Investing in Bitcoin is the new big thing in the financial world. But still, a lot of people do not invest in this market thinking that their money might be at risk and are under the misconception that converting Bitcoin for Investments  cash is a hard and complex procedure. Little do they know that it has become extremely easy for these days to convert the same. Additionally, this is something that is frequently observed among newer investors. People either do not know the easy way to it or they are still figuring out ways to convert their portfolio to cash. We have brought before you this article today where we will break down the steps for you in the easiest and simplest way to do so.

  • Choose a reliable platform: choosing a platform for trading Bitcoin is the first step that an investor needs to take and this can be the most complex one as well. This is because of the inception of so many platforms that it has confused the investors to make the right choice and that is why we have brought this article. A platform like Yuan Pay Group is one of the widely trusted and easy-to-use platforms where you can carry out all the necessary transactions without worrying about the security of your investment.
  • Set up an Account: Once you are done finalizing the platform the second step is to enter your personal details and your bank details as well. Be very cautious in filling up the details. The platform may ask for your name, address and other such personal details.
  • Set up the payment mode: Coming to one of the most important aspects of a bitcoin transaction is setting up the payment method for all your transaction that might take place. Whichever is more convenient for you, a bank account that you want to link for all transactions or your PayPal account. Once you are done with it you are good to go with your transactions.
  • Good to go: once you are done with the steps mentioned above you are all good to go to carry on with your Bitcoin transactions. You may start selling and buying Bitcoins. You may easily decide on which coin to buy and at what price and place your order accordingly. The order will be automatically executed once it reaches your set target and this is how you do not have to worry about missing out on opportunities while you are away.

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Tips you can follow before converting Bitcoin to cash:

  • Compare exchange rates: Comparing exchange rates o different websites and platforms before choosing one for yourself is extremely important. Different platforms charge different transaction fees and exchange rates and that is why comparing rates on all these platforms is important if you want to get the best deal for yourself.
  • Store the majority of Bitcoin in cold wallets: try to store your long-term holding in a cold wallet which is considered to be a more secure option when it comes to storing Bitcoin. Try to keep only a small portion of your holdings in online wallets in order to maximize the security of your portfolio as anything that is online is prone to hacking no matter how good the security firewall is.
  • Secure your platform well: Your portfolio and any personal information saved on these sites can be secured in a number of ways. All the credible platforms offer a lot of security options to do so. Always enable 2-factor authentication to save your account from being compromised by unauthorized access.
  • Diversify your portfolio: This again is a great step you can take to save yourself from risks in Bitcoin trading. As they say to not invest the entire sum in just one option, the same applies here. Try to invest in more cryptocurrencies to build a balance in case the market behaves differently than you had anticipated.

To conclude, the steps involved in converting Bitcoin to cash are quite easy, all you need to do is follow these tips and you will be good to go. Choosing a reliable platform is something which cannot be ignored so work well on it and only then proceed further.

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