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Author Topic: Forms of converting cryptocurrencies into cash  (Read 7852 times)
Pumapipa
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June 05, 2019, 08:23:52 AM
 #101

In the Philippines where crypto industry is starting to bloom, many exchange platforms and e-wallets are starting to emerge.

For example, from etherdelta, coins will go to the trading account to be exchanged in ethereum, from this accout, it will be sent to an individualized account in coins.ph then from there it will be in the form of pero or other currencies like BTC, BCH. then it will be cashed out through authorized remittance partners or banks to be turned into cash.

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June 05, 2019, 09:13:03 AM
Last edit: June 05, 2019, 09:53:56 AM by maxreish
 #102

In the Philippines where crypto industry is starting to bloom, many exchange platforms and e-wallets are starting to emerge.

For example, from etherdelta, coins will go to the trading account to be exchanged in ethereum, from this accout, it will be sent to an individualized account in coins.ph then from there it will be in the form of pero or other currencies like BTC, BCH. then it will be cashed out through authorized remittance partners or banks to be turned into cash.

Just to make it simple for all the the members who are residing in the Philippines.
We are using coins.ph and abra as a digital wallet. Since coins.ph have xrp, btc, bch and eth. You can easily transferred your coins preferably the said coins above into fiats (php) then cash out to the supported banks or remittance center. To sum it up:
  • BTC (from exchange) transfer to coins.ph/abra acct.
  • From coins.ph, convert btc to fiat (php). Remember that every convertions has a corresponding fee.
  • Or in coins.ph, convertions are not necessarry and we can easily cashout btc to the remittance center to remove fees from converting btc to fiats. This is what I usually do.
  • Cash out to the supporting outlets. (Another fee)

Coins.ph already have an exchange where we can already trade. So if you are a trader, you can easily trade at coins.ph and direct convertions and cashing out.

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June 05, 2019, 12:12:15 PM
 #103

In the Philippines where crypto industry is starting to bloom, many exchange platforms and e-wallets are starting to emerge.

For example, from etherdelta, coins will go to the trading account to be exchanged in ethereum, from this accout, it will be sent to an individualized account in coins.ph then from there it will be in the form of pero or other currencies like BTC, BCH. then it will be cashed out through authorized remittance partners or banks to be turned into cash.
it would be more convenient indeed if in our country there is a local exchange, so that we can cash crypto in the local currency. just see the local coins available, so we convert to the available coins then convert to local currency

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June 06, 2019, 09:52:12 AM
 #104

There are lots of ways you can convert your bitcoin to cash. If you are using one of these wallets that issues out debit card, that can be a way for you to withdraw your bitcoin at anytime you want and any amount, but you will have to pay lots of fees for that. Then another way is by withdrawing your bitcoin to your bank straight, this should only be available if the company is working in your country and they will charge a small fee. If they are offering such feature but are not in your country then you are likely to pay high fees. Lastly you can sell your bitcoin to exchanges like localbitcoin.com, paxful and the rest of them.
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June 06, 2019, 01:27:53 PM
 #105

Just like in subject. How do you converting cryptocurrencies into cash? For example in Poland I can convert in so-called bitcoinmat from page shitcoins.club. I don't know how is it in other countries, so please reply. Thanks Smiley
In my country here we can convert bitcoin into cash through localbitcoin, remitano.com and lunus. I have used the foregoing services and there work perfectly. I do like this question you have asked because I go through some response here and I think I could used other countries without much problem base of what other posted.
Well, almost every country has a number of websites that help users buy and sell some popular crypto very easily, and this is always a form that people often use to convert crypto into cash, safe and reputable, a small problem is that the fees for the conversion process seem quite expensive. And except for this method, I also often see people in telegram groups and facebook having exchanges, buying and selling directly with each other, this will limit a lot of fees but we need to choose those who are reputable when cybercriminals are always very crowded and dangerous.

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June 06, 2019, 05:23:46 PM
 #106

Just like in subject. How do you converting cryptocurrencies into cash? For example in Poland I can convert in so-called bitcoinmat from page shitcoins.club. I don't know how is it in other countries, so please reply. Thanks Smiley
It takes several stages to convert crypto into cash in various exchanges that end at local exchange sites. Maybe not every country has a crypto exchange with its currency, luckily in my country, it's available, so it can be easy to transfer money to the bank after it is converted.

