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Author Topic: How Do You Cashout BitCoins?  (Read 1599 times)
imteaz
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October 20, 2017, 04:53:18 PM
 #1

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

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October 20, 2017, 06:54:41 PM
 #2

Some exchanges don't have the option to sell your coins for $,£,€
In some exchanges such as Kraken, Bitstamp, etc people can sell their bitcoins (of course) for dollars, euros, etc and then get the money transferred to their bank account quite easily.

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October 20, 2017, 07:10:33 PM
 #3

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

Some exchanges dont have cashout to convert for a dollar  or  euro currency. You have to send your bitcoin first to an external wallet like like blockchain,info wallet. You can sell your bitcoin at https://localbitcoins.com/ and it will be directly send to your preferred bank or in a remmitance center.

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October 20, 2017, 07:26:40 PM
 #4

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.
If you want direct withdrwal to your fiat account search for some local exchange or wallet usually they provide direct bank transfers. Rest it depends upon your country. You will easily find exchanges converting bitcoin to usd, gbp or eur. Its hard to exchange with rest of the currencies.
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October 20, 2017, 07:28:08 PM
 #5

In germany you can use bitcoin.de to easily trade bitcoins in euro. But dont forget the taxes Smiley

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October 20, 2017, 07:28:37 PM
 #6

Yes Bitcoin is being too much used on almost all the exchanges. Now when I was new to Bitcoin and have no bank account I use to transfer all my coins to my local trader which I have found from local Bitcoin site and since then I used him for trades. So now I have got a bank account and so he sends my Bitcoin directly to my bank account.


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October 20, 2017, 07:33:56 PM
 #7

Coinbase is where it's at, you just have to be fine with going through the KYC and other sort of government sanctioned regulations where you're going to have to give up some of your personal information so there is privacy concerns with that. I know that others have other methods such as using Paxful, Local Bitcoins and so on and so forth but I'd rather have issues with privacy rather then pay disgusting fees that are just going to take SO MUCH MONEY.

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BillCoin
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October 20, 2017, 07:37:12 PM
 #8

Usually, when I need to convert my bitcoins into fiat, I do it through a real life meeting.
Why? because there are 0 fees, and because it is the most anonymous way of converting virtual currency into fiat.

The only risk while doing it is that you can't know who are you going to meet, and this person could just scam you, or treat you.
If you are looking for a zero fee transaction that could be your pick.

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October 20, 2017, 07:43:32 PM
 #9

Usually, when I need to convert my bitcoins into fiat, I do it through a real life meeting.
Why? because there are 0 fees, and because it is the most anonymous way of converting virtual currency into fiat.

The only risk while doing it is that you can't know who are you going to meet, and this person could just scam you, or treat you.
If you are looking for a zero fee transaction that could be your pick.


Yes but be careful when you meet to trade in person. There have robbery cases before.
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October 20, 2017, 07:45:17 PM
 #10

I don't know which exchange do you use but I think yobit supports this transfer and withdraw money (usd , euro , ruble...) I remember I deposited and withdrawed many times using ruble with payeer  bank , also I read somewhere Bittrex supports this option too .
PS : log in to your exchange account and go to wallet (you find a list of currencies BTC USD EURO ETH...) and two signs for each currency (+ for deposit ) and (-for cash out)
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October 20, 2017, 07:48:04 PM
 #11

Hi imteaz,

I would take a look at the beginner section of the forum.  It can provide a lot of good information that you might find helpful. 

To answer your question, you need some sort of exchange if you will, like coinbase that will pay for the coins you have into USD.  Lots of exchanges out there you just have to find the one you want.

Gyro
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October 20, 2017, 07:50:42 PM
 #12

Usually, when I need to convert my bitcoins into fiat, I do it through a real life meeting.
Why? because there are 0 fees, and because it is the most anonymous way of converting virtual currency into fiat.

The only risk while doing it is that you can't know who are you going to meet, and this person could just scam you, or treat you.
If you are looking for a zero fee transaction that could be your pick.


This works good for small amounts but larger amounts and were talking money laundering laws being broken.

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October 20, 2017, 07:51:43 PM
 #13

I used the exchanges to convert the Bitcoin to USD and then withdraw USD. most of the exchanges can be converted to USD

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October 20, 2017, 07:51:57 PM
 #14

There are other exchanges which do the converting for you. Coinbase, Gemini, Bitpanda, Bitstamp are just a few which you can sell your bitcoins and they can pay you in fiat money through bank transfer or different payment processors, like Paypal,Skrill,Neteller etc.




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October 20, 2017, 07:55:55 PM
 #15

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

You can transfer your coins to localbitcoins and sell there, which the payments will be sent directly to your bank account, which you will provide. It is very fast and easy to use.

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October 20, 2017, 07:57:32 PM
 #16

I do cash out my bitcoin through the help of the local bitcoin wallet in my country. I usually used rebit bitcoin wallet this online bitcoin wallet allows me to send money and buy bitcoin or alt coin.
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October 20, 2017, 10:07:12 PM
 #17

There are other exchanges which do the converting for you. Coinbase, Gemini, Bitpanda, Bitstamp are just a few which you can sell your bitcoins and they can pay you in fiat money through bank transfer or different payment processors, like Paypal,Skrill,Neteller etc.
When you send your fiat to your bank account, try a smaller amount first, some banks in the EU are starting to stop transfers coming from Crypto exchanges, and sending back it to the exchange. You can search for the name of your bank in the forum to check if there were any problems when others were wiring back funds from exchanges.

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October 20, 2017, 10:16:10 PM
 #18

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

I'm a trader and I do convert my bitcoins to usdt when I feel the price drop. There is option to convert your bitcoins to usdt on most exchanges which convert your bitcoins to equal US dollar price and you can buy bitcoins back with that money but most exchange require verification if you cashout fiat money so convert your fiat money to bitcoin and sell it on localbitcoins if you don't want to go through verification process. 
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October 20, 2017, 10:19:56 PM
 #19

Since beginning I am using localbitcoins for selling my bitcoins as I find it very easy, convenient and safest way to sell my bitcoins and get fiat money transferred to my bank account in no time as the traders are very genuine with high trust rating and localbitcoin involves escrow services so there is no room for getting scammed.



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my_cryptos
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October 20, 2017, 10:23:09 PM
 #20

frankly speaking I buy bitcoin now and invest in tokens.
but every moment I can sell using exchangers with are much in every countries. some exchanges offer to get money by cash.

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