How do I extract crypto from my wallet

[Krytokee]

Hi all,

I currently have a sum of money sitting in a wallet. Can I simply extract the value in one go and place it into my bank account? Or is there a protocal to follow?

Do I need to declare this with HMRC as all I want to do is place it into my bank account.

Many thanks,

K

[Lucius]

You obviously want to sell your crypto if I understood correctly, and to do that one of the most common options is to create an account at one of the famous crypto exchanges. After you send the crypto to the exchange, and sell it for fiat - you have the opportunity to make a transaction of these funds to your bank account.

Since I see you mention HMRC, it means that you are from the UK, so there is a possibility that you need to pay capital gains tax (if it exists), which will be better explained to you by someone from there.

For someone who has crypto, it's a little weird that you're not even familiar with the basics - if it's no secret how you came into possession of those cryptocurrencies?

Edit : I looked at your post history, now I see that it is an inheritance from a deceased family member.

[Krytokee]

You obviously want to sell your crypto if I understood correctly, and to do that one of the most common options is to create an account at one of the famous crypto exchanges. After you send the crypto to the exchange, and sell it for fiat - you have the opportunity to make a transaction of these funds to your bank account.

Since I see you mention HMRC, it means that you are from the UK, so there is a possibility that you need to pay capital gains tax (if it exists), which will be better explained to you by someone from there.

For someone who has crypto, it's a little weird that you're not even familiar with the basics - if it's no secret how you came into possession of those cryptocurrencies?

This was inherited them after my uncle passed away. (i have made several posts about this already)

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

K

[OmegaStarScream]

This was inherited them after my uncle passed away. (i have made several posts about this already)

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

K

I can't tell you about the legalities, but in order to sell the bitcoin and convert it to cash, you must use an exchange as stated above. I would suggest using Coinbase for this unless of course, the BTC is already sitting in an exchange rather than a non-custodial wallet? But I would doubt that.

Keep in mind that if you're planning to sell a large amount (at once) as you mentioned, you might have some explaining to do, for both the exchange and the bank.

[Lucius]

You cannot withdraw cryptocurrencies directly to a bank account if you think in that direction - you have to sell them and then make a transaction to your bank account. If you don't want to sell everything, you can sell only a part and leave the rest in the wallet - or move to another wallet of your choice.

I would suggest using Coinbase for this unless of course, the BTC is already sitting in an exchange rather than a non-custodial wallet? But I would doubt that.

Since the OP has inherited accounts, one of which is on Coinbase, I don't know what the legal situation is in case he makes a direct sale from an account that is not in his name - maybe it would be better to make accounts in his name and transfer crypto there before start trading.

At the moment in my possession i have Bittrex and Coinbase secret codes. I also have to log in details to get into these websites but the main issue is the Goggle Authenticator. I just cant get in. Iideally i would like to transfer the 2fa details to me and my mobile phone. 

[tertius993]

You obviously want to sell your crypto if I understood correctly, and to do that one of the most common options is to create an account at one of the famous crypto exchanges. After you send the crypto to the exchange, and sell it for fiat - you have the opportunity to make a transaction of these funds to your bank account.

Since I see you mention HMRC, it means that you are from the UK, so there is a possibility that you need to pay capital gains tax (if it exists), which will be better explained to you by someone from there.

For someone who has crypto, it's a little weird that you're not even familiar with the basics - if it's no secret how you came into possession of those cryptocurrencies?

This was inherited them after my uncle passed away. (i have made several posts about this already)

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

K

Yes if you want the GBP you have to sell them first - think of them more like shares in a company - if you had been left shares they would have a significant value but they can’t just be “sent” to a bank account you would have to sell the shares on an exchange and then transfer the resulting GBP.

Regarding tax - firstly there may have been inheritance tax paid as they would have formed part of your uncle’s estate. That is the responsibility of the estate not you. When you sell the Bitcoin CGT may be due if the value has gone up in the period between you inheriting them and selling them. Don’t forget you have an annual CGT allowance and it is only gains in excess of that allowance (£12,300 this year) which will incur CGT.

Finally if you just want to transfer the coins to your direct control then you can obviously do that by setting up a suitable wallet or you could use Revolut which is a bank account that also supports some crypto currencies.

[joniboini]

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

Think of it like a stock, or collectibles. You can't just "withdraw" them and place them in your bank right? Unless of course, your bank supports them by default (which is rare, a minority even). I don't think it's complicated at all, you probably just don't know how to do it. Just browse for a while and ask if you don't understand, it's not rocket science.

[dkbit98]

I currently have a sum of money sitting in a wallet. Can I simply extract the value in one go and place it into my bank account? Or is there a protocal to follow?

