Estadosecidades.com – Can Bitcoin be cashed out for the taken cash ? Can. We discuss how to trade, withdraw, Bitcoin to bank account transfer, get into e-money, such as GoPay, OVO, and DANA.
Bitcoin is growing rapidly the past year in 2020 and continues 2021.However, the question arises, “can Bitcoin be cashed out, drawn, converted into indonesian rupiah ?”.
Just last week, I met a friend, who does not believe that Bitcoin can be exchanged into Dollars or other currencies. This is so important question and the answer is also important because if Bitcoin can’t be exchanged to the currency, such as Dollars or US$, surely people are reluctant to invest in digital assets is.
Because Bitcoin is still difficult or even banned as a means of payment in many countries. So, the benefits of Bitcoin could be realized if it can be exchanged to the currency.
Here are how to exchange Bitcoin into Dollars with the bank account transfer, GoPay, OVO or FUNDS of the electronic wallet:
Open Account in Exchange Broker Crypto
The first step is we have to open an account on the exchange or broker crypto. The Exchange is a place to sell, buy and store cryptocurrency, including Bitcoin.
In Indonesia, the exchange of Bitcoin is already legal and regulated by Bappebti. So, the transaction in exchange of Bitcoin does not violate the law.
An important note is Bappebti set 13 company exchange Bitcoin registered and have a permit. Out of the 13 companies, in terms of Trading are illegal.
So, we’d better open the account of cryptocurrency in the 13 companies that have been registered in Bappebti.
The account opening process :
- Fill in the data for registration, i.e. your full name in accordance with the identity (ID card, driver’s license, or Passport), email and a password that will be used to access the account.
- Upload a photo identity card (KTP, SIM, PASSPORT) and a selfie.
Some of the things that can cause the demand for account verification denied.
- Under the age of 18 years.
- Photo Identity Card clipped and/or not clearly legible.
- The period of validity of the identity card expired.
- Selfie photo is not in accordance with the terms, do not face can be clearly seen and/or paper verification is not clearly legible.
- Identity card number has been used in another account.
If verification is denied, we can request verification back, but the application process KYC will wait for the queue from the beginning again.
After you successfully open an account at one of the exchange of crypto, the next step is we have to deposit money to an account that has been determined to be able to buy or to sell.
Each exchange has a provision about the minimum deposit to open an account. The minimum deposit amount starts from Rp 50,000.
Exchange received the deposit with a variety of ways, namely:
- Transfer bank,
- Akun virtual (Mandiri, Permata)
- E-dompet (Dana, LinkAja, OVO).
The difference is the way to deposit this is a matter of cost. Deposit by way of a virtual account and e-wallet usually worn costs, while the bank transfer is free.
Buy Bitcoin Crypto
Next after successfully depositing funds on an exchange is that we can already do asset purchase crypto.
Types of assets crypto very much because everyone could basically make crypto in accordance with the project that they want.
However, Bappebti as a regulator in order consumer protection stipulates that the only type of crypto that it can be traded on the exchange Indonesia.
To perform a transaction assets crypto, investors should select ‘pair’ the coin that will be traded. The Exchange will provide a different pair on the platform.
Pair the most famous is Bitcoin / indonesian Rupiah (BTC/USD). The Exchange provides two types of orders to make a purchase, namely market (taker) and limit (maker).
A Market order market directly executed because of match with whatever price available at that time, while the Limit Order will wait until the market price touches the prices that we post.
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Type order determines the fee to sell and buy. Market orders are charged a fee of 0.1% of the transaction value, while a limit order free of fee.
Bitcoin price and Crypto that is formed is the result of the dynamics of supply and demand in the marketplace. That’s why anyway, the price of Bitcoin on one exchange can be different with other places.
After the buy order occurs, the balance of Bitcoin increase. Directly looks at the application position of the balance of Bitcoin and the conversion value in Dollars.
The balance of the bitcoin stored in the wallet managed by Exchange. Can we transfer Bitcoin to another exchange or move to wallet private to better maintain its security.
Sell Bitcoin Crypto
The balances of Bitcoin at the exchange will reflect the number of units of Bitcoin that we have. Every day the value of Bitcoin against Fiat currencies will always change, because the value of Bitcoin in Dollars or US$ changed.
To sell Bitcoin, we must re-elect the pair, namely Bitcoin / indonesian Rupiah (BTC/USD).
Order to sell the Bitcoin can be done in two options, namely:
- A Market order. Order directly executed in accordance with the market price at that time because of match with whatever price available at that time
- A Limit Order. The Order will wait until the market price touches the prices that we post.
After the sale of bitcoin occurs, the rupiah will fit into our wallet on the exchange. We can see in the balance of Dollars in the wallet app exchange.
Next we can use that balance to buy more assets crypto other exchange, or we transfer money rupiah to personal account or electronic money that we have.
Bank Account Transfer
The process of disbursement of the balance of the rupiah at the exchange very easy to do. We just need to select the menu withdraw or pull available in the app.
Go to menu withdraw money, and then we have to enter account number, name and destination bank for the transfer of money.
In some exchange, for security reasons, we can only transfer money withdrawal to the account that has exchange verification.
Register your account first by giving the name of the bank, bank account number, and the name of the owner of the bank account (must be in accordance with our names). The Exchange will send a notification after the bank account successfully verified.
Some important things about the bank account, i.e :
- Banks that can be registered in an exchange crypto should be registered in Indonesia.
- Can’t transfer to a bank abroad
- The process of withdrawal, withdraw the balance of Rupiah, generally, received and processed 24/7, including holidays.
- The withdrawal of the above Rp 50.000.000/transaction to the bank by using a network of RTGS requires 1 working day