Topic: Problem with cashing out to fiat (Read 308 times)

It is funny reading your story and earlier I had similar issues and his is way I use to cash my bitcoins now. I ask a reputed exchanger to convert my bitcoins to Paypal and then I withdraw my paypal to bank account. I never faced any issues doing it this way and feels pretty safe too.

I feel sorry for you and was laughing at the same time on that situation which I am sure you are joking about but then the world is so stupid that I think it might actually happen some day.

I remember when I told a friend about bitcoins he actually bought some physical coins from an online store and told me " I have 2 for me now, tell me when to sell them" and I was like how dumb someone can actually be?

I never experienced this kind of problem because in the first place our local exchange are the one who arrange everything so we don't need to worry whether we are going to cash out in our banks using our bitcoin money. It will be best if you can drop also if you are using a local exchange or not so we can fully follow your situation and for others to avoid this kind of problem in the future.

I notice some banks in our country that bans this kind of transaction also to prevent any frauds but as long as you are using our local exchange then converting to fiat and cashing out your money through banks are not a problem at all.

unfortunately some banks have been scamming people like this for a long time now and there is not much we can do about it, this is more severe in certain countries that don't have clear rules about bitcoin otherwise you won't see something like that in a country like Japan where bitcoin is a legal currency.
this is also the main reason why so many people have put their trust in an extremely high risk centralized and shady altcoin called tether.

I was a bit convinced that this is just a joke but then I said I have seen stranger things that people/societies do
Well, rather than scraping, we could  just deduct with a pen and issue new coin that reflects the final balance. I like physical Bitcoin idea. I think physical Bitcoin/Blockchain that operate completely without the internet would be interesting.
I guess it should worth something if you have you private keys safely printed on the coin?

Do not sweat too much as it was just a fun he did on April .

Still you did not understand   .

If you took time to read what he said rather than just reading the subject you would have understood what he was trying to tell  .

Not sure some are reading what the OP is trying to convey and that is what made me laugh .  

I also have this kind of experience with my bank, Cashed-out my bitcoins to my bank in 2017 and the amount is around 8,000 USD at that time. The money went through my bank account but the issue that I got from my bank is they didn't let me get the money from my account after telling them that I got it from cryptocurrency. I have two options that time that was given to me by my bank. It is getting all the money I got from my account and closing my account as well or going to ATM machines, but the issue with ATM machine is they have daily limits on it around 800 USD per day and it is a quite hassle for me that's why I chose to close my account for good. I really don't want banks to discriminate money that came from bitcoin.

Did you just created a made-up story? Because the moment where the bank teller have a cheese grater in her hands totally lost me. So I would just go in with your original question, and no I have not. When I try to withdraw it using my local crypto wallet everything is processed in just minutes and it will show up in my desired bank account in minutes after confirming. You didn't even mention regarding how you have withdrawn your money if it was in a wallet or from a user in localbitcoins. Another way to say how made up this story was is when you are liquidating your Bitcoin to fiat, the bank doesn't really received Bitcoin at least one party will be the one sending fiat to your bank account from them.

Nah, your experience is really bizarre. What I speculate might have caused all of these issues for you with the bank are things like which bank, what transfer services you used for the transaction an how much? The latter being particularly important since above a certain amount red flags would be associated with the transaction.

I've recently used Kraken and withdrew some money myself and surprisingly the money showed up in my bank account the next day, I did only transfer just below 10,000.

Actually there is. Here in the Philippines we have local exchange called Coins.ph and it's accepted by the government it's consider a business. It's originated from the Philippines and funded way back in 2014. And I don't think that only Philippines have that there's many exchange that is legal and accepted by the government in other country just like bitpay and coinbase. If it's not accepted by the government then, I don't think they can run their business.

The OP was joking in his April fool's day post.I guess you didn't get the joke.
By the way,what's your country?I don't believe there is any crypto exchange company in existence that is "accepted by" any government in the world(unless we are talking about some offshore "tax heaven" small island country).If you have to deal with a crypto exchange platform or a bank,your money/coins aren't yours until you get them in your pocket/offline wallet.

So far I have never experienced that and I cashed my bitcoin and it went smoothly even for 3btc. btw in my country has a legitimate crypto exchange company that is accepted by the government. so I always exchange it through the exchanger and send it through my bank account. This is a simple method, but the fee is fairly expensive for an exchanger, but it is safe and the bank does not take any fees to receive my money from the exchanger company.

