Bitcoin Forum

Hello.

I am new to this world and made nice profit. What's the best way to cash out?

Thanks,
L//

I thinknit varies from country to country. Each local wallet has different ways of cashing out. In our country, you can either cash out through banks or remitance services.

There are a lot of opportunities that are already working. This is an ordinary market, someone buys and sells someone. Now there is a large number of service projects. Such as ATM. These are ordinary ATMs.

Pitching in because I also would like to know these ways to cash out on bitcoin and altcoins for what notttt

It depends on the country. In Ukraine the best way is local exchange Kuna. For Russia - Yobit+Qivi. Also is "bestchange" for Ukraine/Russia, but they have high fee.

You are fresh to this forum what you actually need is patience to wait to learn the robes. Please there are different exchanges where you cash out your money. keep trying and cheer up buddy. Maybe you have heard of  https:// EtherDelta.com . You can try your luck there.

As already mentioned, it depends on your country. Make sure to check tax codes unless you want to lose all your profits in fines or worse (prison).

Also, it's generally not a good idea to go "all out" just like it's a bad idea to go "all in".

The information in your post is a bit sketchy. You may want to tell us on what platform (Exchange or Gaming site) you made the profit so that we can rightly advise you. But generally, two things are involved when you want to cash out or withdraw your profits (that is if it's an exchange). One is the total amount you are cashing out as most exchanges set daily limits and second is your country of domicile and verification.

Tricky questions, actually there lot of cashout option from cryptocurrency to fiat such as paypal, payeer, bankaccount even wire transfer is possible. Check your local exchanger first, wich country you are living. Sell it to anther person who want to buy is possible too.

Where do you from ? You can use coinbase and localbitcoins to cash out your coins into fiat or talk to people on your local boards and ask them "where do you guys usually cashout your coins into fiat?" In my country there is a trusted person who accept bitcoin and exchange it into fiat, so once i receive my payment i transfer my coins to him.

for me best way is localbitcoins. i don't like wire transfer cause of tax issues. So i choose localbitcoins to cashout.
you will try wire transfer through cex or bitstamp.

There are plenty ways to cash out but first, you should check on what is popular and simple in your local country since some cash out good for this country but bad for another country.

Everyone has their own possibilities for withdrawal and it's already up to you and where you are. I for example translate received tokens on a stock exchange, I change on bitcoin or an etherium. Then I change the currency in the exchanger, which the exchanger takes to my bank account.

Congratulations on this milestone . It actually depends on which coin you want to cash out , you can try on exchanges but like the rest, i will suggeat you invest a little of your profit

What milestone? He just joined lol

Depends on your coins/tokens and location.

coinbase - higher fees but is one way to get your cash out - depends on the amount of coins to make it worthwhile.
switch your tokens if need be at shapeshift.io
or invest at bittrex

You should use the local exchange in your country as it's the easiest way to cash out, but if there's none then you can check localbitcoin, it's peer to peer trading and it's safe as long as you check the rating and don't release the fund until you receive the money. Don't forget to have a discussion with your tax consultant if the amount of money you are going to cash out is big as the bank most likely going to ask you the source of the money.

No offense. Do you already have you money to cash out thats you're already interested about cash out?
Anyway I think there are different ways in cashing out in different countries. In my country, the only way to cash out our money is through Coins.ph. This is the only wallet that we can convert bitcoin to peso. Now, in order to cash out, there is cebuanna, m'Lluilier, and of course my favorite ATM because it has no fee or sometimes it has but the fee is lower than other ways.

In the business world of course to withdraw funds is a fun and eagerly awaited, The cashout guide usually depends on the currency of your country..

You have not mentioned that which exchange you are using and where you wan't to cash out because  every country have it's own laws regarding bitcoin cash out. You have to follow your country rules.

Rather than just the currency from that persons country, it depends a lot on what coin he wants to cash out.

If you own real crytpo and not some crap it is worth way more that any printed money that central banks print.

https://i.ytimg.com/vi/PQecCIP0NAA/hqdefault.jpg

Then clarify which wallet did you used as of now so that we can advised you more about in cashing out your money.
Just like here in our country we have here a secured and trusted wallet and just have easy cash out fiat. Easy to convert your bitcoin with our local currency and have banks or remittances to cashing out all your bitcoin that converted with fiat. As easy as that hope that you have also wallet like this easy now to cash out where ever you go.

