How Do I transfer Bitcoins to my bank account?

**raiders72001** · 06-24-17, 09:18 AM

Originally posted by rev1274

Hi, first post here

How Do I transfer Bitcoins to my bank account? Using Bitnet right now, but I don't see an option to withdraw to USD.

Please Help me. Thank you.

Link Coinbase or gemini to your bank account. You can get a bitpay card if you want to withdraw cash at an ATM.

**MeanPeopleSuck** · 06-25-17, 02:41 PM

Originally posted by raiders72001

Link Coinbase or gemini to your bank account. You can get a bitpay card if you want to withdraw cash at an ATM.

'Sup, Raiders? Good to see you again, dude.

rev1274, have no fear, you're in good hands and we'll walk you through cashing in your bitcoin and getting the cash safely into your hands.

You say you're using Bitnet; is that an ewallet? If it is, then all you have to do to get your money is:

1. Open an account at an exchange where you can sell your BTC for dollars. Bitstamp.net's the best regulated market in the world; if you're new to Bitcoin, I'd open your account there. It's free and fast.

2. Move your bitcoin from Bitnet to Bitstamp. To do this, click "deposit" at Bitstamp and it'll give you a 34 digit alpha numeric address to send your bitcoin to. At Bitnet, click "withdraw bitcoin," give it the address Bitstamp gave you, click Withdraw and in an hour your Bitcoin will have moved from Bitnet to Bitstamp.

3. Sell your bitcoin at Bitstamp for dollars. It's a basic bid/ask system, exactly the way stocks are bought and sold.

4. Send your dollars to your bank via wire. Before they send you the money, Bitstamp will require you to verify your ID and your bank account by sending you two small deposits. Once you tell them the amounts of the deposits, your bank account will be verified (you only have to do that once). A wire takes about 3 business days.

Alternatively, you can pay Bitpay.com $10 for a debit card that you can then fund directly with Bitcoin and withdraw in cash at any ATM or use anywhere [the major credit card that starts with a "V" is accepted -- for some reason this board censors that word], so basically everywhere. The advantage to this method is there's basically no paper trail for income tax purposes.