Bitspark is a bankless money transfer company that helps you convert cash to cryptocurrency, globally.
If you own Bitcoin and think now is the right time to cash out Bitcoin, this article explains how to convert BTC to cash straight from the Bitspark app.
The reasons for cashing out Bitcoin can vary a lot from person to person. The most likely reason however is that you bought Bitcoin at the right time, and have made some profits that you’re willing to cash out and spend. Of course, you could spend Bitcoin too, but the options are more limited compared to where and how you can spend cash.
If the only reason you want to cash out Bitcoin is to protect yourself from a declining market only to buy back in at a lower price, then cashing out is not your only option. You can achieve the same buy exchanging Bitcoin to any of the local currency stablecoins available on the mobile app.
Spread your BTC across any combination of USD, CNY, SGD, PHP, AUD, EUR, GBP or HKD stablecoins and exchange back to Bitcoin whenever the market reaches your price point.
Cashing out your BTC from the app is a simple process and only takes a few steps. To illustrate how this works, below are the 3 steps to cashing out Bitcoin to HKD cash.
On the home screen of your Bitspark app, select Bitcoin and tap ‘Exchange’. Specify the amount you want to exchange to the selected local currency of your choice. Choose the currency relevant to the Cash Point market you’re in: exchange BTC to sparkdex.HKD in Hong Kong, but exchange BTC to stable.PHP if you’re in the Philippines.
Now that you’re holding HKD stablecoin, it’s time to find a Cash Point near you to trade coin for cash. Select HKD from the home screen on the app and tap ‘withdraw’, choose ‘In Cash’ under withdraw method and then go to ‘find cash point’.
You’ll see a map of the nearest Cash Points, select one and follow the directions to find the shop.
Once you get to the Cash Point shop, you can perform the cash trade with your phone. The Cash point will have a QR code that need you need to scan, which takes you both through a transaction process. For a fixed 1.5% transaction fee, the Cash Point will receive your Sparkdex.HKD and in return give you HKD cash in hand.
That’s all it takes. 3 simple steps to cashing out Bitcoin to HKD.
Stablecoins pegged to local currencies are an essential part of Bitspark, specifically for our Cash Point network. Of course, you can use stablecoins for different reasons, but for Cash Points they are what make the cash in and cash out service possible.
Most of the stablecoins available on the market today are pegged to USD, but we have a much broader selection and are always adding new coins to open up new markets and extend our Cash Points network.
The current list of stablecoins available on the app:
Besides what currency a stablecoin is pegged to, there are also differences in terms of the way that peg maintained. Broadly speaking, there are 2 mechanisms: fiat backed and crypto backed. The majority of stablecoins that we offer are crypto backed such as stable.PHP which is backed by BitUSD.
Learn more about the way stablecoins work here.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.