jrrsparkles
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Eloncoin.org - Mars, here we come!
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May 25, 2024, 06:13:55 PM |
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Centralized exchanges and P2P like Paxful can be best option if you're not worried about your tracks and taxes, while most of the users who try to avoid the taxes really likes to use no KYC exchanges.
I am sure Binance P2P is most convenient of all but people forget that it's the same platform abused by the scammers to buy cryptos via hacked bank accounts so anyone dealing with P2P should be very careful when picking their partner for trades.
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| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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decodx (OP)
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May 25, 2024, 06:15:59 PM |
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Thank you all for your comments.
It seems like P2P on centralized exchanges is a preferred method here. Since KYC is likely unavoidable with centralized exchanges, how do you people handle the tax implications? Do you report all your crypto income to the tax office?
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kentrolla
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May 25, 2024, 07:25:48 PM |
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Don't have much option since localbitcoins got shut down as we have to be dependent on centralized exchanges and their P2P services which is becoming bit riskier because a lot of scans are taking place and a friend of mine who regularly uses P2P had his bank account freezed as the seller of USDT was involved in illegal activities and was wanted in criminal offences.
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Huppercase
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May 25, 2024, 08:49:10 PM |
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I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.
What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
Centralized exchanges are the best place you can have efficacy of conversation of your Bitcoin to any other options be it Bitcoin or other cryptos and fiats. Exchanges like Binance and Kucoin has been tasted and they are save because the exchanges act as the middleman, you will hardly run into scam but if you don't put caution into place while trading, there are some ways scammers might still scam you but they are rare because their insurance deposit merchants must made before they are allow to trade, so you are good to go but my problem is that centralized exchanges are not safe other like risk of custody. If you need money to for spending, you will need fiat but don't forget you will py tax if you leave in a country where crypto are tax but if you need conversion to buy other coins, there is no need to convert from fiat to crypto, you can simply use centralized exchange conversion to convert into any crypto of your choice.
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GbitG
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May 28, 2024, 11:57:13 PM |
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Basically, I use P2P. The procedure is that I have Bitcion in my holding assets, so first of all I convert Bitcion to USDT for as much Fiat money as I need and then I transfer that USDT to Binance P2P which is allowed in my country with no restrictions. Not on it. So I sell out my USDT there, the merchandiser sends me fiat money in Banks accounts and I release USDT to him and Binance as a third party provides the service. So this is my procedure for converting my Holding asset to fiat currency. So if there is no ban on Binance p2p in your country then I think it will be the best option for you I have seen the majority of crypto users they prefer Binance p2p the rest is up to you to make a decision according to that, because I am not a financial adviser. DYOR!
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| DAKE.GG | │ | ░░░░░░▄█████▄ ▄█████████████████▄ ██░░░░░░░░░░░░░░░██░░▄██▄ ██░░▀▀█░▀▀█░▀▀█░░██░░████ ██░░░█▀░░█▀░░█▀░░██░░░██ ██░░░░░░░░░░░░░░░██░░░██ ███████████████████░░░██ ▀█████████████████▀░░░██ █████▀▀▀▀▀▀▀▀▀█████▄▄▄██ █████▄▄▄▄▄▄▄▄▄█████▀▀▀▀ ░█████████████████ ░░▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | | | | | | ░░░░░░░░░▄▄▄▄▄▄ ░░░░████████▀▀▀▀ ░░░░██░▀░██░████████▄▄▄▄ ░░░░███▄███░█░░█████████ ░░░░░█████░█████████████ ░░░░░▀████░█████▀░█████ ▄▄▄▄▄░███░░███▀░░░░████ █▄█▄█░░██░███▄░░░░░▄██▀ █▄█▄█░░▀▀░▀████▄░▄████ ▄▄░░░░█████░██████████ ░▄▄▀░░██▄██░▀▀▀▀█████ ░░░░█░▀▀▀▀▀ | │ | | │ | | │ | █▀▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄▄ | PLAY NOW | ▀▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄▄█ |
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GreatArkansas
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May 29, 2024, 12:45:13 AM |
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(...) What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
If you are living in a country that is not that really strict, P2P is the best. You can save more money from fees or spread. Because some methods are very expensive, you can lose more compared to using P2P. First what I am doing is converting to stable coin then sell it to P2P or direct from what I hold and supported in P2P and immediately sold it for fiat.
