7 ms·

I don't have any bitcoin or other magic internet money and in general find it totally useless overhyped nonsense. The only thing I've always wondered: If you a

I don't have any bitcoin or other magic internet money and in general find it totally useless overhyped nonsense. The only thing I've always wondered: If you are one of these curious people who tried it out early on and quickly mined a couple dozen coins: How do you safely sell them nowadays? All I ever read is stories like this and bitcoin exchanges getting hacked...

BelenusMordred 6y ago
You sign up for an exchange send them your coins, sell it on market, then withdraw the money to your bank account. The first part might take some time as they verify your details but the rest is absurdly fast. I can send coins to a domestic exchange and have money back in my bank account within about 20 mins, that's at any time, any day of the week. If you are convinced that 3rd parties can never be trusted even for such short periods of time there's p2p markets like Bisq where the keys/wallet never leaves your possession and it's a multisig transaction directly with someone else.
- iforgotpassword 6y ago
  That's the theory. There's been news about exchanges getting hacked, or suddenly vanishing with everything over night. Obviously that's the only kind of news you hear if you're not dealing with crypto currency in any way so I'm biased, and tbh I don't even know if there have been lawsuits over this and how they ended, but even then it seems a requirement to only do business with domestic exchanges like you said, to even have a chance to hold someone accountable.
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birdyrooster 6y ago
Coinbase
sushid 6y ago
You keep it in your physical wallet until you want to sell. When you do, you transfer and sell at a licensed exchange. I would choose to sell on Coinbase Pro but Gemini, Kraken, Binance.us are some other reasonable ones.
killingtime74 6y ago
Ok boomer

7 ms·

I don't have any bitcoin or other magic internet money and in general find it totally useless overhyped nonsense. The only thing I've always wondered: If you a

by iforgotpassword 6y ago

BelenusMordred 6y ago
You sign up for an exchange send them your coins, sell it on market, then withdraw the money to your bank account. The first part might take some time as they verify your details but the rest is absurdly fast. I can send coins to a domestic exchange and have money back in my bank account within about 20 mins, that's at any time, any day of the week. If you are convinced that 3rd parties can never be trusted even for such short periods of time there's p2p markets like Bisq where the keys/wallet never leaves your possession and it's a multisig transaction directly with someone else.
- iforgotpassword 6y ago
  That's the theory. There's been news about exchanges getting hacked, or suddenly vanishing with everything over night. Obviously that's the only kind of news you hear if you're not dealing with crypto currency in any way so I'm biased, and tbh I don't even know if there have been lawsuits over this and how they ended, but even then it seems a requirement to only do business with domestic exchanges like you said, to even have a chance to hold someone accountable.
  - deleted 6y ago
    [deleted]
  - deleted 6y ago
    [deleted]
birdyrooster 6y ago
Coinbase
sushid 6y ago
You keep it in your physical wallet until you want to sell. When you do, you transfer and sell at a licensed exchange. I would choose to sell on Coinbase Pro but Gemini, Kraken, Binance.us are some other reasonable ones.
killingtime74 6y ago
Ok boomer