This is a continuation of a previous discussion. Just as trading bitcoin with anything, such as fiat via bank account, credit card, altcoins, gift cards etc., you can also trade bitcoin for cash, or as I like to say it: cash for cash. Unfortunately, as bitcoin isn't accepted everywhere, if you buy / earn in bitcoin, you'll most likely need to get back to fiat to make purchases you can't do otherwise.
Why?Well, advantages, guys. Censorship resistance, in both sides! No PayPal can reverse the transaction. Also, more importantly, privacy. Believe me, you do need privacy if you're selling like $10k+. It also comes cheaper, because banks charge a lot.
How to.There are various ways to complete such trade. Each comes with its own tradeoffs. The following is my list, but please write below your suggestions, if any (or correct me).
- Bisq. Rational for the most popular, censorship and privacy respecting decentralized exchange to have such option. There are two options, in fact. Meeting with somebody face-to-face, and sending cash by mail. At the time of writing this, there are two of the former (both located in Birmingham, UK) which charge a 10% and 15% premium accordingly. For cash by mail, there are more reasonable prices, because there are more offers (5). Edit: Hodlhodl and AgoraDesk allow this too, see post #5.
- Bitcoin ATMs. I don't like this at all, because not only do they charge extraordinarily for even small amounts (~8%), but they also do KYC. Sorry, but you can't have both. I honestly don't understand why would one want that; it's better to complete KYC traditionally on a CEX, and then withdraw all of it with minimum fees. Both options provide zero anonymity, while the latter is cheap.
- Use forum(s). You're free to create a thread and request for such trade in the Currency exchange board, but it comes with disadvantages such as minimum liquidity and in-forum positive feedback likely required.
- Trade with people you already know.
I address to all of my dear forum users to take advantage of this minimum price competition, as long as it's possible in their places. Create an offer at Bisq, and just enjoy the absence of liquidity. Acquiring anonymously is priced more than $17,000. See how it goes. I myself will try it out if I need to withdraw some bitcoin.
What's your opinion about this? Do you think it might be needed now that most countries have been hostile with regulations?
