What is your preferred method of converting bitcoin (or other crypto) to fiat? - page 2.

Cryptomultiplier

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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.

palle11

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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.

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

God bless u

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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 plenty of P2P options and direct transfers are also available you can easily google them but the most important thing is that don't go with the chains that are not being used frequently in the market.

Nowadays chains and networks offer a small transaction fees or better exchange rate just to trap you in a scam and most of the people just go get rid of high transaction fees fall in to their traps. So my advice would be to use networks with good and established reputation.

Oneandpure

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Recently has several ways to to convert our cryptocurrency assets from bitcoin or altcoin to fiat by using P2P transaction feature supported all exchange, sell to third trusted person in my community with small fees until withdrawing to local exchange market. I used last way for converting my cryptocurrency assets after getting profitable from trading withdraw USDT to my local exchange and selling with our local currency to withdraw into Bank account. Get faster process withdrawing to Bank account without five minutes make me comfortable converting all profitable in cryptocurrency to local exchange indeed have to pay some fees taxes transaction.

All exchange currently have required with KYC procedure and make easy for some one want to sell trough P2P transaction, in Binance and other exchange I think has local community or buyer for selling your USDT stable coin with lower rate than market.

GreatArkansas

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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.

If you are living in a country that is not that really strict, P2P is the best. You can save more money from fees or spread. Because some methods are very expensive, you can lose more compared to using P2P.
First what I am doing is converting to stable coin then sell it to P2P or direct from what I hold and supported in P2P and immediately sold it for fiat.

GbitG

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Basically, I use P2P. The procedure is that I have Bitcion in my holding assets, so first of all I convert Bitcion to USDT for as much Fiat money as I need and then I transfer that USDT to Binance P2P which is allowed in my country with no restrictions. Not on it. So I sell out my USDT there, the merchandiser sends me fiat money in Banks accounts and I release USDT to him and Binance as a third party provides the service.

So this is my procedure for converting my Holding asset to fiat currency. So if there is no ban on Binance p2p in your country then I think it will be the best option for you I have seen the majority of crypto users they prefer Binance p2p the rest is up to you to make a decision according to that, because I am not a financial adviser. DYOR!

Huppercase

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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.

Centralized exchanges are the best place you can have efficacy of conversation of your Bitcoin to any other options be it Bitcoin or other cryptos and fiats. Exchanges like Binance and Kucoin has been tasted and they are save because the exchanges act as the middleman, you will hardly run into scam but if you don't put caution into place while trading, there are some ways scammers might still scam you but they are rare because their insurance deposit merchants must made before they are allow to trade, so you are good to go but my problem is that centralized exchanges are not safe other like risk of custody.

If you need money to for spending, you will need fiat but don't forget you will py tax if you leave in a country where crypto are tax but if you need conversion to buy other coins, there is no need to convert from fiat to crypto, you can simply use centralized exchange conversion to convert into any crypto of your choice.

kentrolla

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Don't have much option since localbitcoins got shut down as we have to be dependent on centralized exchanges and their P2P services which is becoming bit riskier because a lot of scans are taking place and a friend of mine who regularly uses P2P had his bank account freezed as the seller of USDT was involved in illegal activities and was wanted in criminal offences.

decodx

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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?

jrrsparkles

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Centralized exchanges and P2P like Paxful can be best option if you're not worried about your tracks and taxes, while most of the users who try to avoid the taxes really likes to use no KYC exchanges.

I am sure Binance P2P is most convenient of all but people forget that it's the same platform abused by the scammers to buy cryptos via hacked bank accounts so anyone dealing with P2P should be very careful when picking their partner for trades.

Dr.Bitcoin_Strange

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Well, I use the P2P service on some centralized exchanges like Binance, Bybit, and the like. Most of the time, too, I can find a direct P2P deal with someone in my residential area who wants to get my coin and pay in the required Fiat. It just depends on what is readily available to me. I have the contact information of a few friends who usually like to buy crypto most of the time, so if I want to convert to fiat, I can just chat the dude up on WhatsApp and ask for the rate he will offer to get my coins, and if I am comfortable with the rate he offers, I can just trade with him, but if his rate is lower compared to what I am getting on CEX, I will decline him and use CEX.

Mahanton

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Quote from: BitMaxz on May 24, 2024, 03:04:36 PM

I usually exchange my crypto through exchanges but since some exchanges added P2P then most of my crypto is exchanged into USDT first on CEXs and then exchanged USDT into fiat through P2P on the same site sample like Binance or OKX.

Another option is to use Exch exchange I've tested this a few times exchange BTC from Exch into USDT in the Ethereum network receive it to my local exchange and exchange it into fiat.

