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I found a site claiming to have paths to do it and you could search, a fee calculator, but it was way outdated as it had bitcoin price at about 5k. It also said to use Coinbase Pro which had no fees, but I'm pretty sure that loophole is closed now.
Another site claims Bittrex is the best way, to transfer your BTC into Bittrex and then convert to USD and withdraw to bank.
Another site says to convert Bitcoin (BTC) to Litecoin (LTC) or Stellar Coin (XLM) and withdraw through Coinbase or your preferred method.
Another suggests Gemini.
I'm also concerned about "spread" which while they claim it is to "protect" you, let's be honest, it's there to wait a few days to pick the best price for THEM so they can steal the most fees and make the most profit off your money.
What is the best/cheapest way to withdraw Bitcoin out to USD, one way or another?
Coinbase pro and Binance US are the best exchanges out there but you can't say they have less fee but compared to coinbase it is cheaper. If the amount is small and willing to accept other payment mode like Paypal then you can use peer to peer platforms which has no KYC also. I don't think you need to convert your btc to another coin if you want BTC straight away because no matter which coin you sell for fiat the procedure is same with bit more time. Seems to be wrong because I know for a fact you can get way lower fees by first switching to XLM in coinbase based on multiple other people saying similar. Also, P2P exchanges often do have KYC. |
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Thought I'd chip in with my kraken feedback everyone knows I love kraken....
Good customer service but... when you need to use the platform the most it ALWAYS has serious downtime and you can not get in, happens every time there is a pump somewhere... It is beyond frustrating so much so I have moved to other exchanges. It's not good enough coming form a company who say they are the best around... I think it's ran on dial up.
Also be careful of how you use it, I bought a coin for MARKET VALUE 16.20 the other day, they charged me 16.50.... That shit adds up! They told me it was a spread to keep me safe.... Yeah ok..
I would use them as back up only if I was you.
Also AVOID COINBASE, their customer service is shocking... I waited 5 days for a reply, and they just sent an automated bot response... truly shocking.... still not got an answer here!!!!
You cannot imagine how much I can relate with everything you said. In the first occassion, Kraken, is constantly experiencing downtime which is infuriating when you're trading. The moment you press Buy/Sell, the damned thing crashes and times out. This is the main reason I withdrew all my money and moved to Bitstamp. Moreover, I didn't really fancy the layout/design, never had any issue with the support or the verification though. On the other side, Coinbase, has the slowest support I've ever seen. After some research, we found an account (With a completed Bitcoin deposit at some point) in my girlfriend's email (You never know someone well enough it seems, lol). She didn't remember the password, so we tried resetting it to no avail. The reset email wouldn't go through. We contacted their support, after a few hours we received an email, and you guess right, it was an automated response telling me to try resetting the password by the reset field. You don't say?! Like I didn't try that already. It also mentioned that if we're trying to recover the password via a non-authorized device, the email wouldn't go through. Okay, but I already told you that, why am I receiving an automated response for something I have already explained? It's almost a week and have received no response. Bitstamp requires SSN! What if they get hacked? I do not want my SSN anywhere! |
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i think zelle can be reversed thats not good for both parties
I'm pretty sure Zelle is impossible to reverse. The issue would be making sure the Zelle money shows up. Once it shows up, I'm pretty sure it cannot be reversed. But read this: Can I cancel a payment? You can only cancel a payment if the recipient hasn’t yet enrolled with Zelle. You can go to your activity page within the Zelle experience, either within your mobile banking app or the Zelle app, choose the payment you want to cancel, and then select “Cancel This Payment.” If your recipient has already enrolled with Zelle, the money is sent directly to your recipient’s bank account and cannot be canceled. https://www.zellepay.com/support/can-i-cancel-a-paymentAlso this: That is not the case. Zelle is owned and supported by over 30 financial institutions, but each one of them treats Zelle transactions as cash—not as a credit or debit card. That means that you can’t just contact a bank and reverse a transaction like you would with a credit or debit card transaction. Neither Zelle nor the banks behind it offer a protection program for payments made with Zelle. If you make a purchase using Zelle, but you are not happy with the product, or you never receive the item, there is no in-app way to request a refund. Banks also won’t initiate a chargeback in this case. Can You Cancel a Zelle Payment? There are only two cases in which you can cancel a payment made with Zele: If you send money to the wrong person If the payment expires Cancel a Zelle Payment if You Sent Money to the Wrong Person If you made a mistake when sending money and entered an incorrect phone number or email address, you might be able to cancel the payment. This is only possible if the money isn’t already credited to the recipient’s bank account. You can cancel the payment either with the Zelle app or through your mobile banking app. https://donotpay.com/learn/zelle-chargeback/So it seems that in fact you can't charge back or cancel a Zelle payment - UNLESS the money is not already credited to the recipient’s bank account. If the money is completed the transfer, it can't be taken back. |
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I found a site claiming to have paths to do it and you could search, a fee calculator, but it was way outdated as it had bitcoin price at about 5k. It also said to use Coinbase Pro which had no fees, but I'm pretty sure that loophole is closed now.
