Can Ethereum be Converted to Cash? (Cryptoticker)
Ethereum (ETH) is a prominent crypto-asset. It is a project with high trading volume and thus liquidity. It is traded across almost all exchanges – whether major or minor or centralized or not. All cryptocurrencies have a trading pair against Ethereum. Apart from Bitcoin, it rightly qualifies as the “second reserve currency of the crypto-world”. If crypto has to go mainstream, its conversion to FIAT and vice versa should be easy and convenient. For that reason, we are highly interested in the question “Can it be converted into cash?” Yes, definitely. And there are a couple of ways to do that thing.
Ethereum to Cash: Coinbase
The first one is using Coinbase, the premier FIAT-on-ramp and digital exchange. You can create an account there, in a few simple steps. The only information that you are required to provide is the name, email address and a secure password. It will later ask for your mobile number, to further secure your account, by employing two step verification (Google Authenticator can also be used).
You can either acquire Ethereum by trading against other cryptocurrency pairs or just transfer it from any other crypto-account, to be cashed out. Afterwards, you can simply covert it to FIAT and send it to your bank account or Paypal. The entire process shouldn’t take any more than 3-7 working days. However, Coinbase has strict Know your Customer (KYC) and Anti Money Laundering (AML) policies and you might be required to produce identity documents (ID, passport or driving license etc) for further verification or increasing limits on your account. It is also tied to your bank account or Paypal account. Hence, it might not be preferable for people, concerned about privacy and who wish not be tracked. Also, the service isn’t available in all the countries.
Ethereum to Cash: Local Cryptos (formerly Local Ethereum)
Local Cryptos allows one to buy and sell ethereum and bitcoin over the counter, by allowing people to escape the intermediary (third party). The service is basically an encrypted trust-less marketplace and features decentralized escrow facility. You can exchange ether to cash and vice versa with different interested parties or traders. The sign up process is easy and convenient. The converted cash be deposited to bank accounts, gift cards, cash in person, card less cash operated by banks, money gram, western union, international wire and dozens others. The same process is possible in reverse, obviously. Unlike Coinbase, Local Cryptos doesn’t rely on one central party but rather separate parties and you can choose how much of your information you want to disclose. If you don’t want to bank, PayPal or other centralized services, you can simply convert your ethereum to plain old cash!
Ethereum to Cash: Independent Traders
In the end, if you don’t like anything else, there’s always the option of working with traders, operating independently of any platform, who can convert your ethereum to cash and vice versa. The risks are obvious such as trust issues and security problems. Due to those, it should be the last choice plus if you chose to go down that path, it wouldn’t hurt to get reviews of people, who have traded with them before.