People often buy cryptocurrencies because they believe such a purchase is a good investment. Because of their decentralized nature, cryptocurrency prices may be soaring even if the centralized economy is down.

You may want to convert your BCH balance to fiat currency during such times. These are the ways you can do that.

Use Cryptocurrency Exchanges
1

Use Cryptocurrency Exchanges

You can use crypto exchanges to convert your digital money to traditional currencies. Crypto exchanges list trading pairs like BCH/USD or DOGE/BCH. The pairs show what currencies you can exchange. Choose the trading pair where the fiat currency of your country has been listed.

There are two types of cryptocurrency exchanges – centralized and decentralized.

If you use a centralized crypto exchange, you have to create an account on the platform. Then, the platform will ask some questions to verify the authenticity of your request. 

Once you have an account, set a security pin, and you are all set to conduct transactions. Centralized exchanges use a broker to mediate the transaction between the buyer and the seller.

If you use a decentralized crypto exchange, you don’t have to create an account if you don’t want to. Instead, you have to connect to the crypto wallet to be able to conduct the transactions. 

There are no brokers involved in the trades. So you can directly communicate with the buyer or the seller.

Sell BCH to Another Person
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Sell BCH to Another Person

You can sell your Bitcoin Cash tokens to someone else and tell them to pay you the amount in cash. This is one of the simplest ways to exchange your cryptocurrency for fiat currency. 

If you know the person, the process becomes even more smooth. You can skip the hassle of connecting to strangers on exchange platforms or trading apps. Instead, just transfer BCH directly to their crypto wallet. 

Use Bitcoin Cash ATMs
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Use Bitcoin Cash ATMs

Bitcoin Cash ATMs are kiosks where you can buy or sell BCH for cash. Being a spinoff of Bitcoin, it did not take long for cryptocurrency ATMs to offer Bitcoin Cash as one of the options.

There are more than 20,000 ATMs that allow you to exchange your BCH balance for cash. With Coin ATM Radar, you can check the nearest Bitcoin Cash ATM. 

Follow these steps to is sell your BCH for money:

  1. Enter your mobile number when the message flashes on the machine screen.
  2. You will receive a verification code. Please enter it in the field.
  3. Select the ‘Sell [cryptocurrency]’ option.
  4. Send the balance to the buyer in their crypto wallet.
  5. The machine will dispense the amount in cash. 

As you can see, the process is very similar to withdrawing money from a regular ATM.

FAQ

What is fiat currency?

Fiat currency is any currency issued by the government as legal tender. There is a central authority that overlooks the circulation of fiat currency.

How can I exchange my Bitcoin Cash for Fiat currency?

There are various ways to exchange your Bitcoin Cash for fiat currency. For example, you can use cryptocurrency exchange platforms, sell your BCH to someone else or use a Bitcoin Cash ATM.

Do Bitcoin Cash ATMs exist? 

Many cryptocurrency ATMs offer BCH, thus acting as Bitcoin Cash ATMs. You can buy or sell Bitcoin Cash for cash using these ATMs.

What is a centralized cryptocurrency exchange? 

Centralized cryptocurrency exchange platforms involve a third-party broker to conduct transactions. It means the buyer and seller do not contact each other directly.

What sets Bitcoin Cash apart from Bitcoin? 

Bitcoin Cash is a hard fork of Bitcoin. It differs from BTC because it offers a larger block size for storing information.

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