Seriously,
     You didn't ask which side is tail and which one is head?

This is one of those weird trolling messages that people talk about, hmm interesting. I have heard of them before but I never really saw one before today. Honestly, I have been around internter for over 20 years now so it feels like I have seen so much more than this that quality of this looks to be lacking a bit.

I don't mean any harm, sure there was some work put into it and kudos, not a bad trolling message, could probably pass with like 6/10 if people didn't know it was a troll, but looks too much like a troll so it gets like a 3/10 or maybe 4/10 at best this way. What I would suggest is to make it a bit more realistic, remove the grater part and maybe you can have yourself a decent one, that way you can actually look a bit more realistic than this. Grater really kills it honestly.

I enjoyed reading your experience from that bank. You still got your 2 bitcoins. I mean, 1 whole and 1 not whole bitcoin. Does this mean you are still a believer or not? That bank totally ruined your day. Try to spend what they have given you.  

I remembered my first time seeing bitcoin as a future. I can't even remember my age then.
Now I still believe on that though.

*Gripping*



link

Yes, I am also from a proud old bitcoin-mining family. Thank you for the old-timey photo! So strange looking back on them now, in a way they almost don't seem real.
Here is a photo of my Uncle Jack. He was a bitcoin miner back in the good old days. But he did sometimes use faucets, too. The faucet in the picture was really paying out that day. Ah, good times.

That's only a weird experience because it's your first time doing that. Now, back when I was still mining Bitcoin, before the gold rush happened and everyone wanted to do it, I was making weekly trips to the bank also, trying to cash in my freshly-mined Bitcoins for cash (I am a holder but hey I need to pay my bills too, right?).

Here's a picture of me finding my very first Bitcoins, I got so lucky!


In fact, upon closer inspection, the coins you had looked almost like the ones I mined. I was a sole customer at the bank, perhaps we're customers at the same bank?

Cool that you still got your Bitcoins . Although the other 1 is already damaged, still got worth 
Beware of those hard like metal coz probably you will lose a lot of money for buying that . I haven't experienced those kinds of situations since I am not a fan of my Bitcoins cashing out to fiat, I continue to HODL those plastic ones. 

I had a kinda weird experience cashing out to fiat and I want to know if anyone else has had similar.

So I made a killing in crypto and decided to cash out. I converted my bitcoins to fiat and sent them to my bank account. Easy so far. But the money didn't appear on my balance. I went into my bank to ask them what was happening...

The lady at the bank said because the money came from cryptocurrencies they wouldn't be legally allowed to process it, so it wouldn't get added to my balance. I basically said this is theft and asked what she was going to do about it and could I see the manager. I stomped about a bit and let me tell you I was wearing those boots that Uncle Peter got me with the metal heels and I made quite a commotion.

This is when she backed down and she said I could still have the money, but I would have to have it as bitcoin and not as fiat. Okay, so long as I get to keep my money. I can try to cash it out another way. This was two bitcoins which is a lot of money for me so quite a big deal.

So then she rummages around behind her desk and then puts these on the counter. I picked them up in disbelief. WTF, you may be thinking. No, WTAF.



I picked them up and they weren't even metal like proper bitcoins, they had this kind of cheap plasticky feel. Then to make it worse she says "Oh I forgot to deduct our fees." And she gets out this cheese grater thing and starts filing away the edge of one of my bitcoins, and she scoops up all the plastic bits with a little shovel and pours them into the till. It is important to quantify things so I used my phone to take a photo of how much she filed off. To me it looks way way too much. Please tell me, is this a normal amount for banking fees? I think she was scamming me. Seriously she scraped off like a third of that thing which is just extortionate, right?



So now I have one proper bitcoin and one damaged one, but I think they are plastic anyway. I put them in an envelope and mailed them to an exchange, but they didn't get added to my balance there either. I think there has been a hard fork and they no longer take plastic coins because it is not hard like metal. If they had a soft fork I would be fine. But this is the way of crypto, us wise old heads who have been in the game for a while learn to take the rough with the smooth, and the soft with the hard but this is the first time I have taken the plastic with the metal.

Anyway, has anyone else had this? A couple of weeks ago the exchange said my bitcoins were worth over $10,000 and now they say they are worth nothing. I am feeling confused and angry, and I think from my exposure to these plastic bitcoins I may have contracted this crypto volatility that is so fashionable these days.