How can I extract cash from exchanges without going through a bank?

[Paycheck]

I bought crypto coins during the winter of 2018-2019 when prices were bottomed out.  So when the next big price surge tops out, I'll have some nice PROFITS.  I've got accounts on several exchanges, like Coinbase, Gemini, and others.  All seem to be reputable with the FDIC banks, and I'm confident I can withdraw my cash from exchanges to banks and then get cash from the banks.

BUT -- I don't think I want the banks knowing all my business, and I certainly don't want to pay too much in taxes.  Some ok, but not everything.

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

Any details to share?

[1982dre]

Maybe you should have a look at debit cards which you can load with bitcoin. You can then just easily get your money at a ATM. Guess that's the best way do cashout your earnings.

[petahasher]

I would just go with cash in the mail. Some users here are willing to do it, but your best bet is to head over to localbitcoins.com and request that, since it seems like you're from the USA. Lots of options there

[Paycheck]

What's the generally accepted procedure for cash in the mail?  I send my bitcoins off to someone on the internet, then cash never arrives?

[petahasher]

What's the generally accepted procedure for cash in the mail?  I send my bitcoins off to someone on the internet, then cash never arrives?

That's what escrow is for. It's definitely hard to mediate, if the cash doesnt get sent, or there is cash missing, it can't be proven. And you could also claim that the cash didn't arrive, when it did. It's definitely a risk that you take if you want the reward of your bank not seeing it. You'd have to choose someone you really trust.

An alternative idea, is to ask a close friend to do it. You will sell the BTC through their bank, and they give you cash.

[Thecryptofan911]

JMBULLION.COM


BUY PRECIOUS METALS GOLD 1 OZ BARS

GOTO LOCAL PRIVATE DEALER AND GET -2% SPOT PRICE. BAM PROBLEM SOLVED

[Paycheck]

I know where there is a bitcoin ATM machine, but the cut they take is ridiculous, like over 10%.  I'm not paying that.  Is there a normal debit card I can buy at a store which can be loaded with funds from coinbase, then cashed out at an atm?

[Thecryptofan911]

I guess everyone just skipped what I was saying huh?

[kexko]

I guess everyone just skipped what I was saying huh?

That's actually a brilliant solution. I wrote it down when I need it in the future.

[ethereumhunter]

You can use third-party services like localbitcoin or local sellers in around your city. I am sure they can help you to get your money but my advice is you don't have to withdraw all of your money in the one-time transaction because that will make your government gets the warn and they will investigate your account. But if you can give proof to your government that the money in your account comes from legal thing, then I don't think you need to worry about anything. I never used ATM to withdraw so I don't know how it works.

[NeuroticFish]

So what are my options for transferring numbers in my exchange account to cash in my hand, nice and anonymous and tax-free like?  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.

I don't know of gift cards, and the options are rather limited.
The best option should be localbitcoins, meet the buyer face to face and transact for cash. It's a bit risky imho (humans are unpredictable), but this is the best option.
Another option would be Bitcoin ATMs. Under certain amounts they *should* work without ID (but most probably they have video cameras, if that's a concern too).
And another option is Bitcoin "debit" cards, which again, under certain amounts (250 EUR lifetime?) can be used anonymously.

Options 2 and 3 usually work for small amounts and big fees, so it may be cheaper to simply pay the taxes.

[Paycheck]

I wonder if I could use funds from a big exchange, like Coinbase, to pay my credit card,  then just use the credit card to buy things and keep paying it off from Coinbase.

Yes, the buying gold idea is good, if my plan is to HODL the cash long term.  I have looked at Perth Mint for this purpose.

[Bitum]

If this goes on, there is no anonymity anymore, 80% of all exchanges today require KYC. And with the transfer from crypto to fiat convertierung is anyway a weak spot in this chain.

[George Alex]

Since You're from USA I don't think you can pass five houses without having friend/friends, neighbour or any people within your street  who involve into cryptocurrency no matter what crypto own just talk to negotiate the deal you got your cash without banks or government know in local bitcoin there is  kyc to proceed with transactions so not so safe as you being told

[diazepam666]

You can exact the fund to your bank and get it directly there. Else there is option called pay by cash option on localbitcoins. You can find the trader on localbitcoins.com in your location.
Once you find the trader you can select the best one having good review with this payment option.

So when you receiving cash that time you can release the bitcoins with the auth code there.

Please read the policies deal at there or check the dealers on here on this forum itself if you can.

[Parodium]

You can exact the fund to your bank and get it directly there.

Are you completely stupid?

[alina345]

You can use an exchange like Coinbase or Gemini to withdraw BTC back into USD. Otherwise, I would go with an exchange such as LocalBitcoins and find a reliable dealer which accepts large amounts.

[CoinFascination]

What is not being said is that people want to keep their rewards and profits private from agencies that force you to give them a cut.
The only way is cash.

[jessicalea]

There are a number of ways to extract cash from exchanges with going through an intermediaries:

• You can use your debit/credit card.
• You can join an escrow platform which provide FIAT currency against your cryptocurrency. 

[X-ray]

There are a number of ways to extract cash from exchanges with going through an intermediaries:

• You can use your debit/credit card.
• You can join an escrow platform which provide FIAT currency against your cryptocurrency. 

that's not the best way.
there are some ways that can be tried by OP.
OP can buy gift card and then sell it and it may takes a little fees but that's not a lot. that's only a few pennies.
for second way OP can try to sell his balance directly through this forum by used escrow service that provided by the DT numbers.
Both can become the best way to cash out OP's money without involving the banking service.
Used cart will charge you a lot of money.