Without access to Coinbase or Circle, how to convert btc to cash?

**thespeculator** · 03-21-16, 08:51 AM

Use localbitcoins. There are many buyers who will deposit into your bank, offer PayPal. If you type in your city you will also get people who buy direct with cash.

**Shagaf** · 03-21-16, 09:22 AM

Originally posted by thespeculator

Use localbitcoins. There are many buyers who will deposit into your bank, offer PayPal. If you type in your city you will also get people who buy direct with cash.

But doesn't NY law say that either the buyer or seller needs to be licensed? Is that ever an issue?

**themike78** · 03-21-16, 04:40 PM

Originally posted by thespeculator

Use localbitcoins. There are many buyers who will deposit into your bank, offer PayPal. If you type in your city you will also get people who buy direct with cash.

Im pretty sure localbitcoins doesn't allow New York residents either. Try paxful. I use them and they are just as good as localbitcoins.

**raiders72001** · 03-21-16, 05:35 PM

Originally posted by Shagaf

Raiders...you are the obvious resident expert. For a NY resident with potential bitlicense issues, how to convert btc into cash? I've been purchasing via LibertyX. Any suggestions would be appreciated. Thanks again. By the way, SBR, needs to pay Raiders a wage for his forum help!!

Localbitcoins and Paxful don't allow NY residents due to the bitlicense law.

I think that Circle is the only exchange with a bitlicense in NY. I just looked at Coinbase and they say that they take NY residents but I thought their license hadn't been approved yet. Coinbase tried to get around the licensing law by stating federal law covers everything in the NY law.

Merchants are exempt from NY law. Be very careful with bitcoins in NY so as not to get banned. They are very strict and to get a license they want an arm and leg and it seems the whole life history of those involved.

**raiders72001** · 03-21-16, 05:42 PM

Shagaf or anyone else. Please post if you find something else about the NY bitlicense to keep myself and others updated since these laws can change any day. There are others looking to get into NY that haven't been approved yet.

**Jliao4** · 03-21-16, 09:20 PM

Download the Mycelium Android app, and use the local trader option. Works anywhere.

**raiders72001** · 03-22-16, 04:04 AM

Originally posted by Shagaf

Raiders...you are the obvious resident expert. For a NY resident with potential bitlicense issues, how to convert btc into cash? I've been purchasing via LibertyX. Any suggestions would be appreciated. Thanks again. By the way, SBR, needs to pay Raiders a wage for his forum help!!

Shagaf- I shot you a PM. I really don't feel comfortable giving any advice on NY since so much is up in the air there.

NY is a tough state. Looks like there was an agreement banning Fanduel and Draftkings.