Topic: Exchanging large amounts of BTC for FIAT (Read 340 times)
I think Binance is a big and very trusted market at the moment, so to exchange Cryoto as fiat currency can be done at any time and currently there is a little tax deduction for some platforms and this we have to give up because it follows the country's regulations, if your friends are willing then never hesitate to use Binance, Because until now I am still safe using Binance and several other platforms.
Still not done yet with exchanges issue? Funny how you did not encourage him to continue his investment but wanting him to trade his holdings into your fiat. I know pushing someone to risk is a bad thing. But for sure you know what's right and not. Binance is one of the trusted exchanger in this industry and your opinion seem to discourage your friend on selling his holdings. This should have been discussed between you two, in a more detailed manner. You should have given him options to take if he's really worried than to let him let go of the chance to make peofit especially with the market behavior right now which is somehow bullish (just too volatile). As you've mentioned, you are also holding, that should be something you should have shared to somehow give him the confidence to continue aiming for profit.
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
If your friend wants to do a conversion from bitcoin to fiat, that is not an issue. Since you said you want more bitcoin you can do that for him all you Just have to do is transfer to your friend then he sends you the fiat equivalent in bitcoin but let him do the transfer of the bitcoin first but if you trust him not to goof then it depends on your agreement and this type of transaction is called the p2p which was the original means of bitcoin to fiat trade. The other as you have said I the centralised exchange which is the third party and they are exchanger. With the recent activities of the CEX I believe he withdrew and wants to do away with the cex for his own good and safety which is not bad after all that was why Satoshi Nakamoto invented the bitcoin but the government used the cex to get at bitcoin holders. So therefore your intuition is not wrong but if you must have it your way, you must be careful as what you have said seems a big amount of money your friend wants to convert.
In the background of all the exchanges that exist now, Binance is one of the most reliable options. Possible withdrawal through p2p.
It's a necessary evil if you ask me. We can't fully trust it, but in a situation like this, we have to use it to our advantage. There are other options available, but it totally depends on their availability.
P2P is the best way to exchange your cryptocurrency for fiat, but it comes with its own side effects and problems. You need a trusted buyer in order to ensure that you get the best value you are exchanging for. And to avoid fraud.
Other option could be ATM. This is the most secure way to get the job done, but totally depend on availability. I heard only few countries have issued crypto exchange ATMs. Not sure if it's available in your country tho.
In the end, if we try to find an easy way, then there's no choice but to trust exchanges.
P2P is the best way to exchange your cryptocurrency for fiat, but it comes with its own side effects and problems. You need a trusted buyer in order to ensure that you get the best value you are exchanging for. And to avoid fraud.
Other option could be ATM. This is the most secure way to get the job done, but totally depend on availability. I heard only few countries have issued crypto exchange ATMs. Not sure if it's available in your country tho.
In the end, if we try to find an easy way, then there's no choice but to trust exchanges.
I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
If they are unwilling to go through the risk involved with using exchanges and do not want to do KYC verification, they can also consider selling to a vendor who accepts btc for fiat not you who may care less about kYC and has a personal relationship with them incase the btc was illegally gotten. There are vendors that can buy any amount of bitcoins you wish to sell, they also do not need have to have any form of personal relation with these people, they just need to find out how credible these vendors are for business. They may be subject to whatever the rate that these vendors give them, there is a cost for everything.Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.
Face to Face can also be a terrible decision. If it must be face to face, make sure to meet them in a public place with lots of people.
Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.
Have your friend problem solved with exchange large amount if Bitcoin for fiat? right now not any problem yet for withdrawing huge bitcoin fund to bank account because all countries have their own local exchange market and linked directly to your bank account. Have little problem if using local exchange withdrawing limited in daily day based on my account under $20,000 available and need to submit another document if want to increase above it amount.
For Binance easy withdrawing huge amount after passing basic KYC and uploaded document ID we have limited withdrawing under 200 BTC in daily day, I think enough with your friend once time withdrawing to bank account use P2P or getting third party service in your country and sending money to your bank account.
For Binance easy withdrawing huge amount after passing basic KYC and uploaded document ID we have limited withdrawing under 200 BTC in daily day, I think enough with your friend once time withdrawing to bank account use P2P or getting third party service in your country and sending money to your bank account.
I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Was wondering what needs for this thread when you already has this plan and option?if you are not in trust with exchange then better to act this way so both of you will be safe, and also I am a Binance user and had been using their p2p for years and never that encounter a single issue.
You can do that. You can give him fiat money and you will receive BTC. It was a good option in my opinion because he doesn't really trust in exchanges.
that is the conclusion i find why need to ask this here when he can do it rightfully without any issues . 
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
At present binance is one of the most used and secure cex, but I do not recommend its constant use, since the first rule to remember about Bitcoin is known your keys not your Bitcoin, but since he has an account on binance he can request binance if he wants card and withdraw from FIAT from ATMs, but it's just my advice, it doesn't mean it's the best way to go. or use platforms like bisq
You can do that. You can give him fiat money and you will receive BTC. It was a good option in my opinion because he doesn't really trust in exchanges. But you can rest assured that all will be safe if it is a trusted exchange market like Binance or Crypto.com. That is if you want to trade and immediately start exchanging your BTC and withdrawing fiat money. But if you just want to hold the BTC I think your friend can hold it where he has stored that BTC.
