For business owners and even regular investors, holding Bitcoins for longer might not always be the most convenient option, especially if you are not in it for the long run. With the high volatility of Bitcoins already alarming several enthusiasts, the sudden plunge in prices could prove to be devastating for short-term investors, leaving the best resort to cashing out the crypto as soon as possible. But how do you do that? Here’s an easy guide on how to convert Bitcoin to cash in Canada.
Why Transfer Bitcoin to Your Bank Account?
No matter what the purpose you are using Bitcoins for in the present, the ultimate idea is that these cryptocurrencies will replace traditional payment modes in the future. Bitcoins are viewed as a commodity in the sense that will keep augmenting in terms of value, and this is the reason people are holding on to it or beginning to invest in it with such enthusiasm.
However, what cannot be denied is that cryptocurrencies are both volatile and unpredictable at the moment. Therefore, unless you have the patience and the resources to “invest and forget”, and can suffer losses, if they come your way, it may not be wise to continue to keep Bitcoins. Especially if you are not in for the long term, you might not be able to see your cryptos bounce back to profitable heights after a plunge.
This is why many crypto holders often seek to cash out their cryptos from time to time whenever they see the profits line up. Even on a regular basis, cashing out cryptos means more usable money, for Bitcoins are yet to become a mainstream payment method yet, though there is already huge demand for the same. Therefore, learning how to accept Bitcoin as payment for business and how to convert Bitcoin to cash are essential tools today.
How to Cash out Bitcoin in Canada?
Moving Bitcoins to your bank account follows a similar process as converting currencies at the airport whenever you land in a new country with a different currency system. The process involves “selling” your Bitcoin and “buying” its equivalent in dollars, or whatever the currency of your choice is.
First of all, people are always asking “can you buy $100 of Bitcoin?” and the answer is very clearly “yes”.
The exchange rate for such a sale and purchase is quite dynamic, but unlike fiat-to-fiat conversion, it does not depend on the economic decisions and actions of the government or central bank of the respective countries. Instead, the Bitcoin exchange rate, as we call it, depends on the demand for the crypto in the market overall. For cryptocurrency exchanges especially, the number of people and volume of crypto transactions involved in Bitcoin sale and purchase heavily influence the exchange rate overall.
Therefore, cashing out Bitcoin in Canada simply involves exchanging your currency for the Canadian dollar, though devoid of government control or world economic structures. All it takes is a few clicks on the platform of your choice or a few taps at a Bitcoin ATM, and you are good to go!
Things to Keep in Mind when Cashing Out Bitcoin
The first thing that you should be certain of is the platform you are using to cash out Bitcoin in Canada. Depending on the volume of transaction, the fees involved, and the security offered to your personal and transactional information, we would place our bets on using an OTC desk for cashing out Bitcoin instantly.
An expert and experienced Bitcoin OTC broker like Secure Digital Markets will facilitate the sale of your Bitcoins both speedily and safely, offering complete anonymity to both your personal and transactional information. At the same time, you can rest assured that unlike crypto exchanges, OTC desks allow large-scale Bitcoin exchange as well. Therefore, if you are looking to cash out your accumulated business payments or returns as an institutional investor, an OTC platform is the right choice for you.
Also keep in mind that selling a Bitcoin or exchanging it for fiat is a taxable activity in Canada. Therefore, cashing out your Bitcoin must be part of your plans for the current or next tax year, or whenever you are planning on converting the same.
The Bottom Line
There are several methods of cashing out Bitcoins, such as third-party cryptocurrency exchanges, Bitcoin ATMs, Bitcoin debit cards, and OTC desks or platforms, of which the latest is also the safest and most reliable, especially for large-scale transactions. Once you have decided on the best platform and medium of choice, all you need to do is follow a simple set of instructions, and you can cash out Bitcoin in desirable volumes with a few easy clicks!