Bitcoin Forum

Hi everyone,

I'm gonna apologize from the jump for the newb question but it's something I'd really like to get myself familiar with.

My question is in regards to selling bitcoin. I have invested and know the in's and outs. One thing I wanted to know more about but just figured i'd tackle when the time came, was selling.

My question is for high selling and low selling. For example, if somebody wanted to take a small out for whatever reason how would somebody do that? Like say 1000 bucks for some quick cash? Also what if somebody was sitting on 100 btc (I wish) how would somebody go about's selling that? and Could somebody sell it all at once? I'm familiar with local bitcoins, exchanges etc....I just wanted to make sure I wasn't missing something or if there was an easier way or other ways I wasn't familiar with. This is strictly for me just gaining some knowledge.

Thanks in advance.

There is a better solution far better than localbitcoin. To be honest it is the place I will go to sell some Bitcoins. The majority of people are using cryptos exchanges such as Kraken, Bitstamp, GDAX,  and so on. It takes a couple of seconds to sell and 2-3 clicks to request a bank transfer that you receive 24 hours later. It is far better than LocalBitcoin in a lot of points.

You would just transfer a small amount from your secure wallet and leave the rest. If you have a paper wallet, you would need to sweep those coins out of it by going to an exchange like blockchain.info and link your address to an account there. Then you can transfer a portion of the Bitcoins from that address to a site that allows you to cash out. It’s really not that difficult but with an offline wallet, you have to jump through a few hoops.

Thanks guys! Pretty straight forward!

Just gotta figure out how the tax stuff would work in the UK or how my bank would react, if I were to ever do this in the future.

Cheers!

I still will vouch for localbitcoin website because you will receive almost money to your bank account almost instantly with the help of "unified payment interface" that my county had implemented recently. For other exchange platforms, you will have to wait for at least 24 hours and the fees is also high. In localbitcoin platform, I often see offers which are a little higher than the market price. The services you have mentioned may be good but certainly not better than localbitcoin platform.

If you only want to sell a small amount of bitcoin then localbitcoins seems like the best choice just create an account and do the deal, but if you are planning to sell a huge amount of bitcoin like 100BTC then you are going to need to use exchanges and you are going to need an attorney expert on taxes to pay your taxes in your country.

Another thing to keep in mind is that you need to track your trades in case you've done any (as opposed to just holding over some time). In some countries you gotta provide proof of the prices you bought and sold along the way.

actually all the same according to me.
which distinguishes only the fee and how long the transaction time.
now depends on each individual want to choose what kind.

Yeah that all makes perfect sense to me. :)

Hypothetically speaking, let's say you won 100 btc from let's say a sports gambling website? In the UK, winnings from the lottery or sports gambling is tax free, How would that work? Would that be considered winnings or an investment? Because I did find out that you have to pay capital gains tax in the UK if you do hold on to bitcoins and then decide to sell for a profit..but I then I thought, what if you won your btc's and then sold them?

There are also other options on localbitcoins as well man. You can meet someone in person. I don't live in the city, but could meet someone there.. There are also Bitcoin ATMs that have options of buying and selling. That is the best option because you do not have to give up privacy. If they ask for your number it is just for verification purposes and info on your txn.

The Local-bitcoin  will want to buy them in bits but i still prefer them to other exchange.The local bitcoin because credit account  directly in less time.

I'm not an expert but I suppose that your earnings will be considered to come from gambling but if the price of bitcoin changes lets say from 8500 to 9000 before you cashed out you will need to pay capital gains  from that 500 dollar difference between the price at which you got your bitcoin and at the price you sold.

If i were in your position,then definitely i would use localbitcoins.com.If anonymity is the main issue for you and if you feel that by receiving huge volume of cash directly in your bank account could bring you directly under the radar of government taxing agencies,then you could use the service of selling bitcoins directly to the trader for cash.I would not risk myself by selling in any exchanges and becoming victim of the taxing authorities.

There is nothing to wait for 24h, it's the standard with banks. The same if for example, your boss is paying you, you don't receive the money faster than that. And for example with Kraken the fees are $0.09cts it's not high. If you request a transfer before 11.00 am the funds are credited around 10.00 pm.
The reason the rates may be higher is that people are looking to pay with a payment method that they can't use in other places without a verification, payment processors not supporting cryptos, credit cards etc.