How Do You Cashout BitCoins?

[VitKoyn]

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 try visiting local trading sites like localbitcoins.com you just have to create a sell order and once a buyer accepts your offer the payment will be directly deposited in your bank account or you can try selling it here in bitcointalk but only transact with trusted members and use an escrow. Here in my country the easiest way to convert bitcoin to cash is through coins.ph unlike localbitcoins.com you don't have to wait for buyers and you have lots of option to make a withdraw in cash (through banks, ATM, remittance, or door to door delivery). I don't know if this service is available in your country since you didn't stated your location.

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[Hagmonar]

I cash out my bitcoin in our local bitcoin wallet exchange first i convert in our local currency then withdraw local fiat money then buy on what we like to buy in our country

[cryptopig]

coinbase to my credit card

[TheCoinFinder]

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.

While cashing out from bitcoin to altcoins, you can do it using any exchanges but seems you want to ask how converted usd can be cashed out to specific bank account?
If i am not wrong, here are very few platforms that can allow you to do so and the trusted one i am using since beginning is Coinbase.com.
From there, you can deposit or withdraw usd using bank account.

[degraff]

what tax rate is applied in US when you cashout your bitcoins?

[gwapsz]

It depends on what wallet application coinbase or website that you are using some of them will support to cash out to fiat like in the Philippines the application is called coinsph that can easily convert btc to php fiat and choose some choices to pick up your money, i hope some of the applications like this can be implement to make the convenience in btc transaction more easier than transferring it to another exchange that take some time and satoshi.

My workmate can simply cash out his bitcoin using coins.ph with hassle. It is really convenient to use.

[Mandoy]

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.

Actually there are tricks as to how to deposit dollars and withdraw dollars from any exchanges. But there are processes that is needed to be done especially that there is no direct method of withdrawal or depositing btc in an exchange. Your dollar will pass through a third party before it enters or exit the exchanges.

[DewiKirana]

Good question.
Personally I exchange bitcoins to dollars using both wallets, Blockchain and Luno. My experience using both wallets was never a problem in the exchange process. So I suggest you to use Blockchain or Luno wallet

[ongels]

Well in our country, You can simply cash out your btc through downloading php coins wallet, there are already menu's on that wallet where you could encash you btc, just simply follow the directions in the menu and everything will happen as easy in an instant.

[shezu007]

bitcoin is a crypto currency and it is easily changeable to any other currency. i am using just simple method of converting bitcoin to my desire currency through exchanges in which there is no problem and taxes are also very low.

[Mpamaegbu]

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.

Really, Kraken and Bitstamp? I don't have an idea they do fiat exchange for coins. I will check them up. And OP, it isn't true that all exchanges use Bitcoin mandatorily for deposit. Some exchanges do accept ethereum for deposit.

Of course OP, localbitcoin is a veritable source of exchange for crypto to fiat but the processes are not that as fast as it would've been doing it on a trading exchange.

[speedy963]

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 try visiting local trading sites like localbitcoins.com you just have to create a sell order and once a buyer accepts your offer the payment will be directly deposited in your bank account or you can try selling it here in bitcointalk but only transact with trusted members and use an escrow. Here in my country the easiest way to convert bitcoin to cash is through coins.ph unlike localbitcoins.com you don't have to wait for buyers and you have lots of option to make a withdraw in cash (through banks, ATM, remittance, or door to door delivery). I don't know if this service is available in your country since you didn't stated your location.

For now banks and ATM's are the most efficient way on withdrawing money, or converting bitcoin/selling bitcoin to cash, it is a big help not only for me but im bitcoin industry. I honestly tried that before, and you should always look for some local exchanges that enables you to convert bitcoin without further hassle, and i think most countries had an offer of that kind of services i guess.

[ethereumhunter]

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.

the best thing that i can do is using localbitcoin or i can tell my friend that i have bitcoin that i want to exchange to fiat. this two way is really help me to cash out my bitcoin in anytime i want. and if you want you can use localbitcoin too to find recommend seller in around your city so you can sell your bitcoin with safe. or you can use local exchanges in your city if it is available.

[Ludmilla_rose1995]

for myself, I exchange bitcoins into my country's currency using local exchange. because some online exchanges do not convert dollar, euro and other currency.

[RayvenPierre]

I am using an app here in my country which is called Coins.ph, you can cash out on banks or remittances center. This app serves as a bitcoin wallet as well and you can also use it to pay some of your bills or top up your steam wallet or prepaid load.

[Sadlife]

Well that really depends in your location mate for example you are in the US you can use sites that supports cashing out in USD crypto exchanges is only for trading altcoins not fiat so you have to send that altcoin or bitcoin to a site that is in your country and convert it into fiat and withdraw through remittance, bank account, or cashless method. Dont know if your site supports cashless methods but mine does, i believe that sites that supports BTC/BTC is xapo,coinbase and blockchain.

[Sskapollo7]

I directly use them in gaming purpose by converting them by my wallet using miner by giving some fees
As in gaming , it doesn't matter to be fully extorted

[Scorpion]

I go from HitBTC to Coinbase and into my bank's checking account, all clear cut and easy and I'll have my money within a few days.

[germa66]

initially I think before hard fork happens there will be many people who sell their bitcoin and make the price more fall, but all the unexpected me all the people instead do stock btc and make bitcoin prices soar. so thus I also have the opinion that if I also do stock to my btc then it will give big advantage.

[Lecam]

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 cash out bitcoins through banks, in my wallet, there's a lot of options on how would you want to cash out. You can receive it through remittance, add it to your bank account or withdraw it through a bank. It's convenient because some of the withdrawals has no transaction fee, so it's good to withdraw bitcoin through the wallet that I use.