Convert Bitcoins to Cash : The 2 Best Ways for the Lowest Fees
Do you remember the first time you converted bitcoin to cash?
If you were like me, you weren’t aware of all the different possible ways to convert bitcoins to cash, and just stuck with Coinbase to buy your bitcoin because that’s what you knew.
But as much as I like Coinbase, it is one of the worst ways to cash out bitcoins, thanks to its slow processing time, daily limits, high fees, and poor exchange rate.
You are essentially sacrificing your bitcoins for a streamlined process whenever you use Coinbase, and if you convert bitcoins to cash often, that can really add up.
However, there are exchanges out there that are better to sell on, and only require a minimal amount of know-how to get started.
But how do you know which type of exchange is best for you? Depending on how many bitcoins you have, certain exchanges have advantages over others.
Using this guide, you can understand just how exactly you should convert bitcoins to cash, depending on how much you’re converting.
Converting Bitcoin for $10,000 Dollars or Less
If you have around less than $10,000 worth of bitcoins, then you should try using Localbitcoins.
They are an online and OTC (over the counter) exchange that will connect you with real people looking to buy bitcoins.
I love Localbitcoins because not only do they have some of the lowest fees on the market, but you can actually find deals with no fees.
Unlike Coinbase and other exchanges, Localbitcoins is a peer-to-peer exchange network.
This means you’re going to have to do the negotiating yourself.
The exchange can be done completely online, so it opens you up to everyone in the US, or you can search for buyers in your local area, and sell to them in person.
To sell bitcoins, go to the ‘Sell bitcoins’ tab in the top, and see if any of the buy request interest you. You can filter by payment method as well to narrow the search better suited to you demands.
You can also post your own trade, but that requires being an active member of Localbitcoins, and is not available for new users.
Localbitcoins is a fast option to cash out since it requires little verification, and no processing time.
Localbitcoins also offers one thing that most OTC exchanges do not: security.
With Localbitcoins, you can easily make sure the person on the other end is a legitimate buyer, and not trying to rip you off.
Each user on the website has a user feedback score that is graded based on other users interactions with that user.
However, with that said, I would only recommend using Localbitcoins for smaller transactions. While it is easier to find bulk buyers these days on the service, they are still few and far between.
Even if you do find someone who wants to create a bulk orders, they are there because they want a cheaper rate than other options. There is one rule of thumb on Localbitcoins:
The more bitcoin you are trying to convert to cash, the less you are going to get in return.
The only real way to sell a larger amount of bitcoins over Localbitcoins would be to it up into multiple sales, but that might take a long time.
That is why I really only recommend using this service for those with smaller amounts of earnings, with the ideal range being between 100’s and a few thousands.
Converting Bitcoin For More than $10,000:
Here’s a video that goes over the process for buying and selling bitcoin on GDAX.
If you have a larger amount of bitcoins that you are looking to sell, say over $10,000 USD’s worth, I would recommend taking a look at GDAX.
It’s a cryptocurrency trading platform owned and operated by Coinbase, and it is where companies and investors buy and sell their bitcoins, as opposed to the average individual.
That means these platforms use an order book that shows people who want to buy bitcoins, and who wants to liquidate their bitcoins.
The person who is providing liquidity is the maker, and the person who is liquidating is the taker.
GDAX is also significantly faster than Coinbase.
Coinbase requires a 5 day processing period before you can get your liquidated assets. GDAX on the other hand, requires little to no processing period, since it is a Bitcoin day trading platform. A typical user can buy a large sum of coins at 9 AM, and sell at 11 PM that day, and then buy again at 2 PM, and sell at 4 PM.
With GDAX, all maker orders are fee free, while taker orders start out at 0.30% if your order is between $0 and $10,000,000 dollars. Fees become even cheaper if you sell more than that.
Fee’s are significantly smaller than cashing out with Coinbase, and if you are a maker instead of a taker, even you can convert bitcoins to cash without any fees.
GDAX does require more bitcoin knowledge and are not as beginner-friendly as exchanges like Coinbase, which is extremely easy to sell from your Coinbase bitcoin wallet. But that doesn’t mean that these exchanges are going to take too long to learn.
This short tutorial video will go over everything you need to know in 10 minutes, so you can get started right away.
What’s more, if you have already acquired such a fortune from bitcoin, then chances are you wont need that much time with the system, since you are probably familiar with all the trading concepts.
Buy Bitcoin and Shop on Purse:
If you are looking to liquidate your assets just for some shopping money on Purse. There are no transaction fees to receive bitcoin, so you can retain the most value out of your bitcoins whenever you shop on Amazon.
All you need is a Purse account, a GDAX account, and Coinbase account with sufficient cryptocurreny. Here is how we do it:
Log into your Coinbase account, then GDAX account in a separate tabs.
In GDAX, order a fiat deposit transfer from Coinbase to GDAX
Next, place an order to buy bitcoins with fiat — at limit price and slightly below market.
Wait for order to fill. Cancel and replace order at higher price if the market moves too far against your order price.
Now, In a separate tab or window, open Purse account to Wallet page.
Finally, copy & paste the Purse deposit address into GDAX withdrawal window, and hit send.
You should now have all your desired funds transferred instantly, allowing you to use your bitcoins to buy anything you want on Amazon via Purse.io.
Wow, You Read It All…
As a thank you for reading, here’s $10 on Purse after your first purchase when you signup to Purse below.
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See original article here
Author: Kyle McComb”