How long and how difficult was to make withdrawal/exchange from BTC/ETH to fiat $ ?

[kuros]

How long and how difficult was to make withdrawal/exchange from BTC/ETH to fiat $ using different exchangers?

In my experience, most exchangers require nothing when you give fiat $ and buy BTC or ETH,
but whenever you try to withdraw fiat $ and give them BTC or ETH
the exchangers first take your cryptocurrencies and then make

you jump through hot circles of fire, request from you all kinds of absurd documents that are private and they wouldn't be actually useful to them for anything other than identity theft (with you the client being the future victim)
and in the end, if the amount is larger than 20,000 $ usually,
they will still make up some story why they don't give you fiat $.

This hapenned with Poloniex and Bitstamp.

What are your experiences with exchangers, were you able to withdraw BTC/ETH into fiat $ ?

 

[joost]

Try Localbitcoins.com

Less hassle.

 

[kuros]

Which method of payment / withdrawal is less hassle on localbitcoins?

I see they have about 5-6 payment methods,
but none of them is just simple cash in hand

Cash in hand is not an option?

 

[NewDayNewFace]

Have you tried just sending the Eth or BTC to GDAX and withdrawing to bank?

 

[Suits]

If it's this difficult when BTC is climbing in value, imagine how difficult it will be after the crash.

 

[Kona]

GDAX wire transfers are same day if you do it before 2 pm east coast.

If you live in Hawaii or other states that don't allow coinbase is now t allowed to operate don't worry, the bank don't care. I transferred to First Hawaiian Bank, no prob Bob. GDAX limits you to 10k withdrawal per day.

And you mention Fiat, well I know what you mean. However you could find car dealers like BMW of Honolulu that will take btc and maybe they will sell you an actual Fiat. Food for thought.

Aloha!

 

[kuros]

The main problem remains the fact that when you try to withdraw your BTC and turn into cash $,

most of the trading websites will do every trick in the book to just keep all your money and give you nothing

they will invoke every KYC AML made-up procedure and ask you for things they know nobody in the world would have anyway

 

[Steelex]

This is what keeps me out of bitcoin. I don't think these sites are backed with enough capital to pay up when the bubble bursts. I think everyone is going to get fucked.

 

[Kid Twist]

Interesting thread, this is the (one of the?) critical issue(s).

 

[churros]

This is what keeps me out of bitcoin. I don't think these sites are backed with enough capital to pay up when the bubble bursts. I think everyone is going to get fucked.

An argument in favour of using coinbase which is (supposedly) guaranteed?

 

[MikeS]

Aren't we kind of hoping that some years down the line we won't actually have to cash out but will be able to buy a fair amount of things directly with cryptocurrencies? I read about luxury apartments in Russia and utility bills in China or Korea or Madagascar or something recently.

 

[BURNΞR]

Aren't we kind of hoping that some years down the line we won't actually have to cash out but will be able to buy a fair amount of things directly with cryptocurrencies? I read about luxury apartments in Russia and utility bills in China or Korea or Madagascar or something recently.

I'm not hoping. It's already real. Japan lets you buy stuff with no tax. Already 260000 stores that accept it and counting.

I'm sure someone there will sell me their house for btc. If not I'll just buy gold with BTC.

Also leave the USA go overseas and cash out 10k at various ETH ATMs. I'm not sure but I think kYC is lax outside of USA.

Thing is tho... Coinbase reports everything to IRS. I'm not American and I have never used Coinbase.

 

[joost]

Which method of payment / withdrawal is less hassle on localbitcoins?

I see they have about 5-6 payment methods,
but none of them is just simple cash in hand

Cash in hand is not an option?

Yes. There is cash in hand option.

 

[MikeS]

Aren't we kind of hoping that some years down the line we won't actually have to cash out but will be able to buy a fair amount of things directly with cryptocurrencies? I read about luxury apartments in Russia and utility bills in China or Korea or Madagascar or something recently.

