Withdrawal of bitcoins
Bitcoin withdrawal is the selling process of Bitcoin cryptocurrency for the fiat currency. It is carried out through exchange markets or exchange services. The main problem of bitcoin owners is the Bitcoin taxes of transactions with cryptocurrencies.
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How to withdraw Bitcoins to Сash?
Cryptocurrency exchange markets
The main feature of the exchange markets is the constant volatility of prices for cryptocurrencies, depending on the market situation, the actions of speculators and the demand for goods. A fee is charged for all transactions.
- LocalBitcoins – is one of the oldest and most popular exchanges, participants from 142 countries trade on in. It operates in eight interface languages, including Russian and Chinese. 1% is a fee for transactions. It also offers exchange services at fixed rates.
- 1Bse («First Bitcoin Stock Exchange») — is a Hong Kong exchange market. It trades Bitcoin, Litecoin, Dogecoin, Darkcoin, the Hong Kong dollar, the US dollar, the euro, the Singapore dollar and the Chinese yuan. It works with such payment systems as Payeer, Yandex.money, Perfect Money and QIWI. Fee for transactions is 0.15%.
- Bitstamp — the exchange market makes an exchange of currencies with the support of the BTC/USD currency pair. It allows funds to be withdrawn by international transfers using its codes, as well as via SEPA bank transfer, international bank transfer, Bitcoin and Ripple. The fee determined on the basis of 30-day trading history is 0.5% for beginners.
Exchange services
Another popular way to withdraw BTC or other cryptocurrency is the usage of exchange services. They differ from exchanges in that they offer a fixed exchange rate. Also they charge fees for transactions, which are usually higher than on stock exchanges.
- 24change.com — is an automatic exchange service of electronic currencies. Using it BTC can be exchanged for PerfectMoney USD, Yandex Money, Okpay, QIWI, PayPal, Payza, WESTERN UNION, MoneyGram, WireTransfer USD, Paymer cheques. It offers the withdrawal of Bitcoin in payment systems with Payoneer, eCoin, ePayments, EPESE, Redpass bank cards to the following banks: Alfa-Bank, LiqPay USD/RUB, Privat 24 USD/UAH, VTB24, Sberbank, Svyaznoy Bank. Through individual agreement, it is possible to withdraw currencies to any banks of Russia, Ukraine, CIS and the world is possible.
- 247exchange —is an exchange service offering the withdrawal of crypto-currencies to credit/debit cards, the exchange for cash in 400,000 points around the world, as well as local or international bank transfers.
- BestChange.ru — is a free Internet service, helping to find exchange offices with the most profitable exchange rates. You can find the current rate of bitcoins withdrawal to Visa/MasterCard dollar cards, to Sberbank cards and so on.
Bitcoin and taxes
The issues of taxation of transactions with cryptocurrencies, including their conversion into fiat currencies have not been solved anywhere in the world yet. The USA that wants to equate the cryptocurrencies to securities is closest of all to the solution. The authorities of South Korea have also declared of their plans to tax the crypto-currency transactions in October 2017. You can easily figure out the cryptocurrency taxes using such calculators as Crypto Tax Calculator, CoinTracker, Koinly, and other similar services. [1]
See Also on BitcoinWiki
- ICO listing
- How to use a Bitcoin wallet (for newbies)
- Bitcoin Economy
- Bitcoin in the global economy
- Bitcoin wallet
- Currency exchange
- Exchanges