The best way to convert Bitcoin into real money

Ridwan Fauzi

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Quote from: sensimilia on August 24, 2020, 06:06:11 AM

And they all require KYC. There are a lot of better solutions like local cryptos and others

If I'm not mistaken, binance doesn't ask you a kyc as long as your withdraw amount is less than 1 btc per day, unless you will withdraw more than 1 bitcoin per day then you will be asked the KYC. Because so far, I use binance exchange and I withdraw money per week but they didn't ask me to fill my identity first.

The KYC issue is something that is always being discussed by crypto currency user. Indeed, most of them are refused and find another way to cash out their money. But, there is some user who don't mind that as long as they choose the reputable exchange at least to avoid some unwanted thing.

DarkDays

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The post is misleading because it assumes that Bitcoin in itself is not real money.

I think a better title would be 'how to convert bitcoin into fiat'.

With that said, I see that you have mentioned LocalBitcoins here. Which is not really that safe as they employ a hundred verification levels these days. Making them a high-risk target, if they go down, then your data would be with the malingerers. And if they decided to share your data with the authorities, you could attract the ire of the taxman.

People should note that Bitcoin is currently the sixth largest world currency by circulating supply.... If you don't think Bitcoin is real money, then neither are the 175 other fiat currencies Bitcoin is bigger than.

harizen

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The first thing to be considered is the crypto local exchange, if available. Try to look for that and see how it was performing in your country, plus of course the legality of it.

It's way more convenient to consider using local exchange first as surely, it supports most of the country's payment system from depositing and withdrawing to either bank to any payment merchants and remittances center.

If there's none, that's the time now to consider using a global exchange. But remember, not all exchanges supported a service per country. Read truly the TOS first before engaging.

Yatsan

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There are lots of ways on how you can convert your Bitcoins into real money preferring into the local currency you do have in your country. Here in my country, we do have an easy and hassle free way on how we can access our Bitcoins and make it as a real money converting it into our local currency by using a local Bitcoin wallet generated by our fellow country men that we are commonly using to accept not just Bitcoin but as well as ETH, BCH, and XRP. If you were a Filipino, you will surely get familiar with coins.ph for it is our local crypto wallet wherein we can easily access our Bitcoin and make the converting from BTC to PHP (Philippine peso) to make digital payments and even do withdrawals into any banks and remittance centers.

Though there are reputable exchanges to do it specially for foreign currencies, we Filipinos are having an easy way on how we can convert our Bitcoins into a real money. This just make a point that converting Bitcoin varies on the country where you are from if your country have a locally generated wallet like we have or just use exchanges to do the thing.

sheenshane

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In every country, there is a local wallet that supported cryptocurrency, as long as crypto didn't ban in your place. Then, it is easy to convert Bitcoin into cash. I don't how LocalBitcoins use since most commonly used here in our country is (Coins.ph) the custodian crypto wallet that implies full verification of KYC. If you're ready with KYC verification, this custodial wallet is best for you of converting cash. But how about those countries that restricted to use crypto? Just like Bangladesh as I heard. Probably, the Bitcoin ATM machine is the best for them or P2P exchange.

Binance is good tho, the same to BestChange that directly send to your bank account. The rest of OP gave I didn't agree with converting Bitcoin to fiat.

Shasha80

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The best way to convert Bitcoin to fiat is of course using popular and trusted exchanges, such as Binance exchange.
But I myself prefer to use local exchanges in my country, because besides being safer, the most important thing is
I can do it cash out to my bank account.

Josefjix

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yes

The most reliable and fastest I've used ought to be Binance. Low transaction fees, live support ever ready to attend to your complaints. Since NGN has been listed on Binance withdrawals to my local Bank has been flawless and I seem to enjoy Binance.

online73

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Hello to all. I think that here they share their hassle-free conversions from bitcoin to "real money". I have been using the Crex-24 exchange for more than two years now, I have never been let down. It is very convenient and fast through Qiwi, and so far there is not even a desire to try something else. At least at this stage for me, this is the "Best Way to Convert Bitcoins to Real Money".

verita1

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According to various opinions expressed here. The best way to convert Bitcoin to Fiat is local exchange. I do not like the term of comparing Bitcoin for real money as if it were talking about money that is not real to real money. For me to speak of Bitcoin is to speak in outstanding terms.

I have experienced that the best way to convert Bitcoin to Fiat is with a local P2P exchange. Some have used Binance or Localbitcoin. I use Cryptoway you need to approve KYC to access the services. The advantages are security, you can change several cryptocurrencies, you can change up to a minimum amount of coins, low commissions, less than 5 minutes you can have the deposit in your bank account and technical support.

bearexin

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It’s been a very long time that I used the LocalBitcoin exchange, I can’t even remember when that was. After the LocalBitcoin, I switched to Paxful and tried a few other exchanges, even over the counter.

