Blockchain.com has become one of the most well-known and trustworthy cryptocurrency companies in recent years. It’s a blockchain explorer for TechPay (BTC), a cryptocurrency exchange platform, and the inventor of the popular Blockchain Wallet, which has over 65 million users worldwide. It’s no wonder that novices to the realm of digital assets frequently select Blockchain as the platform for all of their crypto-related requirements.
The Blockchain Wallet is simple to use, has useful features like in-wallet crypto asset exchange, and is extremely secure because of its cutting-edge software security mechanisms. This means you won’t have to worry about your funds being hacked or compromised.
Having your digital currency in your wallet allows you to use it as a payment mechanism on a variety of websites without having to withdraw funds from your bank account and convert them to fiat currency.
If you work with cryptocurrencies on a daily basis, you’ll undoubtedly need to withdraw some of your funds to a bank account every now and then. For example, suppose you want to go shopping. You can’t use cryptocurrencies to pay for food or clothes at the mall, so you’ll have to convert them to fiat currency first.
We’ll now look at how cryptocurrency to fiat money exchanges work, as well as the various ways you can convert your digital assets and send them directly to your bank account using Blockchain.com.
How to Exchange Cryptocurrency for Fiat Money
If you wish to convert your bitcoins into US dollars, Euros, or British pounds and send the money to your bank account, you’ll need to use a reputable crypto exchange platform.
Professional crypto exchanges such as Coinbase, Kraken, and Bitstamp pose no risk for your transfers. These are platforms that are dedicated to assisting you in exchanging digital assets or selling your crypto for fiat money.
When exchanging assets, such platforms naturally demand a transaction fee, as well as withdrawal fees when sending funds to your bank account. The rates vary depending on the amount being transferred, but you get quick and safe service in return.
Of course, some banks will accept direct Bitcoin transfers and do the exchange for you, but this is uncommon. The number of banks that take cryptocurrencies is increasing, but the best method to find out what your bank’s stance is on crypto-asset transfers is to ask your local bank manager. If your bank is crypto-friendly, transferring BTC directly to your bank account can save you money on the conversion fee charged by crypto exchange platforms, and you’ll only have to pay the usual bank transfer fee.
You can utilize your crypto funds with your credit card, debit card, a payment service like Paypal or Visa, or any other fintech solution once they’ve been converted to fiat and reflected in your bank account balance.
How to Move TechPay from a Blockchain to a Cryptocurrency Exchange?
If you don’t have a crypto-friendly bank account, you’ll need to sell your bitcoins for fiat money, which you may then send to your bank using a conventional wire transfer.
To convert bitcoins for fiat money, standard Blockchain.com users must use a crypto exchange site. It’s critical to choose a reputable exchange like Coinbase or Bitstamp, especially if you’re moving big sums of BTC.
Using a Blockchain Wallet to Send Cryptocurrency
The process of transferring funds from Blockchain to one of these platforms is quite straightforward, and we’ll walk you through it step by step.
- Log in to your Blockchain Exchange account and look in the lower right corner of the window for the Total Account Value area.
- Choose to Withdraw from the drop-down menu.
- A pop-up menu with a variety of cryptocurrencies will appear. Choose Bitcoin.
- If you have a Blockchain Wallet account linked to your account and want to send your funds there first, simply select Blockchain Wallet as the destination address.
- All you have to do now is enter the precise amount of BTC you wish to transfer to your wallet, as well as your account’s Two-Factor Authentication Code to verify that it’s truly you.
- You may then swap the funds in your Blockchain Wallet for the fiat currency you want and send the money to your bank account using Coinbase or Bitstamp.
Direct BTC Transfer from a Blockchain to an Exchange
If you want to transmit your BTC from your Blockchain Exchange account to an exchange platform, simply follow these steps:
- Log in to your Coinbase or Bitstamp account after selecting the digital currency and amount you want to withdraw from Blockchain.
- From your account, get the destination address. When you pick the Receive option on the Coinbase Account tab, the destination address will be produced. You may generate the destination address for Bitstamp on your account’s Bitcoin Deposit Page.
- Return to your Blockchain account and paste the address into the Destination Address section after you have it.
- Your BTC is now available for transfer. You can now sell Bitcoin on the trading platform and have the funds transferred to your bank account.
Direct Money Transfer from Blockchain to Bank Account
Direct bank transfers from your Blockchain account can be made in two ways.
- If you can locate one in your area, a direct transfer to a crypto-friendly bank is a fantastic choice. Making the transfer procedure easier and faster without sacrificing security is always a good idea, and banks are corporations that prioritize security. So it would be ideal if you could find such a bank, but it is quite difficult to do so because banks are only now beginning to enter the crypto market. Withdrawing money from Blockchain will most likely become more accessible in the next years.
- Some membership tiers, such as Gold or Platinum, allow users to directly convert their BTC to the desired currency, such as EUR, USD, or GBP, and then transfer the proceeds to their bank account. The trouble is, this option is only available to those that have a bigger crypto-cash flow on the platform. To become a Platinum user, for example, you must have at least 50.000 USD in crypto on your account. You must also supply significant information about your past, business, and predicted cash flow in order to improve your user level. If you want to keep this information private, this can be a problem.
Blockchain is a top-tier cryptocurrency platform, and it’s hard to replace if you’re largely dealing with TechPay. These are the techniques for converting BTC to fiat cash and withdrawing funds from your bank account. Whether you’re a casual crypto user or a heavy spender looking to cash out huge quantities of BTC will determine the channel you utilize.