A beginner question - page 2. | Bitcointalksearch.org

audaciousbeing

hero member

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Quote from: nmht on August 27, 2018, 12:12:34 PM

Thank you very much for the replies

I am residing in Germany currently.
I registered an account on paymium, which allows withdrawals fortunately as long as the account is verified, which I just did.

But they said that if the amount I receive is too high, they may ask for a proof of origin: i.e. - Notarial act if they were received as donation,
How would I proceed in this case?

If you had not received it there, then you should have consider the options of peer to peer site such as local bitocin, paxful, reminato or any other local exchange that you have there as those platforms you would have less stress in selling for fiat because you would be trading with individuals who are willing to exchange their cash for your bitcoin. For subsequent receipts, consider this options.

Based on your current situation, there is no way out than to comply with their requirement because they won't even allow you move your bitcoin out of the wallet but I hope the site you are using is a legit one as I have not heard about it before. Wishing you all the best there is more to learn.

nmht

newbie

Activity: 7

Merit: 0

Thank you very much for the replies

I am residing in Germany currently.
I registered an account on paymium, which allows withdrawals fortunately as long as the account is verified, which I just did.

But they said that if the amount I receive is too high, they may ask for a proof of origin: i.e. - Notarial act if they were received as donation,
How would I proceed in this case?

juli50

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Staker.network - POS Smart Contract ETH Token

I would do this: register in a popular exchange like binance, kucoin or any good exchange, then create there a bitcoin adress to deposit bitcoins, give to your friend that address so he could send you the coins. After you receive the coins, create an account in localbitcoin, and sell your bitcoins to fiat there, you shouldnt have any problem, its kinda easy, if you have some questions, check some tutorials.

petyang12

member

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Quote from: ?? on ??

so Coinbase only works on the US domain? So what's good in making its app general to the public and some country? If only Americans cam benefited from it. Hopefully they can consider letting everybody join to it especially on those area that crypto is widely accepted.

I think non-american people can convert their money from USD to their "OWN" currency, Also there's an online banking that accepts USD like BPI, BDO and securitybank in my country. I don't know what country you're from but try exploring if your country had an online banking that you can use to deposit the money you will receive from your friend after you sell your bitcoin to exchange site like blockchain.info, coinbase.com they provided.

www.crypago.com

jr. member

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Quote from: nmht on August 26, 2018, 04:46:12 PM

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

That wallet is for bitcoin only. To turn it into cash, you must use an exchange. There are bitcoin atms which are spendy, there is coinbase and other fiat/bitcoin exchanges. You have many options.

TheBeardedBaby

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Quote from: ?? on ??

~

Quote

As far as I know, Coinbase asks users to comply with KYC and that bitcoin to fiat conversion method for Blockchain.info only works in the USA.

so Coinbase only works on the US domain? So what's good in making its app general to the public and some country? If only Americans cam benefited from it. Hopefully they can consider letting everybody join to it especially on those area that crypto is widely accepted.

Coinbase requires a KYC /it used to take some time confirm your registration, idk how is now/ if you gonna withdraw but it's global, not only US. In order to receive your payment in fiat you have to register a bank account /you send a small amount to their bank account/ and you have to wait a few days to get it resisted/confirmed.

After that you can use GDAX / now is Coinbase Pro/ to exchange your bitcoin in EUR/US without paying the fees /check some videos on youtube.

Keep in mind that if you register from EU you can withdraw only in EUR, same if you are in US only in USD.

Well, things change so quickly my info is relatively old /6 mounts or so/ so it's impossible to be sure of any thing but Death and Taxes. Now as I said taxes, keep in mind that the crypto income may be taxable in your country. Check this too, to be on the safe side

Harlot

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Try to find if you have a local wallet provider in your country, most of the countries who are crypto-friendly at least have one. This 3rd party wallet providers have the "withdrawal" option you are looking for and some of them have a lot of payment methods you can choose ranging from remittances to bank deposits. If you don't have one the next best thing you can do is to sell them into localbitcoins and I am sure that there are a lot of buyers there.

arsene1

newbie

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Quote from: Rath_ on August 26, 2018, 05:06:31 PM

Not every wallet will allow you to sell your bitcoins directly in a mobile app. Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange. They are not a good place to store bitcoins long-term.

Here you can learn how to sell your BTC on Blockchain.info.

Blockchain.info does not necessarily require kyc and it's very secure and convenient to use, I will recommend that.

Kakmakr

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You will have to give us a little bit more information. If we know what wallet provider you used, then we could tell you if there are withdrawal limits for "new" accounts on that platform. As some of the previous posters pointed out, some of these wallet providers have put some restrictions or limits on certain features, until you provided them with KYC/AML information.

We can also tell you if the wallet provider that you chose to use, is a scam site and give you tips to avoid these sites. So you might get better help, if you give some more detailed information. Wink

jseverson

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Another thing: don't use the "Bitcoin Wallet" app by Bitcoin.com. It also supports Bitcoin Cash, which may get confusing especially for a beginner. As others have said, it's better to sign up for an exchange (where you sell your coins for cash and cash them out to a bank account or a similar method) and receive the Bitcoins directly there if you plan on cashing out directly anyway.

BQ

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as written earlier, check coinbase or another exchange for your region! if you register on coinbase you have a deposit adress which your friend can deposit to, and you can instantly sell it and withdraw to your bank account. (of course, you will need to go through KYC (show ID picture) first!)

Tankdestroyer

full member

Activity: 476

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You are in the right direction OP and now all you need to know is how to convert it into fiat easily on your country. Would you mind telling us where do you currently reside in? For now, my suggestion would be to sell your bitcoins on localbitcoins since it works in most countries.

Quote from: Rath_ on August 26, 2018, 05:06:31 PM

Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange.

As far as I know, Coinbase asks users to comply with KYC and that bitcoin to fiat conversion method for Blockchain.info only works in the USA.

Rath_

legendary

Activity: 1876

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Not every wallet will allow you to sell your bitcoins directly in a mobile app. Take a look at Blockchain.info or Coinbase. I don't remember if they force their users to pass through KYC but using one of these services will be much easier for you than looking for a Bitcoin ATM in your area or creating an account on any other exchange. They are not a good place to store bitcoins long-term.

Here you can learn how to sell your BTC on Blockchain.info.

nmht

newbie

Activity: 7

Merit: 0

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

Topic: A beginner question - page 2. (Read 490 times)