In the past I sold and withdrawn tens of thousands of dollars from Binance in short time. Some of my coins are even linked to casinos. No problems with Binance at all. But like you said, exchanges are unpredictable. Who knows what can trigger their automatic account freeze.
But you shouldn't disregard banks too. Banks want to know where your money come from, because they don't want to get in trouble by serving dirty clients. If you use p2p trading it will likely raise more questions than withdrawal from exchange. Be ready to answer those questions and find out if your bank is crypto-friendly or not.
But you shouldn't disregard banks too. Banks want to know where your money come from, because they don't want to get in trouble by serving dirty clients. If you use p2p trading it will likely raise more questions than withdrawal from exchange. Be ready to answer those questions and find out if your bank is crypto-friendly or not.
It depends on what you call large amounts. For medium amounts 0.01 to maybe 0.25 (something in that range), I'd recommend to check out the decentralized exchange software bisq.
It's been mentioned before, but I also want to endorse it.
You can find all relevant info here: https://bitcointalksearch.org/topic/guide-how-to-buy-and-sell-bitcoin-using-bisq-5430964
It's been mentioned before, but I also want to endorse it.
You can find all relevant info here: https://bitcointalksearch.org/topic/guide-how-to-buy-and-sell-bitcoin-using-bisq-5430964
As long as the transaction is clean and you don't do anything something illegal, there's nothing to worry about if you're just gonna use these exchanges for buying bitcoin.
Then afterwards, you just cash out the bitcoin that has been purchased on them. Yeah, kyc might be required but if you can't find someone to deal with through P2P or through OTC markets then that's where your friend will still fall.
It's the reality these days that those comfortable exchangers do require KYC and we can't do anything against that unless you can find any of those that has been mentioned.
Then afterwards, you just cash out the bitcoin that has been purchased on them. Yeah, kyc might be required but if you can't find someone to deal with through P2P or through OTC markets then that's where your friend will still fall.
It's the reality these days that those comfortable exchangers do require KYC and we can't do anything against that unless you can find any of those that has been mentioned.
As long as he has a binance account I don't think it's a problem, it's just possible if he doesn't and still wants to use it then indeed KYC is one thing that will definitely exist. On the other hand there has been some advice from a few people before about using some decentralized exchange and that would also be something to try and with the possibility that if you have fiat and want to trade your friend's btc then that would also be one of the good things as long as the context still right on this.
....
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
So far, I am using Binance and have no problem with this exchange when converting BTC to fiat as long as we have done KYC verification. Binance is one of the most trusted exchanges to be considered. Although this is not guaranteed 100%safe, at least, it is safer than other exchanges. My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Actually there are some P2P processes that your friend can be done, but this is also high risk because of the trust.
Actually if you have the idea of buying the Bitcoin from your friend, and your friend agrees with the idea, it will be ore interesting and also safer, right? Why not?
I recommend Binance, it's really a reliable exchange for us, I've been using them for the past 5 years and haven't had any problems with small to large amounts. If two people are really close, they can exchange it, but if they are not very close, it is not recommended because there is still a chance that one of them scams because this is a large amount of money.
I would never recommend Binance which is a centralized and sooner or later will go the way of all the cexes like MTgox, FTx, TRT. Use other means, from private key to private key or use Bisq or similar to buy.
Also when you use a cex you are selling your kyc data and one day all that data could be your doom.
For me, Binance to be quite safe, and currently I am still buying/selling Bitcoin on Binance. Good luck to you.
is there any other way to go about doing what he needs?
I'm not a big fan of Binance but it's the most used exchange in our country that's why I have to use it primarily and there is not a single time in my 2 years journey, they halt any of my transactions. I convert my BTC to fiat using the p2p trading method of Binance. I do not know on what basis you are saying these exchanges shit maybe due to the nature of centralization if that's the case then you can go for decentralized exchanges. Depending upon your country's regulation and the availability of exchanges CEXs have limitations while DEXs do not see the countries as a selection factor. So I think DEXs are the best option for you. If you do want not to do p2p on your own with your friend. But I think that will be great if you help him out because from what I can see you have some experience and your friend has not. So helping a newbie to learn the way of blockchain and btc technology will keep them attached to it instead of going away with the frustration of failure and loss of money.
If his bitcoins are not involved in theft or crime, there should be no problem transferring bitcoins to Binance in exchange for fiat. Another note is that you need to make sure his Binance account is KYC to avoid unnecessary trouble. Binance is still safe for instant transactions, it's just not safe when you use them to store long-term assets. But if the two of you really trust each other, why not do as you think? The two of you can trade with each other since you also have the need to hold bitcoins for the long term.
Yeah Binance is safe enough as long as your bitcoin is not from illegal source like crime or somethings else. One of the reason that binance (based of this source) required Know-Your-Customer Verification is their way to protect users from hackers, money launderers, or maybe market manipulators. Know-Your-Customer Verification is effective to asses if your crypto currency have been obtained illegaly of depositing from a non legitimate sorce because you can not masking identity. So, if you are certain that you have a legal source of your bitcoin and do not any problem to do Know-Your-Customer Verification, i can say that Binance is safe enough for changing your Bitcoin into Fiat. Do not worry if Binance would halt transaction. Jump to: