Digital currencies are becoming more popular among people day by day, and market fluctuations have caused traders and investors to pay more attention to these cryptocurrencies. As the first and top digital currency in terms of market value, Bitcoin has a special place among traders. But one of the concerns that may be faced by many traders, investors and ordinary people is the cashing of Bitcoin or the conversion of Bitcoin to Rial. There is how to convert bitcoins to cash. Stay with us in the future.

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What is Bitcoin?

Bitcoin is a cryptocurrency. A cryptocurrency is a digital currency that works using a distributed network called blockchain, and there is no mention of the presence of banks, institutions, or intermediaries. For this reason, no government or bank can manage and monitor Bitcoin and manipulate it if necessary.

Where is Bitcoin stored?

Anyone who wants to operate in the world of digital currencies must create a digital wallet. Using a digital wallet, you can receive or send your bitcoins and other digital currencies or make purchases with them.

Buy with Bitcoin

Another use of Bitcoin is to purchase a product or service instead of using other payment methods. Due to the increasing and significant value of Bitcoin among different communities, many stores around the world are supporting this digital currency day by day.

Big companies like Microsoft, travel services, hotel reservations and more use Bitcoin as a payment method. Airline tickets, hotel reservations, real estate, food and beverages, clothing, gift cards, online subscriptions, pizza, and many more can be purchased using Bitcoin. You can also entrust the purchase of your bitcoins to NicePay or if you have bitcoins, they can cash it easily.

How to transfer bitcoins?

Suppose person A wants to send some bitcoins to person B. In order to be able to send his bitcoins, person A needs to get the address of the second person's digital wallet. This address is known as public address. Once person A receives this address from person B, the transfer of bitcoins is easy.

Also, to trade Bitcoin, you need to go to centralized or decentralized Bitcoin exchanges. Centralized exchanges are exchanges where you have to transfer your assets to your account on these exchanges first and then transfer it to the buyer (or vice versa). These exchanges usually charge you a fee.

Why do we need to cash Bitcoin?

The idea that Bitcoin will eventually replace fiat currencies may come true soon, and that's because so many people are investing in it now. Fiat money is another name for government-issued currency (eg US dollars, Euros, etc.) meaning it is not backed by a physical commodity such as gold or silver.

But currently, there are still relatively few businesses or individuals that accept payment with Bitcoin. This is one of the reasons that can lead users to cash out Bitcoin and convert to Toman. Another reason is when the cryptocurrency market is in the red and you think you will face a bear market soon and you want to protect your capital against losses, it makes sense to convert Bitcoin to cash. Convert until the Bitcoin price recovers.