First of all i do not have so much experience at this section and i just want to add some search results for the members that are interested(as there are a lot).So some experienced members can help to have better results.
Lets say that i want to withdraw bitcoin to my bank account(convert bitcoin to cash).We seacrh for the cheapest way to convert bitcoin to usd(or transfer bitcoin our bank account via fiat exchange)
First way is to send bitcoin to fiat exchanges that allow bank withdrawals.After search i think that all the below exchanges allow bank withdrawals(after converting bitcoin to usd on their platforms).
Bitstamp
Kraken
Cex
Okcoin
Coinbase
All the above exchanges allow you to transfer bitcoin to your bank account(after selling your bitcoin into usd on their platforms).
So this is 1st way.Lets say that someone has 1 bitcoin.So we speak for 7.500 usd.After converting this bitcoin to cash how much fee will pay?50$?I speak in general,because every exchanges has different rules.
So first way is to withdraw money to bank account via above fiat exchanges.
2nd way is bitcoin debit card where you can spend money.Do you have anything to suggest here?Some popular cards are wirex,cryptopay,mco ****,revolut(really i can send bitcoin to revolut like having neteller card?)
So these are already 2 ways.
3rd way
Also Neteller accept deposits with bitcoins but it has 2.5/100 fee.Which means if someone wants to deposit 1 bitcoin from his bitcoin wallet to neteller and then move it to his bank he needs to pay 187.5 which is not small amount.Right?If i am not wrong same happen with the Skrill-paypal.
4th way
Create an account on localbitcoins, fund it with your BTC and sell it for cash/wire
5th way
Send the bitcoin to another trustable person and make the withdrawal for you(with the above ways).Again in this scenario the person should be a very close friend that you trust very much.
These are five methods that convert bitcoin to cash.Another method someone to suggest?
Also i have read over internet that banks do not like bitcoin transcations(like gambling transactions).So if your bank suddenly sees 10k in your account via bitcoin platform,it's possible to have a call from them and asks you questions.
So from these 5 methods which do you believe is the cheapest way to convert Bitcoin to cash?(lower fees)
Lets say that i want to withdraw bitcoin to my bank account(convert bitcoin to cash).We seacrh for the cheapest way to convert bitcoin to usd(or transfer bitcoin our bank account via fiat exchange)
First way is to send bitcoin to fiat exchanges that allow bank withdrawals.After search i think that all the below exchanges allow bank withdrawals(after converting bitcoin to usd on their platforms).
Bitstamp
Kraken
Cex
Okcoin
Coinbase
All the above exchanges allow you to transfer bitcoin to your bank account(after selling your bitcoin into usd on their platforms).
So this is 1st way.Lets say that someone has 1 bitcoin.So we speak for 7.500 usd.After converting this bitcoin to cash how much fee will pay?50$?I speak in general,because every exchanges has different rules.
So first way is to withdraw money to bank account via above fiat exchanges.
2nd way is bitcoin debit card where you can spend money.Do you have anything to suggest here?Some popular cards are wirex,cryptopay,mco ****,revolut(really i can send bitcoin to revolut like having neteller card?)
So these are already 2 ways.
3rd way
Also Neteller accept deposits with bitcoins but it has 2.5/100 fee.Which means if someone wants to deposit 1 bitcoin from his bitcoin wallet to neteller and then move it to his bank he needs to pay 187.5 which is not small amount.Right?If i am not wrong same happen with the Skrill-paypal.
4th way
Create an account on localbitcoins, fund it with your BTC and sell it for cash/wire
5th way
Send the bitcoin to another trustable person and make the withdrawal for you(with the above ways).Again in this scenario the person should be a very close friend that you trust very much.
These are five methods that convert bitcoin to cash.Another method someone to suggest?
Also i have read over internet that banks do not like bitcoin transcations(like gambling transactions).So if your bank suddenly sees 10k in your account via bitcoin platform,it's possible to have a call from them and asks you questions.
So from these 5 methods which do you believe is the cheapest way to convert Bitcoin to cash?(lower fees)