Having setup Bitcoin payment method on your shop, you may have questions about cashing out, safeguarding your earnings against market fluctuations, or spending the Bitcoin you've earned. 

Although Blockonomics doesn't facilitate the conversion of Bitcoin into fiat currency or other cryptocurrencies directly, there are several options available to help you accomplish these tasks:

1. Convert Bitcoin into Cash

If you don't already have, you can create a wallet with a Cryptocurrency Exchange and exchange your Bitcoin for any of the Fait currency like USD, EUR, etc. After exchanging to Fiat currency you can withdraw it to your Bank account. 

Examples of top exchanges include Binanace, Coinbase, Kraken etc. But before selecting an exchange you would have to consider Transaction and Withdrawal Fees, Limits, How secure it is and Account creating Requirements.

You can convert your hard earned Bitcoin to cash by following these steps. If you already have a wallet with an exchange, you can skip first 2 steps.

  1. Select a Cryptocurrency Exchange: Cryptocurrency Exchanges allows you to exchange your Bitcoin for Fiat currencies like USD, EUR, etc. Popular choices include exchanges like Binance, Coinbase, Kraken. While considering which exchange to go with you should consider following:
    1. Transaction Fees: Different exchanges have varying fees for transactions. It's important to compare these to minimize costs.
    2. Withdrawal Fees: Different fees are applied when you withdraw your fiat balance to you Bank account. These are difficult to predict because they vary a lot based on your country, bank etc.
    3. Limits: All exchanges, like banks have limits on how much you can transact or withdraw in a given time frame. You should review these to make sure this won't be a problem for you as you are scaling your business.
    4. Security: Make sure the exchange you select has a good security practices in place that match your needs. 
    5. Legalities: Any reputable exchange would ask for some kind of legal documents at some point. Make sure that you have all required documents ready.
    6. Customer support and Resources: Good customer support can be crucial, especially for newcomers to cryptocurrency. Choose an exchange that offers robust support and educational resources.
  2. Create a Wallet: If you don't already have, create a bitcoin wallet with the exchange you have selected. This usually takes from few minutes to an hour. Once your wallet is ready you can transfer your bitcoin that you want to cash out to this wallet.
  3. Convert to Fiat Currency: Once your Bitcoin has arrived in your wallet, you can use exchange's interface to convert it into an available fiat currency of your choice. Before going through with conversion please beware of the exchange rate being offered for fiat currency of your choice. 
  4. Withdraw to your Bank Account: Once you have converted your Bitcoin to Fiat currency, using exchange's interface, you can link your Bank account and withdrawal it your linked bank account. Beware of the withdrawal fees being applied. Withdrawal times can vary based on the exchange and your Bank's processing time. 

2. Convert Bitcoin into Stablecoin

If you find the prospect of providing extensive personal and legal information for withdrawing your funds to a bank account unappealing, yet you want to protect your Bitcoin from market volatility, then this is an ideal option for you. 

A Stablecoin is a much stable cryptocurrency that is pegged to something like U.S. Dollar, another currency or Goods. This safeguards your Crypto holding against any fluctuation in price. Example of famous crypto currencies include Tether (USDT) [USD pegged], USD Coin (USDC) [USD pegged] etc.

The process of converting Bitcoin to Stablecoins is generally straight forward and doesn't involve a lot of legal requirements.

By following the initial steps mentioned above you can create your wallet with any exchange of your choice. You can then use this wallet to exchange your Bitcoin for Stablecoins.

3. Spend your Bitcoin

Why convert at all when you can spend your Bitcoin ? There are lot of shops out there accepting Bitcoin for all kind of products and services.