Another site claims Bittrex is the best way, to transfer your BTC into Bittrex and then convert to USD and withdraw to bank.
Another site says to convert Bitcoin (BTC) to Litecoin (LTC) or Stellar Coin (XLM) and withdraw through Coinbase or your preferred method.
Another suggests Gemini.
I'm also concerned about "spread" which while they claim it is to "protect" you, let's be honest, it's there to wait a few days to pick the best price for THEM so they can steal the most fees and make the most profit off your money.
What is the best/cheapest way to withdraw Bitcoin out to USD, one way or another?
Are you anywhere near Chicago, Illinois, USA? How much Bitcoin are you trying to convert? Depending on the answers to those two questions, I might be willing to meet up with you somewhere public and just exchange cash for your bitcoins, no fees needed. Probably would not meet up in person, too much risk of robbery from someone when I am talking about how much bitcoin I have purchased. I'll keep my online profiles separate from my in real life self. |
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Your address validation document was not accepted. Reason: LocalBitcoins is not providing services in your state anymore. Apologies for the inconvenience.
I had uploaded a bank statement.
LocalBitcoins does not service most of the United States anymore. I was able to use it until I tried to upload address verification for tier 2. Maybe I should just make another account. |
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Are you present in the U.S.?
It appears you are accessing Bitfinex from the U.S.
Pursuant to our Terms of Service, if you are present in the U.S. or a Territory or Insular Possession of the U.S. or are U.S. Person, such as a U.S. citizen or resident, you may not create a Bitfinex account. USA people not allowed |
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Your address validation document was not accepted. Reason: LocalBitcoins is not providing services in your state anymore. Apologies for the inconvenience.
I had uploaded a bank statement.
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I found a site claiming to have paths to do it and you could search, a fee calculator, but it was way outdated as it had bitcoin price at about 5k. It also said to use Coinbase Pro which had no fees, but I'm pretty sure that loophole is closed now.
Another site claims Bittrex is the best way, to transfer your BTC into Bittrex and then convert to USD and withdraw to bank.
Another site says to convert Bitcoin (BTC) to Litecoin (LTC) or Stellar Coin (XLM) and withdraw through Coinbase or your preferred method.
Another suggests Gemini.
I'm also concerned about "spread" which while they claim it is to "protect" you, let's be honest, it's there to wait a few days to pick the best price for THEM so they can steal the most fees and make the most profit off your money.
What is the best/cheapest way to withdraw Bitcoin out to USD, one way or another?
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Is Bitcoin entirely anonymous? It’s common for people to say that in reality bitcoin is absolutely anonymous but are not knowledgeable enough to know that is pseudonymous . Bitcoin being pseudonymous rather than the assumed anonymous gives us an understanding that each user has a established public address. So that further tells us theoretically bitcoin address can be traced back using an IP address or an exchange account.
We should be more concerned about to what level or extent is bitcoin anonymous ?
