Bitcoin Forum

Hi

my sister wants to know i it possible to move money from yer Bitcoin wallet and into yer bank, she read something on TV which had a link today but the link has changed to this: https://gordon-ramsay-kitch.myshopify.com/products/grcop for some reason


any advice would be grateful

cheers

The only thing I know about moving BTC to your bank account is you first need to convert your BTC to fiat (any national currency) then after that, you can move it to your bank account. But I can't tell if the bitcoin wallet you are using is from the online exchanges. if not, there's no way to do it unless you move your BTC to the online exchanges that support BTC to Dollar conversion or any other currency. In our case we used coins.ph

If you are aware about Binance exchange, you can send your Bitcoin from your wallet there and directly convert your funds into fiat, and will be credited on your bank account through p2p method they recently implemented. Just check if your country is supported of the system of peer to peer method then you can easily send the funds to your bank. They will be needing you to pass KYC to be able to use this feature.

If a wallet is an online wallet own by an license exchange or a local exchange, you can convert your bitcoin to fiat and withdraw fiat to your bank account, that's normally the process. In our country, we have the coins.ph where we can convert bitcoin to php and vice versa, and this local exchange have different bank partners, so it's easy for me to move money, some banks instantly credit my withdrawal, some take at least 1 day.

You cannot simply move your Bitcoin from your Wallet to a Bank account If that's what you are trying to find out. You first have to convert your Bitcoin to Fiat currency or local currency and then only you can transfer that money to your Bank account.

If you're looking to convert your Bitcoin to Fiat then try a local cryptocurrency exchange. If you do not know about any local exchange then share with us the region or the country where you are staying and we can recommend some for you if there are any.

Otherwise you can open an account with Binance exchange and do the same. They do not need any KYC for any transaction that is up to 2 BTC.

So wait, we're trying help the OP and all we can suggest is some centralized exchange that'll likely request for all the information they need to sell to the government before they process the OP transaction. Binance when it comes to providing trading experience to it's customers are doing quite well but I'm not still satisfied with their security protocols.

Op, if you wants to use the fiat features on the centralized exchanges, it won't be free although with peer2peer method you can achieve what you seek for and still have your sensitive information intact.

Bitcoin can't be sent directly to a bank account. It is not a traditional currency and governments don't recognize Bitcoin as legal tender. It's either an investment, security, commodity, and can even be treated as property in some countries.

You have to exchange it for fiat currency using a centralized or decentralized exchange. Or do it face to face by trading with someone directly. 

You must need to look at a cryptocurrency wallet that is supporting with the fiat currency and direct to the bank all of the platforms must be need to direct to their specific destination.

• Cryptowallet - bitcoin, etc, and etc
• Bank Account - fiat currency

If in your country supported with the use of these two different components you are lucky enough do to this makes it easier to transfer the funds but still you must need to look for a secured platform because we want to avoid getting issues with your funds.

Find the exchange that is supporting your currency and the coins you are holding right now.

LOL, not sure why the link is changed to gordon ramsay, not Bitcoin. Probably the link has pop-up ads.

Before moving the money from wallet to your bank, you need to convert the coin to your fiat... then you can transfer to your bank account. You need an exchanges to convert it, you can choose binance [1] if you want centralized exchanges or bisq [2] for decentralized exchanges.

Also read List of Decentralized/Centralized Exchanges (https://bitcointalk.org/index.php?topic=2906237.0)

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[1] https://www.binance.com/
[2] https://bisq.network/

Also read Help: A list of LocalBitcoin alternatives (P2P marketplaces) (https://bitcointalk.org/index.php?topic=5224711.0). P2P marketplaces are not actually decentralized ones but they bring diversifying payment methods to customers.

It depends on your location some platform like coinbase or binance, they have an option to withdraw on banks/credit/debit cards for selected countries, you might want to check it out, you have some other options like anybody says a (P2P marketplaces) I suggest to try the reputable platforms for your safety. Binance has P2P feature now so I suggest trying it first instead of other none reputable platforms.

