How can I sell bitcoins and transfer the funds to my bank account?
A friend of mine gave me two bitcoins which I now want to sell. I don't understand the process which would enable me send the funds generated to my bank account.
Thanks. Further question. If you use coinbase, for example, you need to provide bank account. Then, it is kind of defeating the purpose of using bitcoin for anonymity, isn't it?
Although you can find a more comprehensive list here on the Bitcoin Wiki, some of the most popular exchanges in the community are:
You can exchange your bitcoins for US dollars on these websites and have them funded to your bank account.
From what I have heard, Payza is now doing bitcoin, not sure how the service is, but may be worth mentioning.
Is Coinbase reputable? There are an overwhelming number of repots of people claiming they stole their money. Also they require your bank account login password. Seems sketchy.
If there are Bitcoin ATMs in your country it should be as simple as goint to the ATM ask for a refound and transfer the Bitcoins to where the ATM asks for. After that it should give you the money (whitout the processing charges).
Could you expand this? So I need to go in front of ATM with a mobile wallet and send btc to an address and then take the cash?
I haven't used the service, but it surely be as simple as reaching an ATM, you will be presented with a QR code or the address where you need to send the bitcoins, and as soon as the transaction is confirmed the ATM will give you your money. How long will it take for the transaction to be confirmed is something I don't know, ATM may take the risk and won't make you wait or you may have to wait some time for the transaction to be confirmed. You will need to check that with the ATM.
Bitcoins can not be withdrawn into a bank account directly. You can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the funds from there. The first method may be quicker to set up but is a bit more risky. However, given the recent Bitfinex hack, having money at an exchange is not without risk either.
There are a couple of ways to sell bitcoins for fiat currency (like USD, Euro,etc)
- Directly trade with someone who wants to buy bitcoins using currency.
- Find an online exchange that would buy your bitcoins for some currency (mostly *USD).
A few exchanges are listed here. These are online market places that buy and sell bitcoins. Most probably you'll need to create an account (these accounts are used to trade on the site, it is not your bank account) on these sites to trade. You can trade your bitcoins for any currency that is available on the site. If you need to convert to a currency that is not listed on the site, convert your bitcoins to a general currency like US Dollar or Euro and then use a normal forex market or bank to exchange it for the currency of your choice.
IMPORTANT: Once you sell your bitcoins, you'll need to withdraw your money from the account on the site to your bank account to be able to use it.
I've always been a fan of LocalBitcoins.
In Australia buying and selling Bitcoins is just a matter of using their site to find a reputable vendor. Often I'd be dealing with the same vendors on a regular basis. LBC has escrow, so it's just a matter of initiating the trade, and using bank details to fund a purchase or get funded for a sale. Dealing with vendors that have the same bank usually means overnight; but trusted vendors can transfer or receive funds straight away in most instances. Of course, the rates are probably 5% in the vendor's favour, but it's worthwhile when you consider the transaction time is quick and escrow gives the transaction very low risk. I've bought and sold bitcoins thousands of times over the years and never had an issue with being scammed.
Unfortunately it's currently not an easy thing to do, to go back and forth from cash to bitcoin. I still haven't figured out a good way either, only that the reason it seems to be so hard is because our governments have all these laws and regulations designed to keep us from easily doing this.
They don't seem to want us exchanging all of our old state & country backed currencies into any of these new and innovative online crypto currencies, which are not backed by war and governments but instead by the people who love, develop and support them.
So there's no great answer to this right now, but the typical responses would be circle.com, coinbase, localbitcoins, and libertyx, and those will work as long as you can meet all of their strict requirements.
I've tried different methods and if you want to get the most money of your BTCs/crypto, you have to look at the market all the time =) Today it's much better to sell at one exchange, tomorrow - at another; after tomorrow it may make senese to sell at some P2P marketplace
That's why it's good to check price comparison at https://exchangerates.pro/ just remember that if you are going to check P2P offers, be careful! There are some sellers from marketplaces like LocalBitcoin paying from stolen Paypal accounts etc - if the offer is too good to be true there usually is a trick...
You can Google for "bitcoin to paypal exchange" which would carry the funds to your Paypal account and then you can again carry the funds to your bank account easily. That's the best way.
I use this way myself, it's easy as well as secure.
Why add an extra transaction layer? Topic starter did not ask for PayPal specifically...