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Kongxx
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August 29, 2019, 05:13:32 AM
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If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?
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August 29, 2019, 05:27:21 AM
 #2

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

It depends on the service you are using,for example i use luno and luno supports bitcoin,ethereum and bitcoincash conversion to fiat and straight to your bank account,if you are holding any other altcoins apart from this three you will need to convert them to one of the three first and send to luno wallet to be able to withdraw to bank account

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August 29, 2019, 05:51:14 AM
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It also depends on the altcoins you are holding.

Many exchanges nowadays allows conversion of major altcoins to fiat. From where I am from, we could easily convert Eth, XRP, Bcash to our local fiat currency. If you are in the US, Coinbase has more altcoins options. You may want to check first all the exchange services available in your area.
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August 29, 2019, 05:51:53 AM
 #4

Exchanges like binance,bitstamp or kraken all support withdrawal straight to bank accounts or SEPA withdrawal and mind you they all have limit tier if you dont want to submit your ID then you have to deal with their limited fiat withdrawal without KYC e.g
Using kraken exchange with no KYC the daily limit you can withdraw is 2500$ and monthly limit is 10,000$,you dont have to worry about hacks if you are using big exchanges

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August 29, 2019, 06:28:50 AM
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If you want to exchange altcoin into cash, then what you should visit is a local exchange that serves exchanges in the currency of the country, for example in Indonesia when I want to exchange altcoin in my country's currency, then I use the services of exchange indodax, because in my opinion indodax is very reliable and easy to do transactions, and after everything we have exchanged, then the next step is to withdraw our balance to our country's bank account, please try it, hopefully it helps.

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dhemasm
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August 29, 2019, 06:35:19 AM
 #6

Depends on what Altcoin you have and in which country you live. For some major altcoins like ethereum, litecoin, or XRP if in my country you can change it directly into Fiat to your bank account. For some other altcoins, as far as I know, I have to change Bitcoin first, then you can change it to Fiat. Another option is that you can convert Altcoin to fiat directly by selling it to your local cryptocurrency community. Always use Escrow for every transaction, Good luck!

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August 29, 2019, 06:59:12 AM
 #7

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?
maybe each country is different, but in my country the bank cannot accept the exchange but through private exchange.
being about selling altcoin, there are some that can already be directly sold to fiat for several altcoins, but if it is not clear you have to exchange it for altcoin which can be directly used as an exchange tool. commonly used is of course ethereum and bitcoin, but there are also many others can directly.

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August 29, 2019, 07:12:43 AM
 #8

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?
That is definitely the wrong decision. because the fees for processing Bitcoin blocks are very high. You will have to pay 10 times more money than dealing with the top alts.
You can trade by LTC, XRP, ETH. Transaction costs only fluctuate around $ 0.04 - $ 0.01, which is 10 times cheaper than Bitcoin.

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August 29, 2019, 07:16:35 AM
 #9

I think you need to have bitcoin first before you can get the fiat money to be transferred in your bank account because I don't know if the exchange can send usdt or usdc or usd to your bitcoin directly. Besides that, I never try what you ask because so far, I sell the altcoin to get bitcoin, and then I send the bitcoin to my friends who can act as the exchanger, then he sends the money to my bank account.

But if there is an exchange which can help you to send the money after you sell the altcoin, then you can do that without a problem because, in the end, you receive the money in your account.

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August 29, 2019, 07:25:24 AM
 #10

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

There are several methods to convert altcoin to fiat, depending on the country and platform in use. Some platforms allow the conversion of some altcoin to fiat like ethereum, ripple and Bitcoin cash is much more popular compared to others. Some platform even prefer the conversion to be made to their platform tokens before one can get the fiat into the bank account.
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August 29, 2019, 07:36:34 AM
 #11

unfortunately that is correct. that is why whenever there is a large scale altcoin dump, like what we had most of 2017, bitcoin price is also put under a lot of pressure and in some severe cases it is pushed down due to the massive altcoin dumps that exit through bitcoin. altcoin to bitcoin to fiat.

you always have other options though, most of the exchanges specially those shady small ones (like Yobit) have fiat markets for all the altcoins but nobody uses them ever.

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August 29, 2019, 07:38:23 AM
 #12

Altcoin => BTC / ETH pair => fiat
Altcoin => Fiat // if available for fiat exchange pairs

The final step is to enter your account number for the withdrawal process
Yes, it's simple right?






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August 29, 2019, 10:47:24 AM
 #13

I think most websites are giving to exchange cryptocurrencies to fiat. The coinbase and cex are good sites right now. You can check out there are too many exchanges. Please check out those sites are legit or not before depositing any funds. Some exchanges allow trading top altcoins to fiat directly. If not, you can trade altcoins to bitcoin and bitcoin to fiat.
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August 29, 2019, 10:55:46 AM
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It all depends on the product. Some projects can be obtained without translation. But you must understand how the system works. The main assets are the most stable coins, thanks to which you can withdraw funds on individual platforms.

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August 29, 2019, 11:28:46 AM
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If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?
BTC is not unique. You can trade ETH, BCH, exchange Coin or USDT. Everything is very simple.

I hope this information can help you more. Have a nice day guy!

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August 29, 2019, 11:36:05 AM
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If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

As said, depends on your altcoin. If it's an unknown one, your path is correct.
I want to add that you'll need KYC for this and beware: some banks don't accept money transfers from exchanges; some banks may lock/investigate your account if you get suddenly very big amounts of money; some banks may lock/investigate your account if the incoming money comes from too many different sources (and maybe some were even asking for refund) - worthy knowing if you plan localbitcoins and such.

All in all, do detailed research about your bank and the services you plan to use.

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August 29, 2019, 11:47:22 AM
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There are so many local exchanges, including some global exchanges that offer such service, depending on the type of fiat you intend converting into. For instance, Paxful offers different range of services, including converting your bitcoin most especially to fiat, which can be deposited directly into your bank account. What they simply do us to aid p2p transaction, where they serve as the middleman.
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August 29, 2019, 11:50:03 AM
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If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?
If your altcoin doesn't have trading pair to the stable coin and it's much better to convert them all to the bitcoin (low volatility) and then convert them all into the your local currency or if you are using the crypto payment app just like crypterium and you can also convert or send your bitcoin your local bank account and that app will be converting your amount instantly or you can try to use the service that already made by binance too just like bank transfer.
I hope you can get the best way to liquidate your money to your bank.

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August 29, 2019, 12:30:26 PM
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It is not a one way thing, there are several ways to convert your altcoin to cash. It depends on many factors such as the kind of altcoin you are having and your community. There are many P2P platforms such as local escrows where it is even possible to exchange your altcoin to cash directly without going through bitcoin.
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August 29, 2019, 12:35:36 PM
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There are many exchanges that allow conversion of your coins into straight fiat money. But in other instances, you should first convert your coins into popular coins like bitcoin, ethereum, ripple,  eos and then to fiat money. In my case,  I have converted my coins into bitcoin or ethereum and then to fiat.

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