MBTC in Electrum Wallet

[Agbe]

Good evening guys!
 I have about 2.990mbtc in Electrum Wallet and I need money to buy something but I don't know how to transfer and also I am the only person using BTC in my village so the thing is disturbing me very badly. I don't know what to do again. Even the vendors around the city area as I made some contacts don't Know mbtc. So I am at the confused stage of the whole issue. And this is my first to that I want sell MBTC. Nobody that I have explained mbtc that knows the value on BTC.
So what should I do to cash out the money from the Electrum Wallet to fiat currency? Or can I convert it to Fiat currency within the Electrum Wallet?

And also I am not really familiar with or fluently uses Electrum Wallet. But that is not the real issue, the main issue here is how I can transfer the money to another Wallet of any kind without any issue.

[1714919350]

1714919350

[1714919350]

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[RickDeckard]

So what should I do to cash out the money from the Electrum Wallet to fiat currency? Or can I convert it to Fiat currency within the Electrum Wallet?

The quickest way to cash out your money to Fiat would be by using an exchange. And no, you aren't able to convert your mBTC holdings to fiat within the Electrum Wallet because the software is just that - a wallet. This means that it basically holds whatever amount of BTC that you wish which, in this case, is around ~ $60 / 59 € (Euros is almost at the same rate as USD, who would have thought?).

If you're looking for an exchange and aren't bothered with KYC procedures (where you'll have to send to the exchange your ID details and such) then I guess you could use Kraken[1] (stay away from Coinbase as much as you can). When you get an account in the exchange, you'll get an address from where you'll be able to send your current amount of BTC to it. You'll then be able to trade that amount for fiat by selling it in the market. Do note that this will have some fees[3] involved and considering the amount is small you may end up losing quite a bit with these couple of actions.

Your second option would be to pay for a service/good that you are interested in by using BTC. You talk about local sellers, but the beauty of BTC is that you can use it universally. Here's[3] a website that you can check that accepts BTC as a payment option - ranging from VPS,VPN's, Gift Cards, Virtual Phone numbers ...

If I were you I would seriously consider the second option considering the effort and fees involved in the first one.
[1]https://www.kraken.com/
[2]https://bitcointalk.org/index.php?topic=5253616.0
[3]https://kycnot.me/services

[Charles-Tim]

You can try decentralized exchanges like https://bisq.network/. You can also try https://hodlhodl.com/ or https://localcryptos.com/.

On this forum, you can try to sell your coins on Currency exchange. You can use escrow.

Recommended bitcointalk escrow services

From your posting history, I guess you are from Nigeria. If you are from Nigeria, you can make use of CryptopreneurBrainboss exchange

KYC means no privacy, you can use exchanges like Binance or Paxful for p2p but they require KYC.

And also I am not really familiar with or fluently uses Electrum Wallet. But that is not the real issue, the main issue here is how I can transfer the money to another Wallet of any kind without any issue.

First, you can change the unit from mBTC to BTC on Electrum if it is confusing you. On Electrum GUI, click on tools -> preferences -> set the 'base unit' to BTC.

To make transaction, on Electrum GUI, click on send, paste the receiver's address on 'pay to' space provided for address paste, input the amount of BTC you want to send and click on pay, and send. You can click on advanced if you want to customize your fee, input the target fee rate, click on finalized and sign (provided if you track the fee rate on mempool site like https://mempool.space.

[nc50lc]

-snip- And this is my first to that I want sell MBTC. Nobody that I have explained mbtc that knows the value on BTC.

And also I am not really familiar with or fluently uses Electrum Wallet. But that is not the real issue, the main issue here is how I can transfer the money to another Wallet of any kind without any issue.

Seems like your confusion rises from the unit mBTC and mistaking it as another coin or version of BTC?

It's just a smaller denomination of BTC, your Electrum contains "Bitcoins" just displayed as "millibitcoins" (1mBTC = 0.001BTC).
It's like 1¢ (cents) = $0.01 (dollar)

So if the vendors or exchanges that you know accept BTC, you can send them your mBTC without issues;
but you must compute the value in BTC using the conversion above, or set the correct unit in Electrum's setting.