It's anonymous, but not if you want to buy with USD directly. someone has to give it to you, or you need to do shady deals like the internet scammers. May be other ways. Maybe you can convert USD to another less restricted fiat currency, but I'm not sure where you can physically buy bitcoin totally anonymously using a fiat currency. Possibly you could barter and sell goods for btc as payment. Bitcoin still has ways to trace you, but it's much harder. And your knowledge of internet security in important. VPN, what's on your computer, definitely don't use Windows 10 which is pure spyware, Microsoft knows everything you do at every second. Etc. |
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For example, I just moved 1 BTC the other day and it cost 0.0000417 BTC - which was around $1.35 to move over $35K in BTC (1/11/2021). It's not a complete guide unfortunately. All he did is tell me that he paid less. He didn't tell me how to do this. Of course, I would like to do that, but the guide does not tell me how. bump still need to know how to do this |
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Exchanges do not joke with their fees, be it withdrawal fees or trading fees, it is very important to them because that is one of things they need in order to operate effectively. Suppose you have Bitcoin and bear market enters and Bitcoin goes down, you can covert to USDC easily without any issues and of course you will be saving any further losses but it doesn't come free you will be liable to pay any trading fees set by the exchange. Also, I do not think there will be any other loss in transaction apart from the trading fees, unless you are withdrawing to a personal wallet where you will be charged withdraw fees.
I will lose over $100 (1.5%) to Coinbase fees in order to withdraw. I need to know how to do it without paying the $100+ in fees. |
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it can only be considered robbing if they hadn't told you about the fees and all the other conditions beforehand. but they did and you have accepted it all when you clicked the "Accept" button on their TOS without reading it.
They didn't. It was not clear I would be charged such high fees repeatedly in every direction. So, it's robbery. Fact. It's called taking advantage of new people. Nonetheless again I would like to know how to do what that guide said he did to avoid the fees. The guide was incomplete and did not tell me how. Don't like their exceptionally high fees? Simply don't use them and use a different exchange.
I'm not going to. But my money is in there right now and I want to get it out by getting robbed as little as possible. |
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The "servers cost money" argument is nonsense. This is exorbitant profit, and that's all. I run multiple servers, I know how much servers cost even at volume. This is not to pay for servers.
Yea sure. But there's a reason why Coinbase is a multi-billion company and you're not. They simply exist to make money, just like, you know, every single for-profit business ever in existence. It doesn't take much to immediately realize that they're obviously not a charity. If I robbed people I'd be a multibillionaire too. On the one hand you said "server cost is high" on the other hand you said "they're not a charity!" You're just coming to their defense of high fees where they rob beginners who are trapped in it before they learn how to avoid more fees, like by NOT USING THEM. For example, I just moved 1 BTC the other day and it cost 0.0000417 BTC - which was around $1.35 to move over $35K in BTC (1/11/2021). It's not a complete guide unfortunately. All he did is tell me that he paid less. He didn't tell me how to do this. Of course, I would like to do that, but the guide does not tell me how. |
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Coinbase (or any other exchange) aren't spending lots of money on servers and security out of the goodness of their hearts! they want to make money. this means when you use their services you have to pay a fee which is normal in any exchange platform. the only option to eliminate additional fees (trading fees) and only have network fees is to use truly decentralized exchanges. unfortunately there is always some centralization involved. i asked this question a while ago ( https://bitcointalk.org/index.php?topic=5266934.0) they all charge a fee. also beware of the altcoins risks specially the centralized ones known as "stable coins". they are stable and active until they are not. and it can happen in a blinking of an eye. The "servers cost money" argument is nonsense. This is exorbitant profit, and that's all. I run multiple servers, I know how much servers cost even at volume. This is not to pay for servers. |
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Suppose Bitcoin goes down and I want to convert to USDC (USD coin). Would this be a good way to prevent further losses? Do I have to take a 2% (or other) loss on every transaction?
If you are going to convert to USDC just to hold it to prevent losses, then why not just convert to USD? Anyhow, if you use Coinbase Pro, your fees will be 0.5% or less (depending on your total transaction volume at Coinbase Pro over the past 30-day period). That's about as low as you are going to get your fees at Coinbase. Because it's not possible as it said up to 9 days to complete transaction to withdraw anything. It will cost over $100 to withdraw. So I can gamble it will go up again, or cut my losses. Converting to another coin or withdrawing will cost the same 1.5%. Edit: yes it will take time; although it's available, it says not available to send. It says, "Available to send in 8 days." |
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Seems to be a scam. They will charge me again 1.5% to convert to USDC.
Lesson learned. I've been robbed by Coinbase. Won't bother with Coinbase again once I get my money back.
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Suppose Bitcoin goes down and I want to convert to USDC (USD coin). Would this be a good way to prevent further losses? Do I have to take a 2% (or other) loss on every transaction?
