Maggie Alderson
It is moderately easy to convert a Bitcoin into any other form of traditional currency. However, it can still be a difficult task in India due to the limited resources available.
Bitcoin VS INR
Bitcoin is a digital cryptocurrency that any bank or government does not control. On the other hand, INR is the International Organization for Standardization currency code for the Indian rupee, governed by the Central government of India and the Reserve Bank Of India. While a Bitcoin is mined and not created or released, it can be mined by anyone, anywhere in the world, and no one has any control over its flow except the server. The INR is governed and controlled by the RBI, which ensures that no one uses it in any wrongful means.
Method to convert btc to inr
It is easy for people to convert btc to inr through a broker, similar to the cash exchange at an airport. Likewise, Bitcoin ATMs or Debit Cards can be used to convert this currency into a traditional currency. The user has to create an account to sell bitcoins and withdraw traditional physical cash in both occurrences. This might take the time up to 4-6 days.
The other method can be peer-to-peer exchange which lets the depositor decide which payment method they want to use while selling. This type of transaction is not only faster but also takes a fewer transaction fee. It is also safer as compared to the above method.
There can be more ways to convert btc to inr, but the most popular and safest methods have already been listed.
Conclusion
One can use any convenient method to convert Bitcoin to INR, although the preference depends on the outcomes that the depositor requires.