[NeuroticFish]

I have about 2.990mbtc in Electrum Wallet and I need money to buy something but I don't know how to transfer and also I am the only person using BTC in my village so the thing is disturbing me very badly. I don't know what to do again. Even the vendors around the city area as I made some contacts don't Know mbtc.

mBTC is a subunit of BTC. If it disturbs you, you can change from using it.
Indeed, Electrum uses mBTC by default, but you can go to:
Tools->Preferences and in the "General" tab select as Base Unit BTC instead of mBTC.

And also I am not really familiar with or fluently uses Electrum Wallet. But that is not the real issue, the main issue here is how I can transfer the money to another Wallet of any kind without any issue.

If you want to ace Electrum, you can do it easily and for free: start Electrum on testnet (a test network with worthless bitcoins), make a wallet there, get money from testnet faucets and transfer between your addresses/wallets, test whatever you're unsure about, then return to main bitcoin network and your main wallet. A tutorial is here: https://bitcointalk.org/index.php?topic=5393289

[Agbe]

You can try decentralized exchanges like https://bisq.network/. You can also try https://hodlhodl.com/ or https://localcryptos.com/.

On this forum, you can try to sell your coins on Currency exchange. You can use escrow.

Recommended bitcointalk escrow services

From your posting history, I guess you are from Nigeria. If you are from Nigeria, you can make use of CryptopreneurBrainboss exchange

KYC means no privacy, you can use exchanges like Binance or Paxful for p2p but they require KYC.

And also I am not really familiar with or fluently uses Electrum Wallet. But that is not the real issue, the main issue here is how I can transfer the money to another Wallet of any kind without any issue.

First, you can change the unit from mBTC to BTC on Electrum if it is confusing you. On Electrum GUI, click on tools -> preferences -> set the 'base unit' to BTC.

To make transaction, on Electrum GUI, click on send, paste the receiver's address on 'pay to' space provided for address paste, input the amount of BTC you want to send and click on pay, and send. You can click on advanced if you want to customize your fee, input the target fee rate, click on finalized and sign (provided if you track the fee rate on mempool site like https://mempool.space.

Wow!!! I am very happy for your help. I have finally converted it to BTC. Now it will be very easy for me to sell it but to see a buyer is an another issue but is like I will use the decentralized option to sell it off. I really appreciate your help and others for the help render to me for this thread. I was really confused of what to do but now I am getting better. I have learned new thing a again. Learning is a continues process.

[DireWolfM14]

You can try decentralized exchanges like https://bisq.network/.

Bisq is my favorite exchange, but in the OP's case he may not have enough BTC for the security deposit and to sell the amount he needs. 

You can also try https://hodlhodl.com/ or https://localcryptos.com/.

Those are likely to work better for the OP, as well as Localbitcoins and Paxful, but the risk of chargebacks is what keeps me away from those exchanges.

On this forum, you can try to sell your coins on Currency exchange. You can use escrow.

This is another good option, but if you use this method make sure you only deal with reputable members.  Again, the risk of chargebacks is real.  Most escrow providers here on the forum won't touch crypto to fiat transfers, there's too much risk and no where near enough reward if thing go sideways.

[nc50lc]

I have finally converted it to BTC. -snip-
I have learned new thing a again. Learning is a continues process.

Great to see that you're learnings stuffs~
But nothing was converted, you have Bitcoin [BTC] all along. Just like previously explained, mBTC is just BTC in lower denomination.
It's only a matter of preferred displayed unit.

[Charles-Tim]

But nothing was converted, you have Bitcoin [BTC] all along. Just like previously explained, mBTC is just BTC in lower denomination.
It's only a matter of preferred displayed unit.

You are right, BTC is the higher denomination of mBTC, but they are not the same, although all bitcoin denominations like BTC, mBTC, uBTC, satoshi are all bitcoin having different units. Is saying convert 1 gram to kilogram or anything like that wrong? Bitcoin is bitcoin, but if it is denomination, you can convert from higher denomination of a particular thing to a lower denomination and vice versa.

Although, Electrum will do that automatically, so saying he has converted it to BTC should have not been used. I have changed it to or selected BTC would have been more appropriate.

Never mind this, I am not serious about this , but just the way I see it.

[The Sceptical Chymist]

Seems like your confusion rises from the unit mBTC and mistaking it as another coin or version of BTC?

Yeah, that's the first thing I thought too.  Not to get into a whole discussion about this, but mBTC is the stupidest denomination I can think of in crypto with the exception of gwei for ETH (and I'm not even sure what a gwei is, but ETH owners are apparently supposed to know).  Denominating bitcoin in mBTCs makes you do an unnecessary computation in your head, and there are a lot of people who simply can't do that level of math in their noggin.  The amount of bitcoin should either be just bitcoin or satoshis, plain and simple.

