Topic: The best way to convert Bitcoin into real money (Read 372 times)

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.

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.

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.

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.

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.

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.

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.

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".

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.

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.

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  

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

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.

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

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

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.

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?

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.

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

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.

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.

I agree with you. I think that if there is a local wallet available within your location, you should also try it. Since it is locally made, it also serves some purpose that you could easily use in your region. Indeed, Binance is trusted by many people here in the forum.

 I don't have experience using localbitcoin, Binance, or any exchanges in converting bitcoin to fiat money. We have our local exchanges available in our country and mostly we used their services. Of course, they ask for KYC but it was not a problem with us knowing that they are legit. Maybe there is something similar to this at your place, it could much better to use them if it gives you confidence and privacy. I'm fine with our local exchanger and everything works good and our privacy remains, can easily link our address to banks and send money. That gives me/us a reason to stick with it rather than having on OP's list.

It is personal choice so you can not generalize things and tell exactly which is the best way to convert Bitcoin to fiat currencies. There are many payment methods to use and many exchanges (centralized, decentralized, P2P, etc.) to choose.

Help: A list of LocalBitcoin alternatives (P2P marketplaces)
[BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.)
Don't forget BestChange (their slogan is Buy and sell crypto and fiat with BestChange.com!)

to me binance is the most easiest and fastest (although i haven't try the rest but as it is i don't see the need) converting btc to my local currency through binance is very fast and ridiculously cheap too unlike some local exchange like luno who are very expensive, competition is always good in market

If you want to change your bitcoin to fiat, I will suggest you make use of local exchangers in your country. This is more safer than some of those you have mentioned except you intend holding stablecoin. It is less risky than making use of some platform such as localbtc platform. Some banks block account for making withdrawal from direct cryptotrading platform but when you make use of local platform, it is less risky

I prefer my local wallet coins which is registered and accredited here in my country as it offers more features like loading, pay bills and easily conversion to fiat, however the fees were too high than other wallets and sometimes have issues if will withdraw too much money they will require a video interview for the transactions. If only there will be wallets that will registered or acknowledge also here in my country I will try to use it. Among listed by OP, I choose to use Binance since it can easily be used to trade instantly and it's been a trusted exchange eversince.

I really don't think so! Websites like Localbitcoins are great in terms of security and has an elaborate policy to handle any dispute that may arise from any trade. Their customer service is great and usually very prompt to resolve any query you may have! Having KYC doesn't make localbitcoins look bad, rather it helps to reduce the number of scammers in their platform.

I have been using their service since a long time now and the kind of service I have received till date is simply great in all sense!

As for as in the Philippines, we often used Coins.ph to convert our BTC into our local currency. Of course, there are lots more options but most of my countrymen prefer this site because it has a lot of options to withdraw your money and it has some user-friendly features that will make newbies use it easily. As for me, I never had some problems using it for the last 4 years. Their technical teams are fast to respond if I ever encountered some problem or some error about the information I fill up in the withdrawal forms and lots more than that. They always fixed it at the right time.

For me the best one to use there is the Binance since they have a p2p and supported our fiat debit and bank transfer either sell and buy of bitcoin and even other cryprocurrency. I never tried coinbase before so Im not sure how smooth the transaction is.

Binance part of the free transaction is the one I like so converting bitcoin into fiat via their p2p is the best solution for me. The only thing is needed kyc but its fine for me. This is the only exchange I conducted the process of KYC.

Hello

I do think you are unaware of the wallets like :
Zebpay

They are offline wallets which are offering the services like buy/sell. Provides a trading platform and at the same time it does enable users to actually send money to their own specific banks with cost as low as 0.13$ . I have been using localbitcoins , but unfortunately you do have to pay the wallet_localbitcoin wallet_service charges, which does account for a lot as compared to what you are using there.

Its not a wallet perse but its a trading platform at the same time it does serve as a secure wallet , the only downside is there is actually no concept of privacy. You have to submit all your documents , which I don't mind since transactions are valid and considered legal by the law.

At the same you should form your own local community where you can buy/sell bitcoins without any problem. The people you do know about and are living near you , it would not only boost the popularity but would also help you and the people involved .

This is true, Binance platform is one of the best sites too. I neglected to mention this platform. I used it in the past for exchange. I modified the topic and also mentioned this platform with its link. Thank you for reminding us about it.

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

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

How to convert Satoshi into dollars?
Here are some trusted and tested platforms that you can use to buy or sell Bitcoin:
1ـ localbitcoin : Site
2ـpaxful:Site
3ـcoinbase Site
4-Binance: Site
How to convert Bitcoin into real money?
There are some very easy ways to convert Bitcoin or Satoshi to popular currencies such as the dollar, the euro or the British pound, if you have a bank account in any European country or the United States, you can, by using trading platforms such as Coinbase or Kraken, sell bitcoin and withdraw real money (dollar,  Euro ...) directly to your bank account

1ـBitcoin transfer via LocalBitcoins:


LocalBitcoins is a Bitcoin company based in Helsinki, Finland, and has been operating in the Bitcoin field since 2012.It is a peer-to-peer Bitcoin buying and selling platform that means buying or selling Bitcoin directly from the buyer or seller, it has buyers and sellers on the ground in more than 15,000 cities in 248 countries.  There are bitcoin sellers and buyers on the platform from almost all Arab countries.
 The advantage of LocalBitcoins is that you deal with the buyer directly and you can request to receive money with all the means that the buyer supports (bank transfer, PayPal, Payoneer, cash ...).

You can also coordinate an interview with buyers / sellers on the platform and execute the trading process on the ground.  You can receive the amount in cash, or the buyer can transfer the amount to your bank account.  You can also choose from many other options such as PayPal or Payoneer and you will find all the currencies of foreign countries such as (dollar, euro, riyal, dirham, dinar, etc.) [it all depends on the buyer / seller and the medium or currency in which he trades]



You can simply choose your country and the payment method you want.  The purchase price is set by the seller while LocalBitcoins acts as a middleman between the sellers and the buyers from the same country.

2ـUsing Bitcoin debit cards


Bitcoin debit cards are a practical way to spend or convert Bitcoin into real money and shop online with it.  These cards allow its users to deposit their bitcoin or digital currencies through the card platform s website and the site converts them into a fiat currency such as the US dollar or the euro.
 There are various Bitcoin debit and debit cards such as SpectroCoin, Monaco, and all cards are backed by Mastercard or VISA.
This is the most secure way at the present time to convert Bitcoin and Satoshi into real money, amid the increasing number of Bitcoin and digital currencies users. I expect more high-quality platforms and websites that provide Bitcoin to convert to real money.

What method do you use to transfer Bitcoin into real money?  Please share your experiences with other members

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