I need to cash out

[ab1jx]

I bought when btc was around $4k and now it's around $12k I want to convert it back to dollars until the price drops again.  Fairly standard.  But I have been buying though Coinbase and checking their page they aren't licensed in my state (Massachusetts).  I sent my btc from my Electrum to my Coinbase account but it seems to sit there as btc in my btc wallet.  It's not a huge amount by their standards, it's my first investment 0.11945068 btc, but I guess I need to find an exchange in a hurry since the price is dropping (I think).  I thought I was all set until I went to cash out.  I sent my btc to Coinbase 24 hours ago and it just sits there.  I have a wire connection to my bank account registered with them.  I think the problem is because they aren't licensed in my state so they're not doing anything, but maybe I need to wait longer.

[AB de Royse777]

Not a good solution however if I was you then I would do this: I would convert the BTC to Tether and then withdraw them from the exchange. You can do it with any exchange. Most of the exchange has USDT (Tether).

[virasog]

I bought when btc was around $4k and now it's around $12k I want to convert it back to dollars until the price drops again.  Fairly standard.  But I have been buying though Coinbase and checking their page they aren't licensed in my state (Massachusetts).  I sent my btc from my Electrum to my Coinbase account but it seems to sit there as btc in my btc wallet.  It's not a huge amount by their standards, it's my first investment 0.11945068 btc, but I guess I need to find an exchange in a hurry since the price is dropping (I think).  I thought I was all set until I went to cash out.  I sent my btc to Coinbase 24 hours ago and it just sits there.  I have a wire connection to my bank account registered with them.  I think the problem is because they aren't licensed in my state so they're not doing anything, but maybe I need to wait longer.

If I understand it clearly then you need to cash out BTC in your local currency. The best option for you is to make an account at localbitcoins, transfer your BTC there, sell your btc to a local buyer and the money will be in your bank account.

[ArthurY]

I can receive your BTC and sent to you Western Union

[BitcoinGirl.Club]

I can receive your BTC and sent to you Western Union

Make sure you both use escrow especially the OP (ab1jx).

To ab1jx, before dealing with anyone in this forum check their feedback page (for example: Trust page of ArthurY) and also deal with someone who has good reputation in this forum.

First rule to trade: Use trusted escrow.

[ab1jx]

I bought when btc was around $4k and now it's around $12k I want to convert it back to dollars until the price drops again.  Fairly standard.  But I have been buying though Coinbase and checking their page they aren't licensed in my state (Massachusetts).  I sent my btc from my Electrum to my Coinbase account but it seems to sit there as btc in my btc wallet.  It's not a huge amount by their standards, it's my first investment 0.11945068 btc, but I guess I need to find an exchange in a hurry since the price is dropping (I think).  I thought I was all set until I went to cash out.  I sent my btc to Coinbase 24 hours ago and it just sits there.  I have a wire connection to my bank account registered with them.  I think the problem is because they aren't licensed in my state so they're not doing anything, but maybe I need to wait longer.

If I understand it clearly then you need to cash out BTC in your local currency. The best option for you is to make an account at localbitcoins, transfer your BTC there, sell your btc to a local buyer and the money will be in your bank account.

I don't see Tether or USDT, only USDC as options on Coinbase.  I've never heard of Tether, you picked that just to get it out of Bitcoin before Bitcoin drops?  I see BCH, ETH, ETC, LTC, ZRX, BAT, ZEC, DAI, BSV, XRP, REP, XLM, EOS.  I can use a wallet of one of those currencies or set up a vault.  But no vault in US dollars.  I think because they aren't licensed in MA.

Localbitcoins I've heard of.  Escrow I don't know about but I'm not going to hand it to the first "helpful" person that comes along.  I'm really looking for a way to buy and sell bitcoin going forward and I think localbitcoin has some safety user protection measures in place, like eBay or Aliexpress.

[ice18]

First of all price of Bitcoin is not dropping we are still in bull market I will teach you a better option to cashout your bitcoin try to exchange it to Paypal I know some trusted guys here are buying btc in exchange with PP funds just use an Escrow.

