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Author Topic: Altcoins to Cash  (Read 231 times)
petrcoin
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August 29, 2019, 01:01:10 PM
 #21

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?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.

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August 29, 2019, 01:04:21 PM
 #22

some new exchanges have been released for pairs with fiat money. that means we can buy altcoin with fiat money that we can transfer to exchange. some local exchanges of a country must have it because it can facilitate investment and trade in crypto.

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August 29, 2019, 01:14:40 PM
 #23

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.


This is one of the problems in several banks, so an additional suggestion from me if you want to send your money from the exchange to the bank, especially in large amounts, it's better not to do it all at once, do it in stages. I think today many exchanges provide direct shipping services to banks using various coins, not just BTC. so you only need to choose to trade coins other than BTC for you to convert into FIAT money.

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August 29, 2019, 01:20:57 PM
 #24

Normally or most of the time you have to convert your altcoins to btc to fiat but in our country (Philippines) we have thus application called coins.ph wherein you can convert from altcoin to fiat to be transferred to a bank or even cashout however as of now it only supports BCH XRP and ETH. I hope it helps.
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August 29, 2019, 01:27:45 PM
 #25

yes you can convert altcoins into cash.

depending on where you live,
us + singapure: crypto.com
eu: 2gether.global

you can simply grab some cash from any atm Cheesy

but.
if you convert to fiat and your alt is in profit, then you should report taxes.
if you spend your profit from alt to buy something with your 2gether visa card, well, then no tax report nessesary.

there are other ways, but most of them involve a banking account and not cash.

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August 29, 2019, 01:37:30 PM
 #26

Yes.

Most transactions has to go through bitcoin first if the exchange you are using doesn't have an altcoin to USD/bank conversion. But if it has then you can simply use that method and convert your altcoin into cash and move it to your bank account easily.

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August 29, 2019, 01:43:24 PM
 #27

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?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.
The majority of crypto users prefer to use Bitcoin to be exchanged directly to fiat but for me using altcoin is an alternative to avoid additional fees because exchanging it from Altcoin to Bitcoin requires time and transaction fees. In my local exchange, there are several Altcoins that can be exchanged directly to our local money.
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August 29, 2019, 02:04:14 PM
 #28

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?
Not necessarily true as there are more and more exchanges that pair ETC/EURO, LTC/EURO and even more
The days of using BITCOIN as a 3rd party are long gone!
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August 29, 2019, 03:47:48 PM
 #29

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 platform that you are going to use, because most of the time bitcoin, Ethereum, Bch, Xrp are the commonly use for encashment in terms of fiat currency. And as far as I know Bitcoin is the main useful in terms of encashment into a real money.
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August 29, 2019, 04:49:27 PM
 #30

I remember when I was first a newbie in crypto a few years ago. When the exchanges have very high fees when it comes to releasing your Ethereum or the main altcoins in their exchanges. What I learned from some "pros" is that they convert their altcoins to a different altcoin with very low fees like Dogecoin and then move it to their target exchange that has direct cash conversion. From Dogecoin then they either convert it back to their target altcoin or directly to cash. But as time passes and more exchanges becomes more versatile in their conversion capabilities, the need to do that process was made more less.



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August 29, 2019, 08:29:35 PM
 #31

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 all depends on what altcoins you have on hand, because on some exchanges there are trading pairs for USD with some altcoins such as ETH or BNB. You can sell these altcoins directly to dollars directly on the exchange. There, on the exchange, you can withdraw cash to your credit or debit card.

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August 29, 2019, 08:58:21 PM
 #32

For europeans, work really good:

https://anycoindirect.eu/de

I useully use DOGE because cheap send.

Our public donation adress for my 3 year old child with Diabetis melltius Type 1:
BTC: bc1qr7y6v8ulgdp27q62xg4502fldw0zxavjhge325
Thanks in advance
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August 29, 2019, 09:03:56 PM
 #33

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 there is indeed no exchange about cryptocurrency in your country then at least that step must be done first before you cash it. But indeed, there are still many altcoins that are not available to be exchanged directly to fiat even though it is an exchange that supports currencies in your country and if that happens then selling it to BTC was the process.

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August 29, 2019, 09:38:27 PM
 #34

OP some business here accept alts to fiat already even you not trade that to btc then actually there's a lot of wallets like that here in crypto

So better to search where you can trade to low the fees everytime you make transaction because you can find that here like already for fiat currency then deposit it to bank account then withdraw

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August 29, 2019, 09:42:59 PM
 #35

It's not a must you have to convert your coin to bitcoin before it can be sold but before you can convert your coin to cash you need to sell it on an exchange and since exchanges deal with coins you preferably get paid in more recognised coins like bitcoin, ethereum, tron and so on but it still at you own discretion. Then it makes it easier selling of this coin in exchange to convert to fiat

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August 29, 2019, 10:54:37 PM
 #36

The exchange pair depends on what is available on the Exchange that you use and support with fiat currencies in your country. Generally, fiat exchange pair with BTC almost always exist in every local exchange. There are also ETH-fiat, depending on the local exchange in your country.

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August 29, 2019, 11:01:00 PM
 #37

Yes, that is how it should be.
But now it is different.
It will depend on the exchange. Some of them are accepting altcoin then exchange to what currency you prefer.
Most of them exchange XRP, BCH, and Ethereum. If they have that feature then withdrawals wont be that difficult. Good luck.
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August 29, 2019, 11:01:37 PM
Last edit: August 30, 2019, 01:43:46 AM by mr_random
 #38

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?
Crypto banking projects aim to solve the mentioned case with shipping worldwide crypto to cash bank cards but the limitations by the payment organizations don't let them do their job properly. If you bought the token of X project then sending the intended amount of the crypto to the banking application will let you spend your money with various stores that have Visa-Mastercard logo on the post terminal.

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?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.
The alternative pairs are only limited to Altcoin/BTC and Altcoin/ETH  combinations. The speed matters in trading, stable coins can be used for stabilizing the made profits instead of waiting 3 days for bank transfer by any crypto exchange. XRP pairs are higher than EOS pairs, only specific exchanges have this kind of offers.

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