What wallet exactly are you using?
Selling or buying of coins are done on crypto exchanges that are not wallets meant for holding coins, and if you worry about legal issues better talk with your lawyer who knows your local law, and don't ask legal advice from random dudes on forum.

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

Banks are for fiat money.
Wallets are for Bitcoin, best non-custodial and open source like Electrum.
Exchanges are for exchanging coins and fiat money.

[sheenshane]

I currently have a sum of money sitting in a wallet. Can I simply extract the value in one go and place it into my bank account? Or is there a protocal to follow?

Hello there, you need to elaborate more so that we can find a better solution to your problem.

• What crypto wallet you have used?
• What cryptocurrency it is?
• Is the Cryptocurrency ban in your place?

If we all know those I mentioned above we can give helpful advice but if you want really want in a legal way, just follow the advice above, find a local lawyer which is they know better when it comes to your local law.

Alternatively, if you don't care about the legality, we have a p2p decentralized exchange that you can use though it's risky at least you have an idea.

• https://hodlhodl.com/
• https://bisq.network/

[Sweminer777]

You can use Localbitcoins to find a seller that can meetup and use cash .


It is the safest way to avoid any type of control.

[jrrsparkles]

Hi all,

I currently have a sum of money sitting in a wallet. Can I simply extract the value in one go and place it into my bank account? Or is there a protocal to follow?

Do I need to declare this with HMRC as all I want to do is place it into my bank account.

Many thanks,

K

There is no banks in this world accepts cryptocurrency as their deposit so obviously you have to sell it and I don't know what is wrong with selling and taking the cash from your bank account.

You can move the funds to any exchange and convert into fiat there or go to p2p exchanges where you can directly sell the funds to buyer and the funds will be coming to your bank account,once you confirm the payment received then you can release the escrow.

You can use Localbitcoins to find a seller that can meetup and use cash .


It is the safest way to avoid any type of control.

LBC stopped their in personal trade escrow a long way back, so you only can sell it to any of the online payment modes.

[NeuroticFish]

So in order to extract from the wallet I need to sell the coins even though there is a large value on it? I cant just withdrawn it into a bank account? Seems very unusual and rather complicated.

Think on the coins like they would be gold, or shares or something like that. Banks don't accept (yet?) that directly.
It's even worse, some banks don't like to receive money from exchanges and may make you headaches.

Some directions I advise:
* Exchange smaller amounts at a time and see how it goes. There are decentralized exchanges, there are centralized exchanges (but they need KYC), there is even the in-person option or bitcoin ATMs (although the last have rather big fees).
* Something people didn't advise on this topic, but imho it's a direction worth thinking about are crypto cards. Many are available in UK. You need to provide KYC and stay legal, but you'll get a Visa or Mastercard you send crypto (top up) now and then and spend with the normal expenses or withdraw at ATM. There are many providers, different fees, you'll have to choose one that fits you better.

[tertius993]

Man
There is no banks in this world accepts cryptocurrency as their deposit so obviously you have to sell it and I don't know what is wrong with selling and taking the cash from your bank account.

You can move the funds to any exchange and convert into fiat there or go to p2p exchanges where you can directly sell the funds to buyer and the funds will be coming to your bank account,once you confirm the payment received then you can release the escrow.

Actually Revolut (UK based FinTech) support both cash and crypto accounts all in their mobile app so it is theoretically possible. However, having looked at my accounts you can buy and sell crypto directly within the app, you can all send it from Revolut elsewhere but as far as I can tell you can’t send crypto to your Revolut account.

To the OP:
I have read your other threads now and a couple of questions:
1. Do you now have full access to the exchange accounts holding the crypto?
2. Do you have your own account to setup on any exchanges?

[jrrsparkles]

Man
There is no banks in this world accepts cryptocurrency as their deposit so obviously you have to sell it and I don't know what is wrong with selling and taking the cash from your bank account.

You can move the funds to any exchange and convert into fiat there or go to p2p exchanges where you can directly sell the funds to buyer and the funds will be coming to your bank account,once you confirm the payment received then you can release the escrow.

Actually Revolut (UK based FinTech) support both cash and crypto accounts all in their mobile app so it is theoretically possible.

Its more like a wallet not the bank account because you can't receive funds from an external wallet, for example if I have a Revolut account I can't able to deposits bitcoins into my accounts from an electrum wallet, you can only receive from another revolut user of can buy from their platform using their exchange.

Can I receive cryptocurrencies sent to my Revolut account?
You can receive cryptocurrency sent by another Revolut user.

However, you will not be able to receive cryptocurrencies sent from outside the Revolut platform (i.e. from an external wallet).