Topic: A beginner question (Read 490 times)
In order to change your btc to cash you have to do it on an exchange. There are many websites where you can do that.
I think you should give your friend a bitcoin deposit wallet to send, after you receive that coins,you can sell at any time.
You are absolutely in right direction. Firstly you should sign up on any exchange as you feel convenient ( you want to kyc or not) and transfer to that exchange and you can sell it for fiat. Before registration please check that exchange suppport your country local currency or not.
Thank you, I will proceed with Electrum then.
Hopefully, it will be fine.
Hopefully, it will be fine.
I should set up an account at bestchange and Electrum and have my friend send me the bitcoins to electrum right?
After that how should I proceed with the withdrawal?
Also, is approximately 2000 dollars considered "massive"?
After that how should I proceed with the withdrawal?
Also, is approximately 2000 dollars considered "massive"?
Electrum gives you a full control of your bitcoins. Ask your friend to send the bitcoins to the address generated by Electrum. After that you will have to look for an exchange which suits your needs. Most of them require their users to pass through KYC so it might take you some time. Once you decide which exchange to use, you will have to send your bitcoins from Electrum to the address generated by the exchange. I have written a tutorial on using Electrum for beginners, you might find it useful.
$2000 dollars in BTC is quite a lot. Wait for a few confirmations once you get your coins.
You can exchange your btc on binance. It is very easy. Just register on it, press deposit, send your btc on specified address and then sell it. After that transfer your USD on credit card.
You need to send thoe bitcoins to any exchange or provider who has provision for fiat withdrawal to your currency like coinbase. Every wallet should have withdrawal and deposit option.
Thank you. So, as I see it.
I should set up an account at bestchange and Electrum and have my friend send me the bitcoins to electrum right?
After that how should I proceed with the withdrawal?
Also, is approximately 2000 dollars considered "massive"?
I should set up an account at bestchange and Electrum and have my friend send me the bitcoins to electrum right?
After that how should I proceed with the withdrawal?
Also, is approximately 2000 dollars considered "massive"?
Will I have to verify my account or the person sending me money in order to withdraw or receive anything?
No. You just give them your Bitcoin address and that's it. If you send the coins directly to Paymium though, they may need proof of origin, as they have said.
You may want to set up a "middleman" wallet so you don't risk losing the funds. Set up an Electrum wallet or something similar (a wallet you fully control, no verifications necessary, but no cash out option), have the person send the coins to an address in that wallet, then send an amount just below their proof of origin threshold to your Paymium wallet for withdrawal.
If we're talking about a massive amount, you shouldn't be sending it all to an exchange anyway because they could lock it up. If I were you, I'd focus on receiving and securing the coins first before worrying about converting it to cash.
Hello, I'm sorry if this has been asked before.
In short, I will need to receive some money from a friend in bitcoins then I will need to withdraw that amount in cash.
I have downloaded and installed the "Bitcoin Wallet" app from Android. But I don't see any option there for withdrawal.
Am I in the right direction?
Thanks in advance
In short, I will need to receive some money from a friend in bitcoins then I will need to withdraw that amount in cash.
I have downloaded and installed the "Bitcoin Wallet" app from Android. But I don't see any option there for withdrawal.
Am I in the right direction?
Thanks in advance
Hey you're definitely not in the right direction, you have downloaded some spammy wallet you should uninstall it immediately, download only electrum wallet, follow all the instructions write down your seed and pin somewhere safe. I hope you're aware buying and selling involves fees in bitcoins, for transferring it to cash you can use localbitcoins.com or use currency exchange here, but both places read thier reviews.
A wallet is just there to keep your digital assets(
Bitcoin, ETH etc).
For you to change to cash ,you'll have to sell those digital asset to fiat currency which you can only do on an exchange platform that allows such.
Coinbase - If you're interested in USD.
If you're in Malaysia or Africa, Use any of the following:
Luno.com
Localbitcoins.com
Or
Remitano
Bitcoin, ETH etc).
For you to change to cash ,you'll have to sell those digital asset to fiat currency which you can only do on an exchange platform that allows such.
Coinbase - If you're interested in USD.
If you're in Malaysia or Africa, Use any of the following:
Luno.com
Localbitcoins.com
Or
Remitano
Will I have to verify my account or the person sending me money in order to withdraw or receive anything?
I advice to find an exchange from the site of bestchange then you can transfer your bitcoin to money without any problem
Cash withdrawal must be realized through the trading platform, it is not possible directly from the mobile phone, and there are many trading platforms that can be directly cashed out!
So, if I receive bitcoin on paymium (or a similar site) and want to withdraw it in Euros (assume that I showed them whatever proof they wanted), Do I have to wait for someone to buy bitcoin or can I withdraw it immediately. I know this may sound like a stupid question but I am kinda new 
And so I see this paymium which is a french crypto currency exchange to be exact so basically your pair should be btc/euros so someone should fill your sell orders and that's the time you can have your euros that you can withdraw.
No it's not stupid question and it's actually good that you're asking rather than pretend that you knew.
Thank you very much, I'll try doing that
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so
This is not Bitcoin's fault. You are once again dealing with Banks, when you convert back to Fiat currency and we know how slow Banks can be with inter Bank transfers. In my experience it usually takes 1 day when you request the withdrawal early in the morning and 2 days when you request it in the afternoon. < Banks have certain trading hours and exchanges sync their actions with them for Fiat transfers >
The Bitcoin transactions is fast, because it is simply an internal ledger entry change within the exchange software, but when you transfer bitcoins out of their system to another Bitcoin address, then that transaction goes through the on-chain Blockchain and you have to wait for the Bitcoin miners to process that transaction.
You need to told us from how country you are. Propably situation is diffrent to each country and some resolve is diffrent to each country
Thank you very much, I'll try doing that
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so
Even without it, Paymium told me that a withdrawal barely takes 2-3 days while the actual bitcoin transaction takes 30 minutes or so
In my case I linked my local Bitcoin wallet to a carrier-provided debit card, so I just go straight to an atm machine and withdraw just like an ordinary atm card.
So, if I receive bitcoin on paymium (or a similar site) and want to withdraw it in Euros (assume that I showed them whatever proof they wanted), Do I have to wait for someone to buy bitcoin or can I withdraw it immediately. I know this may sound like a stupid question but I am kinda new
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