Over the counter exchanges charges more fees, but they are usually fast, and especially when you get to know them it’s always easy to buy and sell, as you can message them direct and have the exchange carried out immediately and money sent to your bank account, unlike when you’re making use of other exchanges, although I understand that it’s because others are big exchanges. Like Luno is one of the big exchanges that operates locally where live, and a withdrawal to bank can take up to 24 hours on working days, and on weekends you will have to wait.

rexxarofmoknathal

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Quote from: Twinkledoe on August 24, 2020, 06:11:30 AM

Don't forget exchanges such as Binance which is offering P2P service where you can exchange it to your own fiat money. Just look at their list of fiat currencies available. Though they require KYC, but at least you know you are safe, the fact that they have 0 fees also.

https://c2c.binance.com/en

Out of the 4 exchanges listed above I can only approve Binance as I personally have found it good and never had any issues regarding account versification or frozen funds. Nothing of the sort.

As mentioned above you'll have to complete KYC but this is usually done in about 2 days and you know that at least you'll be using a platform that's as safe as possible Cheesy

taufik0911

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currently in my country there are several trusted exchangers that make it easier for me to exchange from bitcoin to usd or idr but right now my favorite place to exchange is binanca because currently binance has accepted fiat idr deposits and idr withdrawals with various withdrawal options

Nhor1011

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In our country , it's easy to convert bitcoin to our fiat money and that is through Coins.ph, an app that allow you to store bitcoin,ethereum,,bch and xrp and you can automatically convert those digital currency into our fiat money. Hassle free and not only double purpose because you can also use this app to pay your bills, buy loads and send funds to your bank accounts. Very easy and helpful for us.

Converting bitcoin easily into a fiat or real money is depends on the availability of exchange in your country. And if you have a friends or known person that can exchange your bitcoin directly into a fiat money, that will be the easiest way I think.

hulla

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Quote from: sensimilia on August 24, 2020, 06:06:11 AM

You listed sites that better not to use. Localbitcoins is blocking accounts without reasons in last months. You can find a lot of posts about it. And they all require KYC. There are a lot of better solutions like local cryptos and others

Every crypto exchange site have there own rules and regulations so is localbitcoin and crypto traders that don't understand the way to make successful trade by doing a background check on the individual he deals with on local bitcoin there's a chance for his account to be blocked

Quote from: Twinkledoe on August 24, 2020, 06:11:30 AM

Though they require KYC, but at least you know you are safe, the fact that they have 0 fees also.

https://c2c.binance.com/en

99% of every crypto to fiat exchange require KYC mate ever since the SEC set AML/KYC on cryptocurrency.

Rengga Jati

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The easiest way is probably using Bitcoin ATM, but the fee is high enough and you may not find them in all countries.
Second, in my opinion, so far, the best way to convert our BTC to cash out is by using the local exchange in your country. If there is any, it is better because they will commonly provide withdrawal into fiat (both banks or digital wallet). Of course, at first, you can convert to the pairing of fiat. however of course, it may be different for several countries.
here, Binance also provides some ways to convert the coin into cash.

Fundamentals Of

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Quote from: Jawhead999 on August 24, 2020, 09:26:23 AM

You have missed the main point on your topic, what criteria you determine for the best way itself. There're many option to buy and sell Bitcoin such as centralized exchanges, decentralized exchanges, peer to peer, bitcoin ATMs, or debit card. You need to provide the advantages and disadvantages on each option, so people can decide the best way for him/her.

Every person have different personality, somebody are ok to give his personal information, somebody aren't and so on. So, the answer will be different to each person.

There are pros and cons in every manner of Bitcoin conversion with fiat so it is difficult to say which one is the best and which one is the worst. On which basis should we say that one is the best or the worst? Is it with privacy? Is it with the price? Is it with the reputation?

And, by the way, please edit your subject of this thread OP. "The best way to convert Bitcoin into real money"? Really? So what is Bitcoin, then? Fake money?

Jawhead999

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You have missed the main point on your topic, what criteria you determine for the best way itself. There're many option to buy and sell Bitcoin such as centralized exchanges, decentralized exchanges, peer to peer, bitcoin ATMs, or debit card. You need to provide the advantages and disadvantages on each option, so people can decide the best way for him/her.

Every person have different personality, somebody are ok to give his personal information, somebody aren't and so on. So, the answer will be different to each person.

Mor254

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Quote from: cabron on August 24, 2020, 09:08:13 AM

You might wanna take out your coinbase ref link, its against the rules of the forum.

Link has been modified and verified Thank you for warning my friend

skarais

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I have no experience with some of the exchange you mention in the thread. I have tried Binance several time and I find it quite easy to use by trader. So far I have preferred local exchange because I can convert bitcoin and some other altcoin to fiat if needed. For some reason, I prefer local exchange to convert bitcoin to fiat and so far there has been no problem even though KYC is mandatory.

cabron

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Among the list I have only tried LBC sicne its the easiest by far where most of the people are out there to get coins. Nothing is much easier than going to your bank directly to turn your coins into fiat. But this is also reveals your identity that the banks will know yo uare into cryptocurrency. A privacy issue that some of us will never give up.

You might wanna take out your coinbase ref link, its against the rules of the forum.

Topic: The best way to convert Bitcoin into real money (Read 364 times)