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Author Topic: A beginner question  (Read 333 times)
nmht
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August 26, 2018, 09:46:12 PM
 #1

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
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August 26, 2018, 10:06:31 PM
 #2

Not every wallet will allow you to sell your bitcoins directly in a mobile app. Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange. They are not a good place to store bitcoins long-term.

Here you can learn how to sell your BTC on Blockchain.info.

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August 26, 2018, 10:26:31 PM
Merited by BitCryptex (1)
 #3

You are in the right direction OP and now all you need to know is how to convert it into fiat easily on your country. Would you mind telling us where do you currently reside in? For now, my suggestion would be to sell your bitcoins on localbitcoins since it works in most countries.
Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange.
As far as I know, Coinbase asks users to comply with KYC and that bitcoin to fiat conversion method for Blockchain.info only works in the USA.
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August 26, 2018, 11:30:24 PM
 #4

as written earlier, check coinbase or another exchange for your region! if you register on coinbase you have a deposit adress which your friend can deposit to, and you can instantly sell it and withdraw to your bank account. (of course, you will need to go through KYC (show ID picture) first!)

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August 27, 2018, 02:16:24 AM
Merited by NeuroticFish (1)
 #5

Another thing: don't use the "Bitcoin Wallet" app by Bitcoin.com. It also supports Bitcoin Cash, which may get confusing especially for a beginner. As others have said, it's better to sign up for an exchange (where you sell your coins for cash and cash them out to a bank account or a similar method) and receive the Bitcoins directly there if you plan on cashing out directly anyway.

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August 27, 2018, 07:31:11 AM
 #6

You will have to give us a little bit more information. If we know what wallet provider you used, then we could tell you if there are withdrawal limits for "new" accounts on that platform. As some of the previous posters pointed out, some of these wallet providers have put some restrictions or limits on certain features, until you provided them with KYC/AML information.

We can also tell you if the wallet provider that you chose to use, is a scam site and give you tips to avoid these sites. So you might get better help, if you give some more detailed information.  Wink

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August 27, 2018, 07:36:21 AM
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Not every wallet will allow you to sell your bitcoins directly in a mobile app. Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange. They are not a good place to store bitcoins long-term.

Here you can learn how to sell your BTC on Blockchain.info.
Blockchain.info does not necessarily require kyc and it's very secure and convenient to use, I will recommend that.
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August 27, 2018, 07:37:12 AM
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Try to find if you have a local wallet provider in your country, most of the countries who are crypto-friendly at least have one. This 3rd party wallet providers have the "withdrawal" option you are looking for and some of them have a lot of payment methods you can choose ranging from remittances  to bank deposits. If you don't have one the next best thing you can do is to sell them into localbitcoins and I am sure that there are a lot of buyers there.  

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August 27, 2018, 07:49:55 AM
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~
Quote
As far as I know, Coinbase asks users to comply with KYC and that bitcoin to fiat conversion method for Blockchain.info only works in the USA.

so Coinbase only works on the US domain? So what's good in making its app general to the public and some country? If only Americans cam benefited from it. Hopefully they can consider letting everybody join to it especially on those area that crypto is widely accepted.

Coinbase requires a KYC /it used to take some time confirm your registration, idk how is now/ if you gonna withdraw but it's global, not only US. In order to receive your payment in fiat you have to register a bank account /you send a small amount to their bank account/ and you have to wait a few days to get it resisted/confirmed.

After that you can use GDAX / now is Coinbase Pro/ to exchange your bitcoin in EUR/US without paying the fees /check some videos on youtube.

Keep in mind that if you register from EU you can withdraw only in EUR, same if you are in US only in USD.

Well, things change so quickly my info is relatively old /6 mounts or so/ so it's impossible to be sure of any thing but Death and Taxes. Now as I said taxes, keep in mind that the crypto income may be taxable in your country. Check this too, to be on the safe side Smiley

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August 27, 2018, 07:53:28 AM
 #10

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
That wallet is for bitcoin only. To turn it into cash, you must use an exchange. There are bitcoin atms which are spendy, there is coinbase and other fiat/bitcoin exchanges. You have many options.
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August 27, 2018, 08:14:37 AM
 #11

so Coinbase only works on the US domain? So what's good in making its app general to the public and some country? If only Americans cam benefited from it. Hopefully they can consider letting everybody join to it especially on those area that crypto is widely accepted.
I think non-american people can convert their money from USD to their "OWN" currency, Also there's an online banking that accepts USD like BPI, BDO and securitybank in my country. I don't know what country you're from but try exploring if your country had an online banking that you can use to deposit the money you will receive from your friend after you sell your bitcoin to exchange site like blockchain.info, coinbase.com they provided.