It depands of what coin you have and what country youlive and what fiat you want to cash out.

For Russia or Ukraine can be output via the exchange YoBit, so I recommend to visit the site bestchange.ru there, too, you can choose the direction that many cryptocurrencies are present

You should have stated your country so it will be easy to identify the means available to your country....



Dont cash out all your profit, use some to invest in some promissing i c o like Arcblock

Cashing out depends on the country you are residing. There are some banks that didn't allow cryptocurrency to cash out bitcoin. In case there are very limited, you can use localbitcoins.com to find a buyer in your place.

This is Funny  ;D ;D ;D ;D ;D


Hello.

I am new to this world and made nice profit. What's the best way to cash out?

Thanks,
L//
[/quote]


If you own real crytpo and not some crap it is worth way more that any printed money that central banks print.

https://i.ytimg.com/vi/PQecCIP0NAA/hqdefault.jpg
[/quote]

In my country we have local exchanges with opportunity to cash out in local currency :)

Thanks, that was very helpful. I will check with the local groups and see what's their favorite method.

One should always cash out the initial investment at least. That way you haven't lost anything :D

You can sell cryptocurrencies p2p or person to person or you can convert it thru local exchanges if you have in your location.

What country do you live? So i will know and maybe i can help you.

Download Luno app, connect your bank account, send your earns to your luna btc wallet and withdraw to your bank account. Simple.

You could use cex.io to transfer back to your credit card or the bank account

This depends on what country you live in and if you wish to pay tax on the income you have made. I advise you do pay all the relevent taxes on anything that you make from crypto as one day they will come after you for it.

You can use, coinbase or LocalBitcoins. LBC is best for cash trades with someone if you feel the need to do it this way.

Fastest typically costs more and requires more identity check, especially for large amounts.
You’ll have the best luck working with bitcoin(BTC) and Ethereum(ETC) so get your coins
Exchanged into those two for the most straightforward and quick methods. For more
Anonymity and lower fees, you will have to wait much longer. You’ll also probably need  to
Sign up with several different exchanges in order to split large amounts into less noticeable
Sizes. There are also cards now that allow you to purchase items anywhere using your crypto
By exchanging crypto for cash as you go along.

Yeah but, wouldn't you prefer 1,000$ now than 10,000$ in 15 years?

as you can read the other member comments you can check in you local area what is the best way to cashout you money.
you see you didnt state your place where you live thats why most of us cant answer you question because in our area we have out own remittance center that is legible for cashing out
hope you understand that, you should state where you lived
 ;) :)

If you decided to cash out then you will have to do a research properly. For example in india all means of deposit from renowned banks were halted.

I know it depends from region to region, but can anyone share their experience in cashing out?

On average, what's the % fee? Was it worth it in your experience?

Have you considered leaving your money in crypto and accessing it via debit card? TenX (soon Stack, CoinMetro etc.)

It is worth mentioning which country you live in. Then you can give more detailed advice. I suggest you do not hurry. There is an opinion that crypto-currencies will demonstrate significant growth in 2018

Cheers the profit. You can convert your coin into fiat currency through coinbase, PayPal, zebpay, remitano etc. More over it depends on your country and Coin.

There are exchangers that allow direct exchange between individuals to exchange through the guarantor. I will not advertise)

which wallet is best to use for cashout bitcoins

What? You are a newbie and made a nice profit? Holy molly! Sounds like you got a lucky bet on gambling don't you? But to be honest making a cashout depends on from where you are. I mean you need a local exchanger to convert your cryptocurrency into fiat money it could be through bank or a remittance center. Here in my country when I am doing a cashout transaction, I need to send the amount of crypto on my local exchange wallet then convert it to our local currency so that I can now send it to remittance or into your bank account that's how simple is it. If you don't need it for now, and whatever crypto you have on your wallet is it even better if you hold it longer so that you could be like having a 5x profit compared to what you have now?

the thing that i want to know is stated already above thanks to all who comment's and give some idea about how and where,

Yes, you are certainly right, but how does Yobit work? that is, it turns out that they just get their money right on the card? So you just sell bitcoin as some kind of thing? Do I understand you correctly? And of course people pay a commission for buying or selling.

