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

[Cosbycoin]

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  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.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?

You can purchase a Virtual Credit Card were you can load the funds from the exchanges and then simply cash that out through ATM's or bank directly without actually revealing your identity and also bypassing the taxes. There are also many other ways to bypass the taxes or to be anonymous but it would certainly take your time and transaction fees. You can anonymize your coins before you send them to your bank account so that their root source is undetectable and hence the government cannot actually understand where and how to apply taxes to your money. You will surely have to pay some minimum tax over there but I am sure that you would save major tax which can be implied onto cryptocurrency trading.

[bitbunnny]

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  I've heard of gift cards being charged up with exchange funds and withdrawn from ATMs.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?

You can purchase a Virtual Credit Card were you can load the funds from the exchanges and then simply cash that out through ATM's or bank directly without actually revealing your identity and also bypassing the taxes. There are also many other ways to bypass the taxes or to be anonymous but it would certainly take your time and transaction fees. You can anonymize your coins before you send them to your bank account so that their root source is undetectable and hence the government cannot actually understand where and how to apply taxes to your money. You will surely have to pay some minimum tax over there but I am sure that you would save major tax which can be implied onto cryptocurrency trading.

I think that crypto debit card is the best way to cash out. Yes, there are some fees and limits for withdrawal, depending on card issuer, but this is still the most convenient and fastest way to get your funds. Thus you might avoid taxes but you can't avoid KYC so don't count on that.

[Kevin77]

There is always localbitcoin if you want to use that? I mean it is certainly not as trustworthy as the exchanges but at least you can definitely get money from localbitcoin with cash, you can use bank too but banks will see that money coming in and that is paper proof of you getting that. Now there are places with bitcoin atm machines which basically gives you local currency in cash so you do not have any paper proof of you buying or selling bitcoin neither.

Those are the clear choices right now, I have even seen currency exchanges in foreign countries (basically places that change local money to dollar or vice versa) that does bitcoin as well which I think could be great as well. If none of this exists you can search for local ways to do it without paper proof.

[jerry0]

This is what confuses me.  People say you could sell bitcoin for cash using local bitcoin.  But when you do this, the other person is usually paying you either cash or depositing cash in your bank account.  But i read article that someone got arrested for selling bitcoin without a license?  Can someone explain the difference between someone selling bitcoin to another person for cash in person or cash deposit into bank account vs using coinbase/gemini?  Example if you could sell 5000 dollars worth of bitcoin to coinbase/gemini and pay like 25 dollar fee... but selling it to another person for cash deposit in bank or bank transfer/wire and they offer you more cash than you get from coinbase/gemini is that legal or not?  I understand if you do it a few times, that is fine.  But at what point do you need a license to sell bitcoin?  I mean if you are trading bitcoin in different exchanges and buy or sell or do it on same exchange, that is legal.  But you cannot sell it to people for cash if you deposit that cash in the bank account or they deposit cash in your bank? 

[raven7886]

I don't know about him, but sometimes in some countries the governments have not yet decided what kind of approach to take about cryptocurrencies and some people prefer to keep their privacy in case their government suddenly decided to take an aggressive approach in which case those with a lot of cryptocurrency related transactions can face a hard time and a lot of legal fees to solve something that could have been avoided.

It happened with some countries earlier like Bangladesh I guess where holding any crypto currencies will be a punishable act but now knowing the current situation there,they might change their activity later as well even after they said they are going to ban it.

But when we want to avoid these cases then we might have to find a buyer locally and the prices also will be lesser from the current price,if people are ready to do this to keep their privacy then no problem for them.

Wow, I didn’t know that some countries have even gone to the extent of making cryptocurrency holding a punishable offense, these are government that cannot really survive without taking from their citizen’s purse and yet, they pay little respect to their citizens like they are criminals without using their funds properly.

If I was in such country, I would pay less attention to them because I don’t know how they will get to know I am using cryptocurrency when the system has an inbuilt shield that makes it impossible for anyone to trace any transaction to one, but I hope that one day, they will see the reason to eventually lift the ban before they lose their citizens to crypto nations.

[leea-1334]

There is always localbitcoin if you want to use that? I mean it is certainly not as trustworthy as the exchanges but at least you can definitely get money from localbitcoin with cash, you can use bank too but banks will see that money coming in and that is paper proof of you getting that. Now there are places with bitcoin atm machines which basically gives you local currency in cash so you do not have any paper proof of you buying or selling bitcoin neither.

