It's not very expensive. Typical exchange fees are about 0.25%, like those on GDAX, Bitstamp and Kraken. There can be other fees involved but it's very unlikely for it to be a huge amount if you don't mind verifying your identity.
You could also sell on LocalBitcoins for cash, then deposit that in your bank account instead.
Topic: Most economical way to convert Bitcoin to USD? (Read 294 times)
Well, If you can find a noob who is new to bitcoin, you can sell your bitcoin to him with a higher price and it will be more economical than usual. most of the exchange service charge a very high fee. You can also find a retail seller too
I am asking this because i have NEVER actually converted any of my bitcoins i have ever mined into actual tangible money (USD), I got into bitcoin mining in the 2013/2014 time and spent a couple of years mining away for bitcoin with my S5 Antminers i had... since then i have only ever bought a few things online using the Bitcoin, like i bought my pair of GTX1080ti's in my gaming rig from Newegg using Bitcoin.. but how expensive is it to convert the Bitcoin into USD in my bank account?
The reason i ask is because i have no experience in this at all, I am trying to gauge things to see if investing into a small mining operation is worth the effort more so than a hobby... As of right now most of my investments are in a handful of Real Estate rental properties and after thinking it over, i could use a portion of my Bitcoin i currently own in my wallet to purchase the hardware to GPU mine alt coin since it seems to be more profitable at the moment. Based on some simple calculations based on current market rates, i could spend about 12-14k of my bitcoin and have 10, 6 card mining rigs pumping out $6,100/month in alt coin or possibly less if the electrical system cant handle that many... and basically turn 1 or 2 of my rental properties i own that are barely bringing in $200/each in passive income after expenses into a more profitable situation. The house would basically just be sitting there housing the mining operation, which in return would maintain the property with minimal wear and tear due to no actual renters in the house using it...
If this is feasible enough, i will turn all 7 of my rental properties into mining operations
The reason i ask is because i have no experience in this at all, I am trying to gauge things to see if investing into a small mining operation is worth the effort more so than a hobby... As of right now most of my investments are in a handful of Real Estate rental properties and after thinking it over, i could use a portion of my Bitcoin i currently own in my wallet to purchase the hardware to GPU mine alt coin since it seems to be more profitable at the moment. Based on some simple calculations based on current market rates, i could spend about 12-14k of my bitcoin and have 10, 6 card mining rigs pumping out $6,100/month in alt coin or possibly less if the electrical system cant handle that many... and basically turn 1 or 2 of my rental properties i own that are barely bringing in $200/each in passive income after expenses into a more profitable situation. The house would basically just be sitting there housing the mining operation, which in return would maintain the property with minimal wear and tear due to no actual renters in the house using it...
If this is feasible enough, i will turn all 7 of my rental properties into mining operations
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