I think that it will be good option to withdraw criptocurrency into fiat with special approved exchanges - you can find it in Google or at this forum

Sounds very expensive, going through so many levels. Isn't there a way to minimize fees? What about exchanges?
True, keeping the money is also an option.

Yeah .. what you say is true, before deciding to do cash out should first note which token will be exchanged.

There are a lot of exchangers on the Internet, to which you can exchange your earned money. There are a large number of exchanges from which it is also possible to display Fiat on any bank card or electronic wallet.

That's very good for the new user to get income instantly
Even if it is a new user of Bitcoin, but many of those who have income has decide to cash out because it is only for exact amount for daily needs. Not enough to invest for long term investment

the only way to cashout here in the philippines is via coins.ph, if you have altcoins you need to convert and transfer it to your btc before sending and cashing out through coins.ph

Is there anyway to buy or cash out via credit/debit card? My country does not support coinbase and I hope there is good way to cash out or buy in with low fess and without much hassle.

It depends on your location.but if your looking to cash out easily you can use your country supported remittance partners. or alternative you can use localbitcoin choose your location then list your coin. mostly btc.

You can cash out at any exchange. Where you have account. Every country have its own rule and you have to follow the rule to cash out.

Im live in Ukraine and here u cant cash out large sums with exchangers from your visa or mastercard.
One single bank and it is regulated by the government, it's very bad, because honestly earned money in the bounty cant be cashed :'(
You can cashout personally when meeting but it is only in big cities, I have about 5 in my country.

Just curious. How much do you usually cash out then? And what's the fee for that?

In order to cash you need to change the crypto currency for Fiat, and Fiat is very easy to bring to any card! Fiat - paper money!

i used localbitcoin the trader i dealt with made me feel really secure.

Same.. I only cashout once though. I met up with this guy on localbitcoin and dealt in cash. It was hassle free and straight forward. Plus, the buyer was a very nice,patient and friendly guy which made the trade even smoother than it already was. Nonetheless, I would say that the moment is magical when he passes u the cash for bitcoin. My cryptocurrency turned into FIAT!!!! Left a smile on me throughout the train ride home.

yes I agree there are a lot of ways and it depends on your country. I also cash out through remittance centers but ofcourse there is charges and through bank accounts though there is no charge but it will take just a little longer time than remittance centers and not available on weekends so it's up to you.

I use:
Exchange > Coinbase (LTC)
Coinbase (LTC) to EUR
EUR to Revolut
Revolut (Either withdraw from ATM or bank transfer)

Pretty fast and hardly any fees either way

It depends on your country. In my case, we use coins.ph and withdraw our fiat money from banks. I am sorry because I am not that sure because I have not yet any profit for myself.

Depends on where you are from. You can use exchanges like Kraken or if you are German also bitcoin.de or you might find a similiar page for your region/country.
Of course, you can also try to find somebody in your region for a 1:1 exchange, but this brings certain risks too, so do your research beforehand.

it may depends mate on how you may able to cash it out cause every country has their own local wallet for to be so therefor they can now cash out what they wanted so for example what are may profitable also with you on how you may cash out what you needs for.

If you in need of money, cash out. If not, don't. Put the profit back to increase your capital fund.

First of all congratulations for making nice profit even if you are new. If you belong to a country where they did not ban cryptocurrency trading then they may allow bank transfer. One way also is to sell your coins to someone who is interested in your place.

Just buy things. Earlier this year I bought computer. Now will buy TV. Bitcoin is money. Medium of exchange. So it is easiest thing to spend.   Yes I know my country was and is really ahead, but still it wil be super easy for all to spend your coins.

There are many ways to cash out, you can trade, you can also withdraw directly, as long as it depends on your country to accept what way.

Yes, this depends on your country, you have to check tax codes of your city.
Earnings money is a good thing, but I think every citizen has to abide by the laws of their country, and I suggest you‘d better to know more those of your friends how then cash out.

