How to cash out the money from electrum

Coyster

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Quote from: Z_MBFM on November 13, 2023, 12:11:54 PM

Electrum is a Non-custodial wallet where you can safely hold your bitcoin because when you have done the creation a wallet thete you got a private key. and that key will help you to access your bitcoin and that key is not possible to hack by any hackers.

It is not impossible for your assets to be hacked in any wallet, including electrum, there are wallets that are safer than others, but you cannot say that you are 100% secure and your funds cannot be hacked. Mind you that Electrum is an online wallet, and if you use an online wallet, there is a higher possibility that you could be hacked because the device that you keep your assets is connected to the internet.

Quote from: Z_MBFM on November 13, 2023, 12:11:54 PM

for this you have to take help of a centralized exchange like binance then transfer your btc to Binance and sell it on p2p

You can trade your assets in a centralized exchange, but i want to point out that if you wat to trade peer to peer, you cannot do that in a centralized exchange, but in a decentralized exchange.

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

Electrum is a Non-custodial wallet where you can safely hold your bitcoin because when you have done the creation a wallet thete you got a private key. and that key will help you to access your bitcoin and that key is not possible to hack by any hackers. but Electrum wallet will not provide you any p2p services or Facilities to direct selling your crypro with fiat. for this you have to take help of a centralized exchange like binance then transfer your btc to Binance and sell it on p2p

Bitcoin_people

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

First, if you have bitcoins in your Electrum wallet, you will take the address of a sex exchange. Then go to the cents option and paste your bitcoin address there and select the amount you want to send. Then you have to pay an appropriate fee there will be some time for the miners to target your transaction to be successful. When your transaction is successful then you will get that exchange and trade your bitcoins to USDT there. Also you can sell bitcoins if you want, from the exchange you go directly to p2p where you can do p2p transactions. When you transact there you can withdraw your cash anywhere via bank transfer or master card etc. But you must be careful in doing such transactions as many people fall into the trap of cheating here. And then you can convert bitcoin directly into real currency.

cryptoaddictchie

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

Maybe contact someone online to do some p2p with him. Never really tried to do transaction anonymously since you are going to cash out real money. Well thats kidna hard but if you used centralized exchange youll be able to do it easily but with some discreet details upon it. Personally Id like to try this but I dont know how I can start.

Saint-loup

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Quote from: suzanne5223 on November 11, 2023, 05:56:11 PM

@Lucius I gave the advice because the OP question was doing the fiat cash out anonymously and to have it done she has to start with the wallet holding the fund.
@Saint-loup I believe the use of VPN or Socks won't provide a good level of anonymity since the fund-holding wallet is already exposed. The best option is what is explained by Lucius.

There are millions of transactions on the BTC blockchain publicly available(almost one billion currently) if it was easy to get the identity of people from those datas, we would heard stories of Bitcoin users busted and put in jail everyday. So I'm not sure it's the most critical point. On the contrary, your IP address is directly linked to your identity, so it's important to take care of it. Moreover hiding your IP address behind a VPN or a proxy doesn't prevent you from using a mixer or an exchange in order to break your transaction chain.

goodbed

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Quote from: tabas on November 10, 2023, 05:51:06 PM

Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

You need to use an exchange in doing that. But for some instance that there's no local exchange found in your country and the known exchanges won't support a withdrawal to your location, then they're right about finding a p2p market where you can sell those Bitcoins you've got on your electrum. Given the situation that you want to sell it anonymously, the choice of doing it on those platforms like bisq is one solution. You don't have much option at all since if your country banned Bitcoin, people are likely to cover themselves from being a holder of it if you try to go with your local p2p.

appreciated Tabas ! Well I knew some of groups where they buy and sell btc in my region but unfortunately they were arrested doing stuffs.

Quote from: Lida93 on November 10, 2023, 02:44:28 PM

Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

it's difficult on how to go about to help you with what you really seeking for as the question seem obscure to relate with in giving a specific solution, from all the comments am reading each comment is delivered standing on how they understood your question. Op why not throw more light to it.

Quote from: Husires on November 10, 2023, 02:11:35 PM

Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

write your country in addition to the commission, or download Bisq and search for someone who trades peer-to-peer.
Facebook and Twitter are good options if the amount is small and there is Bitcoin trading activity in your country.
Trade in a public place with small amounts.

Bisq is more suitable to use in this case and not through any social media platforms FB or X as there has turned to a breeding ground for scammers to prey on unfamiliarity and inexperiences of crypto newbies.

@lida93 I think I must store in electrum 2FA until I collect least till government allows, if not then I may get arrest doing stuffs ?

