How Do You Cashout BitCoins? - page 22.

ethereumhunter

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Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

the best thing that i can do is using localbitcoin or i can tell my friend that i have bitcoin that i want to exchange to fiat. this two way is really help me to cash out my bitcoin in anytime i want. and if you want you can use localbitcoin too to find recommend seller in around your city so you can sell your bitcoin with safe. or you can use local exchanges in your city if it is available.

speedy963

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Quote from: VitKoyn on October 21, 2017, 03:47:05 AM

Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

You can try visiting local trading sites like localbitcoins.com you just have to create a sell order and once a buyer accepts your offer the payment will be directly deposited in your bank account or you can try selling it here in bitcointalk but only transact with trusted members and use an escrow. Here in my country the easiest way to convert bitcoin to cash is through coins.ph unlike localbitcoins.com you don't have to wait for buyers and you have lots of option to make a withdraw in cash (through banks, ATM, remittance, or door to door delivery). I don't know if this service is available in your country since you didn't stated your location.

For now banks and ATM's are the most efficient way on withdrawing money, or converting bitcoin/selling bitcoin to cash, it is a big help not only for me but im bitcoin industry. I honestly tried that before, and you should always look for some local exchanges that enables you to convert bitcoin without further hassle, and i think most countries had an offer of that kind of services i guess.

Mpamaegbu

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Quote from: LeGaulois on October 20, 2017, 01:54:41 PM

Some exchanges don't have the option to sell your coins for $,£,€
In some exchanges such as Kraken, Bitstamp, etc people can sell their bitcoins (of course) for dollars, euros, etc and then get the money transferred to their bank account quite easily.

Really, Kraken and Bitstamp? I don't have an idea they do fiat exchange for coins. I will check them up. And OP, it isn't true that all exchanges use Bitcoin mandatorily for deposit. Some exchanges do accept ethereum for deposit.

Of course OP, localbitcoin is a veritable source of exchange for crypto to fiat but the processes are not that as fast as it would've been doing it on a trading exchange.

shezu007

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bitcoin is a crypto currency and it is easily changeable to any other currency. i am using just simple method of converting bitcoin to my desire currency through exchanges in which there is no problem and taxes are also very low.

ongels

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Well in our country, You can simply cash out your btc through downloading php coins wallet, there are already menu's on that wallet where you could encash you btc, just simply follow the directions in the menu and everything will happen as easy in an instant.

DewiKirana

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Good question.
Personally I exchange bitcoins to dollars using both wallets, Blockchain and Luno. My experience using both wallets was never a problem in the exchange process. So I suggest you to use Blockchain or Luno wallet

Mandoy

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Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

Actually there are tricks as to how to deposit dollars and withdraw dollars from any exchanges. But there are processes that is needed to be done especially that there is no direct method of withdrawal or depositing btc in an exchange. Your dollar will pass through a third party before it enters or exit the exchanges.

gwapsz

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Quote from: miyaka26 on October 21, 2017, 03:36:51 AM

It depends on what wallet application coinbase or website that you are using some of them will support to cash out to fiat like in the Philippines the application is called coinsph that can easily convert btc to php fiat and choose some choices to pick up your money, i hope some of the applications like this can be implement to make the convenience in btc transaction more easier than transferring it to another exchange that take some time and satoshi.

My workmate can simply cash out his bitcoin using coins.ph with hassle. It is really convenient to use.

degraff

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what tax rate is applied in US when you cashout your bitcoins?

TheCoinFinder

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Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

While cashing out from bitcoin to altcoins, you can do it using any exchanges but seems you want to ask how converted usd can be cashed out to specific bank account?
If i am not wrong, here are very few platforms that can allow you to do so and the trusted one i am using since beginning is Coinbase.com.
From there, you can deposit or withdraw usd using bank account.

cryptopig

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coinbase to my credit card

Hagmonar

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I cash out my bitcoin in our local bitcoin wallet exchange first i convert in our local currency then withdraw local fiat money then buy on what we like to buy in our country

VitKoyn

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Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

You can try visiting local trading sites like localbitcoins.com you just have to create a sell order and once a buyer accepts your offer the payment will be directly deposited in your bank account or you can try selling it here in bitcointalk but only transact with trusted members and use an escrow. Here in my country the easiest way to convert bitcoin to cash is through coins.ph unlike localbitcoins.com you don't have to wait for buyers and you have lots of option to make a withdraw in cash (through banks, ATM, remittance, or door to door delivery). I don't know if this service is available in your country since you didn't stated your location.

miyaka26

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It depends on what wallet application coinbase or website that you are using some of them will support to cash out to fiat like in the Philippines the application is called coinsph that can easily convert btc to php fiat and choose some choices to pick up your money, i hope some of the applications like this can be implement to make the convenience in btc transaction more easier than transferring it to another exchange that take some time and satoshi.

jvdp

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Quote from: leonix007 on October 20, 2017, 11:58:24 PM

Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

Weird, how did you do BTC deposits for trading without going to local exchange? anyways, saw your sig, Find any local exchange that accepts bitcoin, it varies for each location and country you live, just withdraw BTC from trading exchanges going to local exchange.

You need to transfer the bitcoin from your default wallet to exchange wallet. Some of the wallet like localbitcoins.com expects the deposit fees to transfer the bitcoin to their site. That is what I mean here. If expects the bitcoin to be changed as a fiat currency you need to the exchange site or exchanger you know can give a fiat for your bitcoins. Traders will set the trading value according to their profit range.

MabbeshBabu2

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I cash out bitcoins from a site called local bitcoins where you have to send bitcoins tto the localbitcoins wallet of yours and you need to sell there in the market place.

bitalive

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if you want to sale your coins, there are a lot of exchanges where you can sale them and withdraw USD. but you should hold on them - Bitcoin is a good investment.

Zocadas

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You can cashout through services like bitwala and bitpanda, wallets like Xapo, Bitcoin ATM and many exchangers, all depending on your resident. But first do a research of taxes on Bitcoin in your country.

leonix007

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Quote from: imteaz on October 20, 2017, 11:53:18 AM

Hello, i'm kind of new into crypto currency, I am currently trading on few exchanges. But i noticed all of the exchanges use bitcoin to deposit and withdraw, also no matter what coin you trade use bitcoins. So when you decide to withdraw your bitcoin and convert to USD, how do you go it? I don't see any option in any exchange, which is very weird.

Weird, how did you do BTC deposits for trading without going to local exchange? anyways, saw your sig, Find any local exchange that accepts bitcoin, it varies for each location and country you live, just withdraw BTC from trading exchanges going to local exchange.

Mame

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In my country we cash out bitcoin through our wallet which we can encash through banks or the famous seven eleven Wink

I personally I perfer not to encash my bitcoin I am investing it with bitcon also and checking my BTC from time to time and bitcon dont fail me because my bitcoin is increasing everytime I check it. That why I dont cashout my BTC,it is really my investment for my future.

But in case of emergecy it is very easy here to encash your bitcoin through banks.

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