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| .DAKE.GG. | │ | ░░░░░░▄█████▄ ▄█████████████████▄ ██░░░░░░░░░░░░░░░██░░▄██▄ ██░░▀▀█░▀▀█░▀▀█░░██░░████ ██░░░█▀░░█▀░░█▀░░██░░░██ ██░░░░░░░░░░░░░░░██░░░██ ███████████████████░░░██ ▀█████████████████▀░░░██ █████▀▀▀▀▀▀▀▀▀█████▄▄▄██ █████▄▄▄▄▄▄▄▄▄█████▀▀▀▀ ░█████████████████ ░░▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | | | .NEXT LEVEL CASINO & SLOTS. | | | ░░░░░░░░░▄▄▄▄▄▄ ░░░░████████▀▀▀▀ ░░░░██░▀░██░████████▄▄▄▄ ░░░░███▄███░█░░█████████ ░░░░░█████░█████████████ ░░░░░▀████░█████▀░█████ ▄▄▄▄▄░███░░███▀░░░░████ █▄█▄█░░██░███▄░░░░░▄██▀ █▄█▄█░░▀▀░▀████▄░▄████ ▄▄░░░░█████░██████████ ░▄▄▀░░██▄██░▀▀▀▀█████ ░░░░█░▀▀▀▀▀ | │ | | | │ | ..PLAY NOW.. |
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Oneandpure
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May 29, 2024, 04:11:16 AM |
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Recently has several ways to to convert our cryptocurrency assets from bitcoin or altcoin to fiat by using P2P transaction feature supported all exchange, sell to third trusted person in my community with small fees until withdrawing to local exchange market. I used last way for converting my cryptocurrency assets after getting profitable from trading withdraw USDT to my local exchange and selling with our local currency to withdraw into Bank account. Get faster process withdrawing to Bank account without five minutes make me comfortable converting all profitable in cryptocurrency to local exchange indeed have to pay some fees taxes transaction.
All exchange currently have required with KYC procedure and make easy for some one want to sell trough P2P transaction, in Binance and other exchange I think has local community or buyer for selling your USDT stable coin with lower rate than market.
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| │ | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███▀▀▀█████████████████ ███▄▄▄█████████████████ ███████████████████████ ███████████████████████ ███████████████████████ █████████████████████ ███████████████████ ███████████████ ████████████████████████ | ███████████████████████████ ███████████████████████████ ███████████████████████████ █████████▀▀██▀██▀▀█████████ █████████████▄█████████████ ████████▄█████████▄████████ █████████████▄█████████████ █████████████▄█▄███████████ ██████████▀▀█████████████ ██████████▀█▀██████████ ▀███████████████████▀ ▀███████████████▀ █████████████████████████ | | | O F F I C I A L P A R T N E R S ▬▬▬▬▬▬▬▬▬▬ ASTON VILLA FC BURNLEY FC | │ | | │ | | BK8? | | | █▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄ | . PLAY NOW | ▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄█ |
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God bless u
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Eloncoin.org - Mars, here we come!
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May 29, 2024, 12:17:14 PM |
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I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.
What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
There are plenty of P2P options and direct transfers are also available you can easily google them but the most important thing is that don't go with the chains that are not being used frequently in the market. Nowadays chains and networks offer a small transaction fees or better exchange rate just to trap you in a scam and most of the people just go get rid of high transaction fees fall in to their traps. So my advice would be to use networks with good and established reputation.
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palle11
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May 29, 2024, 12:35:59 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
To convert bitcoin to fiat like selling it directly to a merchant or someone who needs it will be expensive in fees because it can take you as high as $3-5 depending on the time so if you have it on exchange, you can convert it to usdt and then sell to fiat with a fee of $1. However there are variants of stable coins that you can do that on if not usdt , example you can convert to BnB smart chain bep20, you can convert through polygon, through solana, avex chain, EOS, Tezos, Ethereum erc20 etc
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Cryptomultiplier
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May 29, 2024, 03:44:36 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
To convert bitcoin to fiat like selling it directly to a merchant or someone who needs it will be expensive in fees because it can take you as high as $3-5 depending on the time so if you have it on exchange, you can convert it to usdt and then sell to fiat with a fee of $1. However there are variants of stable coins that you can do that on if not usdt , example you can convert to BnB smart chain bep20, you can convert through polygon, through solana, avex chain, EOS, Tezos, Ethereum erc20 etc For me, converting BTC to Fiat is more expensive on the Binance exchange and it is no longer functional for my country residents who use the exchange since the government has done well to investigate the exchange and others who have customers in the country and have restricted many of these exchanges services by removing the local fiat from the exchange. A stable coins like the USDT is a more preferred option for me and I have to accept the fees rate upon converting from BTC to USDT and then trading P2p to get my funds in local currency.
