Although the practical use of cryptocurrencies for non-investment purposes in Russia is difficult due to the lack of a legislative framework, it is possible to convert them into real money, goods and services. RBC figured out how

Since the beginning of 2017, the value of the most expensive cryptocurrency in the world, Bitcoin, has grown by 250%, and its market capitalization reached $58 billion on August 11 at 17:00 Moscow time, according to CryptoCurrency Market Capitalizations. In many countries around the world, Bitcoin is not only an investment asset, but also a means of payment: they sell real estate, airline tickets, equipment, etc. for it.

World practice: where to spend it

To understand where in the world you can spend cryptocurrency, you can, in particular, open the Coinmap service - this is a map on which everyone who works with cryptocurrency or accepts it for payment can leave information about their services. Due to the nature of the map, it is not exhaustive, but it gives an idea of ​​which parts of the world cryptocurrency is most popular. As of August 2017, more than 9,500 objects are marked on the map. Based on their geographical distribution, it can be seen that the majority of crypto-money transactions are offered to users in Western Europe, the USA and Japan.

This concentration is directly dependent on the degree of legal regulation of cryptocurrencies. ​Bitcoin has achieved its greatest success in Japan, says Roman Tkachuk, a senior analyst at Alpari. In this country, Bitcoin and some other cryptocurrencies have been given the status of a means of payment on a par with yen since April 1, 2017. In the United States, the issues of how to tax transactions with bitcoins and how to prevent the financing of terrorism possible through their mediation have been agreed upon, explains Artem Tolkachev, director of the tax and legal consulting department at Deloitte. According to him, in Europe, the market practice of payments in bitcoins is well developed in Switzerland, Liechtenstein and Luxembourg. And in Germany there is even a bank that allows you to open accounts linked to cryptocurrencies - Fidor Bank. In 2013, the German Ministry of Finance recognized Bitcoin as a means of payment, calling it “private money” that must be taxed.

There is no legal framework for cryptocurrencies in Russia yet, states Denis Smirnov, a blockchain consultant and representative of the Lisk project in Russia. “This does not mean that transactions with them are illegal, but it makes cryptocurrency a less liquid asset than in countries where the authorities are concerned about regulating it,” he explains. In practice, this makes it difficult to sell coins mined or purchased from miners, which is clearly visible on Coinmap: compared to Europe, Russia literally looks pale. Nevertheless, here you can pay directly with cryptocurrency or convert it into rubles. RBC figured out how and where to do this.

From “digits” to money

There are several ways to transfer cryptocurrency into money, electronic money or other cryptocurrency, say experts interviewed by RBC.

This can be done through a cryptocurrency exchanger (among Russian examples of such platforms, market participants call HotExchange, Payforia, etc.) or cryptocurrency exchanges (among Russian examples, the largest one is EXMO). You can exchange funds for rubles, dollars, Ukrainian hryvnia and other currencies with their transfer to bank cards (not just any banks, each case has its own set) and electronic wallets (for example, Yandex.Money or QIWI).

When exchanging cryptocurrency for real money, several nuances must be taken into account, experts point out. There is no fixed rate for cryptocurrency, so the cost will differ depending on the chosen platform. When withdrawing bitcoins into rubles on Russian exchanges, the activities of which are not yet legally defined, the payment is sent to the bank account or e-wallet specified by the buyer, explains Vladimir Smerkis, co-founder and partner of The Token Fund. On large foreign exchanges, payment is sent to a bank account, but on these exchanges, exchange into rubles is not possible.

“We strongly advise against using the services of Russian exchanges,” warns Vladimir Smerkis. Due to the lack of special legislation, he recommends only storing cryptocurrency in Russia and performing operations to exchange it for other cryptocurrencies. “We strongly discourage transactions with fiat funds,” the expert emphasizes.

You also need to keep in mind that exchangers and exchanges charge a commission for the exchange. Depending on the service, it can range from 1.6 to 6-7%, said Valery Smal, editor of the Happy Coin Club industry portal. “If you choose an exchange or exchanger with a price tag close to the weighted average exchange rate and moderate commissions (up to 3%), significant losses during the exchange can be avoided,” he explains.

When choosing an exchange service, you should be careful, warn the press service for monitoring exchange offices BestChange.ru. An exchange rate priced below the market average is one sign that the service is unreliable. In addition to Coinmarketcap, you can check the rate on the websites of large cryptocurrency exchanges (Poloniex, Bitfinex, Coinbase) or aggregators (CoinGesco, Coinspot), says a representative of the press service of BestChange.ru. “Even if you constantly use the same exchanger, double-check the URL in the address bar of your browser - scammers could have created a clone of a reliable exchanger site. When using an unfamiliar service, check reviews on several sites, the presence or absence of the site in the blacklists of exchangers. Such lists are available on large forums, such as MMGP and Bits Media, advise the service’s press service. — It is also worth paying attention to the correspondence between the age of the domain and the dates of reviews on the site. “We often come across resources whose domain is several weeks old, despite the fact that reviews were left on it from 2010-2014. This is clearly a scam."

