To further expand on the coin price comments by Phil and others... yeah, I thought for sure that when the dip started 3 days ago we were headed for a pretty big correction. Most coins were down 10-15% and that even held into the next day. But then yesterday, essentially overnight for those in the US, almost all of those losses were erased and and now most coins are either back where they were 4 days ago or even higher. i'm not saying there won't be another correction but the market has shown much more resiliency most of this year, meaning pretty much every dip, even the big ones, were immediately followed by a growth period where BTC and many alts hit all times highs. but most of those prior dips lasted much longer than this recent one and took much longer to recoup losses than 2 days. To me, this likely means there is more stability in the market now, and I wouldn't be shocked to see many coins gain another 25-40% before another correction hits.
Granted, despite this optimism, I am still looking to liquidate at least a bit of my portfolio in the coming weeks. To that end, I would like to ask what method most people like to use (aside from the obvious Coinbase) here to convert BTC to fiat (in my case, USD). I took a look at LocalBitcoins.com and there are many buyers there offering at or even above current market prices. Has anyone used this? Is it legit? What about the paypal option? anything to look out for when using that? Aside from that, any other recommendations would be appreciated.
Never never never never sell btc for paypal.
The buyer has 6 months to scam you no matter what you do.
I don't know why you won't use coinbase but if you have never used coinbase and don't have an account setup thats a reason.
With coinbase sells sell under 1000 usd two or three days in a row. You will be fine.
Never do a big coinbase sale send receive or pruchase. The ruling handed down this month for IRS access to coinbase is simple:
any 20000 dollar move of any kind
a sale for fiat
a purchase for fiat
a send
a receive and Coinbase has to send all your records to the IRS from 2013 to 2015 not sure about 2016 or 2017.
So to be safe do under 0.75 coins in a move and don't do 3 moves of 0.75 close to each other.
sales of 1000 usd are not close to the ruling.
https://blog.coinbase.com/coinbase-obtains-partial-victory-over-irs-dac041db59a3Coinbase Obtains Partial Victory Over IRS
Coinbase appeared in federal court this month in the continued fight with the IRS over our customers’ privacy. You can read more in this blog.
We are pleased to say Coinbase won a partial victory in court today. Although the Court did not completely quash the government summons compelling disclosure of certain customers’ records from the period 2013–2015 as we requested, we were proud to accomplish two important victories for our customers.
First, the government vastly narrowed the scope of its summons. The government’s own lawyers noted at the hearing that the IRS is not accustomed to having to fight for records in this context, and most companies just turn records over without going to court. Thanks to Coinbase’s efforts, more than 480,000 customers’ records were preserved from disclosure. This is a 97% reduction in the number of customers impacted by this summons.
Second, the quantity of data we must produce for the approximately 14,000 customers who remain in scope has been significantly reduced. In narrowing the scope of the summons, we are pleased that the Court acknowledged the privacy rights at stake in this matter.
Coinbase started this process more than 12 months ago, and while today’s result is not the complete victory we hoped for, it does represent a substantial and unprecedented victory for the industry and the hundreds of thousands of customers that would have been unfairly targeted if it weren’t for our action. Although we are disappointed not to be able to entirely defeat the summons, we are proud to fight for our customers and in the result we were able to achieve as a small company against a large government agency.
Coinbase is in the process of reviewing the order. As we proceed, we will continue to keep our customers updated. Coinbase has millions of customers and the narrowed summons affects approximately 14,000 of the highest-transacting customers from 2 to 4 years ago. This represents less than 1% of our customer base. In the event that we ultimately produce the documents under this Court order, we intend to notify impacted users in advance of any disclosure.
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