[itcoinbay]

I bought when btc was around $4k and now it's around $12k I want to convert it back to dollars until the price drops again.  Fairly standard.  But I have been buying though Coinbase and checking their page they aren't licensed in my state (Massachusetts).  I sent my btc from my Electrum to my Coinbase account but it seems to sit there as btc in my btc wallet.  It's not a huge amount by their standards, it's my first investment 0.11945068 btc, but I guess I need to find an exchange in a hurry since the price is dropping (I think).  I thought I was all set until I went to cash out.  I sent my btc to Coinbase 24 hours ago and it just sits there.  I have a wire connection to my bank account registered with them.  I think the problem is because they aren't licensed in my state so they're not doing anything, but maybe I need to wait longer.

Bitquick is also a good place to buy and sell Bitcoin: https://www.bitquick.co/?a=23004633, similar in function I think to Localbitcoins.com that was mentioned previously.

[gentlemand]

I don't see Tether or USDT, only USDC as options on Coinbase.  I've never heard of Tether, you picked that just to get it out of Bitcoin before Bitcoin drops?

Whoever 'recommended' Tether is a complete twat. It's not designed for dollar extraction, more value parking. The only place you could get real dollars for that would be swapping from Tether to USD on Kraken, and their dollar transfer options are hopeless, or Bitfinex and their banking might be screwed.

I would go for Gemini myself - https://gemini.com/areas-of-operation/ but make sure you request active trader status from support as you get much better fees. Or a very trusted trader on Localbitcoins.

And it may not be fashionable but I'd never sell to anyone on here under any circumstances.

[STT]

Well Tether would be the temporary option, parking not scrapping.   Hauling value out of crypto into FIAT does have some costs to it and tether might be cheaper then that process.
   If you are new to this whole game then the option I've had most experience with and generally take to the most simple is localbitcoins.   There is other routes but very often it takes a while to jump through all the hoops and hurdles to convince them you are not serving a foreign army with your giant riches.

I've been on LBC as long as I've been on this forum, let me know if you wondering about any option there.   I dont know we share the same national currency as thats the simplest deal to go for otherwise I'd offer to help with the actual deal to do.   My general take right now is to hold BTC, I've seen this before and like previously it would seem to be accumulating over time despite every weeks peaks and drops.


Super simple option I often used to take ( to balance my risk vs costs, etc) was just to spend the BTC on items I would be getting anyhow, at least some of it .   There should be multiple options for that and shops, I think purse for amazon was mentioned as a good one but I need to check that out myself

[ab1jx]

Yeah, I'll probably do localbitcoins.  I've been using bitcoin for a couple years as a currency to send money, this is my first time trying to buy low and sell high.  I thought Coinbase could do it all, I didn't know they weren't licensed in my state.  I've had an account with them, I can buy with credit/debit card or bank wire, I've been doing that for a couple years.  I don't need the dollars back right now, I want to wait until the bitcoin price drops and reinvest it.  If the fees were too high I was going to open a USD vault at Coinbase and stick it in there for a few months.  Except when I tried to actually do it it didn't work.  The BTC sits in my BTC wallet, I can't deposit it to my USD wallet.

I read the Andrew Cook articles on investing, but the exchanges, etc. he recommends don't seem to be around anymore, or do business in the US.  I investigated them all but they were dead ends.

I do want to park the $ until bitcoin goes down.  As another crypto currency maybe but don't they sort of track bitcoin in price?  Whenever bitcoin is high litecoin is high too.  I mine that a little so I watch it.  I don't watch the rest.

Bull market, that's a good question, care to put it in writing?    I'm looking at bitcoinwisdom and plots from a program I wrote and trying to decide.  It could go up or down as far as I can tell.  It's still wavering around $11k which it's been doing since about 6/24.  I know nothing of the underlying reasons it goes up or down.  A delay in cashing out wasn't the disaster I expected since it's actually gone up slightly.  Still down from the recent $13.7k peak.  I've see predictions that this peak might hit $20k but I'll believe it when I see it.

Oh, what option should I look for as far as getting $ back from a localbitcoins deal?  Cashier's check is risky, Paypal can be reversed.  Is there some way to wire through a trusted proxy so the guy on the other end doesn't actually get my bank numbers?  I suppose Moneygram or Western Union might be options.  So localbitcoins automatically handles the escrow?