Another way to transfer cryptocurrency into rubles is to sell it yourself. To search for potential buyers on the Internet, there are special sites, for example the site LocalBitcoins.com (it has a section on Russia) and the Bitcoin Russia group in Telegram. True, in such a situation a person has no guarantee that the buyer or seller will not deceive him. “When selling from hand to hand, the danger is that someone must take the first step - transfer bitcoins or pay with real money - and thus take the risk that the counterparty will not fulfill its obligations,” warns Roman Tkachuk.

To somehow protect yourself, you can send a request to sell Bitcoin to a special chat bot in the Telegram messenger, for example BTC Banker bot. “I publish my offer for sale in the system, and the bot matches me with a buyer in Russia or abroad,” says Vadim Valeev, CEO of Cryptinvest.biz, about the principle of operation of such bots. “Bitcoins are frozen at this moment by the bot’s system. The buyer then transfers the money to my bank card, and we both confirm that the money has been transferred. After this, the bitcoins from the system go to the buyer. Thus, the bot insures both parties against deception.” The exchange rate is discussed and approved by the seller and buyer independently. Nevertheless, the use of chatbots also has certain risks, notes Valery Smal: “The program is not so difficult for scammers to create, which is what they take advantage of.”

Purchases with Bitcoin

“At various times, the ability to pay for goods and services was announced by such giants as WordPress, Microsoft, Reddit, Expedia and Wikipedia. Western companies also announced that they would accept bitcoins as a means of payment: electronics manufacturer Dell, payment system PayPal, online stores eBay, Amazon, carrier AirBaltic and publishing house Time,” lists Roman Tkachuk.

However, according to a report by Morgan Stanley, published in July 2017, of the 500 largest global online sellers, only three companies actually accept cryptocurrency. The report does not indicate which companies on the list accept payment with virtual money. According to bank analysts, bitcoins cannot act as a reliable means of payment due to their high volatility and therefore scare away sellers. Now only three of the companies listed above (Microsoft, Wikipedia and AirBaltic) are ready to accept payments in bitcoins, RBC checked on the official websites of the companies.

In Russia, over the past few years, few have been ready to accept bitcoins - among the large companies, Subway, Microsoft and Selectel have announced this. According to information on the Microsoft website in Russia, a client can purchase games, movies and applications in the Windows and Xbox stores using bitcoins. The company's press service did not disclose more detailed information about the demand for this payment method.

Subway Russia Service Company President Olga Bludovskaya told RBC that Subway in Russia no longer accepts payments in bitcoins. “Several years ago, one of our franchisees launched a similar practice at two of its locations, but it was not popular and was quickly canceled for security reasons for virtual money transactions,” Bludovskaya clarified.​ Selectel also refused to accept cryptocurrency. “In 2014, we conducted an experiment with Bitcoin and Litecoin through an intermediary - the OKPay payment system, but then it was closed for a number of reasons. So now we do not accept cryptocurrencies for payment,” a company representative said.

Recently, small Russian companies began to introduce the cryptocurrency payment service. Thus, you can currently pay with bitcoins offline in some bars and restaurants in Moscow - in the Pivoteka 465 pub, the Valenok restaurant, and the LavkaLavka farm cooperative. You can order lunch for bitcoins on the website of the online restaurant VkusLab, and from the Development M9 company you can purchase a brick house on Novorizhskoe Highway for 55 BTC, according to their website. However, the company refused to talk about this topic with a representative of RBC.

In May 2017, Yulmart announced the launch of a cryptocurrency payment system. “We plan to launch the first wave of payments in bitcoins in such product categories as used cars and apartments. This will happen after the full-scale launch of the sale of these goods is carried out,” Brian Keane, director of international communications for the Internet company Yulmart, told RBC.

Other examples of what can be bought for cryptocurrency not only in Moscow, but also in other Russian cities, can be viewed on Coinmap.

Technically, payment with cryptocurrency is carried out as follows. When paying online, the client transfers the required amount from his cryptocurrency wallet to the company’s wallet. The offline seller generates a special QR code that contains the invoice amount. The client scans it from his phone using the application, and the funds are transferred to the company’s wallet, market representatives told RBC. The check amount may be very small, since Bitcoin can be split. For example, as Boris Akimov, the founder of the LavkaLakvka farm cooperative, said, one of the clients managed to buy ordinary ice cream from them.

Is there a future?

Market participants cannot predict how much the list of goods and services that can be purchased with cryptocurrency will expand. The reasons are the lack of legislation and contradictory positions of different departments, in particular the Central Bank and the Federal Tax Service (FTS).

In 2014, the press service of the Central Bank published a letter in which transactions with virtual currencies were recognized as speculative and carrying a “high risk of loss of value.” In 2016, the Federal Tax Service issued a letter “On measures to exercise control over the circulation of cryptocurrencies,” which emphasized that the legislation of the Russian Federation still does not contain a ban on Russian citizens and organizations conducting transactions using cryptocurrencies. The letter also stated that, in the opinion of the Federal Tax Service, transactions related to the acquisition or sale of cryptocurrencies should be classified as foreign exchange transactions. At the moment, there are no other documents describing the position of cryptocurrency in Russia.

