How to convert bitcoins to euros
Bitcoins have been heralded by many as tomorrow’s currency, but few places are accepting them. Luckily, converting Bitcoins into a usable currency like Euros is quick and easy. Do a quick internet search on the subject if you want to know how much bitcoins are worth. If you actually want to exchange bitcoins for euros, deposit them in a digital marketplace and sell them to an interested buyer. The digital marketplace converts your bitcoins into euros quickly and easily. He transfers them to an EC card, a bank account, or to a digital wallet of your choice.
Choose an exchange service
Compare the rates offered by different exchange services and choose the best one.
Even if the average bitcoin exchange rate improves, different exchange services will offer different exchange rates. For example, let’s say that one service offers to exchange your bitcoins at a rate of 1 to 5,000 euros and another at 5,200 euros. All other things being equal, you should take the second service to get the most money for your bitcoins.
Exchange your bitcoins with low fee service.
Exchange services usually charge a fee for the exchange. Sometimes there’s a flat fee no matter how much you’re exchanging, and sometimes the exchange service will charge a percentage of the amount you’re exchanging. Compare the fees associated with different exchange services and choose one that offers the best deal.
Make sure the service you are using is secure.
There are several methods to verify that a bitcoin exchange site is safe. One is to check reputable sources for reviews that verify the integrity of a given site. Another method is to ensure that the site the service is managing uses https (as opposed to http) in its URL. Ultimately, use an exchange service that allows two-factor identification, which ensures only you can approve bitcoin exchanges.
Choose a service that offers a short transfer time.
Some sites will transfer bitcoins to your account in five days, but faster services might exchange them in three days or less.
Sign up and upload your bitcoins
Sign up for an account.
Signing up for an account involves providing your name, date of birth, address, email address, cell phone number, and other personal information. It will also require you to provide a bank account, an electronic payment service like PayPal, or both (depending on how you want to exchange and transfer your bitcoins).
Choose the strongest security options when you sign up.
When you create an account on a bitcoin marketplace, you are given the opportunity to turn on two-factor authentication. This means you will need to enter a password and a randomly generated code that will be sent to your phone. You may also want to turn on a multi-signature option. This requires several independent approvals before a bitcoin exchange or withdrawal is made.
Deposit your bitcoins into the marketplace.
The specific mechanism by which you deposit your bitcoins varies depending on how your bitcoins are currently stored. Depositing your bitcoins is usually no more difficult than clicking “Deposit bitcoins” (or something similar) at the top of the marketplace’s homepage.
- If your Bitcoin encryption key is printed out, you will be prompted to enter it.
- If your bitcoins are in a “purse” (an encrypted file or code), you may be asked to upload the file.
- Don’t be afraid to contact customer support if you’re having trouble depositing your bitcoins.
Exchange
Convert your bitcoins when the exchange rate is favorable.
Exchange rates rise and fall over time. For example, the exchange rate could allow you to exchange 1 bitcoin for 4,900 euros in one day. A week later, the exchange rate could be 5,100 euros for 1 bitcoin. Wait to exchange your bitcoins until the corresponding euro value increases.
- There is no fixed percentage or value that defines an advantageous exchange rate. Some people may feel that if a bitcoin increases in value by $100, it’s a good time to convert their currency. Others may wait until the value they get increases by five percent.
- Check the exchange rate online regularly (or sign up for a service that keeps you updated on the bitcoin to euro exchange rate) so you know when it’s improving.
Sell your bitcoins on the marketplace.
Some marketplaces allow you to sell your bitcoins to someone else. Others allow you to sell them directly to the marketplace, which then later resells them to interested buyers. In either case, the specific method you use to sell your bitcoins will vary somewhat depending on the marketplace you use. In general, you can just click “Sell your bitcoins” or a similar option to get the process started. Cryptocoin exchanges and crypto marketplaces are most commonly used to convert bitcoins to euros online.
Put your Bitcoins on a debit card.
Some marketplaces allow you to load your bitcoins onto a debit card, which automatically converts them into euros. You may be able to get a digital debit card that simply provides you with a sequence of numbers. You can use this for online purchases that require euros. But you could also get a regular EC card in the mail.
- Both types of debit cards cost money (digital debit cards usually cost around 5 euros, while regular debit cards cost 15-20 euros), but they offer more convenience, especially if you rarely use cash.
Transfer your Bitcoins to another digital exchange.
Some bitcoin exchange services allow you to convert your bitcoins into euros by transferring them to PayPal, ApplePay, or similar services. Set your payout method to the desired digital exchange if this is the method you want to use to convert your bitcoins to euros. Then simply sell or transfer your bitcoins to the service of your choice through the marketplace menus.
- Converting bitcoins into euros by transferring them to a digital exchange often costs higher fees (and comes with lower limits) than transferring them to your bank account.
- However, this option may be preferable for people who make regular digital purchases and want to avoid the hassle of transferring funds from their accounts to a digital exchange.
Final Tips
- No matter how you transfer and exchange your bitcoins, you usually have to wait several days for the third-party marketplace to verify your identity and account details.
- Bitstamp, Wirex, and Coinbase are just a few of the many services that allow you to exchange Bitcoins for Euros. They’re all basically the same aside from their layout, design, and fee structure.
- The best marketplaces allow desktop and mobile access.
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About the Author
Linda Jeasie
Linda Jeasie is a writer and content editor with over a decade of experience covering consumer gadgets and mobile tech. Before going freelance, she got her start as an editor at MoneyGuide.com, a coupon and review website. These days she writes about gaming, life hacks, apps and software, and financial subjects for a variety of publications.