Nano is an open-source cryptocurrency with peer-to-peer facilities, meaning that NANO can function even without intermediary nodes. Colin LeMahieu, the CEO of Nano Foundation, is credited as the developer of NANO. The cryptocurrency was founded as RaiBlocks in 2014 but was rebranded in 2018.

NANO is a great asset, so you should consider investing in it. Moreover, you can easily convert NANO tokens to traditional money, as discussed below.

Use NANO Cryptocurrency Exchanges
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Use NANO Cryptocurrency Exchanges

One of the most common methods of exchanging your NANO tokens for fiat currency is by using a cryptocurrency exchange. Almost all cryptocurrency exchanges have a similar layout, so follow these steps, and you should be able to exchange your tokens for traditional money:

  • Decide which cryptocurrency exchange you want to use, and then create an account on the platform.
  • Link your bank account to this account.
  • Transfer your tokens from your crypto wallet to the account on the cryptocurrency exchange.
  • Select the currency option that you wish to exchange your tokens for.
  • The due amount will be reflected in your account as soon as the transaction gets processed.
Sell NANO to Another Person
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Sell NANO to Another Person

Another way to exchange your NANO tokens for traditional money is by selling your tokens to another person. Two types of platforms allow you to sell your tokens to another person.

P2P platforms facilitate peer-to-peer transactions, meaning the buyer can directly contact the seller and finalise the deal. There is no third-party involvement in the transactions conducted on these platforms. After the deal is confirmed, enter the buyer’s crypto wallet address and transfer the tokens. The buyer will pay you the due amount once the transaction goes through.

Brokerages are platforms which have a third-party institution to mediate their transactions. A broker looks into the transaction’s details, from selecting the buyer to deciding on a good time to sell the tokens. The broker makes the decisions, so you don’t need to worry about anything. You just have to pay a brokerage fee for using the service.

Use NANO ATMs
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Use NANO ATMs

Cryptocurrency ATMs are an emerging method of exchanging cryptocurrency tokens for fiat currency. They allow people to buy and sell their crypto tokens for traditional money. Unfortunately, at the time of writing this article, there are no NANO ATMs.

FAQs

Can I exchange my NANO coins for traditional currency?

Yes, you can exchange your NANO tokens for traditional money using cryptocurrency exchanges or selling your tokens to another person.

Why should I use NANO?

There are several reasons for you to use NANO. Firstly, NANO transactions are free. There are no transaction fees to pay. Moreover, it is a highly sustainable cryptocurrency with very low emissions. 

What is Open Representative Voting?

Open Representative Voting is similar to the Proof of Stake mechanism. Here, nodes are given voting rights depending on the number of NANO tokens they own. So the more NANO tokens one has, the more weight their vote has. 

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