-currency value of a single BTC rose to equal a single US Dollar.
Since then, many people have stored their assets in cold wallets, and traded them at various exchanges. If they traded for a fiat currency, they would then withdraw it to a classic bank account to actually buy things with it.
This was simply too many steps! The process took several days at a minimum, and you might not see your actual cash for weeks. Worse, you often paid a flat fee or a percentage of the transaction at every stage, because each was handled by a different financial entity. It took too long, and cost too much.
But how to cash out cryptocurrency now? Surely the system has improved in 13 years! Yes, it has.
But even today, it is difficult for users to figure out where it is most convenient and profitable to change cryptocurrency to fiat. Exchanges lure customers with promotional offers. But what conditions do they offer? Even an experienced player will not always understand the rules of the game.
What are the risks when exchanging cryptocurrencies on the exchange?
First, the client must create an account and get several different wallets, among which he must easily navigate. After all, if the transaction is made with the wrong wallet, additional fees are charged.
Next, you need to sell your crypto. Either on the exchange, or P2P.
When selling on the exchange, there may be either a commission, or the fee will be included in the exchange rate. No one knows how much he pays in percentage then!
When selling P2P, there are even more risks: the second party may simply not fulfil its part of the deal, or the classic bank will block the account and card of the fiat recipient, because the receipt will be labelled with an AML marker.
But even if you managed to sell crypto with the exchange and get fiat to a spot wallet, then you need to send fiat to a bank account or card. This system does not always work properly, in addition, the percentage for withdrawal can reach 5% or even more. But even if you top up your account in a classic bank, the income transaction can again be labelled with an AML marker and the account will be blocked, and the examination procedure will be launched.
Sounds scary, doesn't it?
But how much easier can it be if you exchange crypto for fiat within a single ecosystem?
This is why Blackcatcard, together with its partners, created the simplified system for selling cryptocurrencies that we use today.
All Blackcatcard's customers are able to use cryptocurrency-related services in addition to traditional fiat ones in an all-in-one app. An integrated custodial crypto wallet and the crypto exchange are provided by the partner Manerio UAB*. That means only one entity is handling the exchange, and you avoid all the middlemen with their hands out for a percentage.
Another advantage of using Blackcatcard to cash out your crypto is that you don’t need to perform any additional KYC steps to use crypto services. You fill in only one KYC for all Blackcatcard’s and additional products provided by partners, when you register for your account. In addition, the custodial wallet avoids the risks of losing the password and have not longer access to the wallet. Your various crypto and fiat wallets are organised under your Blackcatcard app.
So, just log into the secure app, and you have easy access to everything!
Essentially, we’ve merged all these steps in one single app. Your exchange, wallet, cash account and card are all one, and the borders between fiat and crypto no longer exist. Best of all, you only pay a single 1.5% fee per conversion. This is easily one of the very favourable and transparent price in the context of market offers today.
Check list “How to convert crypto to cash in 4 easy steps with Blackcatcard”
- Make sure you have crypto wallet in your Blackcatcard app.
- Exchanges crypto to fiat with one click*.
- You receive your money in Euro immediately, into your Euro IBAN account.
- Pay for any services or goods, perform SEPA transfers or cash out your Euro from an ATM, just like you would with any other card.
In the end, this makes Blackcatcard the fastest, easiest and least expensive way to cash out crypto assets for those who have a Blackcatcard account – you can buy any products and services using your physical and virtual cards (not just crypto), get a cash as well.
If you don't have an account with Blackcatcard yet, go ahead and get a great deal right now!
*An integrated crypto exchange and custodial crypto wallets are provided by our partner Manerio UAB. You can find more information here.
Сan cryptocurrency be converted to cash?
Yes, directly to your Blackcatcard account.
Сan you sell crypto for cash?
Yes. Blackcatcard lets you sell crypto for euro in one easy step, and then spend or cash out your euro using your card or app.
Can you cash out bitcoin?
You can cash out Bitcoin, Etherium, Tether, etc quickly, easily and inexpensively using your Blackcatcard account.