Anyone converted crypto to cash?

[BamaFan]

I have a brother who bought Bitcoin and apparently has made a nice pile from it. He wants to convert it to cash and he's telling me there is a 10% fee to do that (sounds reasonable). He's also telling me that the 10% fee has to be paid in cash and not netted out of the transaction (does not sound reasonable).

Anyone have any real world experience with this?

 

[Trailrider]

Need more info. Is he using a digital wallet, what site did he buy it from? Most people convert their crypto to cash using an exchange like coinbase or blockchain wallet. And there isn't normally much of a fee to do so.

 

[yahnt2]

My son just cashed in huge but I believe he told me he converted it to digital dollars. Not sure what the heck that even is but that's what he did.

 

[BamaFan]

Need more info. Is he using a digital wallet, what site did he buy it from? Most people convert their crypto to cash using an exchange like coinbase or blockchain wallet. And there isn't normally much of a fee to do so.

Looks like he bought it on Tradxpert247.com

I'll have to ask about the wallet.

 

[Trailrider]

Looks like he bought it on Tradxpert247.com

I'll have to ask about the wallet.

Not to be the bearer of bad news, but they look pretty sketchy. Not much info on them, and reading through their site it almost sounds like a fly by night company.

 

[grainchaser]

He could look into P2P, especially if in a large metro area. Be wary of scammers. Otherwise, going to have to cash out from an exchange linked to bank account.

Rather that cash out his BTC, he should look into staking it for an income stream, or using a DEFI DEX to secure a loan. There are way more creative ways to use crypto than fiat in and fiat out.