Altcoins to Cash | Bitcointalksearch.org

mr_random

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

Crypto banking projects aim to solve the mentioned case with shipping worldwide crypto to cash bank cards but the limitations by the payment organizations don't let them do their job properly. If you bought the token of X project then sending the intended amount of the crypto to the banking application will let you spend your money with various stores that have Visa-Mastercard logo on the post terminal.

Quote from: petrcoin on August 29, 2019, 08:01:10 AM

Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.

The alternative pairs are only limited to Altcoin/BTC and Altcoin/ETH combinations. The speed matters in trading, stable coins can be used for stabilizing the made profits instead of waiting 3 days for bank transfer by any crypto exchange. XRP pairs are higher than EOS pairs, only specific exchanges have this kind of offers.

danherbias07

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Yes, that is how it should be.
But now it is different.
It will depend on the exchange. Some of them are accepting altcoin then exchange to what currency you prefer.
Most of them exchange XRP, BCH, and Ethereum. If they have that feature then withdrawals wont be that difficult. Good luck.

gundala

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The exchange pair depends on what is available on the Exchange that you use and support with fiat currencies in your country. Generally, fiat exchange pair with BTC almost always exist in every local exchange. There are also ETH-fiat, depending on the local exchange in your country.

Upgate

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It's not a must you have to convert your coin to bitcoin before it can be sold but before you can convert your coin to cash you need to sell it on an exchange and since exchanges deal with coins you preferably get paid in more recognised coins like bitcoin, ethereum, tron and so on but it still at you own discretion. Then it makes it easier selling of this coin in exchange to convert to fiat

konfuzius5278

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For europeans, work really good:

https://anycoindirect.eu/de

I useully use DOGE because cheap send.

Ben Shedly

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

It all depends on what altcoins you have on hand, because on some exchanges there are trading pairs for USD with some altcoins such as ETH or BNB. You can sell these altcoins directly to dollars directly on the exchange. There, on the exchange, you can withdraw cash to your credit or debit card.

iTradeChips

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I remember when I was first a newbie in crypto a few years ago. When the exchanges have very high fees when it comes to releasing your Ethereum or the main altcoins in their exchanges. What I learned from some "pros" is that they convert their altcoins to a different altcoin with very low fees like Dogecoin and then move it to their target exchange that has direct cash conversion. From Dogecoin then they either convert it back to their target altcoin or directly to cash. But as time passes and more exchanges becomes more versatile in their conversion capabilities, the need to do that process was made more less.

thunderbitz2717

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

It depends on the platform that you are going to use, because most of the time bitcoin, Ethereum, Bch, Xrp are the commonly use for encashment in terms of fiat currency. And as far as I know Bitcoin is the main useful in terms of encashment into a real money.

mich

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

Not necessarily true as there are more and more exchanges that pair ETC/EURO, LTC/EURO and even more
The days of using BITCOIN as a 3rd party are long gone!

mitchr4

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Quote from: petrcoin on August 29, 2019, 08:01:10 AM

Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.

The majority of crypto users prefer to use Bitcoin to be exchanged directly to fiat but for me using altcoin is an alternative to avoid additional fees because exchanging it from Altcoin to Bitcoin requires time and transaction fees. In my local exchange, there are several Altcoins that can be exchanged directly to our local money.

livingfree

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Yes.

Most transactions has to go through bitcoin first if the exchange you are using doesn't have an altcoin to USD/bank conversion. But if it has then you can simply use that method and convert your altcoin into cash and move it to your bank account easily.

polylogic

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ʕʘ̅͜ʘ̅ʔ

yes you can convert altcoins into cash.

depending on where you live,
us + singapure: crypto.com
eu: 2gether.global

you can simply grab some cash from any atm Cheesy

but.
if you convert to fiat and your alt is in profit, then you should report taxes.
if you spend your profit from alt to buy something with your 2gether visa card, well, then no tax report nessesary.

there are other ways, but most of them involve a banking account and not cash.

patz22

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Normally or most of the time you have to convert your altcoins to btc to fiat but in our country (Philippines) we have thus application called coins.ph wherein you can convert from altcoin to fiat to be transferred to a bank or even cashout however as of now it only supports BCH XRP and ETH. I hope it helps.

Alisha FR

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Quote from: NeuroticFish on August 29, 2019, 06:36:05 AM

Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

As said, depends on your altcoin. If it's an unknown one, your path is correct.
I want to add that you'll need KYC for this and beware: some banks don't accept money transfers from exchanges; some banks may lock/investigate your account if you get suddenly very big amounts of money; some banks may lock/investigate your account if the incoming money comes from too many different sources (and maybe some were even asking for refund) - worthy knowing if you plan localbitcoins and such.

This is one of the problems in several banks, so an additional suggestion from me if you want to send your money from the exchange to the bank, especially in large amounts, it's better not to do it all at once, do it in stages. I think today many exchanges provide direct shipping services to banks using various coins, not just BTC. so you only need to choose to trade coins other than BTC for you to convert into FIAT money.

m.rifki

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some new exchanges have been released for pairs with fiat money. that means we can buy altcoin with fiat money that we can transfer to exchange. some local exchanges of a country must have it because it can facilitate investment and trade in crypto.

petrcoin

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

I would suggest to find an alternate pair in exchanges for your altcoins in ETH, XRP, etc other than BTC since transaction fee is way very

low as compared to BTC's transaction fee and transaction speed matters also, but of course this options all depends on what features

does your local exchanges have.

Jpti

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There are many exchanges that allow conversion of your coins into straight fiat money. But in other instances, you should first convert your coins into popular coins like bitcoin, ethereum, ripple, eos and then to fiat money. In my case, I have converted my coins into bitcoin or ethereum and then to fiat.

leftgirly

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It is not a one way thing, there are several ways to convert your altcoin to cash. It depends on many factors such as the kind of altcoin you are having and your community. There are many P2P platforms such as local escrows where it is even possible to exchange your altcoin to cash directly without going through bitcoin.

X-ray

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Quote from: Kongxx on August 29, 2019, 12:13:32 AM

If we want to turn altcoin to cash, will we need to sell it for BTC first, and then send the BTC to service for conversion to USD/EURO before finally to bank?

If your altcoin doesn't have trading pair to the stable coin and it's much better to convert them all to the bitcoin (low volatility) and then convert them all into the your local currency or if you are using the crypto payment app just like crypterium and you can also convert or send your bitcoin your local bank account and that app will be converting your amount instantly or you can try to use the service that already made by binance too just like bank transfer.
I hope you can get the best way to liquidate your money to your bank.

Denreal

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There are so many local exchanges, including some global exchanges that offer such service, depending on the type of fiat you intend converting into. For instance, Paxful offers different range of services, including converting your bitcoin most especially to fiat, which can be deposited directly into your bank account. What they simply do us to aid p2p transaction, where they serve as the middleman.

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