I'm not hoping. It's already real. Japan lets you buy stuff with no tax. Already 260000 stores that accept it and counting.

I'm sure someone there will sell me their house for btc. If not I'll just buy gold with BTC.

Also leave the USA go overseas and cash out 10k at various ETH ATMs. I'm not sure but I think kYC is lax outside of USA.

Thing is tho... Coinbase reports everything to IRS. I'm not American and I have never used Coinbase.

I use Coinbase but as a European I'm in charge of reporting my own taxes it seems.

Can you actually withdraw from those ETH ATMs? Being new to this I first thought - quite logically in my opinion - that the Bitcoin ATMs I had read about were for withdrawing, but it seems they are actually "reverse" ATMs for depositing cash and getting a receipt for Bitcoin.

 

[kuros]

coinbase and withdrawals, in truth, are much more expensive than regular fiat payments old style.

and coinbase doesn't even let you really withdraw. They'll just keep you with stories for months and never let you withdraw

the only reason why not everyone feels this is because of the euphoria of the bitcoin bubble rising up and doubling up every month now

 

[MikeS]

There could be future complications with banks too. I found out yesterday that several of the largest banks in my native Denmark are now blocking transfers from crypto exchanges, using the common "it's mostly for criminals" accusations and white washing laws as excuse.
And here in Bulgaria several banks sent Bitcoin holders into a panic, blocking all incoming and outgoing crypto related transfers.

I don't really plan on cashing out for several years - and hope that eventually I might not even have to - but having the option is certainly nice.

 

[godfather dust]

I found out yesterday that several of the largest banks in my native Denmark are now blocking transfers from crypto exchanges, using the common "it's mostly for criminals" accusations and white washing laws as excuse.

Is this really inaccurate though? Bitcoin appeals to two groups of people. Criminals who want to hide transactions and investors who want in on the bubble. In America at least there's damn near nothing you can buy with bitcoin outside of illegal shit that you wouldn't be better off buying with cash (due to crazy fees these days etc.)

 

[MikeS]

I found out yesterday that several of the largest banks in my native Denmark are now blocking transfers from crypto exchanges, using the common "it's mostly for criminals" accusations and white washing laws as excuse.

Is this really inaccurate though? Bitcoin appeals to two groups of people. Criminals who want to hide transactions and investors who want in on the bubble. In America at least there's damn near nothing you can buy with bitcoin outside of illegal shit that you wouldn't be better off buying with cash (due to crazy fees these days etc.)

Regardless of whether a certain amount of cryptocurrency is being used for criminal activities, the same obviously applies to a vastly larger degree for fiat currencies, and from my admittedly very limited amount of knowledge on the subject, obscuring the origin of such transfers - several steps back in the chain to where they might have been used for criminal activities - is not an easy or always possible feat either.

Still sounds an awful lot like traditional institutions afraid of changes and covering their asses rather than trying to adapt. But I'm sure they will over time, otherwise they might experience customer flight if and when crypto becomes more widespread.

 

[brianmark]

So how are crypto-currencies even currencies:
1. most merchants won't accept them,
2. you can't get your back out easily, and
3. their price is tremendously unstable?

Sounds like they are totally illiquid. You can make deposits, but you can't easily get withdrawals. The net price goes up because people keep throwing money in / buying, which sounds exactly like a Ponzi scheme. Am I missing something?

 

[Heart Break Kid]

So how are crypto-currencies even currencies:
1. most merchants won't accept them,
2. you can't get your back out easily, and
3. their price is tremendously unstable?

Sounds like they are totally illiquid. You can make deposits, but you can't easily get withdrawals. The net price goes up because people keep throwing money in / buying, which sounds exactly like a Ponzi scheme. Am I missing something?

Well, they are young technology so naturally not every merchant is going to accept them off the bat.

It's possible that in the future as crypto currency grows more merchants will accept it, and as a result the value of certain online currencies will stabilize.