ChiefsPlanet Mobile
Page 1 of 2
1 2 >
Nzoner's Game Room>I have a dumbass question about Bitcoin
Megatron96 03:23 PM 09-19-2020
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?
[Reply]
Rasputin 03:24 PM 09-19-2020
I don't know why you asking me?
[Reply]
big nasty kcnut 03:31 PM 09-19-2020
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.
[Reply]
Megatron96 03:34 PM 09-19-2020
Originally Posted by big nasty kcnut:
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.
[Reply]
crispystl 03:57 PM 09-19-2020
You came to the right place... for we have MANY dumbass answers here.


Sent from my iPhone using Tapatalk
[Reply]
eDave 03:59 PM 09-19-2020
https://www.chiefsplanet.com/BB/show...hlight=bitcoin
[Reply]
Jewish Rabbi 04:07 PM 09-19-2020
Easiest to cash out through something like Coinbase or Cash App, although there will be some (normally minimal) fees involved.
[Reply]
BWillie 04:19 PM 09-19-2020
Originally Posted by Megatron96:
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
[Reply]
Demonpenz 05:55 PM 09-19-2020
just keep it in bitcoin and buy with bitcoin. It's not going anywhere
[Reply]
scho63 05:58 PM 09-19-2020
Commissions in and out are close to loanshark rates
[Reply]
Jewish Rabbi 06:02 PM 09-19-2020
Originally Posted by scho63:
Commissions in and out are close to loanshark rates
You’ve never bought or sold Bitcoin, have you?
[Reply]
scho63 07:03 PM 09-19-2020
Originally Posted by Jewish Rabbi:
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%
[Reply]
eDave 07:14 PM 09-19-2020
Kraken fees range from 0% to 0.26% depending on the following:

30- Day Volume Maker Taker
$0 - $50,000....... 0.16% 0.26%
[Reply]
Jewish Rabbi 07:17 PM 09-19-2020
Originally Posted by scho63:
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.
[Reply]
Hamwallet 07:27 PM 09-19-2020
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.
[Reply]
Page 1 of 2
1 2 >
Up