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June 06, 2019, 07:35:22 PM
 #107

Just like in subject. How do you converting cryptocurrencies into cash? For example in Poland I can convert in so-called bitcoinmat from page shitcoins.club. I don't know how is it in other countries, so please reply. Thanks Smiley
There is an other way buying goods with crypto and sellinh them as second hand goods. I have friends who made this with dedicated shopeing cards.
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June 06, 2019, 08:36:55 PM
 #108

Just like in subject. How do you converting cryptocurrencies into cash? For example in Poland I can convert in so-called bitcoinmat from page shitcoins.club. I don't know how is it in other countries, so please reply. Thanks Smiley
Good to know how it happened in you country and it I usually convert my own crypto currency to fait currency is mostly through P2P, local crypto currency exchange like Remitano and coinsbase.




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June 17, 2019, 10:31:29 AM
 #109

In India most of the Crypto users use Localbitcoins.com  to convert their crypto to cash .and they are other local peer to peer trading websites like wazirx.com
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June 17, 2019, 02:47:06 PM
 #110

Localbitcoins are quite popular, but things become more convenient when Huobi gives users liquidity between crypto and fiat. especially when they invest and trade / exchange fiat right at the trading floor.

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June 17, 2019, 03:28:59 PM
 #111

In India most of the Crypto users use Localbitcoins.com  to convert their crypto to cash .and they are other local peer to peer trading websites like wazirx.com

In India, there is hardly any other option. All the local exchanges have been closed down by the government, and it is very difficult for the international exchanges to credit fiat payments to the Indian users. So the fiat-to-crypto and crypto-to-fiat conversion is mostly happening through peer to peer network, but sometime in the future the government is going to implement a crack down on that route as well.
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June 21, 2019, 07:02:18 PM
 #112

Until now, cryptocurrency users have always found opportunities for cryptocurrency cashing.  But today in some countries there may be some difficulties with one.  First of all, I would also like to mention India, where the government is decreasing the issue regarding the punishment for using cryptocurrency, which provides for a ten-year prison sentence.

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June 21, 2019, 07:10:37 PM
 #113

there are many ways to convert bitcoin into cash, the one i am very familiar with is, get an exchange site,calculate the rate of conversion of the bitcoin into your own country's currency, after making trade from your exchange site, you send your account number to your buyer and he or she will sent it into your account and the transaction fee will be deducted.


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June 21, 2019, 11:25:11 PM
 #114

Usually in countries that do not have an exchange with the pair of countries, then there are several ways such as using online money changer services or also via OTC.
But if it is too difficult, convert to USD, via Paypal, then via the Bank

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June 22, 2019, 02:25:06 AM
 #115

of course with their own currency, and you can buy with fiat through bank account or by money transfer with lower fee this is in my country.
and exchange in my country is not a lot, and they all pair with our fiat currency.

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June 22, 2019, 10:40:06 AM
 #116

it is really very easy in my country. there are 4 local crypto exchange platforms that you can withdraw cash to your bank account. it takes about 1 hour to get your money when you give withdraw order.

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June 25, 2019, 07:50:33 PM
 #117

Despite the fact that cryptocurrency has not been legalized in my country, even national exchange resources already exist, although the government also has no prohibition on them.  Cryptocurrency is being exchanged for any fiat currency, for any bank accounts.  In general, there are no problems with this.  At the same time, there is also feedback, when I can buy Fiat with the help of the highest-rated cryptocurrency.

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June 25, 2019, 08:08:43 PM
 #118

I think every country has its own exchangers. In Russia, for example, this is bestchange.ru. There you can choose what your heart desires.

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June 26, 2019, 01:09:18 AM
 #119

There are many cryptocurrency merchants around the globe and these merchants are normally responsible for the conversion of cryptocurrency to fiat and vice versa. Every country or continent have different companies acting as crypto merchants. Here, we have cofred and eccurrency4u as the best merchants working tirelessly on a 24/7 basis for customers.

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June 26, 2019, 04:39:12 AM
 #120

Well in my country i only use coins.ph to convert my cryptocurrencies to my local currency then cash it out on remittances here near my place. Hoping there's  a lot of options because the fee of converting crypto to fiat in coins.ph is ridiculous, I'm using it because I have no choice and it's the only available.

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