Cash in cold storage bitcoin | Bitcointalksearch.org

TimeBits

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Quote from: figmentofmyass on August 02, 2019, 02:19:37 PM

Quote from: TimeBits on August 02, 2019, 06:54:38 AM

If you want to be silly, sell them on a exchange, like binance or something.
If you want you can trade them p2p, find someone who wants to buy them and take cash for them, or something like local bitcoins.
If you want to use it as intended, buy items with them, https://www.gyft.com/bitcoin/ is a great site, there is many places that accept bitcoin now.

i don't get it. weren't you making a big fuss the other day about how wrong it is to sell bitcoin for fiat? how is selling them through bitpay for gift cards any different? bitpay dumps your coins for fiat, gyft gets paid in fiat, you get a card with fiat value so the merchant gets paid in fiat. it's all about the benjamins!

as long as merchants are using bitpay and other payment processors to convert to fiat, spending bitcoins generally means selling them for fiat. the only difference is now you're stuck with a gift card where cash is much more useful.

You are not the one going against the whitepaper, the merchant is, if he wants to trade his limited supply for a unlimited, let him be a dumbass, does not mean you need to jump off a bridge because he does.

keep in mind, it is just a suggestion I never said people can`t do anything Kiss

OcTradism

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Quote from: RodeoX on August 02, 2019, 02:28:04 PM

By "cold storage" I am going to assume you mean a private key kept offline. If that is the case you should start by installing wallet software. Electrum or Core are good choices. It's likely best to go with the software that created the wallet you are storing.

It will need to sync, so settle in for a few days at least. During that time set up an exchange account linked to your bank. It should be an exchange that has a business license. NEVER send to an unlicensed business.

Now you are set! Send the BTC to the exchange, sell it, withdraw the fiat currency to your bank.

Electrum wallet does not need days to sync with network, for the first synchronisation time, after installing. It just takes a few minutes to completely sync with network, in my experience.
You are right with Bitcoin Core wallet, it takes days to sync, and requires huge storage capacity. I tried to install and sync that wallet, then failed (due to my computer storage capacity). After that, I moved to Electrum, that helps (lighter and faster).

Lucius

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Quote from: RonF on August 02, 2019, 09:45:26 AM

Can you afford 100+ bitcoin?

So you have 100+ BTC in cold storage, and most of us assume it is stored in paper wallet as printed private key. In order to access your coins you need to import that private key in some crypto wallet, but you also need some safe storage for such big amounts of coins. My advice to you is to first invest $60+ in hardware wallet, then take a 100% clean device (PC or smarthphone), download and verify Electrum (https://electrum.org/#home) before install, import your private key/s in that wallet and then send it to hardware wallet. After that you can think how you will sell it, and you do not need to sell all in one transaction.

Maybe it's better to wait a while with selling , price will probably go up in next months / next year.

ovcijisir

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Quote from: RodeoX on August 02, 2019, 02:28:04 PM

By "cold storage" I am going to assume you mean a private key kept offline. If that is the case you should start by installing wallet software. Electrum or Core are good choices. It's likely best to go with the software that created the wallet you are storing.

It will need to sync, so settle in for a few days at least. During that time set up an exchange account linked to your bank. It should be an exchange that has a business license. NEVER send to an unlicensed business.

Now you are set! Send the BTC to the exchange, sell it, withdraw the fiat currency to your bank.

Less time consuming is to get a Mycellium app for mobile phone, scan the QR code of private key and send the funds to Mycellium wallet.

No need to wait for wallet to sync in that case.

richdi

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You can make one of bicoin creditcards like Wirex and pay with it everywere or cash your money in ATM

BitHodler

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I find it a bit odd that someone with +100BTC knew how to collect them, but lacks the understanding of how to sell them. If noobs can find an exchange such as Coinbase, why can't OP with a simple Google search?

Unless OP's country is on the blacklist of a lot of exchanges and therefore can't sell them, but if so, that should have been pointed out in the OP. Interesting how some people assume we exactly know what they refer to....

Bitfinex is an exchange to avoid with how they don't seem to be keen on letting go of their actual dollars. There is enough to find about how people ended up waiting for weeks without seeing anything post in their bank account.

Kakmakr

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Well 100+ coins will flag a lot of attention from the wrong people if you use exchanges that requires KYC. Roll Eyes

Why not try to transfer some coins to decentralized exchanges or OTC platforms where it will have less impact on the price. Roll Eyes

Not that 100+ coins will any significant impact on the price, but the less coins being sold on exchanges are better for all. Cheesy

Try out Bisq with some of the coins and use several other platforms to attract less attention. Tongue

LuckyBtc

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If you have large stash then don't sell it in one go, Sell it in small quantities if not you'll probably trigger exchange's security system. You have many options like Localbitcoin,Bisq,Binance, Coinbase,Bitcointalk(Visit Currency exchange section).

sunsilk

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There's no other way around and the people who have suggested you the right thing is by just selling it through an exchange.

