There are a number of legit methods that are the most popular way of doing this now with more solutions coming about all the time within the DeFi space. here’s the ones I htink are worthy.
Method 1 – Use an exchange
Think of crypto assests as existing on a completely different network to money.
Crypto assets such as Bitcoin are very much like holding shares right now. So imagine if you bought some Tesla shares, you would need to go to a website or “Exchange” where you could use USD or any other “FIAT” currency to buy those shares.
When you come to sell the shares, you need to go to the exchange they are sat on and sell them back into USD or FIAT currency.
Usually there is then a way for the exchange to send that USD to your nominated bank account via the normal SEPA, IBAN etc methods.
So with Bitcoin the method is the same, other than you can use any exchange to convert the Bitcoin to USD and then send via SEPA to a nominated bank account. With Bitcoin you can send it to any Bitcoin address easily, so you just need to set up any exchange to do this and then transfer your bitcoin into the exchange.
Good exchanges are:
Coinbase / Coinbase PRO
There are many more!
Be prepared to submit “KYC” data however because governments around the world now require you to identify yourself for fraud and tax reasons. So you will need an ID card or passport and address etc to pass this before you can convert to and from USD.
Set up a crypto card. These are accounts that basically let you send crypto to them and you can spend your crypto using a “VISA” debit card. So this way you can hold bitcoin and literally spend it like you do on a debit card. Conversions are done automatically. Some of these cards do a lot more than just this, so spend some time working out which is the best one:
You need to have a good look at the fees and limits section to find a card that suits you best.
I have to say I have not yet tested this but Trust Token is a massively growing solution that runs a number of “stable coins” based on USD, GBP, AUD. They are partnered with some exchanges, most notably Binance but the idea is you can set up an account and then cash in or out to any nominated bank. So you can just exchange your Bitcoin to TUSD, then cash that out using the trust token service. Seems too good to be true!!
More and more places are now accepting crypto as payment so you may not even need to convert it. If you need to convert your Bitcoin into another currency quickly and easily then you can either use an exchange to buy something else or use on the “Decentralised” places to do it without having to create an account.
Kyber network and Uniswap are the biggest ones to do this or you can use the built in features of some wallets.
So. There are other ways and these are best found using this link here: How to Cash Out Bitcoin & Other Cryptocurrencies to Fiat in 2020
All of these have varying degrees of fees and risk so be careful.
Last word is make sure you pay your tax. When you convert Crypto assets into FIAT currency you are liable for tax. Of course this depends on which country you reside in but unless you’re some Billionaire (in which case you would not have asked this question) you will prbably be liable somewhere!!
Hope this helps