best way to convert btc to irl currency?

looking to explore as many different options as poss, all suggestions greatly appreciated!

cheers


Comments


[8 Points] Trappy_Pandora:

Turn all that coin into drugs and then sell those drugs for cash.


[7 Points] givemeoil420:

some one asks this every 48 hours... the answer remains ... PERSON 2 PERSON SALES.... HAND TO HAND ...currency to BTC trade :) ... gotta stay protected... have had many issues with wanna be scamers ... gotta get a few legal shooters to roll with you and the btc to the meet location and trade coin for cash... many ask to see the cash and show the buyer the coin for that trade in your wallet, send the funds to his requested wallet and leave...remember to count and check the funds for legitimacy before sending coin.


[4 Points] None:

Buy runescape gold, sell it for paypal.

Jk, just sell person to person


[2 Points] cool_mas:

buy stuff you need with btc on overstock.com or whatever and sell all your other coin at localbitcoin using the person to person cash sales


[1 Points] None:

How much coin? That will greatly effect your available options


[1 Points] None:

has no one here mentioned localbitcoins.com yet? yea thats how to do it


[1 Points] Bbmcisrightyoufools:

Open a webstore, use bitstamp and have a lot of sales


[1 Points] PerpetualPlusFour:

DISCLAIMER: I've never actually cashed out BTC -> cash

It depends a great deal on how much BTC you have, and what other risk factors apply to you (e.g., are you a darknet vendor? a person-to-person dealer? any legal issues ongoing that would make the man pay extra close attention to your financials?).

If you're just a buyer, Bitcoin hobbyist, or even a very small time darknet seller and you just have a BTC or two to turn back into cash, and there's no other reason to suspect you're under enhanced state scrutiny, you could probably get away with a one-off sale of BTC to a 'legit' clearnet broker like Circle or Coinbase. It's definitely not the safest option, though, assuming that there is anything illegal or sketchy about how you acquired those coins (and if that's not the case, I assume you wouldn't be asking on this subreddit of all places ; ).

If you have a substantial amount in BTC, and/or this is gonna be a semi-regular thing you need to do to cash out, then you need to look at safer options. Each comes with its own set of possible risks/advantages/disadvantages.

In terms of not leaving a paper trail, LocalBitCoin is probably the best bet. Use Tor and set up an LBC account that is not linked to your real identity if possible. You can arrange to sell BTC to other individuals in a variety of ways. The safest in terms of not getting digitally caught or scammed is to meet in person, receive payment in cash, and complete the BTC transfer from a phone/tablet/laptop so the buyer can verify they received it. Of course, this means meeting randos face to face, so this option comes with its own set of op sec requirements. Meeting in a public place where there's nothing unusual about two people sitting down for a minute and then going their separate ways is a good way to avoid getting lured into dicey or dangerous situations. I used to buy coins via LBC from a vendor who always met clients outside a nearby Starbucks. I wouldn't feel comfortable trying to move really huge amounts of BTC this way - advertising on a public website that you have tens of thousands of dollars worth of untraceable digital currency ready to transfer to someone else with a few taps on your phone seems like a good way to get robbed if you're not careful.

Another option is to look for darknet 'cashout' vendors who will take payment in BTC and mail you cash. IMHO this is probably the safest method, assuming you can find a reputable vendor who doesn't require FE (and that you're an experienced DNM user who knows the basic opsec of placing an order), but as I understand it you usually get a pretty crummy exchange rate this way. There's also always the risk of getting scammed, either because the market you ordered on pulls an exit scam or the vendor does and you can't convince market support to refund everything.