“Despite the letter from the Federal Tax Service, many supervisory organizations consider cryptocurrency illegitimate after the publication of the letter from the Central Bank,” says Valery Smal. He recalls that the letter also implies that “the provision by Russian legal entities of services for the exchange of “virtual currencies” into rubles and foreign currency” can be considered as an activity of money laundering and terrorist financing.

For this reason, supervisory authorities have questions for entrepreneurs who are trying to accept payments in cryptocurrency. At the beginning of July, the Novosibirsk pub Bootleggers Pub&Shop announced the start of an experiment with digital currencies. About a month later, the management of the pub received it, and the entrepreneurs had to abandon this idea. At the beginning of August, a representative of the LavkaLavka farmer cooperative, which accepts bitcoins for payment and even issued its own cryptocurrency Biocoin, was also called to the prosecutor’s office for a conversation.

“The legal risks of Bitcoin as a means of payment in Russia are associated precisely with legal uncertainty. Until the seller understands how to accept this currency, how to pay taxes on it, even if everything is done as correctly as possible, there is a risk that his actions will be misinterpreted by supervisory authorities,” says Artem Tolkachev.

“In order to comply with the law, companies that declare “purchases with bitcoins” are actually carrying out a more complex operation. Bitcoins are being exchanged for rubles at the current rate with subsequent payment,” explains Roman Tkachuk. Representatives of VkusLab and Pivoteka 465 told RBC that they do not have problems with paying taxes due to the new service, since they are collected from companies in a simplified form.

LavkaLavka solved the problem in the following way: the company takes an amount equivalent to the money received in cryptocurrency from “its own pocket”, pays for the purchase for the buyer, punches the receipt and enters the expenses into marketing expenses. In this case, the client pays only the amount in the check at the exchange rate without any commissions. The seller takes the exchange rate based on the average selling price of Bitcoin on that day according to the blockchain.info platform. During the inspection, the prosecutor’s office had no complaints about such an accounting system, Boris Akimov, the founder of the farmer’s cooperative, told RBC.

Fashion trend?

Representatives of companies that have introduced payment in cryptocurrency and experts interviewed by RBC admit that this is more of a marketing ploy than a response to customer demand. “There are not so many miners in Russia who could mine cybercurrency on their own. According to our estimates, there are from 25 thousand to 35 thousand,” notes Finam Group analyst Leonid Delitsyn. The payment process, according to him, turns into a performance or leisurely entertainment for the few owners of virtual money.

Video: RBC

“The appearance of a bitcoin exchanger on Novy Arbat and cafes and bars where you can dine for bitcoins is not entertainment for everyone,” agrees Roman Tkachuk. “Of course, there are people who pay for services with cryptocurrency. I myself have about forty different cryptocurrencies. But still, many sellers of goods and services are now turning to it precisely for advertising reasons,” confirms Vadim Valeev.

VkusLab director Artem Laptev says that the experiment with payment in bitcoins in his online restaurant was dictated by the desire to be in trend. Since the launch of this option in early August, according to Laptev, about ten clients have used the service.

Denis Smirnov adheres to the opposite point of view. Cryptocurrency has obvious advantages over other means of payment, but still, the format of the means of payment is not the most reasonable solution at the moment, the expert believes. Due to the volatility of the exchange rate, it may turn out that dinner paid for yesterday will cost twice as much the next morning, he summarizes.

An electronic currency exchanger can be “private” or “official”. In this case, earnings come from each currency exchange transaction, i.e. a certain percentage of the amount falls into the exchanger’s account as commission (profit).

Today it is extremely difficult to enter the market as an official exchanger. And this is not a matter of technical problems (they can be overcome with the help of software). It is entirely possible to provide broad currency coverage and automatic exchange, but there are significant barriers to overcome. “It’s a good deal! – the first barrier. Previously, it was possible to install a script, set up merchants and change money without official registration, but today this will not work. Since 2007, WebMoney has seriously tightened the rules. Competition is the second barrier. She's going wild here. In recent years, many offices have opened, but after a while they close.

The creation of an official exchanger will require serious costs, both financial and time. This option is suitable for large and serious companies and businessmen. The best option in currency exchange is exchange in “rare” directions, which are not available on official exchangers with an adequate commission.

“Private” exchange is suitable not only for financial tycoons, but also for those who accumulate reserves of electronic currency, but they need a completely different one for circulation. Some make an exchange, while taking some percentage for themselves, others use a 1 to 1 rate; it is the absence of any commission that makes this option attractive to clients. In the case of official exchangers, everything happens automatically and there is a guarantee of reliability, but in the case of “private” ones there are no guarantees, except for a verbal agreement and everything is done manually.