I'll warn you to be careful if there will be newbies or strangers that will offer you some help for that. Don't get fooled by those people, do it on your own since the suggestion were already given to you. Don't let other people know your private keys so that you won't lose your funds in that cold storage.

pixie85

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Quote from: figmentofmyass on August 02, 2019, 02:19:37 PM

Quote from: TimeBits on August 02, 2019, 06:54:38 AM

If you want to be silly, sell them on a exchange, like binance or something.
If you want you can trade them p2p, find someone who wants to buy them and take cash for them, or something like local bitcoins.
If you want to use it as intended, buy items with them, https://www.gyft.com/bitcoin/ is a great site, there is many places that accept bitcoin now.

i don't get it. weren't you making a big fuss the other day about how wrong it is to sell bitcoin for fiat? how is selling them through bitpay for gift cards any different? bitpay dumps your coins for fiat, gyft gets paid in fiat, you get a card with fiat value so the merchant gets paid in fiat. it's all about the benjamins!

as long as merchants are using bitpay and other payment processors to convert to fiat, spending bitcoins generally means selling them for fiat. the only difference is now you're stuck with a gift card where cash is much more useful.

And I don't get how it is that OP set up a cold storage without knowing how to convert them back to usable coins and then fiat money. Setting up a safe offline storage is more difficult than installing a wallet or converting to fiat on one of the popular exchanges. On coinbase converting to fiat takes maybe 3 mouse clicks and 5 seconds of your time.

1Referee

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Quote from: TimeBits on August 02, 2019, 06:54:38 AM

If you want to be silly, sell them on a exchange, like binance or something.

Binance.com only allows you to cash out to stablecoins, which very likely isn't what OP is looking for, and not something I would recommend people to do. Binance.je allows you to cash out to actual fiat in form of EUR and GBP, but not to other fiat currencies.

Quote from: RodeoX on August 02, 2019, 02:28:04 PM

Now you are set! Send the BTC to the exchange, sell it, withdraw the fiat currency to your bank.

It's probably useful to add that exchanges do require KYC, which means that you have to submit all your personal information, scans of ID, utility bills, etc. It also means that an exchange and very likely your local IRS has enough data to hold you accountable in case you do not pay your taxes, so think carefully before you verify yourself and send your coins over to cash out.

Most reputable exchanges; Coinbase, Bitstamp, Kraken and Gemini.

RodeoX

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By "cold storage" I am going to assume you mean a private key kept offline. If that is the case you should start by installing wallet software. Electrum or Core are good choices. It's likely best to go with the software that created the wallet you are storing.

It will need to sync, so settle in for a few days at least. During that time set up an exchange account linked to your bank. It should be an exchange that has a business license. NEVER send to an unlicensed business.

Now you are set! Send the BTC to the exchange, sell it, withdraw the fiat currency to your bank.

figmentofmyass

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Quote from: TimeBits on August 02, 2019, 06:54:38 AM

If you want to be silly, sell them on a exchange, like binance or something.
If you want you can trade them p2p, find someone who wants to buy them and take cash for them, or something like local bitcoins.
If you want to use it as intended, buy items with them, https://www.gyft.com/bitcoin/ is a great site, there is many places that accept bitcoin now.

i don't get it. weren't you making a big fuss the other day about how wrong it is to sell bitcoin for fiat? how is selling them through bitpay for gift cards any different? bitpay dumps your coins for fiat, gyft gets paid in fiat, you get a card with fiat value so the merchant gets paid in fiat. it's all about the benjamins!

as long as merchants are using bitpay and other payment processors to convert to fiat, spending bitcoins generally means selling them for fiat. the only difference is now you're stuck with a gift card where cash is much more useful.

RonF

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Can you afford 100+ bitcoin?

danielotsar

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Quote from: RonF on August 02, 2019, 06:49:31 AM

I have bitcoin in cold storage - how do I cash it in?

Hi,

interested in buying cryptocurrency. cash payment

[email protected]

RonF

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HODL is the key to wealth

After I switch my bitcoins from cold storage to binance can I then sell them for cash?

TimeBits

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Quote from: RonF on August 02, 2019, 06:49:31 AM

I have bitcoin in cold storage - how do I cash it in?

I got cherries in my cold storage, I refuse to cash them in.

Anyways, how did you store them? Download a wallet here https://bitcoin.org/en/choose-your-wallet import the key.

If you want to be silly, sell them on a exchange, like binance or something.
If you want you can trade them p2p, find someone who wants to buy them and take cash for them, or something like local bitcoins.
If you want to use it as intended, buy items with them, https://www.gyft.com/bitcoin/ is a great site, there is many places that accept bitcoin now.

RonF

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HODL is the key to wealth

I have bitcoin in cold storage - how do I cash it in?

Topic: Cash in cold storage bitcoin (Read 234 times)