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Bitcoin

Bitcoin Articles

What users of Yellow.com think about Bitcoin: token overview, price predictions, market trends, technology review and updates. Read and share your thoughts, too!
5 Ways to Cash Out Bitcoin & Crypto Instantly in 2024
Bitcoin
published
Buying cryptocurrencies has always been easier that cashing out. What are the easiest ways to to that? Of course, true crypto warriors dislike the very idea of cashing out. Bitcoin maximalists believe that all you have to do is HODL, whatever happens. Because, you know, as they say 'when in doubt zoom out' and that explains everything. However, there are situation when you might want to get some cash. And your crypto ways are the best - or the only! - way to do it quickly. Cashing out Bitcoin and other cryptocurrencies can be a bit tricky. And it is definitely more difficult that buying crypto in the first place. Knowing how to convert your digital assets to cash is essential. Here are five effective methods to cash out Bitcoin and other cryptocurrencies instantly. Cryptocurrency Exchanges This is probably the easiest way to cash out crypto instantly. Exchanges like Coinbase, Binance, and Kraken allow users to sell Bitcoin and other cryptocurrencies directly for fiat currency. There are some caveats, of course. This method might require you to send your crypto from a non-custodial wallet to your exchange wallet. It requires you to pass the KYC procedure. And of course, as any other legal way, this one includes taxes. How it Works: Firstly, you create an account. Don't worry, all you have to do is just sign up on the exchange platform. Then complete the KYC (Know Your Customer) process. Transfer BTC to the exchange wallet. Place a sell order for the amount you want to sell. Here you can choose a market order for an immediate sale or a limit order for a specific price. Though some exchanges simply buy the crypto from you. That's the most convenient way. Lastly, withdraw fiat. It would land on your exchange's linked debit card. Pros: Ease of use: User-friendly interfaces. Liquidity: High trading volumes ensure instant transactions. Cons: Fees: Transaction and withdrawal fees. Regulation: Some exchanges have strict regulatory requirements. Peer-to-Peer (P2P) Platforms A very popular way to sell crypto easily and fast. Though it requires some knowledge and skills. P2P platforms like LocalBitcoins, Paxful, and Binance P2P connect buyers and sellers directly. You are selling crypto to other users without intermediaries. The exchange is just overseeing the deal. How it Works: Sign up on a P2P platform, create a sell offer, specify the amount of BTC you want to sell and the payment method. The platform then matches you with a buyer based on your criteria. Once the buyer transfers the agreed amount of fiat currency, you release the BTC. Pros: Multiple payment options: Bank transfers, PayPal, cash, etc. Privacy: Less stringent KYC requirements. Cons: Risk: Potential for scams and fraud. Time-consuming: Matching and completing transactions can take time. Bitcoin ATMs There was a time when Bitcoin ATMs were seen as the easiest way to ensure wide crypto adoption. The number of those ATMs kept rising for a while, yet now they are less popular. It was no the way Satoshi dreamt of Bitcoin, the hard core fans say. Anyway, if you find one near you, why not use it? Bitcoin ATMs provide a quick and convenient way to sell BTC for cash. How it Works: Locate a BTM. You can do it by using a service like CoinATMRadar. Verify your identity: Depending on the amount, you may need to provide ID. Follow the on screen instruction - don't worry, they are "for dummies". Send the BTC to the BTM’s wallet address. Wait for the machine to dispense cash equivalent to the sold BTC. Pros: Instant cash: Immediate withdrawal. Convenience: Easy to use, available 24/7. Cons: Fees: High transaction fees compared to other methods. Availability: Limited number of BTMs. Over-the-Counter (OTC) Trading OTC trading is suitable for large transactions, offering privacy and minimal market impact. Platforms like Genesis Trading, Circle Trade, and Kraken OTC provide these services. How it Works: Reach out to an OTC trading platform.Discuss the trade specifics, including price and volume. Transfer BTC to the OTC desk, and receive fiat in return. Pros: Privacy: Discreet transactions. Volume: Suitable for large trades. Cons: Access: Typically requires high minimum transaction amounts. Fees: Negotiable but can be significant. Crypto-Backed Loans You can get some fiat cash without actually selling your Bitcoin. Or any other crypto, for that matter. Crypto-backed loans can be found on numerous platforms. Most popular among those are Nexo and YouHodler. Basically they allow you borrow fiat currency against your BTC collateral. How it Works: Sign up on a lending platform, then deposit BTC as collateral. Get a loan and receive fiat currency as a loan against your BTC. Repay loan - pay back the loan to reclaim your BTC or forfeit it if you default. Pros: No need to sell BTC: Retain your BTC while accessing cash. Flexibility: Various loan options and terms. Cons: Interest rates: Loan interest can be high. Risk of liquidation: BTC collateral can be liquidated if the value drops. Takeaways If you are not a dedicated hodler - oh god, how is it even possible! - you might want to try some of these ways to cash out Bitcoin. Some of them are transparent and straightforward. Yet, they require KYC procedure. Other are fast, but might require some skills not every novice crypto user possesses.
The bullish brigade: 10 high-profile Bitcoin optimists and their most dire predictions
Bitcoin
published