But still, how to open an electronic currency exchanger? The more cash reserves you have, the more exchange transactions you will have, and from each you will receive your percentage. If the volume of your activity is large, then the relevant authorities may be interested in you, then you will need to register an LLC and pay taxes.

What is needed to open an exchanger?

To open an exchanger, you need a script - an engine on which the exchanger will operate, which must be of high quality so that there are no malfunctions. The number of those who want to use your services, and therefore your turnover, will depend on advertising and authority. In the WebMoney system, the reflection of authority is called business level, which depends on the turnover of funds that went through the account and the more, the higher the authority. It is also possible to exchange electronic money for real money and vice versa, but first you should familiarize yourself with the tax legislation. If you are already familiar with the legislation, then open an electronic currency exchanger.

How to open an electronic currency exchanger?To create your own exchange office, you need to obtain a personal passport, then open your website and add it to the general official list. It should be noted that an office is not required for this type of activity. From two thousand dollars will be required to register an electronic money exchanger. It is also necessary to agree on joint cooperation with Internet banks and similar exchangers in order to be able to exchange funds more quickly and profitably. You can register for tax accounting as an individual entrepreneur or individual. There are a lot of pitfalls in this area of ​​activity, because this type of activity is not yet provided for by law.

We enter into an agreement with the services.

On the Internet you can find many services that provide electronic funds exchange services. However, anyone who wants to start working must enter into an agreement with the payment systems whose currencies they will operate with. Such a document will clearly state what percentage the service must pay in favor of the electronic payment system. The exchange office independently sets the amount of interest that can be charged when exchanging electronic money. In this case, the percentage should be based on the current market conditions and the availability of cash reserves. The exchange of electronic money, according to established traditions, is carried out at a commission of 1-5%. However, new services should not start at the top. Only large players in this market segment can afford a 5% commission.

To create an exchange site you will need a good programmer,who will have to pay several thousand dollars in order to create a truly high-quality exchanger with reliable protection from hackers. This is a rather expensive method, but it will save a lot of time. The programmer writes the script, creates the design, and this also includes hosting costs. However, if you decide to open an electronic money exchanger, then this business is quite profitable, and your income depends on the percentage you set and the popularity of your service.

And we haven’t even heard of other electronic currencies. But today the situation has changed, there are a lot of electronic currencies, and most active Internet users work with several at once. But many payment systems have certain restrictions on the withdrawal or transfer of funds, for example, you won’t be able to simply transfer WebMoney to Yandex Money; you need to go through identification procedures. That is, there are quite a lot of difficulties. And that is why electronic currency exchange services are in great demand.

This is not only about exchanging one electronic currency for another; problems often arise with the withdrawal of funds to bank cards or accounts. For example, there is a limit on the amount, or the money takes a very long time, and the person needs to receive the funds very quickly. In this case, they also resort to the services of exchangers.

The size of this market is difficult to estimate. There have been no official data or studies on this topic, but I think we are talking about hundreds of millions of rubles. Yes, not all Internet users deal with electronic money, but in any case, this market is quite large and promising. Now let’s figure out what ways you can earn money.

Creating a topic on the forum

The easiest way. You need to register on any forum where there are people using electronic money. For example, I can mention Searchengines.guru - it is obvious that webmasters, optimizers and others whose activities are directly related to the Internet actively use electronic money.

To work you will need the following:

• Availability of confirmed accounts in payment systems;
• Availability of sufficient funds.

Verified accounts are absolutely necessary, as it is primarily a matter of trust. Who will send their money to the pseudonym certificate in WebMoney? Your earnings depend on the commission, which is determined individually by each person. The most popular scheme is a percentage of the transaction amount plus a minimum amount. The latter is necessary so that you do not make transfers from Qiwi to WebMoney for 100 rubles, earning two rubles.

The commission from such money changers is usually higher than if you transfer money yourself. Here you need to calculate the interest yourself and determine your commission. But the main “trick” is that the money changer has money in all wallets, that is, he does not need to pay a commission for the transfer. If he is required to exchange WebMoney for Yandex.Money, then he is simply sent money from WM to WM, and he sends money from his YaD wallet to the specified wallet in this payment system.

This is a very important point, since working according to a different scheme (transferring money between payment systems yourself) is much less profitable. For example, the commission for transfers between WM and YaD is 3%. The commission for money changers is usually around 4–6% - this is their earnings. But if they transfer money between payment systems, they will lose half (or even more) of their earnings. Therefore, you need start-up capital; if you only have 10–20 thousand rubles, it’s better to forget about this income.

The key issue is trust. Few people will trust serious amounts of money to an unknown person. Usually they turn to those they know well, who have been on this forum for a long time. Reputation can only be earned over time. Yes, you can buy reviews for your themes, but this is not the best way. If your topic only contains reviews from new accounts, it will be very suspicious.

