You’ve worked hard to acquire Bitcoins through mining or buying from Bitcoin exchanges. Now you want to convert the Bitcoins into usable currency. How do you do that? Well, you need to find a reputable Bitcoin exchange service to do so. Once you find the best Bitcoin conversion service, you have to know the steps involved in converting the Bitcoins to make the process flawless. Here’s are the steps:
1. Set up an account with the chosen Bitcoin conversion service
These days, it’s very hard to do any transaction online without setting up your account. The same applies to converting your Bitcoins into real currency. The Bitcoin conversion service you choose will require you to set up an account and include specific details, such as your name, physical address, date of birth, phone number and more. The Bitcoin conversion service will also require you to supply your bank account information. If you are using a third-party payment option like PayPal, you’ll need to supply your email address for verification.
2. Choose the most powerful security tool when signing up for the Bitcoin conversion service
When signing up for any Bitcoin conversion service, you’ll want to ensure that your information is as secure as possible. Most Bitcoin conversion services offer a two-factor authentication process to ensure no hacker can get to your Bitcoin. Choose a Bitcoin conversion service that offers that kind of authentication. How does two-factor authentication work? You enter your password, and a code is sent directly to your phone. You’re then required to enter the code to access your account. Other Bitcoin conversion services offer a multi-signature authentication option. This option requires independent verifications before you can convert your Bitcoins. These two are the most potent security measures you can implement to keep hackers and thieves at bay.
3. Exchange your Bitcoins
After setting up your account and implementing the best security measures, you can deposit your Bitcoins and exchange them. The owners of Bitcoin conversion services have made it easier for people to deposit Bitcoin in their accounts. They provide a ‘’Deposit Bitcoin’’ functionality that enables one-click deposits. They also know that time is of the essence for most people today, so they ensure that the deposits and exchanges happen in a matter of minutes.
It’s a good idea to convert when the price of Bitcoin is good. Bitcoin exchange rates rise and fall over time. So you should keep tabs on Bitcoin price shifts to ensure your exchange when the price is high to get the highest profits.