[cincy]

I primarily bet football and prefer not to do a lot of bitcoin related transactions into my bank account. I have been getting bitcoin payouts of my sportsbook balances over the last month and have some bitcoins in my blockchain.info account. I am getting killed with the drop in btc price. Is there a way to convert my blockchain.info BTC balance to USD without sending it to circle or coinbase?

If I send to circle it converts to USD with no fee charged but I do not think circle will let me convert the usd to bitcoins so I can send it back to blockchain when football starts up again.

If I send my blockchain.info btc to coinbase do they charge a 1% fee to receive the btc?
can I convert the coinbase btc to usd and keep it at coinbase? Does coinbase charge a 1% fee for this?

when august comes, can i convert the coinbase usd to btc and do they charge a 1% fee?
then i think i have another 1% fee to send the coinbase btc to my blockchain in august?

so it looks like I will have 4 fees from coinbase to do this process? is that correct?

is there a better way to accomplish this with less fees?

[mrpapageorgio]

Sending the Bitcoin to Coinbase occurs a transaction fee by the miners to process your transaction, but it's not one that Coinbase charges. Right now you can send your bitcoin for less than $1 (https://bitcoinfees.earn.com/). Pro tip for selling on Coinbase is to sell it on GDAX as a limit order for free. If you don't want to deal with that, you can sell it as a market order for .25%. Just login to GDAX using your Coinbase credentials and deposit into their wallet. You can then deposit the USD into their USD wallet and hold it until you feel like buying Bitcoin again to send or withdraw it to your bank. You can the buy the Bitcoin the same way you sold on GDAX for free if you're willing to do a limit order or .25% commission for a market order.

If you have the Cash App by square, you can now buy Bitcoin through them at a 1-1.5% spread directly through debit card, which is instant and can withdraw from there to Blockchain. Yesterday I bought some to fund a book and they sent it to my intermediary in less than an hour.

[cincy]

Thanks. I sent 1 btc to my coinbase. coinbase has an option to convert to cash but it is 1.49% fee using coinbase so your GDAX seems better at 0.25% fee. I opened a GDAX webpage and I did not create an account but entered my e-mail it it knew my name and appeared to show me as logged in even though I never entered a password. But I don't see how I can deposit into the GDAX wallet. Do I need to do some formal account creation process for GDAX before I can use GDAX? please explain how I get the coinbase btc into USD.

[mrpapageorgio]

Thanks. I sent 1 btc to my coinbase. coinbase has an option to convert to cash but it is 1.49% fee using coinbase so your GDAX seems better at 0.25% fee. I opened a GDAX webpage and I did not create an account but entered my e-mail it it knew my name and appeared to show me as logged in even though I never entered a password. But I don't see how I can deposit into the GDAX wallet. Do I need to do some formal account creation process for GDAX before I can use GDAX? please explain how I get the coinbase btc into USD.

Once you're logged in and can see the exchange, make sure it says "BTC/USD" on the top left of the page, if not click it and select it.

Then in the balance box should be a deposit and withdraw button. Click deposit and a white box should come up with different tabs. One of the tabs should say "Coinbase Account" select it and deposit the BTC into GDAX with the source being BTC Wallet. Once it's in GDAX's balance, do a market sell entering how much Bitcoin you want to sell, or a limit sell if you feel comfortable with that. Once it's sold, select withdraw and either deposit it into your Coinbase account USD wallet if you want to hold it there, or Bank Account if you want to do an ACH withdrawal into your bank.

[cincy]

Thanks again. I did a small btc sell market order and on GDAX and was able to send usd back to coinbase. the fee was lower than coinbase. Then I posted a btc sell limit order at a price slightly above the mid market price but it wasn't filled and now the price is down a little so i'm not sure if it will fill. If I want the order to have a good chance to fill but want to try to save the small 0.25% fee should I just post the limit order at mid market price and hope it gets picked up?

I was trying to avoid large coinbase transactions into my checking when football ends and then back out of my checking when football starts to avoid the higher fees that coinbase charges to do this method and so my checking doesn't seem so strange in transactions. But it seems GDAX might be sending me tax reports or other notifications.

I don't recall having to provide any personal information when I opened my blockchain.info account so I like that aspect. Is there any different method besides GDAX to get convert my btc to usd and just leave it online using accounts like blockchain.info where I do not have to provide all the personal information?

[mrpapageorgio]

Best bet is to set the limit price as close to current market price as possible if you want it to sell quickly. However, if the market is being very volatile that day, you may have an issue with it selling depending on the direction. Best bet if you want it quick is to just sell at market order and eat the .25%. Also, if you initiate the ACH withdrawal from GDAX instead of Coinbase, I believe there's no fee either.

As for selling Bitcoin and storing cash, you're not going to be able avoid giving your personal info at an exchange where you're trading bitcoin for fiat due to KYC laws. You didn't have to give personal info for Blockchain because all they were doing was managing the wallet that held your bitcoin, not exchanging Bitcoin for fiat. If you absolutely want to avoid that, you'll have to sell over the counter like Localbitcoins. You can list your Bitcoins for sale and they hold it in escrow until the transaction is complete. Cons: They charge a fee just to deposit bitcoin into their escrow wallet (along with a 1% cut of each successful transaction) and you have to be careful to make sure your buyer is reputable or use a transaction source that's fraud proof like eastern union since that place can be like the wild west. Other option is find a private party to do the trade that you trust.