Topic: Bitcoin to cash with simple steps. (Read 204 times)

Why most persons uses centralized exchanges such as binance is they are more renowned and widely advertised than most decentralized exchanges and even newbies or old members are excluded of the usage.

Like in my part of the world many newly introduced crypto enthusiasts can't equally differentiate between a centralized and a decentralized exchanges in terms of the advantages as it concerns privacy and security. To them they are using an exchange platform and the transactions are cool, and that's all that matters but with no clue on the advantages and disadvantages that comes with each.

The option number 3, is the best for sell or buying through p2p decentralized exchange and is more reliable and saved, for high transaction fees to our local bank.

IMHO, the only real option to convert bitcoin into cash is to sell them p2p for cash or use an ATM. What should be an even higher priority for bitcoiners is that we look for ways to spend them as cash because that's what bitcoin is. It's a peer-to-peer electronic cash system.

When we spend bitcoin as cash, we not only help to grow the circular economy but we also help the counterparty to stack sats without having to undergone KYC.

Sell for cash any way possible that preserves your privacy and the counterparty. I have not used the service yet but https://LocalSats.org seems like it could show a lot of promise for selling p2p at physical locations. It can be used anonymously and uses lnauth to login. Since this is a physical meetup with strangers, always be wary of honeypots, scams, attacks, etc.

ATMs can be good but often have cameras and require some sort of KYC-lite data. Be careful when using any sort of machine to buy/sell because that camera can be attached to an entire hive mind of AI, facial recognition, KYC databases, etc.   

Gift cards are a good option after selling to an ATM but I would do all I can to avoid using any sort of permissioned platform to spend bitcoin and I actively boycott any business that uses BitPay due to their policy where they will "randomly" require even the person paying to verify their identity to complete a purchase. I even consider sending any private sats to a KYC platform an attack on bitcoin. Once you receive sats without any KYC, you should only spend them with other plebs who value bitcoin privacy. The further away from KYC that sats get, the more private they become. LEt's keep that trend going.

Here is my updated list for you.   

1. Spend as cash
2. Sell p2p for cash (meetups, p2p exchanges, and then possibly an ATM)
3. Sell for gift cards
4. Never send to a KYC off-ramp because you give them chain analysis data that is more valuable than data from buying via a KYC on-ramp.

It is impossible for someone to do something without understanding what is being done. Someone who wants to be directly involved with Bitcoin must already understand how to convert Bitcoin into fiat. You have to do KYC on a centralized exchange, many crypto users use this service as traders and Investors are very familiar with it.
Bitcoin ATM are not yet widely available in public places in some countries, I think this option can still be replaced by transferring from a Bitcoin wallet or at a centralized exchange.

The simple step is just sell your Bitcoin for fiat that's it and you can use any platform which suits your criteria for example if you never want your bank to know where that money came from then use decentralized exchange/p2p but it only works with small amounts cause over certain limits you will be under the radar if income tax and blah and when you file tax compliance then you will stuck if a big stash has no actual proof where it came from so you will he either paid the highest tax slab for that money or in worst case it can be seized until you provide the proof of its source.

Converting Bitcoin to Fiat is already an act of reducing privacy to your finances because you will need to give your bank details to other parties in able to process your transaction regardless if the exchange is CEX or DEX. But you're right that DEX like Bisq is the best possible solution for privacy seekers users to lessen the exposure of personal details.

I think there's no way to achieve complete privacy when it comes to this kind of transaction.

The only channel one can acquire bitcoin is to get it through a peer to peer network, no KYC required or any centralized platform in doing this and if it's becomes inevitable, then you can always buy on exchanges and then immediately transfer back to your private wallet, we need to stress the need that your bitcoin requires maximum security and privacy which is all what is made available on this peer to peer network with blockchain.

Arbitrarily and carelessly connect your debit card to any platform is very risky. There are dark market which has many information of debit cards for sale.
[BIG LIST] Crypto Debit Cards

You can do it but don't store your cryptocurrency on centralized exchanges too long. It's risky.
Reminder: do not keep your money in online accounts

Not all P2P exchanges are decentralized. Most of them are centralized. This P2P branch industry lately is under attack of regulatory authorities and many big names proactively shut down their businesses, Localcryptos, localbitcoins, Paxful.
Help: A list of LocalBitcoin alternatives (P2P marketplaces)

Bitcoin ATM is very last choices to choose. You will have to spend very expensive fee with Bitcoin ATMs. Fee can be up to 15%. Can you afford to pay such expensive fee?

That man paid an expensive cost by carelessness.
Bitcoin ATM Deposit Exchange Rate shocks

Many gift card traders are scammers and it is not a safe trading method.

I believe number 2 was meant for beginners since it's the simplest and most popular for now. Together with the ease come the consequences. Because it's centralised, you need to do KYC, which makes you known to the third party. There's no secret that by doing KYC, it means our identity is accessible to them. Centralised exchanges usually have an obligation to comply with certain government regulations, which makes us consumers more exposed and means we also need to comply with taxation regulations. It's unavoidable. So, the rest of the ways I think are the most advanced ways to cash in bitcoin, although actually P2P was meant to be the essence of decentralisation as based on Bitcoin or cryptocurrency.

