How to convert Bitcoin to euros | Tips and Tricks

Convert Bitcoin to Euros is a procedure that allows you to transform the famous cryptocurrency into the single currency of the European Union. Over the years it has become a safe and affordable operation: if before, in fact, scams were the order of the day, today millions of people can count on transparent and legal financial services.

In this article we will explain how to convert from Bitcoin to euros, illustrating all the methods available online and offline.

Convert Bitcoin to Euros with a cryptocurrency exchange

The simplest solution to convert Bitcoin into euros is to use a cryptocurrency exchange, a platform that allows you to exchange cryptocurrencies with traditional currencies. In addition to being the easiest procedure, it is also the most convenient. In fact, there is usually no commission on the sale of Bitcoin, with the exchange rate equal to that of the market, while a commission is usually applied to make payments in euros on the platform to use them to buy Bitcoin and other cryptocurrencies.

On the internet there are hundreds of platforms that can be used for this purpose, the spread of which is directly proportional to the success of cryptocurrencies in recent years. We advise you to only consider the most reliable services, as there are operations of a certain importance at stake. On this same topic, we invite you to read our guide on the best cryptocurrency exchanges.

One of the reference platforms in the sector remains Coinbase, a digital asset exchange company headquartered in San Francisco, California. First of all it is a legal and safe exchange, secondly it offers a user experience that makes the site and app accessible to anyone.

Here are the steps to take to convert Bitcoin to euros with Coinbase or another cryptocurrency exchange:

• Open an account from the official website or app.
• Verify your email address.
• Complete the verification of your mobile phone number.
• Add your personal information.
• Complete identity verification.
• Add a payment method (specifically, Coinbase also allows you to enter the PayPal account).
• Transfer the cryptocurrency to the Coinbase wallet.
• Sell ​​the virtual currency by choosing the exchange rate from BTC to EUR.
• Wait for the money to arrive on your chosen payment method.

Converting Bitcoin to Euros with HYPE

Another way to convert Bitcoin to euros is to open a HYPE current account, a brand connected to the Banca Sella and illimity Banca credit institutions. The service is available to all customers who open an account, as long as they are of legal age. The other prerequisite is the opening of a Bitcoin wallet via the HYPE app: the digital wallet will host the Bitcoins held by the HYPE customer until the latter decides to exchange them for euros.

Here are the steps to take for open a Bitcoin wallet with the HYPE account:

1. Open the HYPE app and log in.
2. Tap the 3 dots icon to open the menu.
3. Tap “Bitcoin”.
4. Accept the terms and conditions of use of the service to open the Bitcoin wallet.

Just as easy it is sell cryptocurrency so as to have the corresponding sum in euros in exchange (excluding the commission and the payment due to the so-called miners, i.e. those who enter the transactions in the blockchain and validate them):

1. Apri l’app HYPE.
2. Tap the 3 dots icon to open the menu.
3. Select the item “Bitcoin”.
4. Tap “Sell.”
5. Enter the desired amount in euros.
6. Press the “Continue” button.
7. Confirm the sale transaction and the cash sum.

Bitcoin buy / sell commissions and limits with HYPE

As for the commissions, they depend on the type of floor in use.

HYPE ne prevede in totale tre: Start, Next, Premium:

• The basic Start plan provides for a 2% commission;
• the Next plan has commissions equal to 1.5%;
• finally, the Premium plan includes a 1% commission;

for all three floors there is also to add the Mining fee (tax) for the so-called Miners.

It is also important to point out the differences in the sale limit, both daily and annual, among the various HYPE plans:

• Start: 500 euros (daily) / 2,500 euros (yearly)
• Next: 4,990 euro (daily) / 50,000 euro (yearly)
• Premium: € 4,990 (daily) / € 50,000 (annual)

These, on the other hand, are the purchase limits of Bitcoin in relation to the HYPE plan signed:

• Start: 500 euros (daily) / 2,500 euros (yearly)
• Next: 4,990 euros (daily / 50,000 euros (yearly)
• Premium: 4,990 euros (daily / 50,000 euros (yearly)

Note: the minimum amount in euros of Bitcoin that can be purchased is equal to 50 euros on all three HYPE plans.

Convert Bitcoin to Euros with LocalBitcoins

The other solution is to convert Bitcoin to euros with a exchange peer-to-peer, a platform that allows users to privately exchange cryptocurrencies and traditional currencies. The most famous p2p exchange internationally is LocalBitcoins: the company behind the localbitcoins.com site is based in Helsinki, Finland, and was founded in 2012 by the English programmer and investor Jeremias Kangas.

In the first years LocalBitcoins it was the reference point for millions of users, but following the explosion of exchange platforms such as Coinbase and Binance, many have preferred to change and rely on the main cryptocurrency exchange portals. However, this does not mean that LocalBitcoins.com is not a valid alternative to the most famous exchanges.

He also has the recognition by the Finnish Financial Supervisory Authority, the financial supervisory authority of the Finnish government, responsible for regulating financial markets in the Finnish country. In 2019, FIN-FSA recognized LocalBitcoins as a digital currency provider.

How does it work the procedure for exchanging Bitcoins in euros with the Finnish peer-to-peer exchange? Here are the steps to take:

1. Connect to the LocalBitcoins home page and complete the registration of a new account.
2. Click on “Sell Bitcoin” at the top left to access the list of users interested in buying the cryptocurrency.
3. Enter the amount in euros of Bitcoin to sell, the country of the buyer and the method of purchase (PayPal and PostePay are also available).
4. Click on the ‘Search’ button to start searching for suitable home users for the selected requirements.

Caution, before proceeding with the operation, you would do well to:

• Read the reviews about the user and make sure they reside in Italy or in the country you indicated.
• Check your ID, phone number and email address.
• Send a message to the private user to verify that the information is correct.

Note: no commissions are required and all registered users can use the financial instruments offered.

Convert Bitcoin to Euros via ATM

The latest method for exchanging Bitcoins into euros involves the use of a common ATM. It is undoubtedly the solution that comes closest to the common standard of withdrawal, but it is also true that there are more cons than pros.

For example, the cryptocurrency ATMs present in Italy today they are less than 100, not to mention the fact that in some regions they are completely lacking (Trentino Alto Adige, Marche, Umbria, Molise, Basilicata and Calabria), as can be seen in the map below elaborated by Wired on CoinAtmRadar.com data.

The most negative aspect, however, is another: the high fees required for both deposit and withdrawal, which are around 10%, far higher than the market price and the price offered by the online platforms described above.

Conclusions

Our guide on how to convert bitcoin to euro ends here. As you could see there are several ways to convert Bitcoin into euros, each has pros and cons and the most suitable will be the one that comes closest to your needs: the costs of commissions and any other taxes, the reliability of the service. , the convenience of carrying out the operation.
If you want to learn more about cryptocurrencies, we recommend reading the articles that you can find in the Jobs and Finance section.