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Ruttoshi
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May 29, 2024, 03:56:17 PM |
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Just like many have said above, I use p2p on CEX and I don't have a particular exchange that I use because of the problem our government is having with exchanges in my country. It is easy and faster, and not traceable.
However, the one that I enjoy must was when I use to have a physical vendor down the road, I go to him and make the exchange fiat to bitcoin, but he relocated to another state, so I just use only CEx p2p. Maybe if our government stops all the exchange and Naria is delisted, I think I will switch over to telegram p2p or our local exchange p2p.
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| | . Duelbits | │ | | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | █████ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ █████ | ██████████████████████████████████████████████████████ . PLAY NOW . ██████████████████████████████████████████████████████ | █████ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ █████ | |
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irhact
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May 29, 2024, 05:56:56 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar. We mightn't like it because it's centralized but centralized exchanges has being the most convenient way for me to trade my cryptocurrency to faits. I haven't use debit cards therefore I can't give an honest opinion on them but I have use decentralized P2P and I was almost scammed therefore I prefer to use centralized exchanges or their p2p were all the individuals on the exchange would had gone through verification therefore they won't want to scam or they'll get their account banned. Centralized exchanges has P2P but selling to them directly is more faster and safer. Their P2P can also be slow sometimes as the individual selling or buying on the exchange wouldn't be fast to respond to your order. The rate on the exchange is slightly better than those on the P2P because some individual will want to manipulated the price by bringing it down so they can make more profits when they sell to you.
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jrrsparkles
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May 29, 2024, 06:06:05 PM |
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Thank you all for your comments.
It seems like P2P on centralized exchanges is a preferred method here. Since KYC is likely unavoidable with centralized exchanges, how do you people handle the tax implications? Do you report all your crypto income to the tax office?
I suppose we have to but it really depends on the nation we reside though, some government don't take any actions against tax evaders or some government don't even keep track of income tax trails so unless the individual reports they have no idea how much he/she owe to the government in the name of tax but this applies only you are belong to middle class but if you are rich tax authorities will be looking at you for any reason to take away your money while the policies are made in the favour of the rich so one who knows how to handle it can get away with paying less taxes.
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bitbollo
Legendary
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May 29, 2024, 06:09:02 PM |
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In the past (many years ago) I have done a lot of p2p transaction or just used a "dedicated" debit/credit card like wirex/advcash etc... Nowadays I am using a local bank here in Italy that supports exchange btc/fiat. This is mine preferred method even if they have not the best rates but it's an immediate transaction and I have immediately money available on my bank account/debit card.
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davis196
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May 30, 2024, 10:55:59 AM |
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I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.
What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
I'm selling BTC for EUR to a company located in Switzerland. No KYC and the fee is 1.3%. Never had any problems with them(so far). I used a Croatian company to sell my BTC for Euro in the last 5 years, but they started demanding KYC so I left them. I'm avoiding P2P marketplaces, because there are many scammers(some scammers even have good reviews) and some traders require KYC. Centralized crypto exchanges are also a thing from the past, the biggest reason for me to dump them is the ID verification requirement.
