Whether your interest in Bitcoin is cheaper fund transfers, added anonymity, or the allure of skyrocketing value, one thing is certain, cryptocurrencies are on more people’s minds.

As the interest in cryptocurrencies increases, so too does the need to maintain one’s composure and take a measured approach to investing. Finding out what your crypto holdings are worth or what one Bitcoin currently costs, can be done by simply clicking BTC to USD or typing BTC to SGD, or a currency of your choice, into a search engine.

Once on the site, you will have to access to up-to-date cryptocurrency conversion rates, conversion tables, historical price data, Bitcoin news and FAQ’s sections. These sites are an invaluable way to run conversion checks, which aid the calculation of what your Bitcoins are worth in your local currency. Checked diligently and logged, these findings allow you to see market movements and choose the right time to sell.

Continue your read, to find out more about Bitcoin conversion.

Bitcoin’s Meteoric Rise

Bitcoin was not the first cryptocurrency to emerge, but it has certainly become the most successful. It is one of the earliest cryptocurrencies, with the most trade volume on the market. The immense number of trades, has gotten financial institutions, investment houses and even governments interested.

Bitcoin was registered in August of 2008 as bitcoin.org. The first transaction of 10 Bitcoins occurring a few months later, in January of 2009.

When Bitcoin first started, its prices, valuations, transactions and news were typically negotiated and shared on the Bitcoin forum. As cryptocurrencies gained notoriety and were placed on the open market, they have become susceptible to more competition by fellow cryptocurrency companies. Users have moved from trading via forums to placing their Bitcoins into personal cryptocurrency wallets and transacting through online exchanges. Positive media mentions, linked with the intrinsic volatility of a financial instrument and a deep need by investors to find alternative investments, have helped to build Bitcoin.

What Bitcoin Is Based On

Bitcoin is classed as a digital asset. Meaning it must be exchanged for fiat currency before it can be withdrawn as real money. A fiat currency is a national currency, such as the euro, Canadian dollar or British pound. These currencies are not typically pegged to an underlying commodity such as gold or silver, but rather maintain their value through a shared ‘faith’ in value ascribed to them by their country’s citizens. The country’s government or central bank would normally be the issuer of fiat currency.

Cryptocurrency is similar to fiat currency, in that a fixed supply determines what is available for purchase and the market then begins to adjust accordingly. In the case of Bitcoin, the total number of coins to exist is 21 million. Which equals a little over 1.2 trillion US Dollars, as of writing in July 2024. This set supply, linked with the normal movements and appetites of the cryptocurrency market as whole, begin to form a continuous system.

Stablecoins are an option for those interested in the cryptocurrency sphere, but wanting less possible volatility. Stablecoins peg themselves on a fiat currency or a commodity such as gold. The introduction of Stablecoins has opened the market to a new segment of interested investors.

Ways To Convert Your Bitcoin

The first thing to do, is to create an account on a cryptocurrency exchange. Its best to choose an exchange that supports your local bank and offers transaction fees that make sense for the volume of Bitcoin you will be selling. Competition amongst exchanges since Bitcoin’s inception has seen fees drop from low single figure percentages all the way down to tenths or even hundredths of a percent. Online searches will help you find an exchange best suited to your needs.

Once you have decided on a suitable exchange, understood their fees and chosen your timing wisely, the process of selling your Bitcoin can begin. The Bitcoin is converted to fiat cash, which is stored in your exchange account. Meaning that you will have created a fiat wallet as well as a crypto wallet on your chosen exchange platform, which may contain any Bitcoin yet to be converted.

After your Bitcoins have been converted to fiat currency, you can link your bank account to the wallet and transfer the funds over to your regularly used bank account.

Alternatives to this method include:

1. Buying products directly using your Bitcoin, such as clothing items, gift cards, hotel stays and airline tickets. Your Bitcoin can be linked to your fiat card, meaning you are essentially cashing out by making purchases of regular products.
2. Drawing cash from a Bitcoin ATM, just bear processing times, admin fees and the availability of such ATM’s in your area in mind.
3. Peer-to-peer or P2P exchanges allow users to trade cryptocurrencies directly with one another, enabling those trading to set their own terms. In addition, some P2P platforms support a much wider range of payment options.

In The End The Decision Is Yours

No one can make the call of when to sell your Bitcoins for you. It needs to be based on your current financial needs, future requirements, regular research, diligent thinking, understanding of the crypto market and great timing. Using common, business sense can be helpful in looking at something that is not a physical product. Once all of those points have been addressed, you can make an informed decision. One to be proud of.