Topic: Turning Bitcoin into ££££ - page 3. (Read 823 times)
If local bitcoin isn't suitable (none local, poor rates or large amounts) the consensus appear to be to route withdrawal via GDAX, Revolut for Euro, then to UK bank. Its odd that there are a number of exchanges and coins operating out of UK, yet the banks dont seem to allow direct Crypto to GBP transactions.
What’s the best way to turn crypto into pounds uk?
I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?
I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?
I'm not from UK but don't you have any wallet that supports withdrawal to your bank account?
Upping this thread and hope someone from your same location answers your question. Good luck!
I dont ever think that any wallet provide such kind of service.
As i know, if you have local exchanger like in my country, it is so much easier because they work in local currency.
You can also buy gold using Bitcoin, then sell the metal back to the broker and gain instant liquidity into ££ in London.
Ah, sorry, I forgot to include the payment method. It was with PayPal. The buyer apparently used a PayPal account with a credit card that didn't belong to him/her. My friend's account ended up getting locked while it was investigated. The lock was released within 2 days, but the payment that was made by the buyer was removed from her account. I'm not sure of the overall outcome of the situation; whether she filed a report to lbc or not. I can check with her the next time I speak with her, but that's the gist of what happened based on her fb post regarding the matter.
That makes sense. If you use a reversible payment method to sell Bitcoin then you obviously open yourself up to be scammed whatever other precautions you take. Avoid Paypal and/or credit cards at all costs. I'm pretty confident using national bank transfers as my bank would have to agree to the charge being reversed with is very unlikely to happen.
What’s the best way to turn crypto into pounds uk?
I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?
I did some research regarding the exact same matter few weeks ago.I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?
I think localbitcoins.com is the best at the moment.
Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!
Do you know what payment method the buyer used? I'm not 100% certain of this but I don't think a UK national bank transfer can be reversed unless it turns out the buyer has had there bank account hacked. That's very unlikely as they usually have very strong security (mine has a physical 2fa device). I have seen localbitcoins accounts listed for sale but usually US ones and never a UK one.
Ah, sorry, I forgot to include the payment method. It was with PayPal. The buyer apparently used a PayPal account with a credit card that didn't belong to him/her. My friend's account ended up getting locked while it was investigated. The lock was released within 2 days, but the payment that was made by the buyer was removed from her account. I'm not sure of the overall outcome of the situation; whether she filed a report to lbc or not. I can check with her the next time I speak with her, but that's the gist of what happened based on her fb post regarding the matter.
If you withdraw to your bank account wouldn't they enquire as to where this money has come from - (anti money-laundering precaution)?
This is one of the advantages of using a peer-2-peer exchange like localbitcoins. The money comes from another UK bank account of an individual or company rather than an international wire transfer from a crypto exchange so is much less likely to be flagged.
If you withdraw to your bank account wouldn't they enquire as to where this money has come from - (anti money-laundering precaution)?
You can sell through litebit.eu. It's a merchant who sells and buys crypto currencies and sends the money to your bank account. I have bought cryptos several times from them and they seem to be honest (located in Netherlands).
Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!
Do you know what payment method the buyer used? I'm not 100% certain of this but I don't think a UK national bank transfer can be reversed unless it turns out the buyer has had there bank account hacked. That's very unlikely as they usually have very strong security (mine has a physical 2fa device). I have seen localbitcoins accounts listed for sale but usually US ones and never a UK one.
I now have 2 options to achieve this goal, although I am a Brit I don't live there anymore so use $ as my cash ut option although it will work just as well with Sterling.
I have used kraken for a while, convert my crypto to FIAT on their platform. You have pay be a withdrawl fee so make sure you are doing a reasonable amount that it doesn't become a large %
Now I have a Centra card to use, can spend Crypto anywhere there is a Mastercard symbol or withdraw cash from an ATM it is a godsend
I have used kraken for a while, convert my crypto to FIAT on their platform. You have pay be a withdrawl fee so make sure you are doing a reasonable amount that it doesn't become a large %
Now I have a Centra card to use, can spend Crypto anywhere there is a Mastercard symbol or withdraw cash from an ATM it is a godsend
Just used the local bitcoins. Worked a treat!! Thanks!
Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!
Just used the local bitcoins. Worked a treat!! Thanks!
Thanks everyone.
Sounds really easy.
Sounds really easy.
Just sell it to someone already advertising.
and it's worth taking a modest hit for the sake of dealing with someone with a ton of feedback over some nobody. track record counts for everything with this stuff.
The local bitcoin looks good.
So I just sell my bitcoin to a seller or do I advertise my own bitcoin?
What’s the procedure or the easiest way?
So I just sell my bitcoin to a seller or do I advertise my own bitcoin?
What’s the procedure or the easiest way?
Just sell it to someone already advertising. As you've just signed up and don't have any feedback nobody is likely to respond if you placed an advert.
Just click on the sell button next to the advert you choose and then fill in the amount and your bank details. Then you should get a confirmation that request has been accepted and then another when it is marked as paid. Check your online banking to see if it is there then release the escrow.
The local bitcoin looks good.
So I just sell my bitcoin to a seller or do I advertise my own bitcoin?
What’s the procedure or the easiest way?
So I just sell my bitcoin to a seller or do I advertise my own bitcoin?
What’s the procedure or the easiest way?
you have different methodes, don't think any wallet can sell to pound yet. sell it on exchange or like some people here said or you can look for a card like tenx (debit card)
So it’s safe localbitcoins?
I’ll have a look on there website and see what it’s all about
I’ll have a look on there website and see what it’s all about
I've been using it since 2013 and never had a problem. It's peer-2-peer trading and your coins go into an escrow which you only release after the buyer has transferred the money to your bank account.
So it’s safe localbitcoins?
I’ll have a look on there website and see what it’s all about
I’ll have a look on there website and see what it’s all about
Jump to: