Chainlink supply is limited, so it is a deflationary currency. As time passes by, its buying power keeps on increasing. So, if the economy of a country crashes, you can always cash in your Chainlink tokens as a secret source of cash.

But to do that, you should know how to convert Chainlink to traditional money. These are the various methodologies that you can use to do so.

Use Cryptocurrency Exchanges
1

Use Cryptocurrency Exchanges

Crypto exchanges are very popular platforms for exchanging LINK for traditional money. They offer a list of trading pairs, like LINK/GBP or DOGE/LINK, which show the various currencies you can exchange your LINK tokens for.

There are two types of exchange platforms – centralized and decentralized.

Centralized exchange platforms have third party brokers mediating the whole process. If you want to use a centralized exchange, you must create an account and verify it. After the platform verifies your account, you can start trading.

Some popular centralized cryptocurrency exchanges include CoinBase, Gemini, and Binance. These platforms allow users to exchange their LINK tokens for traditional money.

Decentralized exchange platforms have no third party involvement in the transactions. You can conduct your own transactions by directly contacting the buyer/seeker. To use these exchanges, you are not required to create or verify your account. You need a crypto wallet that you can connect to the platform.

Sell LINK to Another Person
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Sell LINK to Another Person

Another commonly used method to exchange LINK for traditional money is selling your LINK tokens to another person for cash. If you decide to conduct a peer-to-peer transaction, analyze the market carefully. Since there will be no broker, you will have to study the market yourself.

Use Chainlink ATMs
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Use Chainlink ATMs

This method has recently become popular. There are crypto ATMs that allow people to buy and sell cryptocurrencies, and recently, they have started offering Chainlink as well.

With Chainlink ATMs, you can exchange your tokens for traditional money at any (crypto) ATM kiosk. You will get fiat currencies by selling your LINK tokens. Just follow these steps to get that done:

  • When you start, the kiosk will display a message asking you to enter your mobile number. Feed your mobile number.
  • A verification code will be sent to the mobile number that you entered. Enter the code to begin the transaction.
  • There will be a “Sell LINK” option displayed on the screen. Press that option.
  • Send your LINK tokens directly to the crypto wallet of the person buying them.
  • The machine will dispense cash according to the value of the tokens you sold.

As you can see, the process is similar to withdrawing money from a regular ATM. Moreover, the number of crypto ATMs offering Chainlink is increasing, which implies that people will be able to find LINK ATMs easily.

FAQ

What is fiat currency?

Fiat currency is the legal tender that the government legalizes. It is issued by a central authority body that overlooks its production and circulation.

Can I exchange Chainlink for traditional money?

Yes, you can exchange Chainlink for traditional money. Like you can exchange LINK for other digital currencies, you could also change it for fiat currency.

How do cryptocurrency exchanges work?

Cryptocurrency exchanges offer you a platform to convert your digital money into other currencies. These platforms list trading pairs, including the currencies you can exchange your LINK tokens for.

What are Chainlink ATMs?

Chainlink ATMs are kiosks that allow you to buy or sell LINK. You use a debit/credit card to purchase LINK and receive cash for selling them.

What are decentralized cryptocurrency exchanges?

Decentralized cryptocurrency exchanges are platforms that eliminate third-party involvement. It facilitates peer to peer transactions.

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