On the other topic, I know Gordon from TV, just check your link like what the h*ll is that title? "We say Farewell to one of the Greatest Chefs, Gordon Ramsay." I thought he was dead lol.

I think this is quite problematic because you just need to find some exchange that is supported your currency and the bitcoin next you just need to find a wallet supports the conversation of your coins. I think it's better to give your country so the other members will give you some idea what is the exact exchange that they can give to you.

Else you make a Peer to Peer(P2P) transactions which you also sell your funds into another person and it will direct to your bank account immediately but still take care and make a transaction into a safe place.

You can not move bitcoin to a bank (FIAT). First, you need to sell them for your desired currency.

You basically got two ways of converting BTC to FIAT:

• Find someone to trade with
• Sell them on an exchange

Depending on where you are located, the one or other option is easier and more feasible.
Which country are you from?

Yes she can move her bitcoin to a bank account but she might be asked from where the money comes and also to be available to provide her identity card to a exchange so her identity can be verified due to anti-fraudulent transactions

Seeing a link on TV doesn't really verify the links authenticity, most of these media channels has a disclaimer on almost every advert they run for several companies and organizations embedded in there policy hence, it's always up to you.
For you to be asking means you know almost nothing of the link (https://gordon-ramsay-kitch.myshopify.com/products/grcop) and it's a step in the right direction. In my opinion, try to find out more on the link if it could be trusted before transferring your BTC.
Else, in general, converting BTC to it's equivalent Fiat is possible. You've just got to transfer your BTC to a trusted peer to peer escrow site that supports it's trade based in your country, follow necessary procedures, sell it and get paid directly to your local bank account.

For your question, I'm sure you already know that sending bitcoin directly to a bank isn't possible coz bitcoin isn't affiliated with any kind of bank.

Stop clicking any random links on the internet, lots of scammers and malware trying to lure newbies to some investment scheme/ too good to be true offers and etc.

For the transparent and best solution, we will need more information from you like your current location where you want to convert your bitcoin. However, since this is a privacy issue, I will try to answer shortly.

It would better if you find someone for peer to peer sale your bitcoin by your local currency. Then you can deposit to your bank. You might use this forum Currency Exchange  (https://bitcointalk.org/index.php?board=53.0)section as well to sell your bitcoin. If someone from your country likes to buy from you, then probably they could send money directly to your bank. For a reminder, must use forum escrow to avoid scam if you are going to deal in this forum.

Alternatively, you may take a look at this list where you could sell your bitcoin for your local currency and deposit into the bank.

Here is the thread: Help: A list of LocalBitcoin alternatives (P2P marketplaces)  (https://bitcointalk.org/index.php?topic=5224711.0)

I think you could use some bitcoin wallet to store your bitcoin and then when you are going to cash out your bitcoin you could just convert it in the wallet and then directly put it in your bank account.

It might work in some custodial wallet which is not really recommended but it is going to work. But still, you should go for something secured like Ethereum, etc. and then you could just move it to some exchange when you could withdraw it.

I'll address the change of link since you have received a lot of suggestions about the transfer.

What was the original link when your sister was reading things before it changed to the Gordon Ramsay website? Is the name of the link resembles to bitcoin or cryptocurrency?

There is no point talking about keeping personal information when what one wants is to withdraw her Bitcoin into her bank. There's no way OP's sister will get away from sharing her personal information unless she will deal with someone face-to-face and with cash. That's not necessarily a better option either.

Binance's P2P withdrawal method would still require KYC. Even if you avoid that and deal P2P with someone else away from centralized exchanges, you would still need to provide your bank account's details and that would include your name and account number at the minimum.

Some banks here do not allow direct deposit of Bitcoin and many banks do not allow it because banks consider Cryptocurrency as risky investment and they don't want to have anything to do with Cryptocurrency, it's better to be safe than sorry why not exchange your Bitcoin to fiat then you can deposit it on the bank this is what majority of us here are doing.