Koda Finance –- Can I Move Cryptocurrency To A Bank Account?
A lot of investors in crypto coin wonder if they can move their cryptocurrency to a bank account. There are in fact a few different ways to convert cryptocurrency.
Below we have listed some of the more popular ways of moving your cryptocurrency to your bank account –
• Cryptocurrency Exchange
There are some cryptocurrency exchange websites where you can sell your crypto coins. You will then be able to withdraw the cash you have sold the coins for, directly into your bank account. There may be some fees associated with transferring the money, but this is based on the cryptocurrency exchange website and the country your bank is located in.
• Crypto ATMs
There are around 5,000 crypto ATMs across 76 countries around the globe. Unlike a traditional ATM where you will withdraw currency from your bank account, a crypto ATM is a physical centre where you can buy or sell your crypto coins with fiat money. One thing to be aware of when using crypto ATMs is the high transaction fee. It can be between 7% and 12%.
• Debit Cards
Several websites will allow you to sell your cryptocurrency and receive a prepaid debit card in exchange. This can then be used like a regular debit card. These debit cards are powered by the likes of VISA and Mastercard which means they can be used online and almost anywhere in the world. It is also possible to use these debit cards to withdraw cash at any ATM where VISA and Mastercard are accepted.
• Peer To Peer Platforms
If you are looking for a more anonymous method to move your cryptocurrency to a bank account, take a look at peer to peer platforms. This will allow you to sell your cryptocurrency to other people. As the seller of the cryptocurrency you can also decide which payment method you want buyers to use. This could be a cash deposit or a bank transfer for example. You can even use PayPal to collect payment if you prefer. If you’re requesting a cash deposit, make sure you get proof of ID and proof of payment before releasing your cryptocurrency to the buyer. For bank transfers, only release the cryptocurrency once the payment has cleared.
As the popularity of cryptocurrency continues to grow, so will the amount of ways you can move your cryptocurrency to your bank account. More variations of the above options will be created, but there may be new tools created for this process too. Cryptocurrency is the growing and exciting future of money.
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