I also want to note one more important point. Often, money changers are well versed in schemes for making money on the Internet (primarily “black” and “gray”) and are very attentive to the issue of exchanging funds. There is always a risk of exchanging money from a stolen account or participating in cashing out money that was obtained through criminal means, which can be fraught with unpleasant consequences. That is, this earning option is not suitable for beginners.

Creating an exchange office

More advanced option. The operation scheme depends on a pair of electronic currencies: some can be exchanged automatically, others only manually. When people think about making money exchanging electronic currencies, they first of all think about exchange offices.

This option is indeed somewhat simpler than the previous one, if only because most of the processes are automated. You don’t need to be constantly online so as not to miss the next client. The exception is pairs of electronic currencies that need to be exchanged manually. These are obvious advantages, but there are also disadvantages.

There is a lot of competition - you can search for exchangers yourself in any search engine and see how many there are. In addition, fraudulent sites often appear that simply deceive those who change money. Therefore, it is very difficult for new electronic currency exchangers to earn a reputation. Moreover, if a person has already successfully used any exchanger, most likely in the future he will only work with it. After all, trust already exists. You can attract him only with more favorable financial conditions.

How to create your own electronic currency exchanger?

There are two options: creating your own or purchasing a ready-made script. The second option is preferable simply because it is much cheaper. You will still have to customize this script, spend money on creating a website (at a minimum, you will need a unique design). The cost of electronic currency exchange office scripts ranges from 200 to 1000 dollars. I have seen sites where they sell similar things for several hundred rubles, but it seems to me that such offers should not be seriously considered for the following reasons:

• By purchasing the normal version, you get access to updates and support, which are very important for security;
• When buying “left” scripts, you cannot be sure of their safety; anything can be built into them.

But the costs on the technical side of the issue can be considered completely insignificant. For the reasons I mentioned above, you will have to have a sufficient amount of money in your account in each payment system. For the largest exchangers this is tens of millions of rubles. Also, do not forget about competition (it is huge), so advertising costs will be necessary. You can wait a very long time for search traffic in this area, and in any case, in these types of businesses on the Internet you should not rely only on search engines.

It is difficult to predict the exact costs of creating an electronic currency exchange office; it depends on how much money you reserve in your wallets and how much money you plan to invest in advertising. But we can say for sure that creating such an exchanger will be much more expensive than simply exchanging money through forums. But the potential profit and range of clients is significantly larger.

Another difficulty is that some payment systems have very strict rules. Mandatory registration of at least an individual entrepreneur may be required, but we don’t even have to talk about identifying wallets. This will be necessary to increase daily limits; moreover, a number of payment systems have separate types of wallets for those who are actively involved in financial transactions.

On the exchanger’s website, it is advisable to indicate all contact information (telephone, information about a legal entity, individual entrepreneur, etc.). This is a serious step towards getting new users to trust you. But in practice, only a few exchange offices have such information, usually limited to email and one of the instant messengers. In principle, you can work this way, but it’s better to indicate all the data, it inspires more trust.

How to promote?

For promotion, they usually invest in advertising (contextual, direct on thematic sites), and also use affiliate programs. Affiliate programs involve rewarding those who referred the person who completed the exchange operation. A certain percentage of the commission received is paid.

It would be relevant to add your exchanger to numerous services that monitor electronic currency exchange offices. By the way, they are the ones who occupy top positions in search results for thematic queries, so you definitely shouldn’t ignore them. Usually, having an affiliate program is enough, and you will be added. These monitoring services often have their own affiliate programs.

For new electronic currency exchange offices, you should not immediately make high commissions. Yes, you have to make money, but first you need to attract people who will use your services on a regular basis. If a person has successfully exchanged Perfect Money for WMZ once, then with a very high probability he will use the same site and will not take into account the size of the commission on others (this is not relevant when exchanging large amounts).

Is it worth it to exchange electronic currencies?

This is a profitable business that is not without risks. If you do not understand anything at all about electronic payment systems, methods of laundering ill-gotten money, etc., then I do not recommend that you try to make money from this. Simply because you will need decent start-up capital, and without experience and knowledge the risks are too great. Even experienced forum money changers sometimes get scammed.

But if you are determined to try yourself in this business, I recommend paying attention not only to electronic money, but also to cryptocurrencies. Many exchangers are starting to work with the latter, this is due to the fact that the topic is now very promoted and popular. Here you can earn much more simply due to the difference in rates. You can look at the cost of bitcoins on various exchangers - the difference can be several tens of thousands of rubles.

Electronic currency exchange is not the notorious “loot” button. This topic has many hidden nuances that the owners of exchangers themselves will never tell you about. Do not forget that working with money is always not only an opportunity to make money, but also significant risks.

How to open a currency exchanger on the Internet?

There are a lot of good ideas for business on the Internet, but before you implement one of them, you need to take into account current trends.


The modern world is slowly moving towards non-cash payments and electronic money. A great niche to start your own business, although it's not that easy.

How to open a currency exchanger? To launch such a service, you will have to spend money, even if you are able to write the website code from scratch.

The expenses are serious, because you will need to provide a decent reserve so that customers can exchange even larger amounts. But this is not the only expense column.

