My Trader/Investor wants to pay me with Bitcoin

[Rex717]

Hello Everyone,

A few months ago, I appointed a company in another country to manage my investments in currency and commodities. However, whenever I want to withdraw earnings from the investment account, they prefer to pay with Bitcoin – which I have never used before.

I don't mind keeping some of the Bitcoin as an investment (in the wallet?), but mostly I need to convert the Bitcoin to EUR or USD as quickly and cheaply as possible.

I assume I'll need a wallet and was looking at Electrum (because I like to work from my desktop), but I'm not sure if I can sell/exchange it from there into regular currency. Actually, I'm not even sure how to get it from the trader to my wallet for that matter. (I'm sure it will be easy after the first time.)

Maybe something like BitJar would be better because I've read they allow selling to regular currency directly.

Any suggestions to help me get started would be greatly appreciated.

Thanks,
Rex717

[jossiel]

Your trader needs to send it to your wallet its okay if you will keep it first to the electrum wallet you created.

While you are looking for an exchange to have those trade of bitcoin>USD/EUR.

Check these exchanges: https://bitcoinity.org/markets/list

[elda34b]

Actually, I'm not even sure how to get it from the trader to my wallet for that matter. (I'm sure it will be easy after the first time.)

You just have to provide them with your wallet address and they'll send the coins to that address. Seems like you're new to crypto?

Btw, yes you can't exchange your BTC directly to fiat in Electrum. You'd have to send it to an exchange that supports fiat withdrawal. Most exchanges require KYC for fiat withdrawal, and you'd have to wait, maybe hours/days depends on what exchange you used.

[Bitfort]

Electrum is good choice and receving funds is really simple. All you need is to provide trader with your BTC address (which you get from electrum).
!!! don't forget to backup your wallet seed and store it at safe place !!!

As of conversion to fiat you first have to send those bitcoins to exchange and sell them. Also note you need to provide your bank account and most probably you'll have to go through identity verification (KYC) which can take some time. It's better do it sooner than later (because when you decide to sell them only time it takes is BTC transaction and fiat transfer to your bank).

Alternatively you can check some peer to peer marketplace like localbitcoins.com where you can also find people to trade cash.

Some exchanges to look at: kraken.com, bitstamp.net, coinbase.com

[pooya87]

Maybe something like BitJar would be better because I've read they allow selling to regular currency directly.

when choosing a bitcoin wallet, one of the things you need to consider is whether the wallet is even legit or not. using lists such as list of wallets on bitcoin.org is a good method of doing that. also doing some research to see how popular that wallet is. for instance a wallet that thousands of people use is much safer than the one that only 10 people use because the first one is used more and the bugs are already found. but the second may still have bugs that aren't found because of lack of usage.

with that said i have never even heard of BitJar! searching google didn't give me any satisfying results either. but Electrum is a trusted and old wallet that has been used by a lot of users for years now. so i guess the choice is obvious.

[RBEP-RBC]

Hello Everyone,

A few months ago, I appointed a company in another country to manage my investments in currency and commodities. However, whenever I want to withdraw earnings from the investment account, they prefer to pay with Bitcoin – which I have never used before.

I don't mind keeping some of the Bitcoin as an investment (in the wallet?), but mostly I need to convert the Bitcoin to EUR or USD as quickly and cheaply as possible.

I assume I'll need a wallet and was looking at Electrum (because I like to work from my desktop), but I'm not sure if I can sell/exchange it from there into regular currency. Actually, I'm not even sure how to get it from the trader to my wallet for that matter. (I'm sure it will be easy after the first time.)

Maybe something like BitJar would be better because I've read they allow selling to regular currency directly.

Any suggestions to help me get started would be greatly appreciated.

Thanks,
Rex717

The other answers are useful if you go along with their proposal but my main concern would be, what kind of broker/asset manager would operate their business this way? It sounds suspicious, not to even mention the potential tax implications (tax on assets sold to buy bitcoin, tax on your sale of BTC to fiat). Yes, BTC definitely easier to send than fiat cross-border but doing a wire transfer should be Standard Operating Procedure for their accounts.

Finally, this may cause future trouble for you if you have to prove the source of your fiat assets.