If someone would ask us to describe the world we live in, perhaps the best way to do so would be by saying that we live in the crypto world. Now, some of you will probably disagree with this, but let’s be honest and accept the fact the impact that digital money had on every single sphere of our life and the world, in general, was extraordinary, once in a lifetime transformation, and, of course, for the better.
If we take a look at how long did it take for cryptos to become such an important part of our world, we also must agree that such a tremendous change, and in so little time, was surely not something anyone, not even the fiercest crypto believers, would think will happen. Luckily, we don’t need to be just witnesses of this change, as we can all participate in the crypto market and make some pretty solid profits along the way.
Common crypto misconceptions
Even though there is plenty of info about cryptocurrencies and blockchain technology that everyone can easily find online, so that even those who aren’t familiar with the terminology and how it all works can read and learn more about it, somehow, plenty of people are still hesitant when it comes to investing in it, and without any evident reason for that. Namely, one of the main problems and reasons why people are delaying their crypto involvement is that they are afraid that they will lose money.
Now, this is something that shouldn’t be the issue, and even though volatility represents the main challenge, there are ways you can invest in crypto without taking some huge risks. Furthermore, some believe that they need thousands of dollars just to start, which couldn’t be further from the truth. Yes, some capital is needed, but there are a couple of thousands of cryptos out there in which you can invest, and if you don’t know how to pick one, just invest in those that are safe or follow the actions of those who invest large sums.
These things mentioned above are what we can often hear people use as an excuse for not investing in digital money but, there is one more thing to cover, and it’s about withdrawing the money. As we all know, due to blockchain technology, transactions are much faster now, but there is still a problem called a fee.
That’s what troubles many, as they do not know how to withdraw and transfer money from blockchain to a bank account and how much it will cost, so, in order to make it easier for you, let’s check some facts and examples.
The first thing we need to do is to transfer our cryptos, or better said, trade them for fiat currency. They are usually stored in our hot or cold wallets, and although there is a difference between these two, the process our funds need to pass is the same. We need to choose the fiat currency we want to withdraw our funds in, and it can be pretty challenging because not all cryptos and banks allow all transactions. That means that we need to choose the best possible option among available ones and proceed to the next step.
It may sound pretty unreal that we need to sell our cryptos when we already decide to transfer them, but it is the process, and we need to follow it. What does that exactly mean? Well, once we decide to transfer our cryptos, we actually need to sell them and buy fiat money instead.
The whole selling process is not that confusing as it looks, and all we need is to agree to sell cryptos and buy the desired fiat money for that amount. There are many platforms that allow us to do that, and probably one of them that we need to check out is oschain.io.
The main thing is to know how much we need to pay for the transfer, and everything needs to be transparent, so finding a reliable platform may seem too difficult. It is not a complicated job to sell and buy the desired currency, so we need to make sure that we are using the right platform to make it even easier.
Confirming the transaction
We are all aware that every exchange, buying, and selling is the transaction that needs to be performed, and we need to make sure that every detail is perfectly written. It is the only way to be sure that the transaction will be done properly, and, in this case, we will transfer a certain amount of cryptos to our bank account and withdraw it in fiat money. So, all we need to do is to check all the details and information before we confirm that transaction, wait until it is done, and our fiat money is in our bank account.
Withdrawing fiat money
The final step is the most simpler one, and we do not need too much time to finish it. Once our cryptos are transferred into fiat money and they are in our bank account, all we need to do is withdraw them in the same way we do it with other funds in the same account. Sometimes we need to wait for a while for the whole process to be finished, but in most cases, it can be done in less than a day.
The bottom line
From everything mentioned above, transferring funds from blockchain to your bank account should now be a pretty easy thing to do. Of course, there are still certain things on which you need to pay close attention so that you would avoid paying too many and too large fees, but that depends on which route you take. The most important thing is that you do not need to wait for the transaction, since it can be done pretty fast, and there is no need to worry that you will lose money because of that transaction.