Bitcoin Forum

Still learning, but if I have a bitcoin key and go to changenow and convert the key to fiat, from what I understand, the fiat is then transferred to my wallet.  How do I get it out of my wallet to my bank?  All new to me, but what I want to avoid is an exchange where I try to cash out and the exchange gets  hacked etc. 

I would avoid this one if I were you:
https://bitcointalk.org/index.php?topic=4988982.0
https://bitcointalk.org/index.php?topic=4619534.0

Also you don't need to put up your key for you to make up conversion.. If you do talk about on how to convert those coins to fiat then use exchange platforms like
Binance.

Go to the website https://www.bestchange.com/
Choose the direction for exchange
Choose an exchanger with more than 2 years of experience and several hundred reviews (there should not be negative reviews)
Choose the exchanger that does not require Know Your Client procedures.
For your first exchange, spend no more than $ 200 to learn.
Further, do not change the amount more than $ 1000 at a time
Do not give your private keys to anyone.

Carefully read the terms and conditions and be careful with the payment amounts (take into account the commission).
This is not financial advice, please read the reviews before using.
I changed a lot of bitcoins through this service (when I started using it, bitcoin cost about $ 250)

Thanks for the helpful advice guys, I will read more and learn more!   What confuses me still is that the super wealthy  can cash out billions of dollars in bitcoin easily and safely whilst the rest of us have to go through a bunch of hoops.  Makes me confused when they say it is for the little guy yet they do everything to accommodate the big guys.

Bestchange is the right example to answer op question. As bestchange was lately infected by a scam accusation opned against changenow and if i am not wrong, the discussion is still opened for that accusation. Know that bestchange has delisted changenow from its system to solve the issue with community occured right after lunching their signature campaign.

 You just need to input keys when you open up your account in a wallet/exchange to access your account and not to use that key to exchange your coin into fiat. And yes, you can directly exchange that into fiat like USD but make use of an exchange that supports and have change now like others were suggested (bestchange, binance or MEW).
 
 BUT, this is your main question
 
 
 After exchanging it into fiat, download reputable local exchange that is certified in your country and you can definitely transfer that fiat money in your digital wallet directly to your bank.
 
 
 Use exchanges that are already established. But let me remind you that even those established, old and reputable exchanges has been tested it's security system because they've been hacked before. E.g. binance.

Since you seem to be a beginner on cryptos I would advise you to deposit small amounts like zasad@ said, because it would be really pity if you lost $1000 within a second. Bestchange is literally the best change. I would also recommend you to keep your funds in non-custodian wallets like electrum (https://electrum.org) and not on exchanges unless you want to instantly cash out. Non-custodian wallets represent bitcoin the way it should.
A non-third-party-needed digital currency.

That's a great link to learn more about bitcoin (https://learnmeabitcoin.com/).

First the answers has been given here, so I will advice you to follow any of the criteria here as instructed, so in addition based on what people has render, I think the best way is to adhere to strategies your people or people around your domain use to transact in order not to make a mistake, so cashing out can be done successful by using a blockchain who are well known in a country you base, I will like you to try Binance or Luno apps, if really LUNO can functions effectively in your area, and before such transactions should be done try to understand the rudiments of each of the blockchain.

Over the counter trades can accommodate such transactions, such users could have a trusted individual through which they convert their assets. Or they can use the OTC channel on exchanges, such transactions usually have a minimum limit as the target audience are whales moving large amounts without wanting to influence the market. Here's an excerpt from Binance US OTC portal (https://support.binance.us/hc/en-us/articles/360047529534-Binance-US-Launches-OTC-Trading-Portal);

"The minimum trade size for the portal is an equivalent value of 10,000 USD, with 12 different coins and tokens initially supported for trading. Users simply need to have a KYC verified (Level 1) account on Binance.US to begin using the OTC Trading Portal. "

Bitcoin is for everyone, regardless of position or class. The network does not recognize dollar amounts, just the protocol it is designed to follow. Your reservations about which exchange platform to use is not a direct effect of the network and also is shared by all. You just have to find the system that works for you;
• You can find a trusted service provider and sell OTC, or
• You use a reputable exchange for conversion purposes only and avoid storing your funds there.

Where did you get such info btw? I'm not sure anyone can cash out billions of Bitcoin easily even if it's on OTC. Million is doable but even if that's the case it's not like they can just swipe a card and magically 1 million appear on their bank account. KYC is almost always required for such transactions unless you go with P2P.

The best advice before an exchange is DYOR.
Another tip is not to make large transactions at once. It is difficult to add to the Bestchange platform, so no one will cheat customers for $ 500-1000.
And most importantly, take care of your personal data and do not chat unnecessary information to strangers

From a personal perspective, i don't recommend you or anybody else to make big investment with centralised exchanges. Remember that it's not wise to store big amounts in exchanges even you are sure how trusted it is. Please follow the advices made by zasad right above. Good luck :)

The process is just the same, big or small players. No special treatment. All users have to deal with the verification process to increase the account limit. It's just that, these big players can easily comply with the requirements due to the fact that they are "big players" having good credentials and documents.

Why not try other methods instead of Changenow so you will be familiarized with using the usual exchange interface.


Hacking incident is always there and even big exchanges are not vulnerable to it.

In that case, stick with a reputable exchange to somehow lessen your worries.

Keep doing that, everyone started from being a beginner and eventually learned through others help and with willingness to know what he's studying. And with all of that your experience will help you understand more complex things.

We don't know the process for those amounts but there could be a privilege given to them through OTC or by an exchange that they chose to trade.

I'd like to thank all of you for helping me out here to try and understand it all.  It sure takes some time to be comfortable with all this and I don't want to be one of those guys who gives up just because it's so confusing in the beginning.  Everyone I know won't touch BTC because they really don't understand it enough to feel comfortable, so I need to break the chain and help everyone once I work with it for a while.  Thanks again to all of you for all the helpful advice, it really means a lot to me  :)

There are lots of websites where you can buy/sell bitcoin, just make sure you consult first to google search and ask the community anything before sending a penny there. Also, don't forget to keep and save your recovery seed or private keys to a safe place, secured the device you're using, it could be your base layer of security for your coins.