Instead, you simply sell your Bitcoin to the exchange. Your transaction will be complete when someone places a matching buy order.
Once that happens, the currency will be credited to your account. It could go bankrupt or have liquidity problems.
How mining works
Or worse, the intermediary could go bankrupt as was the case with the infamous Mt. Gox situationin which case you might never be able to withdraw your funds.
BTC-e is one popular Bitcoin exchange trader, although it has also suffered from liquidity problems. Users have complained about waiting inordinate amounts of time to receive their fiat currency funds in their bank account.
Other popular Bitcoin exchanges include Kraken, Bitstamp, and Circle. In some cases, you might want to trade your Bitcoin for other cryptocurrencies, in which case there are ways to do that as well. Certain exchanges exclusively let you trade Bitcoin for cryptocurrencies like Dogecoin and Litecoin, for example. BTC-e, for example, changes a 0. Peer to Peer Trading Marketplaces One of the most unique ways to exchange Bitcoin for goods, services, and currency is to use a peer to peer trading marketplace.
This process is relatively new, but becoming more popular.
How Do I Convert Bitcoin to Other Currencies?
Basically, this process brings two groups of people with specific and complementary needs together. The first group consists of people who have Bitcoin and want to buy real goods and services from a site or store that does not currency accept Bitcoin.
The second group consists of people who want to buy Bitcoin with a credit card or debit card.