Cashing Out Altcoins

We live in a world where typically money turns things around and people chase cash like crazy. When I talk of cash, the meaning is simple, money in the bank, money in the pocket and that at hand. People are trying hard to remain liquid, have enough to spend and just feel good. A case in example is during the covid-19 pandemic when crypto investors literally cut down on their holdings, cashed out and divested elsewhere. 

You have so many altcoins; be it Shiba Inu, Ether, Tether or whichever. The question becomes, how does this super investor manage to withdraw the currencies into actual money? A need for this withdrawal of altcoin investments comes out in real time and beginners just need to know if  it is actually possible. The idea is that cryptocurrency did not come to shut us all out of the traditional fiat financial system. So, a leeway exists in practice where you can simply and easily withdraw your altcoins into a dollar, euro or pound bill, whichever the case is.

Wondering and worried about chances of withdrawing your fortunes of altcoins? Not anymore. There is a chance to have whichever altcoins converted and withdrawn in cash to be spent as you please.  

Trading in cryptocurrency

So many reasons drive people into trading in cryptocurrency. But the reason that cuts across the community of cryptocurrency investors is a nudging need to grow wraith and live comfortably. The concept that crypto investors hold close to their hearts is a need to grind hard, wade through murky episodes of volatility but enjoy it at the end. Nothing beats the need for raw hope when investing in cryptocurrency. Anyone who wants others to listen or read anything about the legendary crypto investors will notice one thing. These people set out to just put their money out there despite the uncertainties around cryptos then.

A decade since bitcoin ushered in a renaissance of virtual currencies, the urge among traders remains the need to make big money. So much money in the bank, enough to spend and spare. Occasionally, there is just a need to have money stashed in the wallet, a swollen bank account and some notes in the hand.  

Over the years, the fascination with digital currency has immensely increased to an extent that to most gurus it has become a hobby. But as you make fortunes out of cryptocurrency, the coins are majorly digital. It is naturally said that money cannot buy you happiness but I believe a little cash can buy you heavy bags of fortunes. 

Altcoins in brief

It is a good initiative to have alternative coins other than Bitcoin in the picture to stimulate growth in the crypto industry. For a very long time, Bitcoin has been perceived to be the standard of measure in the cryptocurrency market. However, this mentality has changed and keeps changing with the creation of altcoins into the cryptocurrency industry.

In simpler terms, altcoins are therefore the alternative cryptocurrencies that can be used other than Bitcoin. Any form of cryptocurrency that is not Bitcoin, is what is considered altcoin. Having numerous altcoins being introduced to the cryptocurrency industry has been greatly interesting.

Nothing has really been quite different since altcoins share many characteristics with Bitcoin. However, there are certain inherent characteristics with altcoins that differ greatly with those of Bitcoins. The main ones lie with the transaction and validation technology alongside other existing characters.

I love to acknowledge the fact that the market for altcoins has grown into a very popular one and many users are now investing. Many users are buying altcoins when prices are low and sell when the value accelerates and huge profits are registered every day. When you have made your fortunes from trading in your altcoins, you would wish to cash out. But how?

You Have altcoins and want Some Cash?

An altcoin is basically any cryptocurrency other than Bitcoin and, in this case, it could be ETH, Tether, Aave, or polygon. There are numerous altcoins that are actively in circulation in the cryptocurrency market today. And in case you desire to trade your altcoins for cash out, then there are a number of ways that allows you to do this.

It is quite a pleasure following up on the various exchanges and exchange platforms in cryptocurrency trading. However, there are just a few crypto exchanges that can directly convert your altcoins to cash. But on most occasions, it is prudent that you will have to convert your altcoins to BTC first, then go ahead and sell your Bitcoin for cash.

The exchanges exist depending on your geographical location. Two main withdrawal cash out methods for altcoins exist. One is the simplest method that allows you to convert your altcoins for any fiat currency of your choosing. With this method, you will need to use an exchange platform that supports such conversions.

One aspect to note is that not all altcoins can be converted directly to cash thus the need to convert your altcoins to Bitcoins. The reason why this is possible is because Bitcoin is a stable currency and accepted by almost all cryptocurrency exchanges. Bitcoin can also be easily converted to cash.

How to Cash Out Altcoins

Basically, there are two existing easy and direct options to cash out your altcoins.

1. Direct Withdrawal of altcoins

  • Fiat Conversions

The simplest procedure to cash out your altcoins is by selecting an exchange service that allows you to convert them to a fiat currency. For this kind of withdrawal, there are certain guidelines that you must follow.

    • You must select a cryptocurrency exchange suitable for fiat conversion
    • Register then create a personal account
    • Select a fiat currency of your choosing (USD, EUR, GBP)
    • Finally, connect your bank account to the exchange account
    • Deposit your altcoins and define the number you want to convert
    • Order for a sale
    • Confirm operation and accept transaction
    • Withdraw your cash from the bank.
  • Exchange Altcoins for Bitcoins

Another way to cash out your altcoins is by first converting them into Bitcoins or even to any other popular altcoin. This can either be Litecoin or ETH, then later converted to cash using the following procedure.

  • Register on a cryptocurrency exchange
  • Deposit your altcoins
  • Check on cost effectiveness
  • Exchange your altcoins for BTC
  • Transfer the coins to your fiat compatible exchange
  • Select the preferred fiat exchange
  • Chose the desired amount and confirm order
  • Accept transaction from the connected bank account and withdraw

2. Online Exchange of altcoins

If you are in need of directly cashing out your altcoins, the best online exchanges to use are;

  • Coinbase
  • GDAX
  • Kraken
  • Gemini

These cryptocurrency exchange platforms can also be used as fiat-compatible platforms. But this will only be necessary if you need to transfer your altcoins that you have converted to BTC to another exchange platform.