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Yes! Cryptocurrency can be converted into cash almost instantly, depending on how it is being moved out of the digital sphere. There are many reasons people convert crypto into cash: to spend their crypto funds, to withdraw funds as cash following a successful investment, or to avoid market volatility. Whatever the reason, there are many ways to convert crypto into cash, and ForumPay is one of them.
ForumPay’s crypto payment gateway is designed to help merchants and businesses accept crypto payments from their customers while getting paid in the currency of their choice. ForumPay also functions as a crypto off-ramp, and we have developed a crypto ATM for withdrawing funds directly in cash.
In this article, we take a closer look at how all these conversion methods function to help you gain direct access to your digital funds.
ForumPay’s crypto payment gateway for merchants and businesses
ForumPay’s crypto payment gateway converts crypto into cash almost instantly, allowing crypto consumers to use their digital funds to make real world purchases from merchants and businesses that have not yet onboarded crypto payments directly. Our solution is free and easy for businesses to install, and makes crypto payments as simple as paying with a debit or credit card, but without the fees.
In order to pay for groceries, coffee, cars or any other product with crypto, and convert crypto into cash for the merchant, all consumers need to do is scan the QR code generated by our technology on the merchant’s PoS or online store. This will allow them to choose the cryptocurrency they want to spend, at which point ForumPay locks in the best exchange rate to show both consumer and merchant how much they will spend and receive, respectively.
As soon as the consumer pays in crypto, it is converted into cash and sent directly to the merchant’s ForumPay dashboard. The cash is then deposited into the merchant’s bank account the next business day as part of a seamless flow.
ForumPay’s crypto ATM
Crypto users can also convert crypto into cash by using a crypto ATM. Crypto ATMs offer users a convenient way to move their funds from the digital sphere into the real world. They provide instant conversion, allowing users to access their funds without the delays sometimes associated with other exchange methods. Crypto ATMs also offer greater privacy and anonymity to users, often requiring less personal information than online platforms. Finally, users bypass traditional systems, potential banking fees, or even restrictions on crypto transactions.
ForumPay’s crypto ATM doubles as an exchange bureau, allowing them to convert Bitcoin, Litecoin, Ether, Bitcoin Cash, and Dash into FIAT instantly and withdraw cash directly into their hand. In order to convert crypto into cash using a ForumPay ATM, users simply head to one of our physical exchanges with their digital crypto wallet. The ATM will then generate a unique QR code, at which point the best available exchange rate between the crypto and FIAT currency of choice is locked in. The ATM receives the crypto payment in seconds and immediately pays out to the user.
ForumPay’s off-ramp services
A crypto off-ramp is a service, platform, or exchange that allows crypto holders to convert their cryptocurrency to cash, i.e., FIAT currency, such as dollars, euros, or pounds. It is a general term that encompasses crypto ATMs, exchanges, and specialized payment solutions, such as ForumPay. ForumPay’s off-ramp service as a crypto-to-FIAT payment gateway, as mentioned above, is hugely valuable for merchants and businesses looking to transact with crypto consumers. In this sense, ForumPay acts as a bridge between crypto and FIAT currency. In other words, we provide an exit route for crypto funds, sending them back into the world of traditional currencies to be reinserted into the traditional FIAT economy.
For more information on converting crypto into cash, ForumPay and our services, or for other trends and insights from the world of crypto, visit www.forumpay.com, and follow us on social media.