Yes,ever since i do make or earn money in crypto space then this is what i've been doing on which making up some conversion from any coins Bitcoin and other alts to USDT then making up some
P2P which it would be directly be converted to local fiat on which of course it would really be that corresponding with the current fiat conversion basing up on USD value on which this is really something
that brings up that convenience when you do make up that conversion but of course you wont really be minding about the fees and other converisions on which those people who do make out that p2p
buy and sell rates on which this isnt really that bothering that much. This is the most convenient and the most fastest so far rather than on making up some use with other platforms only offers
bank transfers which it is really that too far on where these exchangers been offering about the versatility and tons of options.

(COINS/TOKENS) -> Sell USDT Pair -> Sell USDT in P2P -> Set Preferred payment account -> FINISH!

tsaroz

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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 using P2P. Not only are they easier than getting it on bank account through some business but I also get better rates. I don't even have to think of calculating about my crypto taxes as I'm getting it on bank as fiat but it's not linked to crypto. In both case I'm getting the money into my bank account, one has more paperworks, more tax and commission while other have less commission. There are people talking about the bad experience they had while doing P2P but I never had that experience as I go only with highly rated traders.

Strongkored

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Previously used P2P in the local community but obviously, the price would be cheaper than the real price on the exchange but at that time it didn't matter to me because of the speed of transactions with that person until finally it was no longer possible because there were many rule changes so he no longer accepted crypto transactions to fiat, so whether I like it or not I have to change it to CEX, to be honest, it's not a problem moving to CEX because my account has been verified a long time ago and has also been KYCed (which is something I don't like but it's hard to refuse). Both are not a problem for me because I don't experience any problems at all so P2P or CEX are the same

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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.

I use the P2P methods on Centralized exchanges. It is not my most preferred but it is what the government of my country has made it to be because of their regulation on crypto transactions. Very soon, we would need to invent another method to convert our bitcoin to fiat when they ban the remaining centralized exchanges from doing business in my country. However, for the time being P2P on CEXs is preferred because it is done on a system with strict compliance policies from both sellers and buyers. Although there are many scams there, it is not as rampant as it would have been if it were done outside of centralized exchange.

BlackBoss_

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

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.

What is the P2P platform you use?

Because some P2P platform can have a template for their users in a bank transfer between two peers. The template can be one of hints that data analysts can look at and it's not easy to detect a common bank transfer template in many transactions.

Does your P2P platform give you a template information to use?

Quote

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.

How did they know you receive your fiat from crypto assets?

I would like to know, but if you think it's secret, I understand if you don't share and I respect your privacy.

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To me, it has been P2P, all the way from the time I joined crypto. Never used debit cards or linked my bank accounts to an exchange. With the quick death of "semi P2P" services (like LocalBitcoins, localcryptos, agoradesk etc.) there is going to be need for us to embrace the likes of BisQ. So many people seem not to like it because it involves a bit of technical knowledge, but with the Bisq 2.0 version, things are a little bit simplified, and it loads much quicker than the old version

I think those CEX P2Ps or C2Cs are going to get wiped out just like what happened to localbitcoins, localcryptos.... It's just a matter of time under the ever-increasing law enforcement pressure.

Assface16678

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Well, the easiest way to convert fiat to any crypto currency is through P2P, and there are many exchanges offering this kind of service. It's easier than any other option, and the platform I would use is Binance because it is popular for those services and many sellers and buyers are legit on that platform, so rest assured that converting your fiat to crypto or vice versa is secured on Binance. And the good thing is that you could also start this kind of business on Binance, wherein you will become a seller and buyer. In P2P, you just have to be verified and comply with many applications in order to operate; you just need a huge amount of money to start. I know there are other exchanges that offer P2P, but for me, the best is Binance, or maybe just Binance, which is my most comfortable platform. Anyway, it's up to you on what platform you will use; just make sure their P2P is safe.

enwi

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This depends on the policies of your country and depends on the exchange you use. As long as we have a policy that does not make it difficult for the exchange to withdraw money, we can directly use the withdrawal function from the exchange. But if there are policies that make it difficult or direct withdrawals are available then we can use the P2P method.

Churchillvv

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I have been using centralised exchanged to trade my bitcoin and/or crypto to fiat, some of the CEXs that I have used in the past are ; binance, bybit, Kucoin, Huobi etc and I have also used one if my favourite DEX which is bisq but I recently stopped for some personal reasons. On all the CEXs I still use the P2P options which recently have been facing regulations in my country.

Since we have been facing regulations in Exchange operating in my country I opted for P2P, which is just with someone I know very well. He sends the fiat directly to my accounts and I send him the coins.

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