Can Bitcoin be converted to cash?
If you’re looking to buy or sell Bitcoin, you have a handful of choices. But for most beginners, the simplest approach is using a cryptocurrency exchange.
Some of these are operated by online stock brokerages, and others are independent. But given Bitcoin’s prominence in the market, you can trade it at pretty much any platform that offers crypto.
Here are some other options for buying and selling Bitcoin:
Peer-to-peer transactions: Someone might pay you in Bitcoin for a product or service, or accept Bitcoin as payment instead of cash.
Bitcoin ATMs There are more than 32,000 Bitcoin ATMs in the U.S (Search Coin ATM Radar to find one near you.)
Like many other assets, Bitcoin can be bought and sold with fiat currencies such as the U.S. dollar. The price will depend on the current market value, which can fluctuate significantly from day to day.
You decide: Is Bitcoin a good investment?
Buying cryptocurrency exposes you to a volatile asset class. A common rule of thumb is to devote only a small portion of a diversified portfolio to risky investments such as Bitcoin or individual stocks.
Whether or not Bitcoin is a good investment for you depends on your individual circumstances, but here are a few pros and cons of Bitcoin to consider.