Bitcoin, the first and most famous cryptocurrency in the world, continues to arouse great interest among both investors and the simply curious. Introduced in 2009, it revolutionized the concept of currency, thanks to its decentralized nature and the use of blockchain technology, which guarantees transparency and security in transactions. As its popularity has increased, many people have found themselves needing to convert their Bitcoin into traditional currencies such as the euro. In this guide we will examine in detail how the conversion process takes place and what are the key aspects to take into consideration.
What is Bitcoin?
Bitcoin (BTC) is a digital currency that operates completely independently of central banks. It is not issued or regulated by any government, but is based on an open-source protocol that allows users to transact directly with each other, without intermediaries.
One of the main characteristics of Bitcoin is its volatility. The value of a Bitcoin can vary significantly in a matter of hours, influenced by a number of economic, political and technological factors. This makes its conversion into other currencies, such as the euro, a matter of great interest for those who own or want to invest in cryptocurrencies.
How the Conversion Process Works
The process of converting Bitcoin to Euros is quite simple, but there are some key elements to consider to do it efficiently and safely.
Choice of Exchange Platform
To convert your Bitcoin to Euros, you need to use a cryptocurrency exchange platform. These platforms, also known as “exchanges”, allow you to exchange cryptocurrencies for fiat (traditional) currencies or other cryptocurrencies. It is important to choose one of the many platforms that offer this service, which is reliable and offers competitive conversion rates and low transaction costs.
For those looking for a simple and secure way to convert Bitcoin into euros, Kraken offers a bitcoin euro converteraccessible directly from their official website, which allows you to immediately obtain the current value of the cryptocurrency compared to the euro.
Opening an Account
After choosing the platform, you will need to create an account. This usually requires verifying your identity through documents such as your passport or ID card. Security is a priority, so it’s important to enable two-factor authentication (2FA) to protect your account from unauthorized access.
Transferring Bitcoin to your Account
Once the account is created, you will need to transfer your Bitcoins from your personal wallet (wallet) to the exchange platform. This can be done by copying your wallet address provided by the exchange and sending the funds. The transaction will be confirmed on the blockchain, which may take some time, depending on network congestion.
Conversion into Euros
After transferring your Bitcoins to the platform, you can proceed with the conversion into euros. Exchange platforms offer different ways of selling:
- Market order: Sell your Bitcoins immediately at the best available price.
- Limited order: you set a specific price and the sale occurs only if the market reaches that figure.
Once the Bitcoins are sold, the euro funds will be credited to your account on the exchange. The last step is to withdraw the euro funds from your account.
