Can Bitcoin Be Cashed For Cash?

Can Bitcoin be redeemed for cash? Can. We discuss how to exchange, withdraw, Bitcoin to bank account transfers, enter e-money, such as GoPay, OVO and DANA. However, the question arises, "can Bitcoin be cashed, withdrawn, exchanged into rupiah? Just last week, I met a friend, who did not believe that Bitcoin could be exchanged for Rupiah or other currencies. Because Bitcoin is still difficult or even prohibited as a means of payment in many countries. So, the benefits of Bitcoin can only be realized if it can be exchanged for currency. The first step is that we have to open an account at a crypto exchange or broker. Exchange is a place to sell, buy and store cryptocurrencies, including Bitcoin. In Indonesia, exchanges Bitcoin is legal and regulated by CoFTRA. So, transactions on Bitcoin exchanges do not violate the law. What is important to note is that CoFTRA has established 13 registered and licensed Bitcoin exchange companies. Outside of these 13 companies, according to the provisions of CoFTRA, it is illegal. So, we should open cryptocurrency accounts at 13 companies that are already registered with CoFTRA. 1. Fill in the data for registration, namely the full name that matches the identity (KTP, SIM, or Passport), email and password that will be used to access the account. 2. Upload a photo of your identity card (KTP, SIM, PASSPORT) and a selfie. Several things can cause an account verification request to be rejected.

The validity period of the identity card has expired.

Under 18 years of age. The photo of the Identity Card is cut off and/or cannot be read clearly. The validity period of the identity card has expired. The selfie photo does not comply with the provisions, the face cannot be seen clearly and/or the verification paper cannot be read clearly. The ID card number has been used in another account. If the verification is rejected, we can submit a verification request again, but the KYC application process will wait for the queue from the beginning again. After successfully opening an account at one of the crypto exchanges, the next step is that we have to deposit money into the account that has been determined to be able to buy and sell. Each exchange has a minimum deposit requirement to be able to open an account. What distinguishes this method of deposit is a matter of fees. Deposits by means of virtual accounts and e-wallet are usually charged, while bank transfers are free. Next, after successfully depositing funds on the exchange, we can already purchase crypto assets.

Exchange will provide various pairs on the platform.

There are many types of crypto assets because basically everyone can create crypto according to the project they want. However, CoFTRA as a regulator in the context of consumer protection stipulates that only certain types of cryptocurrencies can be traded on Indonesian exchanges. In order to trade crypto assets, investors must select a 'pair' of coins to trade. Exchange will provide various pairs on the platform. The most famous pair is Bitcoin / Rupiah (BTC / IDR). Exchange provides two types of orders to make purchases, namely market (taker) and limit (maker). Market orders are executed immediately because they match whatever price is available at that time, while Limit Orders will wait until the market price touches the price we set. The type of order determines the sale and purchase fee. Market orders are subject to a fee of 0.1% of the transaction value, while limit orders are free of fees. The price of Bitcoin and Crypto that is formed is the result of the dynamics of supply and demand in the marketplace. That's also why, the price of Bitcoin on one exchange can be different from another place. After a buy order occurs, the Bitcoin balance increases.

We can see the Rupiah balance in the exchange application wallet.

Immediately visible in the application the position of the Bitcoin balance and the conversion value in Rupiah. The bitcoin balance is stored in a wallet managed by the Exchange. We can transfer Bitcoin to another exchange or move to a personal wallet to further maintain its security. The Bitcoin balance on the exchange will reflect the number of Bitcoin units we have. To sell Bitcoin, we have to re-select a pair, namely Bitcoin / Rupiah (BTC / IDR). Market orders. The order is executed immediately according to the current market price because it matches whatever price is available at that time. Limit Orders. The order will wait until the market price touches the price we set. After the sale of bitcoin occurs, the rupiah will go into our wallet on the exchange. We can see the Rupiah balance in the exchange application wallet. Next, we can use the balance to buy other crypto assets on the exchange, or we can transfer rupiah money to a personal account or electronic money that we have. The process of disbursing rupiah balance on the exchange is very easy to do. We only need to select the withdraw or withdraw menu available in the application. Enter the withdraw money menu, then we must enter the account number, name and bank of destination for the money transfer.

Cannot be transferred to overseas banks.

In some exchanges, for security reasons, we can only transfer withdrawals to accounts that have been exchange verified. Register our account first at the beginning by providing the bank name, bank account number, and the name of the bank account owner (must match our name). Exchange will send a notification once the bank account has been successfully verified. Banks that can be registered on a crypto exchange application must be registered in Indonesia. Cannot be transferred to overseas banks. Withdrawal processes, Rupiah balance withdrawals, are generally accepted and processed 24/7, including holidays. Withdrawals above IDR 50,000,000/transaction to a bank using the RTGS network takes 1 working day. Not only to bank accounts, withdrawals from Bitcoin exchanges can also be made to electronic money, such as DANA, GoPay and OVO. We only need to know the bank account in each of the electronic money, then include the electronic money bank account that we have in the transfer destination for withdrawing Rupiah balance from Bitcoin sales. There is a minimum withdrawal amount applied to each exchange. Especially for foreign nationals, the daily withdrawal limit is 10,000,000 million rupiah (and its equivalent in BTC).

There is no maximum amount of Rupiah withdrawal during working days from Monday-Friday. Especially on weekends and national holidays, the maximum withdrawal amount is IDR 200 million per user. The minimum withdrawal of Rupiah is Rp. 30,000, - (thirty thousand Rupiah). To start transacting Bitcoin, customers must download the crypto exchange application, which is available for free on the Google Playstore and Apple Store. In addition to the application, the exchange also provides a site for making transactions. However, the experience of using the app is easier and more mobile, given the high fluctuations in Bitcoin's price, it takes speed to trade. Open an account in the app by filling in the data and registering an email. Confirmation is sent to the registered email. To ensure KYC, the company will ask for ID verification and selfie photos. Verification will be done on these data and it will take some time. As long as verification has not been successful, the account cannot be used to buy and sell Bitcoin.

The second way to withdraw Bitcoin is to cash it into Rupiah.

The first step to being able to own Bitcoin is to buy Bitcoin on this exchange. To be able to buy, investors must deposit money into a rupiah account in the application. Buying Bitcoin is quite easy to do. Go to the buy/sell section, then select the Bitcoin Rupiah (BTC/IDR) pair. Bitcoin and Rupiah balances are stored in Wallets managed by the marketplace. This wallet is like a wallet to store money. To withdraw Bitcoin can be done in 2 ways. The first way is to withdraw, withdraw Bitcoin, by sending Bitcoin to a wallet elsewhere. It's a kind of interbank transfer. In this withdrawal, the form is still Bitcoin (not yet converted to Rupiah). The second way to withdraw Bitcoin is to cash it into Rupiah. This is done by selling Bitcoin on the exchange marketplace to Rupiah. Sales proceeds in Rupiah will go to Wallet in the application. After Bitcoin is sold, the proceeds will go into the wallet and can be transferred to a bank account in Indonesia. It can also be transferred to e-money, such as GoPay, OVO and DANA because each e-money has its own bank account (this bank account info must be entered).

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