What is your preferred method of converting bitcoin (or other crypto) to fiat?

Webetcoins

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Quote from: muncuss on May 31, 2024, 06:59:11 PM

Usually i use p2p in the exchange but if there is no option of it then i can use local platform since fortunately there are some regulated local crypto platform in my country which is actually safer option than p2p in random foreign exchange

Pretty interesting to see that there are still people who stick with P2P because this is the oldest method in the book, right? And maybe this is the reason why OP ask a question like this because with the lots of changes we have through the years, I'm sure many people are now using CEX or fiat for withdrawals as banks now legalized cryptos.

If in terms of P2P again, I think that's right that local ones are best to use because you can also do physical meet ups to trade but that's contradicting if they are regulated when P2P stands for decentralization although no doubt that it adds security and confidence to us, so we might still like it that way.

Bobrox

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Quote from: muncuss on May 31, 2024, 06:59:11 PM

Usually i use p2p in the exchange but if there is no option of it then i can use local platform since fortunately there are some regulated local crypto platform in my country which is actually safer option than p2p in random foreign exchange

P2P have random foreign exchange and scare after transaction process but not received the money although Binance or other exchange with P2P support can help us but need time waiting for. Instant withdraw all cryptocurrency assets from global exchange not support direct withdraw to Bank by converting with local exchange, I don't know has any country restrict with this feature because my country have allowed for longer time deposit and withdraw cryptocurrency assets to Bank with short term process around five minutes.

I scare when making transacting trough P2P between seller or buyer not get online and we must waiting long term moment how our transaction its complete, better convert with local exchange by deposit our fiat if want buy cryptocurrency or withdraw our crypto to the Bank by converting firstly to local fiat.

muncuss

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Usually i use p2p in the exchange but if there is no option of it then i can use local platform since fortunately there are some regulated local crypto platform in my country which is actually safer option than p2p in random foreign exchange

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Quote from: avikz on May 31, 2024, 12:05:33 PM

Peer to peer trading is the most convenient mode for me to convert the cryptocurrency to fiat currency. I mean I have been using it since 2017 and never faced any significant challenge. Yes there are risk factors involved. But if you know how to find a reliable person to trade with, you should not face any challenge.

I agree, you only need to see some signs if the person you're trading with has got some red flags. But if you've been trading in the p2p for how many years, you'd notice some slight info that shall stop your trade.

And you'd only do this on a reputed p2p platform.

Quote from: avikz on May 31, 2024, 12:05:33 PM

People need to be very cautious about the pricing being offered. The highest pricing quotation may not be safe every time. Rather look for rating of a trader and the time of the last trade.

+

Look at the rates and trading history instead.

Ben Barubal

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

To me, p2p is more useful than centralized exchange when it comes to converting crypto from our fiat to an e-wallet or digital bank. Because if it is sent directly to the bank when a large amount is deposited, they will question where the profit came from or the amount of money deposited into their bank.

After you enter the large amount that they will accept 100%, all of a sudden you will be asked with a mixture of suspicion, which for me is the thickness of the face that we trusted them, and they will still hold your account or ours with them. So you can't blame others who don't trust the bank. So I prefer e-wallets that are related to cryptocurrency.

avikz

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

Peer to peer trading is the most convenient mode for me to convert the cryptocurrency to fiat currency. I mean I have been using it since 2017 and never faced any significant challenge. Yes there are risk factors involved. But if you know how to find a reliable person to trade with, you should not face any challenge.

People need to be very cautious about the pricing being offered. The highest pricing quotation may not be safe every time. Rather look for rating of a trader and the time of the last trade.

Hyphen(-)

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

There are several methods of converting your crypto holdings into your local fiat currencies, and these methods are similar or almost the same for most countries that are yet to accept cryptocurrency and Bitcoin as a legal tender. The CEX p2p method is what I mostly use to sell my crypto into fiat because our government has restricted all crypto transactions across the country.
Physical p2p would have been the best option, but trust and security reasons made it uncomfortable, which is why I prefer to use exchange.

goaldigger

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

I do convert crypto using the exchanges or P2P option most of the time and this is more convenient to us since it can also be sent directly to your bank account using our local crypto wallet. You have to explore your local exchanges to know if you have other option because in our local wallet we have a lot of option to convert crypto using a centralized platform. P2P can also be your option, though its more risky especially if you prefer to look for this outside the market.

el kaka22

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I use my exchange to be fair, it has the option to convert it and I do that as much as I possibly can, that makes it a lot easier for me. I am not saying that we are going to make a lot of money, but we shouldn't really do anything crazy, and we should consider this as normal, without any moral issues as well.

