Picture: bmoney.id
Techspace - One of the cryptocurrencies that have experienced a massive increase in the last few years is Bitcoin. So, what to do with the Bitcoin you have? The answer is to convert it into assets that can be used for transactions because cryptocurrency cannot be used for buying and selling, especially in Indonesia, which uses Rupiah.
Converting Bitcoin into Fiat is essential information for digital asset investors because it cannot be done anywhere. The principle of converting crypto assets into cash is the same as gold. Crypto assets are sold according to their value in the currency at the time of sale. Only then can the proceeds from the sale of support be sent directly to the owner's account. Many ways can be done to convert Bitcoin currency. Please choose the method of conversion that suits you so that it can be directly used for other transactions. Here's how to convert Bitcoin assets into Fiat that you can choose from.
Bitcoin Exchange Platform
Until mid-2022, there have been thirteen companies registered to trade crypto assets. You can choose one of the platforms provided by the company to exchange Bitcoin. If you want to convert Bitcoin into Rupiah, it is enough to access the Bitcoin sales menu to sell crypto assets according to the overall value at the time of the transaction. After successful marketing, you can immediately send the money from the sale to your bank account. Not only being a Rupiah currency but Bitcoin can also be exchanged for other currencies or crypto assets. To convert Bitcoin for Fiat, you can follow the steps below:
- Open an account from the platform
- Open a particular bank account for crypto investments
- Move Bitcoin assets to an exchange wallet from the platform
- Sell Bitcoin as desired
- Make a withdrawal to your bank account
Bitcoin ATMs
Picture: Business Partner Magazine
Bitcoin ATMs are shaped like banking ATMs in general. With this tool, you can buy and sell Bitcoin assets. The difference with banking ATMs, Bitcoin ATMs are not accessed with a debit card but by scanning a QR code to connect to a digital wallet where Bitcoin assets are stored. Once the ATM is connected, you can sell Bitcoin for the amount you want. Then, the assets in the digital wallet will be converted into cash equivalent to the amount of Bitcoin sold. Within minutes, asset owners can withdraw their cash from Bitcoin ATMs. However, there are very few Bitcoin ATMs in Indonesia. Until mid-2022, only two Bitcoin ATMs were located in Jakarta and Bali.
Peer-to-Peer Transactions
Another way that you can do to cash out Bitcoin currency to Fiat is Peer to Peer (P2P) transactions. You immediately sell the money to another party with an agreed nominal value. Bitcoin wallet owners can be connected via a P2P network that allows both parties to transact their Bitcoin assets.
In practice, you can directly transfer Bitcoin with the promised amount. Later the party who bought Bitcoin will transfer some money to your account. You can use a bank account or digital wallet that you have. This sale will be very personal between you and the party who wants to buy Bitcoin. Because this is P2P, you don't need a third party to make this transaction. Although you can cash out bitcoins in these three ways, you can only make transactions through the digital wallet where the digital asset is stored.
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