Those are the clear choices right now, I have even seen currency exchanges in foreign countries (basically places that change local money to dollar or vice versa) that does bitcoin as well which I think could be great as well. If none of this exists you can search for local ways to do it without paper proof.

What do you mean LBC is not as trustworth as exchanges? A lot of people would highly disagree with this. If you take proper precautions you will be safe. exchanges have no escrow, LBC does. And you are getting it peer to peer so you can build trust with traders instead of a random platform.

By the way are you referring to money changers (currency exchange) who accept Bitcoin? Where is this? Curious!

[Crypto$tar]

You can withdraw money through Epayments system

[Ucy]

You should be able to do that by spending bitcoin one-on-one or peer-to-peer or on exchange like localbitcoin,  paxful.  You could use either exchange to sell bitcoin physically to the buyer

[Shenzou]

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.

Most of the bitcoin debit cards right now are not functional or redirected to some countries since late 2017, and that was due to the fact that visa and mastercard  have stooped supporting those companies that issue them, besides using them will have more fees to load up the card and than cashing them from ATM, my suggestion is to find someone who is willing to exchange bitcoin to cash for peer to peer websites like localbitcoin, where there are a lot of cashing out method western union and money gram, but the best would be to find hand to hand cause you won't lose any fees while doing so.

[gentlemand]

Most of the bitcoin debit cards right now are not functional or redirected to some countries since late 2017, and that was due to the fact that visa and mastercard  have stooped supporting those companies that issue them, besides using them will have more fees to load up the card and than cashing them from ATM, my suggestion is to find someone who is willing to exchange bitcoin to cash for peer to peer websites like localbitcoin, where there are a lot of cashing out method western union and money gram, but the best would be to find hand to hand cause you won't lose any fees while doing so.

Cards are slowly filtering back. The ones that exist probably have better fees than any ATM. The Coinabse card which is UK only for now is 2.49%. Wirex probably adds up to a similar amount. I'd much rather take that hit than meet up with some creep in a cafe.

[wuvdoll]

Why does no one work with cash I will never understand. 3 simple steps is all you need, withdraw the bitcoin (doesn't require bank at all since you are withdrawing bitcoin), find someone willing to buy that bitcoin, give that bitcoin to him and he gives you cash. End of freaking story.

I have seen too many people trying to work bitcoin on their privacy and do not want everyone to know about their bitcoin life but that was literally the idea of whole of bitcoin, having some privacy and not having banks control over your bank, how the hell can't you find a way for something that literally is the whole reason why it was created. Nobody should be lazy enough to not even google something, if you google "selling bitcoin for cash" or something you would have found a million results.

[gentlemand]

Why does no one work with cash I will never understand.

You may wish to meet up with sweating creeps in dark alleyways after a few hours of flirting online. I would pretty much prefer to do anything other than that. I presume others feel the same way.

[Paycheck]

I have some of my coins on my Ledger Nano, and it wouldn't be hard to transfer other coins that the Nano can't store (Stellar, Tron, Cardano, etc) into Bitcoin for putting it on the Nano, if the Nano has a way to debit card the funds out of it.  There is a Bitcoin ATM in my area, I could cash out there.

[Innerpumper]

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?

you cannot because if you want to withdraw you fund on exchange cryptocurrency you must sell your altcoin after you sell you can directly with your bank account

[CoinFascination]

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.

Give a specific example, where is the escrow service you are talking about?
OR the gift card service?

[shesheboy]

You should be able to do that by spending bitcoin one-on-one or peer-to-peer or on exchange like localbitcoin,  paxful.  You could use either exchange to sell bitcoin physically to the buyer

You mean to sell bitcoins from person to person face to face ?  Isnt that risky ? You will never know if the person that you are dealing is a criminal and what if they will beat you up upfront after sending them the coins ?   I think its better if we can only sell our bitcoins online and nowadays there are now alot of service , some are from wallets/exchanges and they allow multiple cash out options without the need of banks  .

[CoinFascination]

You should be able to do that by spending bitcoin one-on-one or peer-to-peer or on exchange like localbitcoin,  paxful.  You could use either exchange to sell bitcoin physically to the buyer

You mean to sell bitcoins from person to person face to face ?  Isnt that risky ? You will never know if the person that you are dealing is a criminal and what if they will beat you up upfront after sending them the coins ?   I think its better if we can only sell our bitcoins online and nowadays there are now alot of service , some are from wallets/exchanges and they allow multiple cash out options without the need of banks  .

An example would be very helpful!