It depends on the region you stay you can cash out using local exchanges send bitcoin to lots cal exchange convert to fiat and send it to bank account. Another nice way you can convert into PayPal account it is good way of keeping profit for reinvest.

If you're from the Philippines, the best way to cash out would be using coinsph app but only for BTC only. If you want to cash it out, First thing you need to do is to convert your alt coins in BTC in exchanges like binance or bittrex then if you're don exchanging them to BTC you can now withdraw it directly to your coins ph wallet. This app will provide you the locations and stores where you can cashout your coin.

The way for me to cash out is through P2P and i just post a selling post in a social group and when someone commented or contracted me then we will have a little discussion about the deal and i will just wait if he will agree to the place where we are going to have a meetup and after that then i will just transfer the cryptocurrency if i receive the payment.

It is important to actually book some of those profits from time to time. Some of the exchanges will offer an option to exchange to FIAT currency once you have dont that you can send back to your bank account or a money transfer service. A newer option is to use a Crypto Debit card to spend or withdraw from the ATM whenever you like. This option is especially good for smaller amounts and for casual day to day spending.

There are several ways for cashing out but why would you in the first place if you really believe in crypto and believe that crypto will become as usable as fiat in a few years.

But if you are thinking of cashing out some fiat to spend today, you can either go through OTC means like localbitcoins or sell your coins on local forums or classifieds. This is the best means for cashing out to fiat today. You can often get a premium above the price of the crypto.

I can illustrate why it carries a premium with an example like EOS or NEO.. these are just examples but it applies for any altcoins not sold on coinbase.

For any investors that want to buy into altcoins, they have to first buy BTC or ETH on coinbase or their own fiat-to-crypto exchanges. Then after holding BTC or ETH, they have to go to specific crypto exchange like Binance or kucoin to buy the coins. This is the friction of the crypto world now. But if you offering to sell your crypto like EOS or NEO (or whatever is popular in your country), you can command a slight premium cos you are offering a service of fiat to altcoins without having to first buy BTC or ETH.

If you are selling out on those fiat-crypto-fiat exchanges, you will tend to get less for your coins and there are a lot of transactions costs.
Hence it depends on what matters to you, convenience? go to a exchange to cash out. Or you want a better payout, go sell it OTC.

Of course there are now crypto credit cards which will allow you to use crypto as a means of payment in the real world. That is another method for using your crypto.

I intend to hold much much longer and not sell out to fiat. At least not in the short term. Maybe I will sell to finance my next property though :)

The safest way for me I think is to withdraw your money directly using any bank account or ATM. Localbitcoins is a good way to cashout but there's also a risk in doing so.

Localbitcoins is the best way if fiat to crypto is forbidden in your country.

I have to say, maybe lots people do not agree, the simple way is Coinbase app. Login you coinbase account on PC(rather than smartphone app client), click account-->receive, you will find the wallet address of your account. Transfer you ETH/BTC to this address and cash out. Not that expensive as other people said, believe me.

hmmm it depends on your country

nake sure to know the fees when you cash out

Google if there is local exchange in your country or not as it's the most easiest way to cash out. If there's no local exchange then you have to use localbitcoin to do some peer to peer trading, the fee is a bit high but it's better than nothing. Don't forget to make sure you receive the money before relasing the fund.

my best way to get then money is cex . io. i personally highly recommended to cex. i have withdraw from that. easy service. but some countries supported. coinbase also a good option. unfortunately this is not supported to our country.

This is very good question. I read the answers of others but a lot of you mantioned bank account. Fortunately in my country banks are scared of bitcoin and crypto as all and they do not allow transfer from exchange. Also they (banks) frozen all local exchange bank accounts, so I am looking for an alternative way to cash our. I am looking for payoneer and Payza. They work with bitcoin (or at least it is written that they work). Does someone of you worked with them? What is your opinion of them?

My transactions in my cashout is using my wallet like coins.ph.I dont want to transact it in transaferring in a bank it takes time so long before they process it so I transfer it remittances to withdraw it it takes only minutes to process and the charges are not so high but affordable.

I wonder on what country OP is. Because there are exchanges that allows walk-in customer to exchange their crypto to cash directly. Just like in Indonesia and South Korea.