You will have to raise a large sum, because the necessary software can cost $1000. Finding it is not difficult and in this article we will tell you where it is sold.

The second serious expense column is balance. To carry out operations, you will need to open several wallets and deposit decent money into each of them.

They will be used for exchanges, and here it is important to think about how exactly the transactions will take place, because it is necessary to remain in the black, while offering users favorable conditions.

Don’t even think about launching a service on a free engine and cheap hosting. You will need a dedicated powerful server, which also costs a pretty penny.

We must not forget about promotion. There are many exchangers created on the Internet; in order to survive among competitors, you will have to spend money on advertising.

Where can I buy an exchanger script?

You can contact freelancers to order the creation of an exchange office on the Internet. This is not cheap, so it makes sense to consider template options.

I would be grateful if you share this article on social networks:

Everyone has seen how street or bank exchange offices work, where rubles are exchanged for dollars and euros and vice versa. Bitcoin exchangers work on the same principle., only in virtual space. True, there are tens of times more varieties of monetary units here.

Exchangers buy and sell cryptocurrency at the current rate and select currency pairs in any combination. They also accept funds from various payment systems and services. If you want to exchange bitcoins for YandexMoney, please do so. If you want to convert money in your Qiwi wallet into cryptocurrency, no problem.

Denis Kuderin is with you, financial expert of HeatherBober magazine. I will tell, how to choose a reliable bitcoin exchanger and how profitable it is to exchange virtual money for real money, as well as how much you can earn by exchanging cryptocurrency.

1. Bitcoin exchanger - exchange virtual money for real

The amazing thing is nearby - money that does not physically exist is more expensive than gold, platinum and oil. A currency that no state prints or issues has become needed by everyone. Since the beginning of 2017, the value of Bitcoin has quadrupled.

At the time of writing, Bitcoin (BTC) is worth $4500 or 255,400 rubles. When you read the published material, the value of this cryptocurrency will surely increase.

Those who purchased several dozen bitcoins just a couple of years ago can now make good money. They have enough exchange your savings at an exchanger or on a stock exchange and increase the initial investment tenfold.

If you are engaged in earning bitcoins, want to invest money in this currency, or you already have it, you are probably interested in the issue of exchanging virtual money for real money.

So far, Bitcoin is not recognized in Russia as a legitimate monetary unit. There are no laws regulating cryptocurrency transactions. Therefore, banks do not accept or issue bitcoins.

Everyone decides on their own how to convert bitcoins. They cannot simply be transferred to a card from a Bitcoin wallet in the form in which they exist in the virtual space.

Bitcoins are accepted as a means of payment by many online stores, gaming platforms, airlines and other resources. But if you need cryptocurrency for other purposes - for example, to buy groceries in a supermarket, then BTC will have to be somehow exchanged for real money.

Bitcoins are stored in special registries that exist simultaneously everywhere and nowhere. There is no centralized storage of cryptocurrency. This money is just a digital code. Each wallet owner has individual key– it cannot be restored if you lose it.

Who issues bitcoins? Miners, that is, cryptocurrency miners. More precisely, crypto-money itself arises in the process of complex computer calculations.

At the same time, there are thousands of computers operating on the planet that serve the Bitcoin network. They encrypt transactions with cryptocurrency, and their owners receive a reward for this in the form of bitcoin kopecks - satoshi.

Satoshi is one hundred millionth of a Bitcoin (10 -8). They are named after the mysterious creator of Bitcoin - Satoshi Nakamoto. Nobody knows this person by sight; it is not even known whether this is a real character or a group of programmers.

What are the values ​​and beauty of Bitcoins:

• The quantity of this cryptocurrency is limited– in this way Bitcoin is similar to gold. It is known in advance how many bitcoins will be mined – 21 million.
• They are transmitted over the network directly from wallet to wallet– no intermediaries in the form of banks or payment systems. Often this anonymity of bitcoins is used by illegal organizations.
• Accounts cannot be frozen– as well as limiting it with limits.
• This is an international currency– it is accepted throughout the civilized world.
• Instant transfer speed– and minimal or zero commission.

Bitcoins were originally created as a means for anonymous transactions on the Internet. This function is still relevant today, but in addition to the means of payment, Bitcoin has become a highly effective tool for making money.

The original purpose of bitcoins is to allow people to make instant payments on the Internet.

An important point for everyone who deals with bitcoins - virtual currency exchange. By the way, you can also make money from such operations. But we’ll talk about making money later - first I’ll tell you how do exchangers work on the Internet?, how much their services cost and how to choose the most profitable option from dozens of offers.

2. What determines the reliability of a Bitcoin exchanger - 4 main factors

An online exchanger is an Internet resource that converts various currencies, including bitcoins. If you want to buy or sell cryptocurrency, you will inevitably end up at either an exchange or an exchange.

Exchangers are more convenient because transactions are completed faster here. Exchanges often block funds for withdrawal up to 48 hours from the moment of user registration. If your goal is simply to exchange one currency for another, and not to trade, then it is not advisable to use an exchange.