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JiiBs
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May 30, 2024, 11:35:16 AM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar. We mightn't like it because it's centralized but centralized exchanges has being the most convenient way for me to trade my cryptocurrency to faits. I haven't use debit cards therefore I can't give an honest opinion on them but I have use decentralized P2P and I was almost scammed therefore I prefer to use centralized exchanges or their p2p were all the individuals on the exchange would had gone through verification therefore they won't want to scam or they'll get their account banned. Centralized exchanges has P2P but selling to them directly is more faster and safer. Their P2P can also be slow sometimes as the individual selling or buying on the exchange wouldn't be fast to respond to your order. The rate on the exchange is slightly better than those on the P2P because some individual will want to manipulated the price by bringing it down so they can make more profits when they sell to you. I have seen someone tried buying Bitcoin with Debit card before hand and it was really success, it came smooth e even and that was in year 2021 if I recall correctly. I wasn’t really this interests in buying/selling/holding of Bitcoin as I am today. I think I can still recall who the individual was but, not the site. So buying with debit card virtually played out like you having to pay for a product you bought online of which, Bitcoin was that commodity here. You don’t get to buy from an individual here but the site itself, at there rate and you pay by inputting the necessary details on your debit card, while you receive an OTP for authentication. That follows after you must have imput your receiving Bitcoin address though. I can’t recall it in detail but, it ain’t a bad idea except, This would be you having to expose your debit card details to a site you aren’t entirely assured of its security and safety. There is always a risk factor as this is part of your private detail.
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palle11
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May 30, 2024, 04:36:21 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
To convert bitcoin to fiat like selling it directly to a merchant or someone who needs it will be expensive in fees because it can take you as high as $3-5 depending on the time so if you have it on exchange, you can convert it to usdt and then sell to fiat with a fee of $1. However there are variants of stable coins that you can do that on if not usdt , example you can convert to BnB smart chain bep20, you can convert through polygon, through solana, avex chain, EOS, Tezos, Ethereum erc20 etc For me, converting BTC to Fiat is more expensive on the Binance exchange and it is no longer functional for my country residents who use the exchange since the government has done well to investigate the exchange and others who have customers in the country and have restricted many of these exchanges services by removing the local fiat from the exchange. A stable coins like the USDT is a more preferred option for me and I have to accept the fees rate upon converting from BTC to USDT and then trading P2p to get my funds in local currency. Yes I had already stated it that it is expensive to sell bitcoin directly to fiat because of the high fees and this is the reason that many have turned to stable coins for transaction because they are sure that they are only parting with a dollar to cover for the transaction fee unlike using the bitcoin route that will take you more dollars. Moreover exchanges like binance charge very high in bitcoin transaction and so to take away P2P for a local currency means either you have to convert to usdt and sell out of binance platform if you are having your coin there but I hope there are other exchanges that still transacting on P2P.
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yudi09
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May 30, 2024, 05:14:09 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
Some have already said which method they prefer and use but I still use CEX to convert it into fiat currency. The technique hasn't changed and that's still how I do it when converting to fiat. The coins in the wallet will be sent there. From there you will choose a fiat pair that can be withdrawn directly to the fiat bank. The reason why I use a method like this is because I cannot avoid KYC. Every exchange that operates in my country's jurisdiction, KYC is required for those who want to use it.
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fuguebtc
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May 30, 2024, 05:37:18 PM |
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What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.
P2P works like magic to me since banks won’t be suspicious on fund transfers on my bank account because I have business which frequently gives me multiple transactions from other people for payment. P2P transactions from crypto makes it looks like a regular business transaction which gives me a space to breath from audit. Choosing Centralized services is proven hassle when dealing with high amounts since they frequently notify banks about the transaction that it involves crypto which creates problem. I experienced freezing of bank assets just because I received too much fiat from crypto assets which bank doesn’t allow as part of their ToS. I don't think the exchanges notify the bank, but the bank proactively locks your account when they suspect your account has unusual transactions. You don't have to be a cryptocurrency investor, your bank account will also be frozen if you make unusual transactions such as too large amounts and you have never made any similar transactions before. This is the bank's regulations and way of working, don't blame the centralized exchanges. In my country, Binance does not have a business license while banks have issued regulations that do not allow people to trade cryptocurrencies. After that, Binance itself also issued a warning to us , asking us to limit writing the content of transactions related to bitcoin and crypto, to avoid being frozen by banks. That shows there is no connection between the exchange and the bank.
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jcojci
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May 30, 2024, 06:02:07 PM |
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I prefer to convert my crypto holdings to fiat using a CEX or through a third party with which I am familiar. Usually I use a third party if I don't want to use CEX. I also often use P2P on CEXs like Binance, which can be done at any time. But I have never used a Debit Card.
You have to pay attention to the costs, which will vary. People who make exchanges often want fees that are not too expensive and can be sent quickly to their bank account. For this reason, we must find the method we want and make us comfortable using it.
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