Bitcoin Forum

Being new to this world of currency I always ask this, where to encash my bitcoin? The time this was shared to me, it seems very alluring that I also invested and I am also learning how to invest as well. But the thing here in third world country, people is not that familiar with bitcoin. I can buy bitcoin in selected establishments, yes. But, what's bothering me is that if I want to withdraw some cash how and where to do we go?

Where are you come from my friend ?
if you can buy it you should be can sell it actually.
like this for example :
you're using your own country FIAT to buy it from others people.
and the way to encash it is sell it directly again to other Bitcoin user in your country.
so if you can buy it in theory you should be can sell it again right ?

other than that you can sell it to other online payment methods like : Paypal,Payoneer and else.
in here :
Currency Exchange (https://bitcointalk.org/index.php?board=53.0)

there're a lot of places to encash your money off the markets.
it's all depend on your situation and your demand what will it be

If you are Filipino using coins.ph or coinbase I teach base on just scanning the wallet I used but guaranty you. first I want to say that I dont use coins.ph but I think coinbase and coins.ph I think is slightly the same. So here go to cash out and click any kind of bank and I think you will put the amount that you want to cash out and you will receive a message to get you money.

To withdraw your bitcoin as cash is a very simple process. There are so many websites that can convert your bitcoin into your own country cash. Now a days there are many platforms that are exchanging bitcoin into e-wallets such a Skrill, Paypal, Nettler and many others. Once you convert your bitcoins into e-wallet platform you can then easily withdraw that money from any of the bank account you provide. But there are also many individuals at some sites who can directly convert bitcoin into cash but you may need to visit their place to collect that cash.

So to encash my bitcoins I should join a specific website where I can convert them into my currency?
Is that correct?

I see. Your replies are very helpful. Since if I ask someone on how I can encash it they always say you can encash it to this person, he will surely buy it. But other than that they're not saying on how to encash or convert it on any website or establishment perhaps. But, is there any conversion fee?

The question is very broad, given that conversion methods varies per country. The most common method of conversion is via Localbitcoins and some person-to-person trades also happen, too.


We cannot answer your question if you would not tell us which country you're from. Also generally there aren't any conversion fees when cashing out, but you will be trading your coins at a below market rate most of the time.

Can you give an example of the website, where I can exchange my bitcoin?
Can I use this site: https://poloniex.com ?

yes, you may use poloniex - this one on of the hugest exchanges

then there is a https://www.cryptopia.co.nz/, it is very easy to use
you may try hitbtc.com
and bittrex.com

take your time, go to each exchange, register there ( important, use a very strong password), check interface of exchange and then decide which one you want to use

also you may google for some local exchanges in your country, search it here localbitcoins.com
but  be careful, trade with people who has 100% approval only

cheers

There are no fees on converting your coins into cash but yea the websites of the one converting them will take some profit by reducing the rates of bitcoin to cash a little bit. I have seen some websites where they were just taking 1$ for 20$ which is not that high as compare to same which take 3-5 for 20$. You will need to search and read all the websites and check that how much you will gain at the end. After that you can easily convert your coins into cash.

I'm from Phil. Can I use coins.ph to encash my btc?

from what country you are my friend? if you are from the Philippines you can easily make your own encash using btc and peso wallet (coins.ph) you just need to fill up the requirements and then have a valid id then you have to be able to go to any bank o remittance (ex.palawan, cebuana, bdo, bpi) but if you are not from here it's better you to looking a website that can convert your btc to your own money and to easily encash your btc

Yes, you can use coins.ph to sell your bitcoins and withdraw money, it seems coins.ph is popular in philippines. you can also use localbitcoins.

Luckily I've my own exchanger to convert bitcoin into fiat in easy way but for some reason , they require ID in order to withdraw the money
Well it's reasonable since on past experience , there are many scammer that use exchanger's advantage for their criminal activity