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Author Topic: Turning Bitcoin into ££££  (Read 343 times)
BTCforJoe
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January 03, 2018, 08:44:06 AM
 #21

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.


Ah, sorry, I forgot to include the payment method. It was with PayPal. The buyer apparently used a PayPal account with a credit card that didn't belong to him/her. My friend's account ended up getting locked while it was investigated. The lock was released within 2 days, but the payment that was made by the buyer was removed from her account. I'm not sure of the overall outcome of the situation; whether she filed a report to lbc or not. I can check with her the next time I speak with her, but that's the gist of what happened based on her fb post regarding the matter.

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January 03, 2018, 08:48:43 AM
 #22

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 did some research regarding the exact same matter few weeks ago.

I think localbitcoins.com is the best at the moment.

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January 03, 2018, 09:04:25 AM
 #23

Ah, sorry, I forgot to include the payment method. It was with PayPal. The buyer apparently used a PayPal account with a credit card that didn't belong to him/her. My friend's account ended up getting locked while it was investigated. The lock was released within 2 days, but the payment that was made by the buyer was removed from her account. I'm not sure of the overall outcome of the situation; whether she filed a report to lbc or not. I can check with her the next time I speak with her, but that's the gist of what happened based on her fb post regarding the matter.

That makes sense. If you use a reversible payment method to sell Bitcoin then you obviously open yourself up to be scammed whatever other precautions you take. Avoid Paypal and/or credit cards at all costs. I'm pretty confident using national bank transfers as my bank would have to agree to the charge being reversed with is very unlikely to happen.

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January 03, 2018, 09:15:33 AM
 #24

You can also buy gold using Bitcoin, then sell the metal back to the broker and gain instant liquidity into ££ in London.
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January 03, 2018, 09:24:32 AM
 #25

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!

I dont ever think that any wallet provide such kind of service.
As i know, if you have local exchanger like in my country, it is so much easier because they work in local currency.

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January 03, 2018, 09:29:32 AM
 #26

If local bitcoin isn't suitable (none local, poor rates or large amounts) the consensus appear to be to route withdrawal via GDAX, Revolut for Euro, then to UK bank.   Its odd that there are a number of exchanges and coins operating out of UK, yet the banks dont seem to allow direct Crypto to GBP transactions.
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January 03, 2018, 09:32:54 AM
 #27

Meet people off the forums, localbitcoins, paxful, through social media, gumtree, etc. Now most will be sketchy but if you do it just right (plus charge the extra 10-30% and have the correct safety precautions, you'll be all good to go). It's a lot of money, cheers mate
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January 03, 2018, 10:11:50 AM
 #28

There is no such thing as a wallet that was invented in my mind but I think there are so many ways to buy bitcoin from what you are looking for wallet that you just search on google. Okay, you have to ask questions in this forum because I think you can find it because I still do not know that there is such a wallet so it's possible to have such a place in your area.

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January 03, 2018, 11:46:38 AM
 #29

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?
Register on the English stock exchange. Buy and sell Crypto currency for pounds.
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January 03, 2018, 12:07:54 PM
 #30

in coinbase you can convert to gbp. if you dont want to use coinbase, you can order XAPO. It offers  gbp card.
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January 09, 2018, 03:14:42 PM
 #31

You could also ask around to find a local Bitcoin meetup in your area. I have built some very good relations with people I have

met at these meetups and I bought and sold a lot of coins this way. You start with small trades and work your way up as the

trust between the parties are established. We even became friends and visit local pubs in the area, when I am in town. Many

late nights and bitcoins spend on these visits.  Grin

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January 18, 2018, 03:01:37 PM
 #32

Localbitcoins is easily the most known way, and probably the safest too as they act as an escrow for the funds. On Localbitcoins you will also see businesses that buy bitcoins for a regular amount, and you can often perform the transaction at their branch for your security.

Alternatively, check out the currency exchange section in the marketplace, you can typically find someone to do a cash transaction in the UK.

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January 21, 2018, 03:45:00 PM
 #33

You can also buy gold using Bitcoin, then sell the metal back to the broker and gain instant liquidity into ££ in London.

I don't think the gold broker is going to just sit there and let you run a few million quid through their operation. They'll stop you at a few tens of thousands of pounds.

For reasonable amounts I'd do Localbitcoins. For large amounts I'd do OTC like Genesis Trading or Coinfloor. I don't think I'd bother with any exchange considering how many hoops you have to jump through to route the money from abroad.

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January 21, 2018, 04:02:23 PM
 #34

I don't think the gold broker is going to just sit there and let you run a few million quid through their operation. They'll stop you at a few tens of thousands of pounds.

Even for buying or selling smaller amounts of gold you will need to show a passport and they will file a form to HMRC. I've done that before and it was a requirement for a 100g bar (about $1,500 at the time IIRC).

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January 25, 2018, 02:39:26 AM
 #35

I guess you could try to use coinfloor.co.uk - which is an UK based exchange. If I remember well they are mentioning that they do change BTC into UK Pounds.

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January 25, 2018, 02:44:13 AM
 #36

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?
Try to sell it at localbitcoins.com. Also, you can always exchange your bitcoins more efficiently by converting them into dollars and then converting the dollars you get into pounds which is more legally accepted.

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February 10, 2018, 06:48:04 AM
 #37


I don't really understand what you are asking. but if you want to benefit from bitcoin or crypto, you can either invest or trade. try to find more knowledge about bitcoin, investment and market. maybe you will get a lot of understanding and knowledge.

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March 16, 2018, 09:14:36 AM
 #38

There is a limit beyond which people will not pay either for tulip bulbs or for bitcoins. At some point, some of the holders of currencies will decide that the price is already high enough - and you need to sell.
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March 16, 2018, 11:10:39 AM
 #39

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 don't think there is any kind of wallet where you can convert your bitcoins into pounds. You can use any local crypto agent or dealer who can exchange the bitcoin with you in your local currency pounds. Even you can use of localbitocins.com where you can find the right guy who can make your problem solved. But be careful while dealing with the person whom you don't know, so only exchange your bitcoin with them whom you personally know or you approach them if there is any problem.

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March 16, 2018, 11:13:53 AM
 #40

Instead of converting your Bitcoins to real currencies like Euros, you can convert it into stable coins like TUSD or TEURO. Which will be easy to hedge your risk whenever you want.


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