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I was just thinking if you wrote down your seed phrase on paper you could do something like in Shawshank Redemption  Hopefully no one finds that box you buried |
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Hardware wallet is also risky. It could get stolen, confiscated, broken, destroyed, or simply lost. Without the hardware wallet, your money is gone, if I understand correctly. For a software wallet, you could memorize the password, mnemonic, and codes; and while that takes effort and has a chance of loss, it isn't in anyone else's hands but your own. If a hardware wallet gets stolen, it might not be your fault. If you forget the pass to your wallet, that one is totally on you (unless you have brain damage or die and don't have it backed up).
You are wrong and spreading misinformation. There is no problem in losing your hardware wallet. Your funds are not really there. There is also no problem if someone steals it because if the pin fails 3 times it will reset. Hardware wallets are the best way for newbies to store their bitcoin, even for advanced users as well. When you set up a hardware wallet you note down the seed in a paper. With the seed you can recover your coins anywhere: electrum, other hardware wallet... it is 100% compatible with any other wallet. Well it was both a statement and a question. "If I understand correctly". I wasn't spreading misinformation. I'm still learning. I crossed out that paragraph. I looked it up and found this: Cryptocurrencies are never stored within the hardware wallet itself, they always live on the blockchain. The hardware wallet merely stores your private key. That private key opens the lock to your address on the blockchain where your assets actually live. Since the blockchain is everywhere, all you need is your hardware wallet to interact with your tokens. Right, so it stores your private key. And if that's lost, you lose access to your crypto forever, right? Are you saying you have the private key backed up somewhere? If so, then the hardware key doesn't seem so secure after all, wherever other places the key is stored could also compromise your account. I looked further and found this: If you lose your hardware wallet, you can still recover your crypto thanks to your seed phrase
Storing your seed phrase properly is very important, as it’s your final chance to save your crypto from oblivion
There are services to secure and backup your seed phrase, so consider using one if you’re fairly clumsy Seems to me if your hardware wallet is destroyed, and you forgot to keep your seed phrase safe because the hardware wallet gave you a false sense of security, then it's all over. How is a hardware key any better than a software wallet if the only thing protecting it is the seed phrase? If someone got your seed phrase, then they can make another hardware key, right? So, no different than a software wallet, except that the hardware wallet is offline. Yet, you can get a software wallet offline too. Just make sure the device it's on doesn't have an internet connection like a no-data phone with wifi disabled, or a computer without a wifi card that's not plugged to the internet. I guess, both those options would kind of function like a hardware key, so maybe I'm underestimating the average joe's lack of computer skills. So, I guess the hardware wallet has some value, but only if your seed phrase cannot be accessed online. |
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Are there any advantages to keeping bitcoin in Coinbase?
No. Or is it more advantageous to move into a private wallet controlled only by myself (such as Samouri Wallet)?
You should buy a hardware wallet and store your coins there. If you let money in Coinbase, your coins aren't really yours. There are 3 main risks imo: 1 - Your account may be frozen due to some crazy new regulation/anti-money laundering policy/etc. 2 - Coinbase may be hacked and you lose your coins 3 - Coinbase may just disappear and run away with your money. This is less likely, but why take any risk? With about 80 usd you can buy a ledger nano and you will have a 99.99% secure wallet. You won't get hacked, it is very easy to use and your coins will be yours forever. Your coins will be really yours. There is no way to confiscate your coins from you. Even the government, or a judicial sentence, nothing can take your coins away from you. The proper way to use bitcoins is buy storing it in your wallet. You will be responsible for keeping your private keys safe, noted down in a piece of paper (which is all you need to spend them) Hardware wallet is also risky. It could get stolen, confiscated, broken, destroyed, or simply lost. Without the hardware wallet, your money is gone, if I understand correctly. For a software wallet, you could memorize the password, mnemonic, and codes; and while that takes effort and has a chance of loss, it isn't in anyone else's hands but your own. If a hardware wallet gets stolen, it might not be your fault. If you forget the pass to your wallet, that one is totally on you (unless you have brain damage or die and don't have it backed up).Very good 3 points about why to not keep in Coinbase though. Another concern I have is how fees would work and when is the optimal time to withdraw to a private wallet. |
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