According to the market cap, Cardano (ADA) is the world’s eighth-largest cryptocurrency. The coin, backed by the Cardano blockchain, holds massive potential for growth.

Cardano is a good hedge against inflation. But it is yet to come to the mainstream as a currency. Then again, this is true about most cryptocurrencies. You need to convert your ADA to a fiat currency to pay bills. If you are thinking about cashing out your ADA, there are multiple ways you can go about it. Below are some of the best methods to exchange Cardano for fiat currency.

Use Cryptocurrency Exchanges
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Use Cryptocurrency Exchanges

Crypto exchanges are the go-to option to sell cryptocurrencies for most users. They offer a hassle-free way to convert popular cryptocurrencies like BTC, ETH, and ADA to an array of fiat currencies.

This is how it works.

You deposit your ADA into a crypto exchange like Binance, Coinbase, or Kraken. Then, proceed to sell them to a fiat currency of your choice. The exchange will display the price you can claim on them. If you are happy with the deal, go ahead and complete the transaction. (The crypto market is highly volatile. So, it will be best to wait for the price to pick up before you sell your ADA.)

Later, the agreed amount will be deposited into your linked bank account. That’s it.

One of the biggest advantages of choosing this method is the ease of use. The user-friendly interface helps with faster, simpler conversions. That is not to say it is without faults. Crypto exchanges are prone to technical mishaps. Network congestion and illiquidity can lead to delays in transactions.

Moreover, crypto exchanges don’t support direct crypto-to-fiat transactions in all countries.

In that case, you have to look for other means.

Sell ADA to Another Person
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Sell ADA to Another Person

Governments can hate cryptocurrencies all they want. They can even announce bans. But they will never be able to wipe out crypto. 

Why so?

All cryptocurrencies run on a blockchain, including ADA. Cardano blockchain governs the transactions of ADA rather than a centralized authority. Since the government can’t ban the blockchain, you can always transfer your cryptocurrencies to another user. You can convert them to other cryptocurrencies using a centralized or decentralized exchange. 

It gets a little tricky when you want to convert your ADA to fiat currencies, though, because the government keeps a record of your fiat transactions. This is where P2P transactions can come in handy. 

Here, you exchange your ADA with another user for fiat. As you can see, trust is key to facilitating these transactions. If they choose to ghost you after receiving the payment, you can’t retrieve your assets.

Opting for P2P services on crypto exchanges like Binance, WazirX, and Paxful can mitigate these security risks to a great extent. 

This way, you don’t have to go on the hunt for a buyer. The exchange does that for you. When you confirm a price, the exchange locks your ADA. Then, the buyer will deposit the agreed amount to your bank account directly within a stipulated time. Once you acknowledge the payment, your ADA is sent to the buyer. 

In case of defaults, you can always raise a complaint. 

Use Cardano ATMs
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Use Cardano ATMs

Two-way crypto ATMs convert your ADA into cash in a few clicks. While that is great, they are yet to become popular. The huge service fees and technical limitations are partly to blame.

You can also use the same ATMs to convert your fiat currencies into ADA. However, it is important to note that crypto ATMs usually support a limited number of currencies.

FAQ

Which are the best ways to convert ADA to fiat?

You can convert ADA to fiat using a crypto exchange. You can either exchange the coins directly or opt for P2P transactions here. ADA ATMs, although rare, are also an easy way to go about it.

Which are the popular crypto exchanges that support crypto-to-fiat transactions?

Binance, Coinbase, and Kraken allow you to convert crypto to fiat currencies.

How to cash out ADA if my government bans cryptocurrencies?

You can opt for P2P transactions on crypto exchanges in the event of a crypto ban. 

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