[AdolfinWolf]

Oh, what option should I look for as far as getting $ back from a localbitcoins deal?  Cashier's check is risky, Paypal can be reversed.  Is there some way to wire through a trusted proxy so the guy on the other end doesn't actually get my bank numbers?

Not that i know of. If you want that sort of privacy, you should look into an exchange, not P2P.

I suppose Moneygram or Western Union might be options.

Take note:

Some other services that are not totally safe:
- Bank transfers (ACH, etc.) except wire transfers
- Most gift cards.
- Moneypak
- AlertPay
- Paysafecards
- Dwolla
- Western Union (they reportedly will sue the recipient to recover money in some cases)

  

So localbitcoins automatically handles the escrow?

Yes, but the problem isn't the escrow, it's what happens after it, and whether or not the seller tries to revert his payment.

Can't you use https://cex.io or https://www.bitstamp.net ? I don't know if they are licensed in your state either, but it might be worth a try.

[ab1jx]

Oh, what option should I look for as far as getting $ back from a localbitcoins deal?  Cashier's check is risky, Paypal can be reversed.  Is there some way to wire through a trusted proxy so the guy on the other end doesn't actually get my bank numbers?

Not that i know of. If you want that, you should look into an exchange, not P2P.

I thought exchanges were just for one cryptocurrency to another, they didn't deal with dollars.  I expect to need to do this every price cycle with increasing amount of money, so I'm interested in getting set up to do it with low overhead and bother.

 I suppose Moneygram or Western Union might be options.

Take note:

Some other services that are not totally safe:
- Bank transfers (ACH, etc.) except wire transfers
- Most gift cards.
- Moneypak
- AlertPay
- Paysafecards
- Dwolla
- Western Union (they reportedly will sue the recipient to recover money in some cases)

  

So localbitcoins automatically handles the escrow?

Yes, but the problem isn't the escrow, it's what happens after it, and whether or not the seller tries to revert his payment.

So I'm back to favoring Moneygram or Western Union.  I sent a boatload of money to a scammer a few years back by Moneygram, and they won't reverse that.  Western Union wants more forms of ID than I own.  Moneygram I can do at a CVS or Walmart.  Still 20 miles away but oh well.

[STT]

Is there some way to wire through a trusted proxy so the guy on the other end doesn't actually get my bank numbers?  I suppose Moneygram or Western Union might be options.  So localbitcoins automatically handles the escrow?

They do get your sort and account number but then these details are given out on every written cheque and every time you buy using a debit card this would be provided information.    I wouldnt say its completely harmless but mostly its not a problem to disclose such information and banks do not simply allow people to sipher out cash purely by knowing an address.    Its just a reference not permission, I think having credit card details is far worse and thats why they introduced the 3 number thing on the back as well.


Anyhow LBC does handle the escrow part and the best part is to exchange with long term members who do regular business.  Its in their interests not to be causing trouble because you are already paying some % for their benefit and most of these guys just want to do as many trades as possible.

[diazepam666]

I bought when btc was around $4k and now it's around $12k I want to convert it back to dollars until the price drops again.  Fairly standard.  But I have been buying though Coinbase and checking their page they aren't licensed in my state (Massachusetts).  I sent my btc from my Electrum to my Coinbase account but it seems to sit there as btc in my btc wallet.  It's not a huge amount by their standards, it's my first investment 0.11945068 btc, but I guess I need to find an exchange in a hurry since the price is dropping (I think).  I thought I was all set until I went to cash out.  I sent my btc to Coinbase 24 hours ago and it just sits there.  I have a wire connection to my bank account registered with them.  I think the problem is because they aren't licensed in my state so they're not doing anything, but maybe I need to wait longer.

I am not sure how you can handle it by using the coinbase with integrating on bank account.

I suggest you one Idea if you want to sell your Bitcoin for cash, you can send the Bitcoins from your wallet to localbitcoins wallet for making cash conversion.
You can find the traders available lbc, there you can sell your Bitcoins for cash.

