Bitcoins exist only in the form of data on the blockchain. They are a kind of new monetary system which is in contrast to the known fiat money system. Of course, these bitcoin data are worth something – right now even still about $6400 per unit – and you can also exchange them in a “normal” currency. This will not work for a bank or a exchange office, as there are (still) no cryptocurrencies accepted. To exchange Bitcoin in Euros, you have to go to an exchange on the Internet.
Note: Due to the heavy rush, you may experience problems. Prices, fees and services often change at short notice. Problems and losses can not be excluded. The use of wallets and barter exchanges is at your own risk.
Trading in cryptocurrencies is subject to enormous fluctuations and is highly speculative. GIGA assumes no responsibility for any losses.
Exchange Bitcoin into Fiat Money – That’s how it works
There are numerous trading platforms for cryptocurrencies on the Internet. In the States the provider Coinbase is very well known (but officially not working in this country). In addition, there are many other marketplaces, which you can find here in the “exchanges” drop down menu.
A really good tip is to get a Bitcoin card. That’s an easy way to cash out BTC on certain ATMs or to pay with Bitcoin, just like you’d use your visa. Since the providers of such cards work with financial institutions, they can be used more and more all around the globe. Before you try to get such a card check for current discounts in this site: http://www.bitcoincoupons.org/for/cards/
The process to convert Bitcoin is in principle always the same, no matter which platform you use:
- First you create an account on the respective platform and verify the account.
- Then you have to create a wallet. This is a kind of virtual purse where you store Bitcoin and other cryptocurrencies.
- Then transfer your Bitcoin to the wallet. To do this, you must specify the wallet address and the number of Bitcoin to be transferred.
- If the Bitcoin is on your wallet, you can sell it on the respective platform and get a currency of your choice.
- Depending on the platform, different payout options are available, for example by SEPA transfer to your bank account or PayPal.
As a rule, the transfer takes some time, because the process has to be confirmed in the blockchain. The transfer to your account can take a few working days.
Pay for Bitcoin: What you should pay attention to
If you are thinking of having Bitcoin paid out, you should pay attention to the following points:
- The exchange rate for Bitcoin in euros fluctuates very strongly. Therefore, it may make sense to wait for the course to be more beneficial.
- Some marketplaces also allow you to transfer the Bitcoin to a debit card. They are automatically converted into euros.
- When you first sign up for a marketplace, you usually have to wait several days for your identity to be verified.
- Compare the different marketplaces to see which provider has the lowest fees. For example, the well-known Coinbase platform is not the first choice for many experienced users, because the transaction fees are quite high there.