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Old 09-19-2020, 03:23 PM  
Megatron96 Megatron96 is offline
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I have a dumbass question about Bitcoin
Pretend I don't know anything about cryptocurrency. How do you convert it to cash or USD for deposit into a bank acct? Are there fees or is there a conversion rate, all that type of stuff. Dummy it down for a 12 year old. And how much of a pain in the ass is the process?
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Old 09-19-2020, 03:24 PM   #2
Rasputin Rasputin is offline
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I don't know why you asking me?
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Old 09-19-2020, 03:31 PM   #3
big nasty kcnut big nasty kcnut is offline
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Megatron if you go to cashapp you check out the bitcoins you pay how much you want in it. Then if you want to cash out the app take out the taxes and you keep whatever left. Also if you can't pay full price you can still invest in it.
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Old 09-19-2020, 03:34 PM   #4
Megatron96 Megatron96 is offline
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Megatron if you go to cashapp you check out the bitcoins you pay how much you want in it. Then if you want to cash out the app take out the taxes and you keep whatever left. Also if you can't pay full price you can still invest in it.
Going to look into it later. Trying to cash out of my 5Dimes acct, and this lady is pushing bitcoin pretty hard. But she can't seem to just give me a straight answer as to how i convert bitcoins into actual USD. It's making feel like something's hinky.
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Old 09-19-2020, 03:57 PM   #5
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You came to the right place... for we have MANY dumbass answers here.


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Old 09-19-2020, 03:59 PM   #6
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Old 09-19-2020, 04:07 PM   #7
Jewish Rabbi Jewish Rabbi is offline
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Easiest to cash out through something like Coinbase or Cash App, although there will be some (normally minimal) fees involved.
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Old 09-19-2020, 04:19 PM   #8
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Quote:
Originally Posted by Megatron96 View Post
Pretend I don't know anything about cryptocurrency. How do you convert it to cash or USD for deposit into a bank acct? Are there fees or is there a conversion rate, all that type of stuff. Dummy it down for a 12 year old. And how much of a pain in the ass is the process?
Coinbase (right into checking account)
Local Bitcoins (trade for cash, paypal etc)
Bitrefill (gift cards)

Many other services out there.

Conversion fees probably like 0.25 to 0.50 pct
Last edited by BWillie; 09-19-2020 at 04:42 PM..
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Old 09-19-2020, 05:55 PM   #9
Demonpenz Demonpenz is online now
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just keep it in bitcoin and buy with bitcoin. It's not going anywhere
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Old 09-19-2020, 05:58 PM   #10
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Old 09-19-2020, 06:02 PM   #11
Jewish Rabbi Jewish Rabbi is offline
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Originally Posted by scho63 View Post
Commissions in and out are close to loanshark rates
You’ve never bought or sold Bitcoin, have you?
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Old 09-19-2020, 07:03 PM   #12
scho63 scho63 is offline
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You’ve never bought or sold Bitcoin, have you?
Ok so what do you pay to buy in and out? It was close to $700 for a $10,000 trade. Like 7%
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Old 09-19-2020, 07:14 PM   #13
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Kraken fees range from 0% to 0.26% depending on the following:
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$0 - $50,000....... 0.16% 0.26%
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Old 09-19-2020, 07:17 PM   #14
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Ok so what do you pay to buy in and out? It was close to $700 for a $10,000 trade. Like 7%
Fee is half a percent for under $10k on Coinbase Pro.
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Old 09-19-2020, 07:27 PM   #15
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It’s pretty easy. I made a nice profit off the market this year using Coinbase. I can buy or sell $10,000 a day and it’s in my bank account the next morning.
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