Another option is simply to spend the BTC on goods and services, either for yourself or to resell for cash. A small but growing number of legitimate clearnet ecommerce sites take bitcoin. One popular option (or at least so I've heard/read - I don't actually know anyone who regularly cashes out BTC->USD personally) is to use Gyft.com to purchase gift cards with Bitcoins. They sell cards for most major retailers, including online ones like Amazon. This is definitely a great option if you were planning to order some stuff from Amazon anyway. A lot of people research the various marketing/banking promo offers and find ways to buy lots of gift cards as part of a trick to get free points or miles or whatnot, all of which is perfectly legal, so I doubt that buying yourself lots of gift cards and spending them would raise any red flags with the powers that be. If gift cards won't do and you really need cash, you can resell gift cards for popular retailers (Amazon, Apple, Google, Steam, Walmart, Target, etc.) at very close to face value. If you're anything like me, you can probably convert a fair amount of that BTC over time by doing this for all your online orders.

If you have a large, regular supply of BTC that need to get converted to cash, it may be worthwhile to make contact with some of the bigger vendors selling cash for BTC. Depending on the volume and regularity of your cash-outs, maybe you can work out a deal with a slightly better exchange rate or something. If you find one you like and trust, you could even talk about the possibility of bypassing the markets and setting up a multisig transaction or something, then you and the BTC->cash vendor can split the savings from not having to pay market fees. Of course, soliciting off-market deals is against the rules of most escrow markets, and might raise red flags anyway for the other vendor, so if you decide to go that route, I would advise completing a transaction or two over the market, then asking for off-market contact info via bitmessage or encrypted email, then make your offer via that off-market comm channel.

Of course, depending on your situation, there's another potential strategy: use BTCs to buy drugs that you can resell for cash on the local market. If you know the right people to move them in your area, you can probably move LSD and MDMA from the darknet with decent profit margins. Most pharmies (adderall, vicodin, oxy, etc.) and 'hard drugs' (especially coke and heroin) are kinda overpriced on the DNM usually, and H vendors in particular are notorious for scamming, so I would stay away from those markets unless you're already plugged into them locally and are confident you can move product easily and profitably.

Weed is always an option - it is far easier to sell in most markets than the harder stuff, both because you have a much larger target market to appeal to and because weed buyers are more likely (IME) than other kinds of drug buyers to shop around and try out new suppliers rather than finding a reliable dealer and sticking with them. Depending on where you live and who you know, reselling darknet weed and related products (hash, wax/shatter, edibles, vape oil cartridges, etc.) may be next to impossible (if you live in a THC mecca like California or Colorado), or it may be extremely easy and profitable (if you live pretty much anywhere else in the US, or in most other countries). There's lots of mediocre-for-the-price bud on offer, and it may take a bit of trial and error to find your preferred vendors, but the opportunity for profit is most definitely there. Of course, if you're looking to convert large amounts of BTC to cash, it would be hard to pull off with weed unless you get some underlings selling for you or focus on finding other local dealers to sell to in bulk. If you have no experience with face-to-face pot dealing, it's probably not worth the risk and effort to try and learn just as a BTC cashout option, but if you know what you're doing and the amount of BTC you need to convert to cash isn't too big relative to your experience and connections as a pot dealer, it's a great option. I've never done this on a large scale, and I wasn't doing it as a way to cash out of BTC (I was going $$->BTC->Weed->$$, smoking most of what I bought myself and just selling enough to friends to subsidise the cost), but I make higher profit margins off DNM weed than I've ever managed to make off product I pick up locally, even back when I was good friends with a grower! I can buy top shelf for around $800/QP ($25/8th), then resell it to friends at $50/8th and randos at $60/8th.


[1 Points] Vendor_BBMC:

best way to convert btc to irl currency?

By exchange


[1 Points] high_as_flight93:

People on the DNM sell services where you send 110% of the amount of cash you want to them via btc and they mail you cash


[1 Points] dethcone:

Sell it to a btm


[0 Points] Sysol:

https://bitplastic.com/


[-1 Points] USAMDM:

Items that can be purchased with bitcoin and resold relatively quickly.


[-2 Points] throwaway_2895:

bitcoin-tumbler-circle-sell

circle lets you sell like up to 3k a week back to your card and its usually at 1 or 2 dollars above the btc price atm