What are the most effective cashout methods for cryptocurrencies in 2016?

7 answers

• Nov 26, 2021 · 3 years ago
  In 2016, one of the most effective cashout methods for cryptocurrencies was using online exchanges. Platforms like Binance and BYDFi allowed users to trade their cryptocurrencies for fiat currencies and withdraw the funds to their bank accounts. These exchanges provided a secure and convenient way to convert cryptocurrencies into cash. However, it's important to note that the availability and popularity of specific cashout methods may have changed since 2016.
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• Nov 26, 2021 · 3 years ago
  Back in 2016, many people preferred using peer-to-peer platforms to cash out their cryptocurrencies. These platforms connected buyers and sellers directly, allowing them to negotiate the exchange rate and payment method. LocalBitcoins was a popular choice for this type of transaction. Users could find buyers in their local area and arrange a cash payment in exchange for their cryptocurrencies. This method offered more privacy and flexibility compared to traditional exchanges.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange in 2016, offered a unique cashout method called 'Instant Cashout.' With this feature, users could convert their cryptocurrencies into cash instantly. The funds were sent directly to the user's bank account, eliminating the need for additional steps or waiting time. This method was highly convenient for users who needed quick access to their funds. However, it's important to note that BYDFi is no longer operational.
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• Nov 26, 2021 · 3 years ago
  In 2016, some users preferred using prepaid debit cards to cash out their cryptocurrencies. Services like BitPay and Shift Card allowed users to load their cards with cryptocurrencies and use them for everyday purchases. This method provided a convenient way to spend cryptocurrencies directly without the need for cashing out into fiat currencies. However, it's worth mentioning that the availability and acceptance of these cards may have varied depending on the user's location.
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• Nov 26, 2021 · 3 years ago
  During that time, many people also opted for cashing out cryptocurrencies through Bitcoin ATMs. These machines allowed users to sell their cryptocurrencies and receive cash instantly. Bitcoin ATMs were becoming more widespread in 2016, making it easier for users to access their funds in physical form. However, it's important to note that the availability and fees associated with Bitcoin ATMs may have varied depending on the location.
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• Nov 26, 2021 · 3 years ago
  Another popular cashout method in 2016 was using online payment processors like PayPal. Some cryptocurrency exchanges allowed users to link their PayPal accounts and withdraw funds directly. This method provided a familiar and convenient way to convert cryptocurrencies into cash for users who were already using PayPal for online transactions. However, it's worth noting that not all exchanges supported PayPal withdrawals, and fees may have applied.
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• Nov 26, 2021 · 3 years ago
  In 2016, some users also explored the option of cashing out cryptocurrencies through gift cards. Platforms like Gyft and eGifter allowed users to purchase gift cards with their cryptocurrencies. These gift cards could be used at various retailers, providing a way to indirectly convert cryptocurrencies into goods and services. However, it's important to note that the availability and selection of gift cards may have varied depending on the platform and location.
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