Coyster

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Quote from: Saint-loup on November 11, 2023, 05:28:44 PM

Even if you use a mixing service on TOR, the Electrum server you will connect in order to be able to send your BTCs to the mixer, will see your IP address, so you need to trust it unfortunately.

You don't have to trust third party/intermediary nodes when you use electrum, thus you can connect your electrum wallet to your own full node and not that of a third party, so you can manage your transactions and assets.

Quote from: Razmirraz on November 11, 2023, 08:43:33 AM

1. Always backup your private key.
2. Enable other security such as 2FA.

HD wallets now make backing up more user-friendly because of seed phrases; don't back up private keys but just your seed phrase that you can use to generate all the keys. Lastly, i prefer a multi-signature wallet to a 2FA wallet.

suzanne5223

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Quote from: Saint-loup on November 11, 2023, 05:28:44 PM

Quote from: Lucius on November 11, 2023, 07:25:04 AM

Quote from: suzanne5223 on November 10, 2023, 06:09:34 PM

Firstly, Electrum is not an anonymous wallet, you'll have to use a VPN and your own Electrum personal server instead of using a third-party server to connect to the BTC network or you can use just a VPN and mix the BTC.
~snip~

I don't think the OP has that kind of anonymity in mind, and even if he does, he has already exposed his IP addresses and BTC addresses with the amounts he has on them. If he would like to make an Electrum wallet that would not share such information, he should first make a setup like you are talking about, and then somehow delete the connection between the coins he has now and those that should be in the new wallet. A far better option than VPN is to use a mixer with the help of TOR.

Given that the OP just wants to "cash out", that would be just one additional complication that he doesn't need at this point.

Even if you use a mixing service on TOR, the Electrum server you will connect in order to be able to send your BTCs to the mixer, will see your IP address, so you need to trust it unfortunately. Using Electrum with the proxy SOCKS4/SOCKS5 feature and a VPN is not difficult and it adds a layer of anonymity which is never bad.

@Lucius I gave the advice because the OP question was doing the fiat cash out anonymously and to have it done she has to start with the wallet holding the fund.
@Saint-loup I believe the use of VPN or Socks won't provide a good level of anonymity since the fund-holding wallet is already exposed. The best option is what is explained by Lucius.

Saint-loup

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Quote from: Lucius on November 11, 2023, 07:25:04 AM

Quote from: suzanne5223 on November 10, 2023, 06:09:34 PM

Firstly, Electrum is not an anonymous wallet, you'll have to use a VPN and your own Electrum personal server instead of using a third-party server to connect to the BTC network or you can use just a VPN and mix the BTC.
~snip~

I don't think the OP has that kind of anonymity in mind, and even if he does, he has already exposed his IP addresses and BTC addresses with the amounts he has on them. If he would like to make an Electrum wallet that would not share such information, he should first make a setup like you are talking about, and then somehow delete the connection between the coins he has now and those that should be in the new wallet. A far better option than VPN is to use a mixer with the help of TOR.

Given that the OP just wants to "cash out", that would be just one additional complication that he doesn't need at this point.

Even if you use a mixing service on TOR, the Electrum server you will connect in order to be able to send your BTCs to the mixer, will see your IP address, so you need to trust it unfortunately. Using Electrum with the proxy SOCKS4/SOCKS5 feature and a VPN is not difficult and it adds a layer of anonymity which is never bad.

Razmirraz

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I recommend you visit the Development & Technical Discussion(Electrum) Board to find out more about how to use Electrum up to the point of sending BTC to an exchange wallet to convert it to Fiat. You can also stop here TUTORIAL: How to use Electrum (for beginners) to learn more about Electrum.

As a Newbie, you need to pay attention to the security of your wallet.
1. Always backup your private key.
2. Enable other security such as 2FA.
3. Always use a password that is not easy for other people to guess.
4. Never store your BTC in an Exchange wallet, unless you want to carry out activities there.
5. Always keep your private key secret, Only the people you trust most in your life can inherit your private key.

Doan9269

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

Use a mixer,

Maybe you're very conscious of avoiding the use of the centralized exchanges because of your privacy and their KYC requirements which could be annoying most times, you can always make use of the decentralized exchanges in such regard or get some trusted escrow service providers to perform you your p2p exchange.

Lucius

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Quote from: suzanne5223 on November 10, 2023, 06:09:34 PM

Firstly, Electrum is not an anonymous wallet, you'll have to use a VPN and your own Electrum personal server instead of using a third-party server to connect to the BTC network or you can use just a VPN and mix the BTC.
~snip~

I don't think the OP has that kind of anonymity in mind, and even if he does, he has already exposed his IP addresses and BTC addresses with the amounts he has on them. If he would like to make an Electrum wallet that would not share such information, he should first make a setup like you are talking about, and then somehow delete the connection between the coins he has now and those that should be in the new wallet. A far better option than VPN is to use a mixer with the help of TOR.