Some people just can’t stop telling us that Bitcoin’s next incredible peak is literally just around the corner.  Bitcoin, the pioneer of cryptocurrencies, has been a topic of heated debate since its inception in 2009. While some dismiss it as a speculative bubble, others hail it as the future of finance.  Amidst the cacophony of opinions, there are notable optimists who stand firm in their belief that Bitcoin will revolutionize the financial landscape.  Let’s delve into the reasons behind Bitcoin's volatility, the varied predictions for its future, and highlights ten high-profile optimists who have made bold predictions about Bitcoin recently. Why predictions vary so much But firstly let’s try to understand why Bitcoin provides so much basis for a wide variety of predictions. The legendary volatility of Bitcoin Bitcoin's price swings are legendary. One day it’s hailed as digital gold, the next, it’s branded as a speculative bubble.  Several factors contribute to this volatility: Market Sentiment: News, both good and bad, can cause drastic price changes. Regulatory news, technological advancements, and macroeconomic factors all play a role. Liquidity: Compared to traditional assets, Bitcoin has lower liquidity. Large trades can significantly impact its price. Speculation: A significant portion of Bitcoin trading is speculative, leading to rapid price swings. Regulatory Environment: Uncertainty around regulatory policies globally adds to the volatility. Market Maturity: As a relatively new asset class, Bitcoin is still finding its footing, leading to instability. Reasons why some believe Bitcoin might rise The prophets of Bitcoin's rapid and explosive growth are not optimistic out of the blue. Their conviction is based on a number of factors that were originally mentioned by Bitcoin's legendary founding father Satoshi Nakamoto. Here are those few crucial factors: Scarcity: With a maximum supply of 21 million coins, Bitcoin's limited supply could drive up prices. Institutional Adoption: Increasing interest from institutional investors lends credibility and stability. Hedge Against Inflation: Seen as digital gold, Bitcoin is considered a hedge against fiat currency devaluation. Technological Innovation: Improvements in blockchain technology and increased use cases boost confidence. Growing Acceptance: More merchants and platforms accepting Bitcoin as payment add to its legitimacy. Network Effect: As more people use Bitcoin, its value and utility increase. Decentralization: Lack of central control makes it appealing in a world of mistrust in traditional financial systems. Public Awareness: Greater understanding and media coverage drive interest and investment. Global Reach: Bitcoin is accessible worldwide, providing financial services to the unbanked. Resilience: Despite numerous challenges, Bitcoin has survived and thrived, demonstrating its robustness. Ten high-profile predictions for Bitcoin In the last year alone, many famous personalities have regaled us with a whole set of sparkling predictions about the future of Bitcoin. Jack Dorsey The co-founder of Twitter and Square remains a steadfast Bitcoin advocate. Sometimes he predicts that Bitcoin will become the world’s single currency within a decade. Sometimes he just names the number Bitcoin price will reach. Last time it was $1,000,000. Dorsey’s companies have invested heavily in Bitcoin, signaling his long-term confidence. Robert Kiyosaki The author of "Rich Dad Poor Dad" believes Bitcoin will hit $500,000 by 2025. Kiyosaki views Bitcoin as a hedge against economic instability and a critical component of financial literacy. Cathie Wood CEO of ARK Invest, Wood predicts Bitcoin could reach $500,000 by 2026. She argues that increased institutional adoption and Bitcoin’s role as a hedge against inflation will drive this growth. Michael Saylor CEO of MicroStrategy, Saylor has led his company to acquire over 100,000 Bitcoins. He forecasts Bitcoin reaching $1 million within five years, citing its superior store of value properties compared to gold. Tim Draper The venture capitalist maintains his prediction that Bitcoin will reach $250,000 by the end of 2024. Draper highlights Bitcoin's increasing adoption and its potential to transform several industries. Tom Lee Co-founder of Fundstrat Global Advisors, Lee believes Bitcoin could surge to $200,000 in the next few years. He points to macroeconomic factors and growing institutional interest as key drivers. Raoul Pal Former Goldman Sachs executive and founder of Real Vision, Pal predicts Bitcoin could hit $1 million by 2030. He emphasizes Bitcoin’s potential to become the global reserve asset. Anthony Pompliano Co-founder of Morgan Creek Digital, Pompliano forecasts Bitcoin reaching $500,000 by 2025. He bases his prediction on the exponential growth of Bitcoin’s adoption and its fixed supply. Mark Yusko CEO of Morgan Creek Capital Management, Yusko projects Bitcoin will hit $400,000 over the next decade. He believes Bitcoin's market cap will surpass gold's as it becomes a primary store of value. Mike Novogratz Founder of Galaxy Digital, Novogratz predicts Bitcoin will reach $500,000 by the end of 2024. He attributes this to increasing institutional investment and Bitcoin’s fixed supply limiting inflationary pressures. Conclusion The future of Bitcoin remains a hotly contested topic, with significant variation in predictions even among its staunchest supporters.  However, the high-profile optimists outlined above provide a compelling case for Bitcoin’s potential to achieve remarkable valuations.  Each of these optimists brings a unique perspective to the potential future value of Bitcoin, often combining a mix of economic insight, technological passion, and sometimes, a good dash of wishful thinking. Their bullish forecasts share a common thread: a firm belief in Bitcoin's transformative potential—a true digital gold rush in the making. Whether Bitcoin will fulfill these lofty expectations remains to be seen, but its journey will undoubtedly continue to captivate the financial world.

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