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Author Topic: Selling your mined btc  (Read 198 times)
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November 19, 2017, 03:09:06 PM
 #1

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.
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November 19, 2017, 03:18:57 PM
 #2

I personally haven't tried Coinbase (as it doesn't currently support my country), but I think Coinbase is your best bet when trying to buy or sell BTC. I have only personally tried localbitcoins.com, I suggest trying it out.

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November 19, 2017, 03:24:05 PM
 #3

Yes, I believe selling your BTC through bank account is the easiest and best way to get cash (check out Coinbase if you haven't), although you get cut down on fees by quite a lot. Localbitcoins may offer better rates, but I find it less safe since you are physically meeting up with the seller/buyer, which is also troublesome. If you use PayPal, Skrill or even play on Steam, try spending them online or converting them, and you will save a bit on fees.

You can find interested sellers and buyers in this forum here in the Currency Exchange section, and remember to only deal with the trusted members (green trust) here. Smiley You may even look for local sites that accept Bitcoin as a payment, which is what I do.


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November 19, 2017, 03:29:02 PM
 #4

I have never used Coinbase as an exchange for crypto to fiat, as I don't really trust them.
That's because Coinbase restricts a lot of features a normal wallet should have, which actually makes them own your money.
Also because I see a lot of threads here telling there account got restricted for deposits or other problems that prevent you from depositing your money.
I personally use Kraken for crypto to fiat, I know a lot of people think the same about this platform but I somehow trust them more but I'm still careful so I only do exchanges in small portions. The best thing would be finding someone trusted on Localbitcoins, that way you can make a good deal and make the exchange in real life.
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November 19, 2017, 03:36:31 PM
 #5

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.
Where are you live? You must try to use the exchange site that already provided the bitcoin service in your country. if you are in the US and coinbase seems to be a good choice. but you can try another exchange just like bitfinex. kraken looks bad right now.

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November 19, 2017, 03:48:26 PM
 #6

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.

It really depends on where you are living. I avoid Coinbase whenever it is possible - as I avoid all companies which were involved in the whole NYA-fraud. I consider them being an enemy of Bitcoin.

So try to find a trustworthy person on localbitcoins.com and change face-to-face.
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November 19, 2017, 03:51:14 PM
 #7

You are very wise, yes it is also wise to save some earnings we got from crypto to our local banks. In this way, we are keeping our fiat healthy, plus we have always an emergency money from our local banks.

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.


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November 19, 2017, 04:19:01 PM
 #8

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.

Really depends on where you at. There are a lot of trading platform that you can used, but its much better if you do it on a local exchange or just localbitcoins. For me I don't have a problem because we have a local exchanges which support a quick exchange from btc->fiat. I guess if you don't have a local exchanges, localbitcoins, just be careful and choose someone who is trusted enough and has a good reputation. A face to face in a crowded area is also a safe net for you. Goodluck on your future transactions.

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November 19, 2017, 06:45:03 PM
 #9

Well, i dont sell my mined bitcoins because i dont mine anymore because it was not profitable here in my country, but all the bitcoins that i get and i want to sell, i just sell them on localbitcoins, it is the most fair system for me because i sell it by p2p, it means that i meet with the other person and i sell them for fiat (us dollars) plus a one percent of the actual rate.
it means that if bitcoin is at $7000 each one, i will be selling my bitcoins at $7070, it is not a huge amount of money, but i dont lose money because of fees.
It is easy to sell through there.
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November 19, 2017, 06:57:20 PM
 #10

You should never sell your mined bitcoin , in near future they will worth more than $500.000 . Bitcoin is the first virtual currency and is better than gold or even the most expensive metal
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November 19, 2017, 07:08:52 PM
 #11

You should never sell your mined bitcoin , in near future they will worth more than $500.000 . Bitcoin is the first virtual currency and is better than gold or even the most expensive metal
You know that people still need to pay their energy bill and hardware, right?

@OP: It really depends where are you located. If Coinbase is supported in your country, I would use it. You can also check this website for other services listed by country[1].

[1] https://www.coinpurveyor.com/buy-sell-bitcoin-by-country/

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November 19, 2017, 07:29:55 PM
 #12

For an easy-to-use, low-commission, and trusted way, then I recommend Gdax. Gdax is Coinbase's peer-to-peer brokerage where you can trade your BTC for USD (with another person). Gdax pushes A LOT of volume and if you just place a market order, your order will be processed immediately.

Good luck and stay safe! Tongue
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November 19, 2017, 07:54:04 PM
 #13

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.

I am the best guy to give you advice on this as I have found a way to sell your Bitcoin for above spot price... and the way is by using LocalBitcoins and creating a selling offer and selling directly to the buyer who will deposit cash into your bank account and you can even make a few percent above the market price in doing so, so you actually make a decent profit.
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November 19, 2017, 08:47:03 PM
 #14

I have always used localbitcoins and i never had any problems with them so far, and i always deal with a buyer who always send me the money to my bank account in less than ten minutes.
i had some issues in the past, but they got solved fastly by the buyer, so i think that there is nothing to worry about if you a really looking to sell your bitcoins in there.
Have you tried coinbase? it is a good way to sell your bitcoins too, only that they take more than five percent just to buy your bitcoins, and that is very annoying, it is a lot of money

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November 19, 2017, 08:48:00 PM
 #15

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.
Bitpanda also has a good and handy service to cash out Bitcoin to bank account. They have fair fees in my opinion and work very fast. Pay out within one or two business days.
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November 19, 2017, 11:00:39 PM
 #16

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.

It depends on your jurisdiction. If you use Coinbase, make sure to transfer your BTC into their exchange platform (GDAX) before selling coins. They need order book liquidity, so there are no fees charged on limit orders. Even market orders on GDAX are much cheaper than Coinbase. The Coinbase simple broker interface is great and convenient for newbies, but they often don't realize that they are paying huge, unnecessary fees. Coinbase/GDAX is also great because you can get free ACH bank transfers.

Gemini and Bitstamp are also options for reputable/regulated places to sell your mined earnings and swing trade. There are other options, like Kraken and Bitfinex, but they are unlicensed. After BTC-e, I am wary of keeping funds there for long.

 
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November 19, 2017, 11:20:38 PM
 #17

I am looking for advice on best practices to cash out on all the btc I have made. It looks to me like they are all cutting huge percentages whatever I do, so what is the best option to get that hard earned bitcoin into my bank account? I am planning on using half of my earnings for own daily usage and half for reinvesting on a routine (weekly or monthly) basis. So far only coinbase looks like a handy way to convert btc to plain money on your bank account. I would love all your experiences and advices.
There are sone using banks to cash out and they keep telling that it is more easy there to cash. Well, I never experienced yet to cash out in banks. Just listened and read those advices then choose on their ideas.


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