I believe that crypto exchanges are taking a good cut, and they have a big piece, and I understand that putting all that much money into these exchanges gives them a power that goes against the logic of bitcoin ownership, but none of that matters when the alternative is so bothersome and the exchanges are so easy. This is why I do not get any ethical questions in my mind when I do it, I just do it in a few minutes and I am done.

hyudien

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

Because my country applies a crypto tax so most of us prefer to withdraw proceeds from Bitcoin via P2P and even then at a rate that is still below the CEX withdrawal fee to Bank account. In my opinion when it comes to withdrawals you really need to calculate at least comparing the costs between P2P and CEX. Although there are several points that I often apply in the withdrawal amount, for example in P2P the most is under $2000, while above that I prefer to use a local exchange, besides being safe because it is regulated and the process is also quite fast. Even though taxes have to be covered, it doesn't matter because I'm a little careful if a withdrawal transaction via P2P is above the specified limit. Undesirable things happen, some of my friends experienced cases of theft.

jcojci

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I prefer to convert my crypto holdings to fiat using a CEX or through a third party with which I am familiar. Usually I use a third party if I don't want to use CEX. I also often use P2P on CEXs like Binance, which can be done at any time. But I have never used a Debit Card.

You have to pay attention to the costs, which will vary. People who make exchanges often want fees that are not too expensive and can be sent quickly to their bank account. For this reason, we must find the method we want and make us comfortable using it.

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Quote from: Coin_trader on May 24, 2024, 03:08:39 PM

Quote from: decodx on May 24, 2024, 02:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

P2P works like magic to me since banks won’t be suspicious on fund transfers on my bank account because I have business which frequently gives me multiple transactions from other people for payment. P2P transactions from crypto makes it looks like a regular business transaction which gives me a space to breath from audit.

Choosing Centralized services is proven hassle when dealing with high amounts since they frequently notify banks about the transaction that it involves crypto which creates problem. I experienced freezing of bank assets just because I received too much fiat from crypto assets which bank doesn’t allow as part of their ToS.

I don't think the exchanges notify the bank, but the bank proactively locks your account when they suspect your account has unusual transactions. You don't have to be a cryptocurrency investor, your bank account will also be frozen if you make unusual transactions such as too large amounts and you have never made any similar transactions before. This is the bank's regulations and way of working, don't blame the centralized exchanges.

In my country, Binance does not have a business license while banks have issued regulations that do not allow people to trade cryptocurrencies. After that, Binance itself also issued a warning to us , asking us to limit writing the content of transactions related to bitcoin and crypto, to avoid being frozen by banks. That shows there is no connection between the exchange and the bank.

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Quote from: decodx on May 24, 2024, 02:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

Some have already said which method they prefer and use but I still use CEX to convert it into fiat currency. The technique hasn't changed and that's still how I do it when converting to fiat. The coins in the wallet will be sent there. From there you will choose a fiat pair that can be withdrawn directly to the fiat bank.
The reason why I use a method like this is because I cannot avoid KYC. Every exchange that operates in my country's jurisdiction, KYC is required for those who want to use it.

palle11

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Quote from: Cryptomultiplier on May 29, 2024, 10:44:36 AM

Quote from: palle11 on May 29, 2024, 07:35:59 AM

Quote from: decodx on May 24, 2024, 02:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

To convert bitcoin to fiat like selling it directly to a merchant or someone who needs it will be expensive in fees because it can take you as high as $3-5 depending on the time so if you have it on exchange, you can convert it to usdt and then sell to fiat with a fee of $1. However there are variants of stable coins that you can do that on if not usdt , example you can convert to BnB smart chain bep20, you can convert through polygon, through solana, avex chain, EOS, Tezos, Ethereum erc20 etc

For me, converting BTC to Fiat is more expensive on the Binance exchange and it is no longer functional for my country residents who use the exchange since the government has done well to investigate the exchange and others who have customers in the country and have restricted many of these exchanges services by removing the local fiat from the exchange.

A stable coins like the USDT is a more preferred option for me and I have to accept the fees rate upon converting from BTC to USDT and then trading P2p to get my funds in local currency.

Yes I had already stated it that it is expensive to sell bitcoin directly to fiat because of the high fees and this is the reason that many have turned to stable coins for transaction because they are sure that they are only parting with a dollar to cover for the transaction fee unlike using the bitcoin route that will take you more dollars. Moreover exchanges like binance charge very high in bitcoin transaction and so to take away P2P for a local currency means either you have to convert to usdt and sell out of binance platform if you are having your coin there but I hope there are other exchanges that still transacting on P2P.

