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Author Topic: A beginner question  (Read 295 times)
Ekaterina Stalin
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August 28, 2018, 08:37:07 AM
 #21

Cash withdrawal must be realized through the trading platform, it is not possible directly from the mobile phone, and there are many trading platforms that can be directly cashed out!
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neo444
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August 28, 2018, 12:18:29 PM
 #22

I advice to find an exchange from the site of bestchange then you can transfer your bitcoin to money without any problem

nmht
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August 30, 2018, 10:47:46 PM
 #23

Will I have to verify my account or the person sending me money in order to withdraw or receive anything?
Muhammedayo
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August 30, 2018, 11:03:20 PM
 #24

A wallet is just there to keep your digital assets(
Bitcoin, ETH etc).
For you to change to cash ,you'll have to sell those digital asset to fiat currency which you can only do on an exchange platform that allows such.

Coinbase - If you're interested in USD.
If you're in Malaysia or Africa, Use any of the following:

Luno.com
Localbitcoins.com
Or
Remitano
Juggy777
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August 31, 2018, 03:04:41 AM
 #25

Hello, I'm sorry if this has been asked before.
In short, I will need to receive some money from a friend in bitcoins then I will need to withdraw that amount in cash.
I have downloaded and installed the "Bitcoin Wallet" app from Android. But I don't see any option there for withdrawal.

Am I in the right direction?

Thanks in advance

Hey you're definitely not in the right direction, you have downloaded some spammy wallet you should uninstall it immediately, download only electrum wallet, follow all the instructions write down your seed and pin somewhere safe. I hope you're aware buying and selling involves fees in bitcoins, for transferring it to cash you can use localbitcoins.com or use currency exchange here, but both places read thier reviews.

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jseverson
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August 31, 2018, 03:40:47 AM
 #26

Will I have to verify my account or the person sending me money in order to withdraw or receive anything?

No. You just give them your Bitcoin address and that's it. If you send the coins directly to Paymium though, they may need proof of origin, as they have said.

You may want to set up a "middleman" wallet so you don't risk losing the funds. Set up an Electrum wallet or something similar (a wallet you fully control, no verifications necessary, but no cash out option), have the person send the coins to an address in that wallet, then send an amount just below their proof of origin threshold to your Paymium wallet for withdrawal.

If we're talking about a massive amount, you shouldn't be sending it all to an exchange anyway because they could lock it up. If I were you, I'd focus on receiving and securing the coins first before worrying about converting it to cash.

nmht
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August 31, 2018, 11:37:55 AM
 #27

Thank you. So, as I see it.

I should set up an account at bestchange and Electrum and have my friend send me the bitcoins to electrum right?
After that how should I proceed with the withdrawal?

Also, is approximately 2000 dollars considered "massive"?
rasu_pa
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August 31, 2018, 01:39:17 PM
 #28

You need to send thoe bitcoins to any exchange or provider who has provision for fiat withdrawal to your currency like coinbase. Every wallet should have withdrawal and deposit option.
Determan
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August 31, 2018, 07:23:49 PM
 #29

You can exchange your btc on binance. It is very easy. Just register on it, press deposit, send your btc on specified address and then sell it. After that transfer your USD on credit card.
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August 31, 2018, 07:46:47 PM
 #30

I should set up an account at bestchange and Electrum and have my friend send me the bitcoins to electrum right?
After that how should I proceed with the withdrawal?

Also, is approximately 2000 dollars considered "massive"?

Electrum gives you a full control of your bitcoins. Ask your friend to send the bitcoins to the address generated by Electrum. After that you will have to look for an exchange which suits your needs. Most of them require their users to pass through KYC so it might take you some time. Once you decide which exchange to use, you will have to send your bitcoins from Electrum to the address generated by the exchange. I have written a tutorial on using Electrum for beginners, you might find it useful.

$2000 dollars in BTC is quite a lot. Wait for a few confirmations once you get your coins.

nmht
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September 01, 2018, 10:37:31 PM
 #31

Thank you, I will proceed with Electrum then.
Hopefully, it will be fine.
nitishkumar9999
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September 02, 2018, 03:36:40 AM
 #32

You are absolutely in right direction. Firstly you should sign up on any exchange as you feel convenient ( you want to kyc or not) and transfer to that exchange and you can sell it for fiat. Before registration please check that exchange suppport your country local currency or not.
tuongc944
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September 03, 2018, 04:27:59 AM
 #33

I think you should give your friend a bitcoin deposit wallet to send, after you receive that coins,you can sell at any time.
beswaax
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September 03, 2018, 10:13:44 AM
 #34

In order to change your btc to cash you have to do it on an exchange. There are many websites where you can do that.
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