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August 27, 2018, 03:06:07 PM
 #12

I would do this: register in a popular exchange like binance, kucoin or any good exchange, then create there a bitcoin adress to deposit bitcoins, give to your friend that address so he could send you the coins. After you receive the coins, create an account in localbitcoin, and sell your bitcoins to fiat there, you shouldnt have any problem, its kinda easy, if you have some questions, check some tutorials.

nmht
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August 27, 2018, 05:12:34 PM
 #13

Thank you very much for the replies Smiley

I am residing in Germany currently.
I registered an account on paymium, which allows withdrawals fortunately as long as the account is verified, which I just did.

But they said that if the amount I receive is too high, they may ask for a proof of origin: i.e. - Notarial act if they were received as donation,
How would I proceed in this case?

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August 27, 2018, 05:56:43 PM
 #14

Thank you very much for the replies Smiley

I am residing in Germany currently.
I registered an account on paymium, which allows withdrawals fortunately as long as the account is verified, which I just did.

But they said that if the amount I receive is too high, they may ask for a proof of origin: i.e. - Notarial act if they were received as donation,
How would I proceed in this case?



If you had not received it there, then you should have consider the options of peer to peer site such as local bitocin, paxful, reminato or any other local exchange that you have there as those platforms you would have less stress in selling for fiat because you would be trading with individuals who are willing to exchange their cash for your bitcoin. For subsequent receipts, consider this options.

Based on your current situation, there is no way out than to comply with their requirement because they won't even allow you move your bitcoin out of the wallet but I hope the site you are using is a legit one as I have not heard about it before. Wishing you all the best there is more to learn.
nmht
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August 27, 2018, 08:54:45 PM
 #15

So, if I receive bitcoin on paymium (or a similar site) and want to withdraw it in Euros (assume that I showed them whatever proof they wanted), Do I have to wait for someone to buy bitcoin or can I withdraw it immediately. I know this may sound like a stupid question but I am kinda new Wink
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August 27, 2018, 11:56:30 PM
 #16

In my case I linked my local Bitcoin wallet to a carrier-provided debit card, so I just go straight to an atm machine and withdraw just like an ordinary atm card.
nmht
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August 28, 2018, 01:18:10 AM
 #17

Thank you very much, I'll try doing that Wink
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so
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August 28, 2018, 01:47:08 AM
 #18

You need to told us from how country you are. Propably situation is diffrent to each country and some resolve is diffrent to each country
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August 28, 2018, 06:27:11 AM
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Thank you very much, I'll try doing that Wink
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so

This is not Bitcoin's fault. You are once again dealing with Banks, when you convert back to Fiat currency and we know how slow Banks can be with inter Bank transfers. In my experience it usually takes 1 day when you request the withdrawal early in the morning and 2 days when you request it in the afternoon. < Banks have certain trading hours and exchanges sync their actions with them for Fiat transfers >

The Bitcoin transactions is fast, because it is simply an internal ledger entry change within the exchange software, but when you transfer bitcoins out of their system to another Bitcoin address, then that transaction goes through the on-chain Blockchain and you have to wait for the Bitcoin miners to process that transaction.  Grin

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August 28, 2018, 08:03:49 AM
 #20

So, if I receive bitcoin on paymium (or a similar site) and want to withdraw it in Euros (assume that I showed them whatever proof they wanted), Do I have to wait for someone to buy bitcoin or can I withdraw it immediately. I know this may sound like a stupid question but I am kinda new Wink

And so I see this paymium which is a french crypto currency exchange to be exact so basically your pair should be btc/euros so someone should fill your sell orders and that's the time you can have your euros that you can withdraw.

No it's not stupid question and it's actually good that you're asking rather than pretend that you knew.

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