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Quote from: irhact on May 29, 2024, 12:56:56 PM

Quote from: decodx on May 24, 2024, 02:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

We mightn't like it because it's centralized but centralized exchanges has being the most convenient way for me to trade my cryptocurrency to faits. I haven't use debit cards therefore I can't give an honest opinion on them but I have use decentralized P2P and I was almost scammed therefore I prefer to use centralized exchanges or their p2p were all the individuals on the exchange would had gone through verification therefore they won't want to scam or they'll get their account banned.

Centralized exchanges has P2P but selling to them directly is more faster and safer. Their P2P can also be slow sometimes as the individual selling or buying on the exchange wouldn't be fast to respond to your order. The rate on the exchange is slightly better than those on the P2P because some individual will want to manipulated the price by bringing it down so they can make more profits when they sell to you.

I have seen someone tried buying Bitcoin with Debit card before hand and it was really success, it came smooth e even and that was in year 2021 if I recall correctly. I wasn’t really this interests in buying/selling/holding of Bitcoin as I am today. I think I can still recall who the individual was but, not the site.
So buying with debit card virtually played out like you having to pay for a product you bought online of which, Bitcoin was that commodity here. You don’t get to buy from an individual here but the site itself, at there rate and you pay by inputting the necessary details on your debit card, while you receive an OTP for authentication. That follows after you must have imput your receiving Bitcoin address though.
I can’t recall it in detail but, it ain’t a bad idea except,

This would be you having to expose your debit card details to a site you aren’t entirely assured of its security and safety. There is always a risk factor as this is part of your private detail.

davis196

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Quote from: decodx on May 24, 2024, 02:56:39 PM

I know this question has probably been asked a bunch of times before, but with the ever-changing crypto landscape, I'm curious to hear everyone's latest thoughts.

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

I'm selling BTC for EUR to a company located in Switzerland. No KYC and the fee is 1.3%. Never had any problems with them(so far).
I used a Croatian company to sell my BTC for Euro in the last 5 years, but they started demanding KYC so I left them.
I'm avoiding P2P marketplaces, because there are many scammers(some scammers even have good reviews) and some traders require KYC.
Centralized crypto exchanges are also a thing from the past, the biggest reason for me to dump them is the ID verification requirement.

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In the past (many years ago) I have done a lot of p2p transaction or just used a "dedicated" debit/credit card like wirex/advcash etc...
Nowadays I am using a local bank here in Italy that supports exchange btc/fiat. This is mine preferred method even if they have not the best rates but it's an immediate transaction and I have immediately money available on my bank account/debit card.

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Quote from: decodx on May 25, 2024, 01:15:59 PM

Thank you all for your comments.

It seems like P2P on centralized exchanges is a preferred method here. Since KYC is likely unavoidable with centralized exchanges, how do you people handle the tax implications? Do you report all your crypto income to the tax office?

I suppose we have to but it really depends on the nation we reside though, some government don't take any actions against tax evaders or some government don't even keep track of income tax trails so unless the individual reports they have no idea how much he/she owe to the government in the name of tax but this applies only you are belong to middle class but if you are rich tax authorities will be looking at you for any reason to take away your money while the policies are made in the favour of the rich so one who knows how to handle it can get away with paying less taxes.

irhact

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Quote from: decodx on May 24, 2024, 02:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

We mightn't like it because it's centralized but centralized exchanges has being the most convenient way for me to trade my cryptocurrency to faits. I haven't use debit cards therefore I can't give an honest opinion on them but I have use decentralized P2P and I was almost scammed therefore I prefer to use centralized exchanges or their p2p were all the individuals on the exchange would had gone through verification therefore they won't want to scam or they'll get their account banned.

Centralized exchanges has P2P but selling to them directly is more faster and safer. Their P2P can also be slow sometimes as the individual selling or buying on the exchange wouldn't be fast to respond to your order. The rate on the exchange is slightly better than those on the P2P because some individual will want to manipulated the price by bringing it down so they can make more profits when they sell to you.

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Just like many have said above, I use p2p on CEX and I don't have a particular exchange that I use because of the problem our government is having with exchanges in my country. It is easy and faster, and not traceable.

However, the one that I enjoy must was when I use to have a physical vendor down the road, I go to him and make the exchange fiat to bitcoin, but he relocated to another state, so I just use only CEx p2p. Maybe if our government stops all the exchange and Naria is delisted, I think I will switch over to telegram p2p or our local exchange p2p.

Topic: What is your preferred method of converting bitcoin (or other crypto) to fiat? (Read 317 times)