[rdbase]

Wouldnt it just be easier to use paypal from a member who has several trades in this way and be done with it?
0.119~btc isnt that much to be bothered to do these wire transfers and pay those high fees on top of it coming out of your own money you are getting back.

[Thirdspace]

I don't see Tether or USDT, only USDC as options on Coinbase.  I've never heard of Tether, you picked that just to get it out of Bitcoin before Bitcoin drops? 

USDC is an Ethereum based token used by coinbase, it's similar to USDT
https://www.coinbase.com/usdc
https://support.coinbase.com/customer/en/portal/articles/2958465-usd-coin-usdc-faq

I do want to park the $ until bitcoin goes down.  As another crypto currency maybe but don't they sort of track bitcoin in price?  Whenever bitcoin is high litecoin is high too.  I mine that a little so I watch it.  I don't watch the rest.

then you can exchange your BTC to USDC and store it in your coinbase account
I don't know whether you can do it directly in your coinbase wallet or not
you probably have to do it on gdax exchange which is also owned by coinbase

[rdbase]

I don't see Tether or USDT, only USDC as options on Coinbase.  I've never heard of Tether, you picked that just to get it out of Bitcoin before Bitcoin drops?

USDC is an Ethereum based token used by coinbase, it's similar to USDT
https://www.coinbase.com/usdc
https://support.coinbase.com/customer/en/portal/articles/2958465-usd-coin-usdc-faq

I do want to park the $ until bitcoin goes down.  As another crypto currency maybe but don't they sort of track bitcoin in price?  Whenever bitcoin is high litecoin is high too.  I mine that a little so I watch it.  I don't watch the rest.

then you can exchange your BTC to USDC and store it in your coinbase account
I don't know whether you can do it directly in your coinbase wallet or not
you probably have to do it on gdax exchange which is also owned by coinbase

-checking their page they aren't licensed in my state (Massachusetts)-

Wouldnt this denial of licensing to their state of residence prohibit them from opening an account on to the gdax exchange service in the first place?
If he were able to do this then he wouldnt have such an issue trying to do what he is attempting to do in the first place.

[ab1jx]

Being new to doing this I don't now who's been doing it a while and can be trusted.  I've had a Coinbase account since May 2016, I mostly trust them.  And they trust me to a degree, my daily limits have increased a couple times

I don't so much want to sell the bitcoin as park it as dollars (or something stable like pounds or yen).  I don't need the dollars back right now, I want to buy bitcoin again when the price drops.  If I can keep doing that at 150%-400% profit I can hit a million in probably under 9 cycles.  Until that I want to reinvest 100% of the profit plus the principle, I don't need it back soon.

Yes, that's true that checks have all the numbers.  Some kind of e-check?  I like PayPal except it's reversible.

Can't you use https://cex.io or https://www.bitstamp.net ? I don't know if they are licensed in your state either, but it might be worth a try.

I'll check them, I don't know.  I use bitstamp for price data sometimes.  That would probably be ideal.  Coinbase seems to have charged me about 1.5% just to accept bitcoin from my Electrum and then I can't do what I expected with it.

then you can exchange your BTC to USDC and store it in your coinbase account
I don't know whether you can do it directly in your coinbase wallet or not
you probably have to do it on gdax exchange which is also owned by coinbase

Yeah, I didn't know what USDC was, I don't seem to be able to go direct from BTC to USDC on Coinbase.  I can receive USDC into a USDC wallet through an address, but not deposit to it from my BTC wallet.  Meanwhile BTC isn't looking bad so I'm not in a rush.  These are small potatoes by real trader's standards but I'm just starting.

Would this denial of licensing in their state of residence make it so they are not able to open an account on their gdax exchange service in the first place?
If he were able to do this then he wouldnt have such an issue trying to do what he is attempting to do in the first place.

I would think so unless they recently lost the license.  I was buying by bank wire from them as recently as January of this year.  I'm also set up for debit card but it's more expensive.

[ab1jx]

FYI GDAX is AKA pro.coinbase.com  I go to https://pro.coinbase.com and I'm all logged in because I'm logged into Coinbase.  I'll see what happens.  Checking, they seem to be licensed in every state except Hawaii.