There are hundreds of exchangers operating on the Internet. Using some of them is strictly contraindicated - there are openly fraudulent one-day sites that only work for input. If you use such resources, you will no longer see your money.

But how to choose a reliable exchanger? A good way is to use exchanger monitoring to check the status of sites. I will talk about it separately in one of the following sections.

Self-checking is also effective if you know exactly how to check.

Factor 1. Availability of reviews

A conscientious online exchanger cares about its reputation and maintains it. Every operation carries out as quickly as possible and without jambs. If the exchange takes too long or the money is “lost” somewhere in the system, dissatisfied users will definitely write about it on forums and special websites.

Read reviews about the resource you are interested in. But keep in mind that people are much more willing to talk about problems than about stable and satisfying work.

Several years ago, I carelessly used one of the exchangers without checking its reliability. I exchanged not cryptocurrency, but WMR (rubles in the WebMoney system) for regular rubles with withdrawal to a bank card. I sent WebMoney to the system, but I didn’t receive money on the card either after 2 hours, as promised, or even after 24 hours.

I didn’t intend to give money to the exchanger, so I tried by all means to reach the support service. At first they ignored me, but then persistence prevailed - one of the employees personally took care of the translation.

I managed to achieve justice, but I spent a fair amount of nerves on this transaction. Now I thoroughly check each resource or I work with proven services.

Pay attention to the details of the exchanger and information about registration in popular payment systems. Honest sites are always ready to show their reliability ratings in YandexMoney, Qiwi, WebMoney and other well-known services.

Factor 2. Promptness of feedback

The faster the support service responds to you, the more reliable the service. Verified fact. Honest resources provide users with several channels for feedback - interactive chat on the website, Skype, email. It’s great if you have a telephone and a call back option, but only a few people afford such a “luxury”.

If you want to check the quality and efficiency of feedback, ask any question to the online consultant– you will probably have something to ask the employee about. I personally communicate with representatives of Internet services constantly. For any trifle, I knock on the chat - let the employees earn their living.

If they answer immediately and to the point, this is a good sign. If you have to wait more than 5-10 minutes or the machine answers with standard phrases, it’s better to look for another portal.

Make allowances for the time of day. If you write to support on Saturday at 4 am, even the most loyal resources may not respond immediately. On the other hand, if they position themselves as a 24/7 site, they must live up to the “image”.

Factor 3. Operating time

If the service has been operating successfully for several years in a row, the likelihood that you will not be deceived increases many times over. The length of the working day is also important, as is the weekly work schedule.

Pay attention to the hours and hours of operation of the Bitcoin exchange site.

Resources that work three days a week for several hours a day are an alarming sign. This indicates that the service either has insufficient currency reserves or has other problems.

Factor 4. Real exchange rate

Respectable exchangers provide their clients with real time currency quotes. If sites use data from the Central Bank and stock exchanges, this indicates a serious approach to their work by the owners.

3. How to exchange Bitcoin for real money - step-by-step instructions

Let's move on to practice. If you have ever exchanged currency, then the general principle of operation is clear to you. But Internet services have important features, which need to be taken into account.

For example, exchange is not always instantaneous. The time depends both on the efficiency of the resource itself and on the receiving party. That is, if you transfer money to a bank, it may not get there right away, especially if you do it on a weekend.

Let's look at the exchange algorithm step by step.

Step 1. Select an exchanger

There are many exchangers, but you are alone. It makes sense to spend time and choose a service based on the principle: reliable resource + favorable rate. You will waste time, but you will exchange it profitably. And in an honest exchanger.

Most sites require you to register. This is a very simple operation and takes no more than 2-3 minutes. I have accounts on about 10 exchange platforms. Registered users who have already made an exchange, often provide commission discounts from 1 to 10% depending on the number of transactions and amounts.

Exchangers make money from exchange rate differences and commissions, so be prepared to pay some money for the services. The lower the commission, the better, but do not forget about the reliability of the resource.

Step 2. Fill out the application

What happens next is a matter of technique. Select the currency pair that interests you. If we want to exchange bitcoins for rubles, select the BTC icon in the left column, and in the right column - the currency for which you want to exchange, or the wallet for withdrawal.

Bitcoins are withdrawn to Yandex wallets,Qiwi,WebMoney,Payeer and many other systems, as well as to cards of Sberbank, Alfa-Bank, Tinkoff, VTB and others. There are a lot of exchange options. You need to choose the one that suits you and fill out the application.

In the application we indicate the exchange amount, details of the receiving party and other data depending on the conversion method you have chosen. Pay attention to the currency reserve, which you want to receive. The reserve is not always sufficient to exchange your amount - in this case the transaction will not take place. A message like “try again later” will appear.

Step 3. We are waiting for the application to be completed and accepted

Click “exchange” or “execute” and wait for the application to be executed. It happens that the money arrives in your account within a few minutes, but sometimes you have to wait several hours.

