Recyclersteve wrote:If you had money in Bitcoins or some equivalent and wanted to convert it to cash without buying something, how would you do it? I understand that perhaps you could have it wired to a bank, but I would think that would potentially invite all kinds of scrunity (and perhaps reporting) on the part of the bank.
Is there any better way to convert it to cash?
No, I don't own any crypto currency and never have.
You can try to find people who are willing to buy your Bitcoins via Paypal or something along those lines. Or you could try Craigslist to see if anyone would buy then for cash -- you'd have to likely sell them at a significant discount though. Other than that, you're pretty limited on ways to convert to cash without first buying something (like gift cards, electronics, etc.).
For modest amounts, you could use Coinbase without too much scrutiny. For larger amounts, you could still use Coinbase, but you'd likely want to talk to your tax adviser as the conversion is taxable in the US.
I use Coinbase, but I rarely convert more than about $100-200 worth at a time.
Edited to add: You could try converting your coins to Tether (USDT), and then use something like Shapeshift to covert it over to USD. I've never personally tried it -- when I looked into it a few months back, the combined fees through the conversions appeared to take about 13%.
Posted: Sat Apr 18, 2015 9:55 pm
