Exchanging Bitcoin into euros and having them paid out: Here’s how it works

If you own Bitcoins, you can withdraw them and exchange them for euros. But it doesn’t work quite as easily. GIGA shows you here what possibilities you have and how it works exactly.

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With Bitcoin you can also pay bills. The video shows how it works:

In contrast to fiat money, Bitcoins only exist in the form of data on the blockchain. Of course, these dates are still worth something and you can also exchange them for a “normal” currency. However, this will not work at a bank or an exchange office, as no crypto currencies are accepted there. In order to exchange Bitcoin into euros, you have to go to an exchange exchange on the Internet. So you do not exchange the Bitcoin for euros at a bank, but sell your cryptocurrency to other users.

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Note: Due to the large crowds, there may be problems. Prices, fees and services often change at short notice. Problems and losses cannot be ruled out. The use of wallets and exchange or trading exchanges is at your own risk.

Trading cryptocurrencies is subject to enormous fluctuations and is highly speculative. GIGA assumes no responsibility for any losses.Exchange Bitcoin into euros – this is how it works

There are numerous trading venues for crypto currencies on the Internet. In Germany, the providers Coinbase, CEX are very well known. IO and Bitcoin.de. In addition, there are numerous other marketplaces that we show you here: The 10 best Coinbase alternatives for Bitcoin and Co. No trading venue, but at least with Bitcoins bought there you can speculate via Trade Republic, a popular trading app.

The process to exchange Bitcoin is in principle always the same, no matter which platform you use:

As a rule, the transfer takes some time, as the process must first be confirmed in the blockchain. The transfer to your account can then also take a few working days. Note that the maximum withdrawal amount on the platforms is limited for money laundering reasons. Withdraw Bitcoin: What you should keep in mind

If you are thinking of cashing out Bitcoin, you should consider the following points:

• The exchange rate for Bitcoin into euros fluctuates greatly. Therefore, it may make sense to wait until the course is more advantageous.
• Some marketplaces also allow you to transfer the Bitcoin to a debit card. They are automatically converted into euros.
• The first time you log in to a marketplace, you usually have to wait several days for your identity to be verified.
• Compares the different marketplaces to see which provider has the lowest fees. The well-known platform Coinbase, for example, is not considered the first choice by many experienced users, because the transaction fees there are quite high.
• You should also inform yourself in detail about the cryptocurrency exchange in order not to get to scammers and not to lose your Bitcoins. For example, the case of QuadrigaCX caused a stir in 2019. When the operator died, allegedly no one had the password to the wallets and thus no access to the Bitcoins. Subsequently, however, it turned out that the customer accounts were emptied only shortly after his reported death.

Have you ever traded Bitcoin more often? Which exchanges have you already used and where have you had good experiences? Let us know in the comments! The crypto quiz: How well do you know Bitcoin and Co.?

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