Processing of an application for bitcoin exchange will begin only after receipt transaction confirmation– that is, the operation of transferring BTC from your wallet to the wallet of the exchange office.

This takes approximately 20 minutes, but sometimes the system is overloaded and confirmation takes several hours or even days. Find out whether a transaction took place or not on the official Bitcoin website. All transactions with bitcoins are reflected in blockchains and are freely available.

The processing time of the application and the exchange itself also depends on:

• the performance of the exchanger;
• selected currency pair;
• time of day;
• day of the week.

You have the right to find out at any time status of your application– either it is still being processed, or the money is in the process of being transferred, or the exchange is completed.

Step 4. Check the account

Sometimes the application status on the exchanger’s website says: operation completed. But there is no money in your account in the system to which you transferred funds.

Don't rush to panic. "Completed" does not mean "completed". It means that the money left the exchange office in the right direction, but the bank or wallet has not yet accepted them. Wait for the operation to complete.

Step 5. Withdraw funds

Funds are sent to your e-wallet or card. All that remains is to use them.

Please note that some payment systems have restrictions on the amount of funds you can withdraw per day or per month. For example, YandexMoney has 3 levels of wallets - anonymous, personal, identified with different limits for storing and withdrawing funds.

If the limits do not suit you - increase your level in the system or use another wallet.

4. Where is it profitable to exchange bitcoins - review of the TOP 6 exchangers

And now a review of exchangers selected by our expert department. I have successfully used some services personally.

Study, compare and choose!

- the same monitoring of exchangers that I mentioned above. Please note that this is not an exchange office, but a special service for comparing and checking the reliability of resources.

Here you will find the most favorable rate and read real user reviews about exchange resources. Before changing currencies, I always use this site - it’s convenient, simple and profitable.

All exchange offices presented below are available on this service. There are not only quotes and currency reserves, but also reviews from real users about the nuances of the operation of this or that exchanger. The lists provided by this monitoring do not contain unreliable or dubious resources - only verified sites with a proven reputation.

Let's watch a video with details about this service.

2) 60sec

60cek – converts bitcoins into any other currency, withdraws them to popular electronic wallets and bank cards - Sberbank, Alfa and others.

If a reverse exchange is needed, they will do that too. At the exchanger huge reserves of money, so the percentage of refusals due to lack of funds is minimal here.

3) BLUE.CASH

BLUE.CASH is an automatic exchange service. The most convenient, fast and profitable. Eat affiliate program. The service works with the popular bitcoin exchange Eksmo.

Withdraws cryptocurrency to Yandex, Qiwi, Perfect Money and other popular electronic wallets.

4) X-pay

X-pay is a 24/7 international exchanger offering dozens of cryptocurrency conversion options. After registration, you will have access to discounts on exchange transactions.

Works with all popular Russian and international wallets, as well as banks.

Megachange – reliability, popularity, convenience. Exchange service with thousands of customers. Saves time, guarantees security, works with almost all known electronic wallets and a number of banks.

a1change is a convenient exchanger with solid foreign exchange reserves. Quickly withdraws bitcoins, litecoins And ethereums on YandexMoney and Qiwi. Doesn't work with banks. Eat cumulative bonus system– the more transactions you make, the more profitable they are.

Comparison table of exchangers:

№	Services	Transfer to bank cards	Bitcoin reserves at the time of writing	Peculiarities
1	60sec	Eat	41	Discounts for regular customers
2	BLUE.CASH	No	4.08	There is an affiliate program
3	X-pay	Eat	17.06	High-quality customer service
4		Eat	1	Discounts for registered users
5		No	26.85933	Bonus program works

If you engage in foreign exchange transactions wisely and thoughtfully, it is quite possible to make money on them.

They are more suitable for speculation than exchangers, but exchange services also have potential.

I must warn you right away: in order to make a profit, you need to have initial capital. The amount of your income depends on its size.

Tip 1. Monitor exchangers for buying and selling bitcoins

Monitor offers from exchange offices through monitoring services and independently. If you do this constantly, you will always find the most favorable rate for selling BTC or buying at a better price.

It is not even necessary to complete purchase/sale/exchange transactions on the same day. If you wait until the rate rises, the profit will be even greater.

For example, now on the Eksmo exchange the bitcoin rate is 255,500 rubles, and in one of the exchangers they buy for 266,000 rubles .

If you buy there and sell here, the profit will be approximately 11 000 rubles for one operation, which will take several minutes. But for this, of course, you need to have a quarter of a million in assets.

Tip 2. Participate in affiliate programs

Many exchangers offer earnings through affiliate programs. Promote referral links on social networks, in blogs, on your websites, in comments on forums. For each click on your link and exchange transactions of referrals you will receive interest.

Tip 3. Trade with the help of brokers

Another option for people with decent capital is to hire a broker who will monitor profitable offers on stock exchanges and exchange offices and manage your money. To do this, you need a professional and experienced specialist who has already worked with cryptocurrency.