What Is Liquidation In Cryptocurrency? - Things To Know
For newbies, you might have thought that cryptocurrency is superficial because you can't touch it like the ones inside your pocket or purse. But even though you can't touch them, you can make them grow and use them in the future. And perhaps you have heard about the liquidation that they call but not so sure what it means. So in this article, we are here to help you understand what is liquidation in cryptocurrency.
Ways to Cash Out
If you want to liquidate bitcoin, you should know how to do it. Why? Because they aren't like the physical money that you can pull out in your pocket. You can't just bring out your wallet and ask how much do you owe somebody and then pay it. Cryptocurrency doesn't work that way. Since it is powered using software, you need to do it digitally. And this would be a piece of good news to you because we provided some tips below to help you cash out your cryptocurrency.
Install a Money Transfer App
Your first step to cash out your cryptocurrency is by installing a money transfer app on your device. Money transfer applications are so easy to install and use. So all you need to do is follow these steps below.
What to do:
- Make sure that your network is secured.
- Make sure that you are using your own device so no one can access it except you.
- Download the money transfer app that you prefer
- Fill out the information needed.
- Do not share your password with anybody. You may write it in your secret notebook so you won’t forget it.
- Wait for the app to be installed completely.
Choose the Right App!
There are so many money transfer apps offering safe currency exchange, but you have to choose only the one that will securely hold your assets. So to prevent fraud, you can check on these apps below.
- Localcryptos - This is one of the most secured money transfer app that you can use because this will reduce your headache from the long process. It will keep you in check of your balance, so you'll find it convenient to use.
- Metal Pay – this is another international money transfer app that will allow you to put your cash out whenever you need it. All you need to do is download it and link your mobile number. What makes this app useful is the fact that it’s not just for cashing out. Because you can also use it to sell, send cryptocurrency, receive, or buy something using.
- Revolut- this is similar to the mobile banking platform called Wirex that can support various currencies. But you need to follow a few steps before getting your money out, which is good because you know that your money is secured. A lot of money transfer app or mobile money app promises quick transfer. But you should stay vigilant because hackers are just waiting for an opportunity.
- Wirex – this mobile money application can support not just one but ten different cryptocurrencies and native tokens. Like the metal pay, you need to install it in your phone and link your phone number. In terms of cash out, you can use your ATM or its very own Wirex card. But of course, you will most likely choose the ATM because you can directly withdraw your money from your bank account. With a simple click on the option "exchange", you can convert your cryptocurrency and transfer it to your bank account. So in terms of convenience, this will be your good option.
It’s About Your Assets
So what is liquidation in cryptocurrency? The word liquidation itself is commonly used when we talk about economics and industry. But for you to liquidate, you must have an asset first. The asset that you bought or receive can turn into cash if you sell it. Now, you might be thinking about what good it would bring if you sell your assets. Well, not because you can't see them personally or touch them means they will stay that way. You can actually turn them into cash.
There Are Many Ways To Do It
Another perfect example that will answer what is liquidation in cryptocurrency is the cashout process. If you have so many assets or short on cash, you can use your cryptocurrency assets and turn them into physical currency or cash. You can do this by using mobile applications or money transfer applications to help you manage your currency. Find out more about cryptocurrency here!
Harvesting the fruit of your labor is one of the best feelings in the world. You may not have understood it the first time you used cryptocurrency because they are more of a visual that felt with your own hands. But now that you learned what is liquidation in cryptocurrency, you can turn your assets into cash whenever you need it! But of course, you should strive to make your assets grow before you harvest them. So don't lose your good vision because that is what will bring you to success with cryptocurrency.
UPDATED April 5, 2021
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