There is also another way, at least go to a shop where they exchange bitcoin for cash. In Spain there are some like this one:

https://tubitcoin.es/

No kyc for amounts below €1,000, although there is legislation in the pipeline that I don't know if it will change this and they will require kyc for any amount. But I imagine that Spain is not the only place in the world where there are physical shops that will exchange bitcoin for cash. Has no one seen this in other countries? If there are many places where they exchange foreign currency for local currency, it should not be unusual to have some shops where they exchange bitcoin for cash or vice versa.

There are a lot of ways to cash your Bitcoin into local fiat today. It's not the problem again the right way. I just remember several years ago having a difficult experience exchanging Bitcoin for cash because not many local exchanges can do that. But, after today, many exchanges growing up and developing his project indeed giving an interesting bonus for the new user. So, with your list, I think if members haven't a problem with KYC, centralization exchange is the best way to cash it, it could be easier and not more complicated than another list especially for users who haven't experienced much with crypto.

I think someone who's going to invest in bitcoin will start to know about how they can convert into cash their bitcoins. And many of those ends up with a centralized exchange because it's a commercialized service which is known to the most.

But then, from there, many learns about that it's not the only way to buy/sell and convert bitcoin and vice versa into cash. There are many and OP has mentioned a few of them.

And one of them which is the Bitcoin ATM isn't available for most and from those people that have used it, it's a convenient way but the fee is way up higher than the rest.

Also, there are over-the-counter transactions that can be done.

Apart from Bitcoin ATMs, there are also physical exchanges that allow for the conversion of cryptocurrency to fiat currency, depending on the country. Some of these exchanges even offer daily transactions without KYC verification for certain amounts, and their fees are generally lower compared to those of ATMs.

P2P exchange is my way to cash bitcoin. No extra fees to give the exchange no extra tax on me from government.

All the others ways to cash bitcoin is like using a bank to cashout your bitcoin. Atm's works like normal ATM of bank, you will have to pay fees for every transaction. So I avoid them.

Bitcoin ATM are just like the regular bank ATM and everything related to it are the same. Along side the high transaction fee of up to about 30% by companies. The idea of having to send to a third party wallet is a turn off. Just like the regular bank ATM the malfunctioning system of the atm could affect the smoothness of withdrawal. Some of these transactions ends up been delayed or faced problems that requires the customer service which are sometimes too slow in handling issues.

@OP Just as other members have suggested, P2P should be your number one choice on the list, and aside from making them your number one means of exchanging Bitcoin to cash, you should also consider recommending some completely anonymous P2P platforms that don't require users' IDs for verification before they can use their service. When IDs for verification are required, the user's identity is no longer private and can be compromised.

Here are two P2P exchanges that I have used and texted:
1.  Hodlhodl  No KYC was needed, and I had a smooth buying and selling experience with them.
2.  Agoradesk registration was fast with just a username and email (not compulsory), and I sold Bitcoin using the platform and received a gift card. You can discuss and choose which payment method you need with your dealer. Their charges are also very low; you are allowed to select the amount of fee that will be charged from you when buying BTC; the higher the fee, the slower the speed of receiving.


A Bitcoin ATM is not completely anonymous; most machines, if not all, require users to type in their mobile number before they can be able to complete their transaction. I don't actually know if they verify those numbers are completely fake or real. But they are definitely required for verification purposes.

I think these are more specific means of exchanging bitcoin for actual cash. It would have been better if you had explained the stages or steps to doing it, just as you made mention of the steps. Normally, anyone who knows how to buy Bitcoin also knows how to exchange it for cash, so you can't count 2 before 1, it's always 1 before 2. Your topic would have made more sense if you had explained the full details of how to buy and how to convert to cash. Among all the method you mentioned, I think the charges associated with using a Bitcoin ATM are usually higher than on other platforms (not sure though).

The fact that there are a lot of options a search would reveal is not enough. Especially if it's a generic search over the internet, I'll expect to see there quite a fair amount of scam sites advertised before the really good methods are shown. Plus many do put centralized exchanges in the higher positions of their lists.

So one more list will not hurt. Let's just help by improving it.



This should not be the first in the list. The anonymous ways should go higher. So p2p should be the first option.
Plus: there are a lot of such debit cards, some better, some worse, some... better to fully avoid.


This brings even higher risks than the crypto cards because some of the banks still lock in 2023 the funds from crypto exchanges, asking for questions and asking for a lot of papers.
Plus it's 2 centralized businesses we're talking about.
Imho this should be the last in the list.

And some sort of warning: I recommend that if one uses this method he should consider using a different account (and bank) than the main account/bank (if you get funds frozen, at least you can still access those from the main bank).


Depending on the country and the amounts in discussion, these can be a fair option for those keen to stay anonymous, just... they're pricey. The fees are big. Sometimes a bit too big.


These could go much higher in the list too. I see them a much better option than ATMs for example.

I highly doubt we need a guide on how to convert Bitcoin to fiat, a simple search would reveal may options of doing this.

From your options, avoid bitPay and centralized exchanges if you can. For privacy and security rely on decentralized platforms to trade P2P. Bitcoin ATMs can function well if you have a throwaway number to register with and can afford their usually exorbitant fees.

I don’t encourage using centralized exchanges to buy/sell bitcoins for people who care about privacy because you have to do KYC. It’s better to use decentralized exchanges like bisq to trade your bitcoins to fiat

Is this the source? If it is, it will be better if you provided the link instead.