Trust Wallet is one of the most popular cryptocurrency softwares that help you deal with multiple cryptocurrencies and with it you can buy, sell and swap your coins. Users can deal within the app and earn interest on their holdings, and like any financial investment, there comes a time when you want to cash out, and get your profits.
Too busy for the full article? Here’s how to withdraw your money from Trust Wallet
To take your money out, you will first need to exchange your tokens for Bitcoin or Ethereum. You will send these to a cryptocurrency exchange like Binance and sell them for fiat currency. Next you will take that fiat currency into your own bank account ( obviously, fees will apply )
In recent years, cryptocurrencies have gained popularity in the financial market. Unlike most traditional currencies, cryptocurrencies also called “cryptos”, are digital currencies used to buy goods and services through online transactions.
And like any other investment you make, eventually comes a time where you want to take your profits to the bank, but how does that work with crypto? How can someone withdraw money from Trust Wallet? Let’s find out
In this article:
What is Trust Wallet?
Trust wallet is a mobile decentralized wallet that encrypts the keys to your cryptocurrency wallet. It was founded by Viktor Radchenko in 2017.
Trust Wallet is very easy to use as its design is very intuitive and interactive. It allows you to earn cryptocurrencies simply by keeping your crypto in it.
As well as cryptocurrencies offer confidentiality, so do Trust Wallet. Only the user has full control over their funds. It does not keep any personal information of anyone who uses the app. Besides, the exchange is done quickly and with the best rates on the market.
It is 24/7 accessible and can be downloaded for free, allowing anyone to freely use the app.
In simple words, Trust Wallet is an app that is used to buy and exchange dozens of cryptocurrencies and to store the private keys to cryptocurrency holdings.
Don’t use if:
You’re still not sold on the crypto concept and are looking for a fast way to exchange some dollars.
How to withdraw from Trust Wallet
How does Trust Wallet work?
Trust Wallet connects individuals to blockchains where the cryptos are encrypted and stored. Since Trust Wallet does not hold control over the user’s funds, it allows people free access if they own the correct Private Keys or Recovery Phrase.
Its main function is to help users manage their own Crypto transactions, whether it is to send or to receive them, trading and/or staking.
The two keys
The wallet uses two keys, public and private, in order to keep records of the transactions made. The public key is an address used to receive cryptos, more or less like the bank account number.
The private key is a secret “pin” that signs off transactions granting the ownership of the wallet. It is a variable to secure your wallet and it cannot be easily guessed, pretty much like a transaction password, pin, or in this case a Recovery Phrase.
The Recovery Phrase is a master private key, a unique 12-word phrase that Trust Wallet generates through an algorithm for its use.
Trust Wallet assets
Trust Wallet stores hundreds of cryptos in just one place. It is compatible with more than forty blockchains, thus having access to over 160,000 different assets. In fact, assets can be transported safely on mobile phone.
One thing that makes Trust Wallet different from other crypto wallets is that it allows staking. But what is this and how can it help you? As you may already know, all cryptocurrency transactions must be validated on the network.
Take for instance the popular process of mining Bitcoin. Mining is the process of introducing new crypto coins into circulation by solving complex mathematical equations. However, this process can be really complicated and consumes large amounts of energy. Fortunately, mining is not the only method to validate transactions on the blockchain. There are also other mechanisms, such as the Proof of Stake.
When holding cryptos, people gain some kind of control in the network: the more cryptocurrencies, the more power. This allows you to generate income in some form of “interest”, which represents a 100% passive income for you.
This is one of the many benefits of staking over traditional mining. Besides, with this validation method, you get rewards and the percentage of return is always the same. All this not to mention that much smaller amounts of energy are required for staking than for mining.
Cryptocurrencies obtained by Proof of Stake can only see their value affected by the fluctuation of the price of the cryptocurrency and not by the process of obtaining it.
Cryptocurrencies for staking
Although the list is constantly changing, Trust Wallet offers a large variety of options of crypto assets to stake, such as:
|Binance Coin (BNB)||Callisto (CLO)|
|TRON (TRX)||Kava (KAVA)|
|Tezos (XTZ)||TomoCHAIN (TOMO)|
|Cosmos (ATOM)||IoTeX (IOTX)|
|VeCHAIN (VET)||Algorand (SOMETHING)|
Take into consideration that the choice of one over another depends entirely on your preferences, analysis, and possibilities. However, consider investing in a cryptocurrency that can be tradable to Bitcoin since it is the major cryptocurrency traded today.
How to cash out on Trust Wallet?
Cryptocurrencies have a unique particularity: they cannot be turned into cash. However, even though Trust Wallet cannot directly convert cryptos into cash, there’s a way to do it. How is it?
Long answer short, since most of the world’s transactions still rely on fiat money, cryptos must be sent to an exchange that allows fiat conversion.
Let’s take a look step by step to effectively succeed in this conversion process since these assets mean money. It is important to manage them responsibly.
What is Fiat Money?
First, let’s get this straight, in the cryptocurrency world Fiat does not make reference in any way to the car brand. Fiat means a currency that is actually issued by a government although it is not backed in a physical form.
When talking about Fiat Money, the value is derived from the relationship between supply and demand rather than from the value of the material that money is made of.
Although cashing out cryptos must be done through a fiat conversion, it is important to understand that fiat does suffer from inflation, making it very risky. In fact, this is exactly what cryptos want to solve.
Once you buy a token, it’ll be stored in your wallet on Trust Wallet. If you want to sell the token, you swap it into the cryptocurrency of your preference. Trust Wallet recommends trading your cryptos into Bitcoin since it is the most popular cryptocurrency and has the most liquidity when it comes to converting back to fiat.
Once you have exchanged your assets for Bitcoin, you are ready to cash out. You have three options in Trust Wallet:
Option 1: Exchange
According to Trust Wallet, this is the easiest method and the most accessible for everyone. With this option, you can sell Bitcoins on exchanges and get the money directly deposited into your bank account. Some exchanges offer cash-out options, like Coinbase which offers cash-out USD or EUR, or WazirX 788 which offers cash-out INR.
Option 2: Peer to Peer (P2P)
Another option to cash out on Trust Wallet is converting Bitcoin via peer-to-peer. You can sell your Bitcoins in person and receive cash in exchange. You can also sell it using an online platform and get the money deposited into your bank account.
The platform Trust Wallet recommends using is LocalBitcoins, although there are many more. Through these platforms, people are able to exchange their local currency for Bitcoins and vice versa.
LocalBitcoins is available in 7,915 cities and present in 248 countries.
Option 3: Stablecoin
The third option is to convert Bitcoin to a Stablecoin. Stablecoins are a new type of cryptocurrency designed to undertake the volatility of cryptos and are backed by a stable asset.
Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
The novelty of stablecoins is that they can be attached to another cryptocurrency, fiat money, or exchange-traded commodities.
There are different choices of Stablecoins such as USDT, USDC, and DAI. Stablecoins keep parity with actual US dollars. They have a value of $1, making it easy to cash them later via the aforementioned options.
The increasing popularity of cryptocurrencies in the last few years is undeniable. The capital invested, the public interest, and the large volume of operations has given cryptos the place of the “future money”.
Anyone who is inclined to invest in their future or to make a quick trade, the opportunities are just a click away on their mobile device with Trust Wallet. After all, with this emerging technology, considering the idea of withdrawing some cryptos into cash is something that many have already thought about.
In conclusion, there are three options offered by Trust Wallet for you to cash out your cryptocurrencies to fiat money. Good luck.