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Thread: Transfering Bitcoin into cash.

  1. #1
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    Question Transfering Bitcoin into cash.

    Does anyone know how to transfer bitcoin to cash without losing a lot of it due to fees. @Carter
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    Transfering Bitcoin into cash.
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    Quote Originally Posted by Kessa View Post
    Does anyone know how to transfer bitcoin to cash without losing a lot of it due to fees. @Carter
    I have no idea Kessa since I've never done it.

    In my case, the easiest way would be just to move some coin from Electrum to my coinbase wallet. That would cost a couple of dollars for a reasonably quick transfer no matter the amount of coin being transferred then transfer it to my bank account. I am not sure how much coinbase charges (I think it is a percent of the total dollar amount) for the transfer from their wallet they give you back to your bank account these days or what, if any, Tax info might be reported to the IRS (probably depends on the amount of $$'s involved).

    Or one could just sell their BTC on LocalBitCoin. More hassle, but it seems like the small fee you'l pay for the transfer to the buyer will get offset by the higher price people are willing to pay...especially when it come to getting BTC anonymously. Again I'm not experienced with LBC. I looked at them well over a year ago and the "markups" people who were selling was pretty high. (Caution: Avoid meeting people in dark alley's if you do a F2F transaction ).

    Hopefully others will chime in. Lots of posts about buying, but no real info I remember seeing on best way to cash out some of their coin.
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    Thanks @Carter, I will try the Coinbase thing.
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    I’d do it with Coinbase. Saying that though if you can afford it I’d probably keep it in BTC as the price just keeps rising. Wish I’d bought a load back in the day and kept hold of them. I’d be minted now.
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    Quote Originally Posted by Carter View Post
    I have no idea Kessa since I've never done it.

    In my case, the easiest way would be just to move some coin from Electrum to my coinbase wallet. That would cost a couple of dollars for a reasonably quick transfer no matter the amount of coin being transferred then transfer it to my bank account. I am not sure how much coinbase charges (I think it is a percent of the total dollar amount) for the transfer from their wallet they give you back to your bank account these days or what, if any, Tax info might be reported to the IRS (probably depends on the amount of $$'s involved).

    Or one could just sell their BTC on LocalBitCoin. More hassle, but it seems like the small fee you'l pay for the transfer to the buyer will get offset by the higher price people are willing to pay...especially when it come to getting BTC anonymously. Again I'm not experienced with LBC. I looked at them well over a year ago and the "markups" people who were selling was pretty high. (Caution: Avoid meeting people in dark alley's if you do a F2F transaction ).

    Hopefully others will chime in. Lots of posts about buying, but no real info I remember seeing on best way to cash out some of their coin.
    The idea of meeting F2F for virtual currency transaction boggles my mind.
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    Quote Originally Posted by Morals View Post
    The idea of meeting F2F for virtual currency transaction boggles my mind.
    Me too, lol. I did manage to cash out with coinbase. I had 35 dollars in Blockchain for a few months and I just checked it a few days ago and my account had 550 dollars. Yay.
    Thanks for the help @Carter @Badmath
    Helpful steve12345 Rated helpful
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    On lbc they will gladly pay you 5% over the spot price. You select a buyer with good feedback and a long history. You meet in a public place like a restaurant and swap cash for coin. Easy peasy, done it many times. Or you can get payment by mg/wu if you aren't banned from there already, lol. Avoid being paid by paypal, they will go back and reverse it sometimes.

    Sell that way and you get more plus uncle sam is none the wiser. Or hold it and sell later when its even higher.
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  9. Quote Originally Posted by Kessa View Post
    Does anyone know how to transfer bitcoin to cash without losing a lot of it due to fees. @Carter
    Hi,

    Maybe this link is helpful for you:

    https://www.wikihow.com/Convert-Bitcoins-to-Dollars

    Regards,

    BluePiano
    Helpful Kessa Rated helpful
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  10. #9
    LBC has about 5 face to face sellers and they're all in the sticks in the Midwest. Nebraska, Kansas Oklahoma @Kessa I just checked if you go with western union if you have $550, the offer came back at $570.21.
    Not a big profit, but no loss. Good luck

    Pangaea
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    >LBC has about 5 face to face sellers and they're all in the sticks in the Midwest. Nebraska, Kansas Oklahoma

    Hmmm, well I'm not in any of those states and there are plenty of sellers and buyers in my area. If you are out in the sticks it may be a bit of a drive to find a reliable trader with good stats. Most of them are in or near larger cities. You may get lucky and find one in a small town.