I'll get off my soapbox now to avoid the eggs being thrown at me.

This is another good option, but if you use this method make sure you only deal with reputable members.

OP, if you go that route, listen to the above advice.  The currency exchange section is full of idiots, scammers, and straight-up fools.  It's easy for deals to go south before you even know what hit you.

[nc50lc]

-snip-

Is saying convert 1 gram to kilogram or anything like that wrong?

It sounds normal, in questionnaires and exams that is :D
The way he used it, it's like: "I've converted my 1 liter or water into 1000 milliliters of water"

My reply is based on my assumption that he's mistook mBTC as another coin or something.
Like the way he's having trouble finding a way to send it to another wallet (in the OP) and the follow-up reply where he mentioned that he can now easily sell it.
While all he have to do is to send normally and any Bitcon wallet/exchange will receive his mBTC without issues.

He didn't replied with clarifications in his last reply so, I assumed that it's still the case.

[Pmalek]

Not to get into a whole discussion about this, but mBTC is the stupidest denomination I can think of in crypto with the exception of gwei for ETH (and I'm not even sure what a gwei is, but ETH owners are apparently supposed to know).

I agree with you that in many cases it's unnecessary, but there are situations where it can help. For example, it's easier to tell someone to pay you 0.5 mBTC instead of 0.0005 BTC. What was the first thing you did when you saw the BTC amount? You counted the zeros, right? 0.5 is easier to remember than a 0 followed by a dot and 3 more 0s. However, I never use or think in mBTC denominations.

Btw, why is mBTC the default coin denomination in Electrum? I am sure there is a reasoning behind it. If we compare it to a standard ATM, I am sure people would agree we don't want the ATM showing us options to withdraw 5.000/10.000/50.000 cents. We would like to see the $ amounts instead because people think in $ amounts not in cents when they are using the USD.   

[Charles-Tim]

I agree with you that in many cases it's unnecessary, but there are situations where it can help. For example, it's easier to tell someone to pay you 0.5 mBTC instead of 0.0005 BTC. What was the first thing you did when you saw the BTC amount? You counted the zeros, right? 0.5 is easier to remember than a 0 followed by a dot and 3 more 0s. However, I never use or think in mBTC denominations.

According to what I have experienced, I have some friends that have privately messaged me before and ask questions like 'help me convert 2 mBTC to BTC. It was even confusing me before until now that I do not have to do any calculation because my brain can automatically process it without think of calculating it. But you are not wrong that adding those zeros to it sometimes can be somehow, but I would have preferred sat if their are more zeros, just like 0.0005 BTC which is 50000 sat or 0.00005 which is 5000 sat or just like if bitcoin transaction fee is 0.0000002 0.000002 BTC, I will prefer it to be in sat which is 200.

[Cricktor]

... or just like if bitcoin transaction fee is 0.0000002 BTC, I will prefer it to be in sat which is 200.

FTFY, that's only 20sats not 200! The more BTC gets worth the more I stick to Sats.

[Adbitco]

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Sorry for the stress.
Maybe when next you wishes to

[NotATether]

Not to get into a whole discussion about this, but mBTC is the stupidest denomination I can think of in crypto with the exception of gwei for ETH (and I'm not even sure what a gwei is, but ETH owners are apparently supposed to know).

gwei means gigawei - 1 gwei is 1 billion wei, and 1 wei is 10e-18 ETH (the lowest possible denomination, similar to Satoshi)

Btw, why is mBTC the default coin denomination in Electrum? I am sure there is a reasoning behind it. If we compare it to a standard ATM, I am sure people would agree we don't want the ATM showing us options to withdraw 5.000/10.000/50.000 cents. We would like to see the $ amounts instead because people think in $ amounts not in cents when they are using the USD.   

Because Electrum developers reasoned similar to your line of thinking you posted at the beginning:

I agree with you that in many cases it's unnecessary, but there are situations where it can help. For example, it's easier to tell someone to pay you 0.5 mBTC instead of 0.0005 BTC. What was the first thing you did when you saw the BTC amount? You counted the zeros, right? 0.5 is easier to remember than a 0 followed by a dot and 3 more 0s.