When it comes to choosing the currency of the future, cryptocurrency is certainly an ideal candidate. In addition to being freely transferable, these currencies can be sent across continents within minutes. They also have no limit on transaction volume/amount.
Cryptos like Bitcoin are used to purchase electronics, jewelry, and even flight tickets, and what’s more, they can also be converted into cold, hard cash!
Converting Crypto Into Cash: The Fundamentals
Cryptocurrencies are transferred online with the help of crypto wallets. These are electronic wallets that can be used to be transfer funds from one wallet to another.
Generally, it’s mandatory to own a single wallet for each cryptocurrency. To ease the process, wallets like Exodus allow you to manage multiple wallets through a single interface.
There are different kinds of wallets that offer different levels of user security.
Types of Crypto Wallets
Hot Wallets: These are the kinds of wallets that use the internet for their operation. They include:
1) Mobile wallets: These are the most used wallets right now. Mobile wallets are very convenient and user-friendly. Mycelium and Electrum are some examples.
2) Desktop Wallets: These are installable software packs compatible with Windows, Mac, etc., that can be used to transact cryptocurrencies. Bitcoin Core and Wasabi are examples of a desktop wallet.
3) Web Wallets: These are based on a web platform and are accessible by browsers like Google Chrome, Mozilla Firefox, etc. MetaMask and BitGo are some popular web wallets.
Cold Wallets: These are the wallets that do not require any internet access. Their offline nature keeps them safe from traditional hacking methods. These are the different kinds of cold wallets:
1) Hardware Wallets: These are hardware devices that can be connected to a PC or mobile device via USB. You can access different apps for different cryptocurrencies here. Trezor is an example of such a wallet.
2) Paper Wallets: You can easily print public and private keys on a piece of paper. The keys are printed in the form of QR codes, which you can scan for future transactions.
Cryptocurrency Exchanges: Converting Cryptos Into Cash
You can convert cryptos into cash by selling them on exchanges like Kraken, Coinbase, etc. Cryptocurrencies like Bitcoin and Ethereum can be sold for fiat currencies like USD, EUR, GBP, etc.
To cash out, you simply have to send the coins in your wallet to the wallet created in the crypto exchange and then execute the transaction.
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