Here’s what you need to know if you want to cash out your crypto assets.
While Hindus flock to make quick money from the cryptocurrency craze, there are some practical issues with cryptocurrency as it cannot be used for day-to-day transactions. However, the crypto space in India has grown tremendously and Indian investment has grown from $923 million in April 2021 to over $10 billion. If you want to cash out your cryptocurrencies, here’s what you need to know.
Via cryptocurrency exchanges
The first method to cash out any cryptocurrency is through an exchange office or broker; this is quite similar to the foreign airport currency exchange system.
You deposit your crypto money on an exchange such as Virtual bank store, CoinDCX, Coin Switch Kuber, and Unocoin and request a withdrawal in the currency of your choice. Payment will be made to your Binance cryptocurrency Bank Account. Let’s understand this by taking Bitcoin as an example of a cryptocurrency you want to cash out.
Transfer your Bitcoins to an exchange that supports buying and selling in INR. In this case, we are using Virtual bank store for demonstration purposes.
Step 1: Open the Virtual bank store app and select “Wallpapers”.
Step 2: Click on INR to view your account transactions, deposits and withdrawals.
Step 3: At the bottom of the screen, you will see two options: “Deposit” and “Withdrawal”.
Step 4: Click on the withdrawal option where you can enter the amount you want to withdraw. Now enter the amount and submit.
Step 5: You will receive an email shortly where you need to allow withdrawal. Once approved, the money will be credited to your account shortly.
This method is considered the safest, but at the same time, the time for the money to reach your account is about 4-6 days. Also, crypto exchanges charge transaction fees and this differs from broker to broker.
Through a peer-to-peer network
For faster and more anonymous withdrawals, you can use the peer-to-peer platform to sell Bitcoin for cash. One of the most popular peer-to-peer platforms is LocalBitcoins.
Sign up on the peer-to-peer exchange platform and choose your perfect buyer location. Then use the market to find buyers. Most peer-to-peer platforms have an escrow option where your Bitcoins are not shared with the buyer until you confirm that you have received the payment.
Be aware of scammers when using the peer-to-peer selling method. In addition, it is highly recommended to use a peer-to-peer platform that allows bitcoin to be blocked until the recipient’s payment is verified.
It is worth noting that if you withdraw your crypto assets, you will have to pay taxes on your earnings; while crypto is currently in a legal gray area in India, investing in this resource is not outside the realm of taxation.
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