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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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.

NeuroticFish

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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?

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.

All in all, do detailed research about your bank and the services you plan to use.

Khuongcute2503

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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?

BTC is not unique. You can trade ETH, BCH, exchange Coin or USDT. Everything is very simple.

I hope this information can help you more. Have a nice day guy!

baigreen

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It all depends on the product. Some projects can be obtained without translation. But you must understand how the system works. The main assets are the most stable coins, thanks to which you can withdraw funds on individual platforms.

Alluro

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I think most websites are giving to exchange cryptocurrencies to fiat. The coinbase and cex are good sites right now. You can check out there are too many exchanges. Please check out those sites are legit or not before depositing any funds. Some exchanges allow trading top altcoins to fiat directly. If not, you can trade altcoins to bitcoin and bitcoin to fiat.

maartenhaha

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Altcoin => BTC / ETH pair => fiat
Altcoin => Fiat // if available for fiat exchange pairs

The final step is to enter your account number for the withdrawal process
Yes, it's simple right?

Herbert2020

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unfortunately that is correct. that is why whenever there is a large scale altcoin dump, like what we had most of 2017, bitcoin price is also put under a lot of pressure and in some severe cases it is pushed down due to the massive altcoin dumps that exit through bitcoin. altcoin to bitcoin to fiat.

you always have other options though, most of the exchanges specially those shady small ones (like Yobit) have fiat markets for all the altcoins but nobody uses them ever.

Bossfidelity

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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?

There are several methods to convert altcoin to fiat, depending on the country and platform in use. Some platforms allow the conversion of some altcoin to fiat like ethereum, ripple and Bitcoin cash is much more popular compared to others. Some platform even prefer the conversion to be made to their platform tokens before one can get the fiat into the bank account.

maydna

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I think you need to have bitcoin first before you can get the fiat money to be transferred in your bank account because I don't know if the exchange can send usdt or usdc or usd to your bitcoin directly. Besides that, I never try what you ask because so far, I sell the altcoin to get bitcoin, and then I send the bitcoin to my friends who can act as the exchanger, then he sends the money to my bank account.

But if there is an exchange which can help you to send the money after you sell the altcoin, then you can do that without a problem because, in the end, you receive the money in your account.

binhvo1505

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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?

That is definitely the wrong decision. because the fees for processing Bitcoin blocks are very high. You will have to pay 10 times more money than dealing with the top alts.
You can trade by LTC, XRP, ETH. Transaction costs only fluctuate around $ 0.04 - $ 0.01, which is 10 times cheaper than Bitcoin.

yohananaomi

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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?

maybe each country is different, but in my country the bank cannot accept the exchange but through private exchange.
being about selling altcoin, there are some that can already be directly sold to fiat for several altcoins, but if it is not clear you have to exchange it for altcoin which can be directly used as an exchange tool. commonly used is of course ethereum and bitcoin, but there are also many others can directly.

dhemasm

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Depends on what Altcoin you have and in which country you live. For some major altcoins like ethereum, litecoin, or XRP if in my country you can change it directly into Fiat to your bank account. For some other altcoins, as far as I know, I have to change Bitcoin first, then you can change it to Fiat. Another option is that you can convert Altcoin to fiat directly by selling it to your local cryptocurrency community. Always use Escrow for every transaction, Good luck!

Lantind

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If you want to exchange altcoin into cash, then what you should visit is a local exchange that serves exchanges in the currency of the country, for example in Indonesia when I want to exchange altcoin in my country's currency, then I use the services of exchange indodax, because in my opinion indodax is very reliable and easy to do transactions, and after everything we have exchanged, then the next step is to withdraw our balance to our country's bank account, please try it, hopefully it helps.

jessyj48

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Exchanges like binance,bitstamp or kraken all support withdrawal straight to bank accounts or SEPA withdrawal and mind you they all have limit tier if you dont want to submit your ID then you have to deal with their limited fiat withdrawal without KYC e.g
Using kraken exchange with no KYC the daily limit you can withdraw is 2500$ and monthly limit is 10,000$,you dont have to worry about hacks if you are using big exchanges

rosezionjohn

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It also depends on the altcoins you are holding.

Many exchanges nowadays allows conversion of major altcoins to fiat. From where I am from, we could easily convert Eth, XRP, Bcash to our local fiat currency. If you are in the US, Coinbase has more altcoins options. You may want to check first all the exchange services available in your area.

Winscosinally

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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 service you are using,for example i use luno and luno supports bitcoin,ethereum and bitcoincash conversion to fiat and straight to your bank account,if you are holding any other altcoins apart from this three you will need to convert them to one of the three first and send to luno wallet to be able to withdraw to bank account

Kongxx

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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?

Topic: Altcoins to Cash (Read 365 times)