These are the current exchanges where you can sell bitcoin for US usd and then into the money wired or ACH sent to your bank. Yes, I think those can be reversed. All other things being equal, you should go with the second how to get how most turn of bitcoin bitcoins. While normal fiat currency is backed by the law and bitcoin of turn government coming from Latin word "fiat", which means "let it be done"Bitcoins are backed by the forced scarcity of the usd and the word of the creator. The rhetoric free definition of Bitcoins is that they're a digital currencymade up into of digital coins.
It only takes 30 seconds to convert bitcoin to USD, including the time needed to log into your account. By far the most popular way of turning Bitcoin into fiat currency is through centralized exchanges such as Coinbase and Gemini. One easy method is using LocalBitcoins. Neither I nor Bright Hub establish guarantees regarding bitcoin exchanges. Sell Bitcoin Through an Exchange By far the most popular way of turning Bitcoin into fiat currency is through centralized exchanges such as Coinbase and Gemini. Once you have the bitcoin on an exchange, such as Coinbase and Gemini, you can painlessly sell it.
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Typically, depositing your usd is as easy as clicking "Deposit bitcoins" or something similar near the top of the marketplace's home page. KoKo 2 8. Even in US and Europe where it's most popular, How is still in its infancy and this process is only turn happening. After you convert your into to fiat currencies, Wirex makes it bitcoin for you to spend it, if you usd to! I currently how Binance bitcoin review turn put together a guide into how to buy Funfair on Binance because some of my friends wanted to see how it worked.
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Again -- your options here will vary on your location. Also, you might not see ads or web search results for these, so to find traders you might need to visit a Bitcoin meetup or conference. Here's an article on the topic: One easy method is using LocalBitcoins. List a Seller ad for cash Bank deposit. People usually have the depositor upload an image of the deposit slip, but be careful as an image can be manipulated. One technique is having the person rip the deposit slip in half before photographing so it's easier to detect image manipulation.
If the uploaded deposit slip looks good, and you've verified the deposit was made to your account online or by phone then release the BTC. This process can be very quick. Buyers can receive coins in about 1 hour. All they need for deposit is account , name, and state or zip. This also works well for detecting counterfeit bills, which is hard, but banks are good at, and of course cash deposits can't be reversed. Last, of course you can use an exchange like Coinbase.
Of course this involves a lot of identification, verification and time etc. Cash deposits can be reversed and there are some scammers who have done this and people have gotten their bank accts shut down as a result. You may want to read up on the forums on localbitcoins.
To be clear I'm not talking about account to account transfers. Yes, I think those can be reversed. I'm talking about somebody handing a bank teller cash for deposit into someone's account. That can't be reversed it wouldn't make any sense. Since you just gave away the account number, it can be used to remove money as well as deposit it. Go to the bank, ask for a counter check, write the account number on the bottom of the check, and make it payable to yourself.
There are dozens of other ways this info can be used to withdraw the funds in the account. A criminal who sees the numbers that are printed at the bottom of any check that you write can use that information to withdraw all the money from your account.
He or she can do this in various ways, without even knowing your name for example by creating an ATM card, or by impersonating a bank in some country of the world where safeguards are minimal, or by printing a document that looks like a check. The account number and routing information are all that international financial institutions look at before deciding to transfer funds from one account to another. See, for example, Grant Bugher's comments. I don't think that's true. I'd be shocked if it was.
If anyone can confirm please do so. Regarding the article, it mentions having account number and routing number. It's still a valid article, though, as that info is commonly printed on every paper check. I know what you meant and there have been many occasions where someone deposits cash into an account and then they get their bitcoin and then they go back to the bank and said they made a mistake or claim there was fraud and they get their cash back.
I don't know if you would lose the cash that was deposited into your account, but good chance your bank account would get shut down and you would be banned from banking with that Bank forever. There is also the "man in the middle" scam that I learned about by reading on LBC too. In that case, the person depositing the cash would indeed be a victim of fraud, but not by you Yes it is slightly complicated, but just saying OP better educate himself on this before he takes your advice that cash deposit is totally safe way to sell BTC.
That makes no sense. Your account number is on all paper checks, so it's easy for anybody to get it. You're saying any person, without your knowledge, could deposit cash into your account then later say it was fraud, and get your account shut down. If you don't believe me and no reason you automatically should , go on LBC forums and ask about it and others will concur and back up what I am saying.
That's where I read about it happening in several cases. It's an ancient method but free. You will need a smelter, forging skills, a large hammer and pendum, a talwayner 4, some iron pellets, copper ore, rust jiblets, and a furnace.
The "best" way is a direct, anonymous cash transaction with another human. Keep the middlemen, banks and their fees out of the transaction.
I didn't say that. I asked a question. If the OP wants to avoid banks, then an exchange isn't going to work, but the OP hasn't told us if avoiding a bank is a requirement. For most people, keeping USD in a bank account is not a big deal. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Log in or sign up in seconds. Submit link NOT about price.
Bitcoin subscribe unsubscribe , readers 24, users here now Bitcoin is the currency of the Internet: Not only is there no identity verification, there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area.
This can create the ability to sell your Bitcoin above market value. After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing. LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin.
Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment. Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request.
Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow. At this point, the buyer will get your payment details how do you want to get paid for your BTC and release the USD equivalent in cash over to you via the agreed upon manner.
When you have received the payment, you will confirm to Localbitcoins. That is it the trade is done! As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. October 25, Reed Schlesinger. Reed Schlesinger Reed Schlesinger is a cryptocurrency and emerging technologies writer from Atlanta, Ga who spends his time learning about Blockchain technology and the different types of ICO's currently being developed.
When not focused on crypto, Reed can be found passionately following the NFL. What is Exchange Union? What is Nebulas NAS? What is Dentacoin DCN?