Question

Can you convert Bitcoin to Cash?If so how?

Does Bitcoin have other cryptocurrency rivals? If so, who?

How big is the Bitcoin market in dollars?

Answer 1

Convert Bitcoin to Cash:

After being considered as a major money mover, the crypto-currency like Bitcoin has emerged a destination of investment, speculation, etc.

As the demand for such currencies rose in the year of 2016-2017 and new regulations poured in giving crypto-currency a legal status, a need for converting those currencies into cash has come into picture.

As of now, we have the following options to convert bitcoins into cash:

1. The Bitcoin ATM:

It is just like an ordinary ATM with the facility to withdraw cash while depositing bitcoin in the same ATM. These ATMs are available in major cities like in Los Angeles, New York, etc. The network of such ATMs are relatively low such as in Los Angeles the number is nearly 300.

However, the transaction charges are normally high as compared to other banking services. Also the conversion rate is mostly unfavorable.

2. Online Services:

A lot of websites support the liquidity of the bitcoin. Each services are connected to a bank account which facilitate the direct transfer of funds in case of redemption.

3. Bitcoin Debit Card:

Crypto-currency debit cards are a practical and affordable way to spend Bitcoin and other crypto-coins at almost any retailer. These cards allow their users to deposit their crypto-coins through an online website that converts them into USD or EURO. However, availability of such cards are subject to a lot of factors including geographical location, daily/monthly usage limits, etc.

Bitcoin Rivals:

Bitcoin has rivals. "Ethereum", "Litecoin", "Ripple" are some of the prominent rivals to Bitcoin.

Bitcoin Market:

It has a market value of $143.08 Billion with almost 18.15 Million coins in supply.