Given that the OP just wants to "cash out", that would be just one additional complication that he doesn't need at this point.

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Quote from: Husires on November 10, 2023, 02:11:35 PM

Without specifying your country, it will be difficult to determine the cash, and even in the country. Without specifying the amount, no one will travel from one place to another within the country if the amount is small or the transfer is 1:1.

write your country in addition to the commission, or download Bisq and search for someone who trades peer-to-peer.
Facebook and Twitter are good options if the amount is small and there is Bitcoin trading activity in your country.
Trade in a public place with small amounts.

He is from India, if you check his posts, he wrote one in the Indian local section.
In addition to the entire OP, pay attention to the aggregator www.bestchange.com. There are several options for exchanging Bitcoin. If you don't find a direct exchange, you can do a double exchange, which can certainly help you cash out your Bitcoins. But keep in mind that now many exchangers do AML checks, and these checks are not always in favor of clients.

SatoPrincess

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

You can’t “pull out” cash from Electrum wallet or any non custodial wallet for that matter. You can only send the coins from Electrum wallet to any other bitcoin wallet of your choice. If you want to convert your bitcoins to fiat, you will have to use an exchange or direct p2p. Since you’re concerned about maintaining your privacy, it’s better you use a decentralized exchange like bisq to trade your bitcoins for fiat.

I had to check your profile to see your previous posts before judging whether this question is based on an attempt to swipe someone’s Electrum wallet.

nakamura12

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You'll have to send your BTC to an exchange and you better use am exchange that doesn't require KYC but there's a chance that someone may know so better choice is to do p2p which is a lot more private but there's a risk of getting scammed or you can use a trusted escrow though it will cost you for the service but it it's what you want then you can cash out your crypto under the radar and not getting scammed. As you know, there are scammers who use like a social media to fool people who they will scam off of their money.

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

Firstly, Electrum is not an anonymous wallet, you'll have to use a VPN and your own Electrum personal server instead of using a third-party server to connect to the BTC network or you can use just a VPN and mix the BTC.
Second, use the best anonymous exchange you find on https://kycnot.me/ to convert the BTC to Monero.
Third, sell the Monero p2p to fiat currency using LocalMonero

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

You need to use an exchange in doing that. But for some instance that there's no local exchange found in your country and the known exchanges won't support a withdrawal to your location, then they're right about finding a p2p market where you can sell those Bitcoins you've got on your electrum. Given the situation that you want to sell it anonymously, the choice of doing it on those platforms like bisq is one solution. You don't have much option at all since if your country banned Bitcoin, people are likely to cover themselves from being a holder of it if you try to go with your local p2p.

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Quote from: Husires on November 10, 2023, 03:38:58 PM

Quote from: Lida93 on November 10, 2023, 02:44:28 PM

Bisq is more suitable to use in this case and not through any social media platforms FB or X as there has turned to a breeding ground for scammers to prey on unfamiliarity and inexperiences of crypto newbies.

Since the trading will be done in cash, it is easy to identify the fraudster, especially since the trading will be in a public place and the trader’s face can be seen before starting to trade or agreeing on a specific formula, and the probability of fraud is much less than with digital services or bank transfers.

I agree.. OP mentioned in other posts that he is living somewhere where crypto trading is prohibited. Makes sense to do a peer-to-peer trades and deal in cash. Given how his countrys laws look at crypto, P2P seem smarter if he wants to stay under the radar.

Husires

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Quote from: Lida93 on November 10, 2023, 02:44:28 PM

Bisq is more suitable to use in this case and not through any social media platforms FB or X as there has turned to a breeding ground for scammers to prey on unfamiliarity and inexperiences of crypto newbies.

Since the trading will be done in cash, it is easy to identify the fraudster, especially since the trading will be in a public place and the trader’s face can be seen before starting to trade or agreeing on a specific formula, and the probability of fraud is much less than with digital services or bank transfers.

Findingnemo

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Quote from: goodbed on November 10, 2023, 11:46:53 AM

How to pull out the cash from electrum stored btc anonymously?

You can find someone where you live who wants to buy your BTC for fiat so that you no need any help from KYCed exchanges to cash out BTC to fiat but its the most incovenient way.

You can try bitcoin ATMs and if I am not wrong still there are ATMs which doesn't need KYC but again they are rare due to the regulations from governments are strict and they simply want to monitor every crypto transaction as far as they can.

Another option is BISQ or any no KYC p2p exchanges where you can find someone who wants to buy your Bitcoin for fiat.

Also, you can post your offer in the currency exchange section mentioning which fiat you want to transfer then you may find someone to trade with.

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