    >I just checked if you go with western union if you have $550, the offer came back at $570.21.

    That is nearly 4%, not great but not too bad considering that coinbase charges you a 1.5% fee, I believe it is. So you would be ahead by more than 5% in comparison. That would be looking for a buyer in the ads. If you make your own ad offering to sell you could probably get a bit more.

    I just looked for buyers and via moneygram I saw one offering $8,800 per coin while coin is 8,100 so that is about 8% over. I did see one that offered $12,000 which is suspiciously high. However he will send first and you do not release your coin until you pick up the money so it seems safe.

  12. I am currently using Coinbase along with blockchain.info to move money around in bitcoin. I have found that they are both very simple to use and set up. Initially with Coinbase I used the credit card feature to purchase some bitcoins for something unrelated to meds. Coinbase allows you to set up 2 factor authentication which is very helpful because you do end up providing them with quite a bit of info. To fully set up credit cards you will need to put in the information and then they will charge you really small amounts(like 4cents and 8 cents) which you will then report to them to verify you have access to the card.

    Setting up a bank account with Coinbase is also very easy, essentially you tell them what bank you would like to use and then a popup comes up and you put in your login information for your online bank account. This is the step that is most important for turning your bitcoin into money that is sent directly to your bank account. I know it increases the fees, but I always use Coinbase -> blockchain.info wallet when I'm purchasing and using bitcoins, and when I'm converting bitcoin back into money it is always from blockchain.info -> Coinbase -> bank account. I do this because Coinbase has pretty strict KYC rules, and so I anonymize a little by going from Coinbase -> blockchain.info -> where I'm sending to, instead of directly from Coinbase to final destination, or from my final destination to Coinbase.

    Cheers!
    rjatx

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    yeah, and then coinbase makes you jump through hoops, limits what you can deposit and when you try to take your money out, more hoops to jump through. Local trades are simple by comparison and no ID needs to be given.
    Helpful halohippe Rated helpful

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    Quote Originally Posted by Gullible View Post
    yeah, and then coinbase makes you jump through hoops, limits what you can deposit and when you try to take your money out, more hoops to jump through. Local trades are simple by comparison and no ID needs to be given.
    Wasn't aware of Local Trades site. Thanks for the info.

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    The actual names are paxful or localbitcoins. Make sure of the spelling because there are fake sites to steal your passwords like localbitcoin (no s).

  16. #15
    Kessa, see if you have any bitcoin ATM near you.
    They allow to exchange BTC to cash and vice versa. The operation takes about hour depending on transaction (miner's) fees you choose.
    Helpful Kessa Rated helpful

  17. #16
    Not to de-rail this thread, but I use coinbase and they have a blurb now about making sure you report your crytpo currency gains/losses when you do your taxes.

    Yikes...they have a page that explains it but I'm wondering - if I never "cash out" - just spend, spend, spend, do I still have to do this? Because they have a page that will help you do the numbers but you need to know what is is your USD wallet, (or what has been in your USD wallet). I guess there is a way to put the history in.

    But I don't know if you still have to do this if you never "cash out". Like I said I have never moved anything into my wallet. I just spend

    Any advice would be appreciated.

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    Quote Originally Posted by Adrian254 View Post
    Kessa, see if you have any bitcoin ATM near you.
    They allow to exchange BTC to cash and vice versa. The operation takes about hour depending on transaction (miner's) fees you choose.
    These machines do exist, but so far every Bitcoin ATM I’ve personally encountered only lets you exchange dollars for Bitcoin, and not the other way around.

    Also, Bitcoin ATM’s have relatively poor exchange rates, and if you find one that buys Bitcoin, it’ll be at a rate that’s even worse than the selling rate.

  19. #18
    Quote Originally Posted by deephouse View Post
    These machines do exist, but so far every Bitcoin ATM I’ve personally encountered only lets you exchange dollars for Bitcoin, and not the other way around.

    Also, Bitcoin ATM’s have relatively poor exchange rates, and if you find one that buys Bitcoin, it’ll be at a rate that’s even worse than the selling rate.
    You are right about poor rates (aka large spreads), though here in Europe many BTC ATMs allow you to sell BTC for cash.
    I didn't know that such ATMs are rare in the US.

  20. Transfering Bitcoin into cash.

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