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Author Topic: Turning Bitcoin into ££££  (Read 520 times)
CryptoRagnar
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January 02, 2018, 03:13:04 PM
 #1

What’s the best way to turn crypto into pounds uk?

I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?
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January 02, 2018, 03:16:29 PM
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What’s the best way to turn crypto into pounds uk?

I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?

I'm not from UK but don't you have any wallet that supports withdrawal to your bank account?
Upping this thread and hope someone from your same location answers your question. Good luck!

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CryptoRagnar
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January 02, 2018, 03:20:58 PM
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Thanks

I never knew you could get wallets that did that
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January 02, 2018, 03:21:20 PM
 #4

What’s the best way to turn crypto into pounds uk?

Probably the easiest and safest way is to sell it on localbitcoins.com other than that you can try advertising it on the currency exchange board of this forum. https://bitcointalk.org/index.php?board=53.0

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January 02, 2018, 03:23:37 PM
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There is no wallet that converts to pounds.

The closest you'll get is a xapo account with a debit card. Then you can withdraw through ATMs with their debit card.

Other than that localbitcoins is gonna be your fastest option.
buwaytress
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January 02, 2018, 03:30:53 PM
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I'm with the rest here on Localbitcoins. Always used it in now more than five countries and never had a hitch (unless you call waiting more than 3 business days for bank wires to clear a hitch). I'm slowly warming up to Bisq, which will be familiar to use if you also use LBC before, same p2p concept except it has its own software which you need to keep connected for the duration of the trade. Basically, any p2p platform should work locally.

For some convenience (with a daily limit at basic verification), I've also been somewhat satisfied with BitPanda, which processes my withdraws within the hour of request. I just sell everything to the local EUR wallet, which results in the lowest fees. Then you can withdraw to any bank account, including a GBP one.

CryptoRagnar
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January 02, 2018, 04:04:20 PM
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So it’s safe localbitcoins?

I’ll have a look on there website and see what it’s all about
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January 02, 2018, 04:07:03 PM
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So it’s safe localbitcoins?

I’ll have a look on there website and see what it’s all about

I've been using it since 2013 and never had a problem. It's peer-2-peer trading and your coins go into an escrow which you only release after the buyer has transferred the money to your bank account.

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January 02, 2018, 04:08:35 PM
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you have different methodes, don't think any wallet can sell to pound yet. sell it on exchange or like some people here said or you can look for a card like tenx (debit card)

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CryptoRagnar
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January 02, 2018, 04:14:59 PM
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The local bitcoin looks good.

So I just sell my bitcoin to a seller or do I advertise my own bitcoin?

What’s the procedure or the easiest way?
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January 02, 2018, 04:25:10 PM
 #11

The local bitcoin looks good.

So I just sell my bitcoin to a seller or do I advertise my own bitcoin?

What’s the procedure or the easiest way?

Just sell it to someone already advertising. As you've just signed up and don't have any feedback nobody is likely to respond if you placed an advert.
Just click on the sell button next to the advert you choose and then fill in the amount and your bank details. Then you should get a confirmation that request has been accepted and then another when it is marked as paid. Check your online banking to see if it is there then release the escrow.

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January 02, 2018, 04:31:55 PM
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Just sell it to someone already advertising.

and it's worth taking a modest hit for the sake of dealing with someone with a ton of feedback over some nobody. track record counts for everything with this stuff.
CryptoRagnar
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January 02, 2018, 05:04:36 PM
 #13

Thanks everyone.

Sounds really easy.

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January 02, 2018, 07:28:43 PM
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Just used the local bitcoins. Worked a treat!! Thanks!
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January 03, 2018, 05:23:13 AM
 #15

Just used the local bitcoins. Worked a treat!! Thanks!

Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!

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January 03, 2018, 05:41:15 AM
 #16

I now have 2 options to achieve this goal, although I am a Brit I don't live there anymore so use $ as my cash ut option although it will work just as well with Sterling.
I have used kraken for a while, convert my crypto to FIAT on their platform. You have pay be a withdrawl fee so make sure you are doing a reasonable amount that it doesn't become a large %

Now I have a Centra card to use, can spend Crypto anywhere there is a Mastercard symbol or withdraw cash from an ATM it is a godsend

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January 03, 2018, 06:47:54 AM
 #17

Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!

Do you know what payment method the buyer used? I'm not 100% certain of this but I don't think a UK national bank transfer can be reversed unless it turns out the buyer has had there bank account hacked. That's very unlikely as they usually have very strong security (mine has a physical 2fa device). I have seen localbitcoins accounts listed for sale but usually US ones and never a UK one.

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January 03, 2018, 07:01:24 AM
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You can sell through litebit.eu. It's a merchant who sells and buys crypto currencies and sends the money to your bank account. I have bought cryptos several times from them and they seem to be honest (located in Netherlands).
Crypto Bloke
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January 03, 2018, 07:08:47 AM
 #19

If you withdraw to your bank account wouldn't they enquire as to where this money has come from - (anti money-laundering precaution)?
TheQuin
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January 03, 2018, 07:39:17 AM
 #20

If you withdraw to your bank account wouldn't they enquire as to where this money has come from - (anti money-laundering precaution)?

This is one of the advantages of using a peer-2-peer exchange like localbitcoins. The money comes from another UK bank account of an individual or company rather than an international wire transfer from a crypto exchange so is much less likely to be flagged.

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