BITPAY™ - Converting Crypto into Fiat such a Challenge... WHY?
First and Foremost - BITPAY™ is not the Answer! My hope is that this post find its way to the right user/users to find a sesnsible answer.
In the beginning...
Since I first opened up a Coinbase Account and a few different Exchange Accounts and fell in love with Crypto-Trading (Over 2 years ago now) I've yet to find an easy way to convert Crypto back into Fiat.
My basic Crypto history is as such:
After finally learning about Bitcoin and Cryptocurrency in mid-2015 I immediately opened a Coinbase account and basically funded it with profits from the small website I own, selling on EBay, and other similar methods of getting paid on Paypal.
Like most of us I had my learning curve and made my fair share of mistakes - and I suppose I always assumed that if I were to convert Fiat into Crypto with a marginal fee, converting it back would be the same process.
So much for assumptions aye?!
About 6-7 months ago after recruiting friends and family to joint the Crypto-Community - A few asked - well how do I cash out if I want to?
So I researched it and researched it and finally stumbled upon BITPAY - They advertisers paying a one time fee of $9.95 USD for a Bitcoin VISA Debit card. So I ordered my card, received it in the mail, added a few dollars to it to test out and make sure it worked at an ATM and everything was peachy. So I told everyone not to worry it was easy to convert it back.
Fortunately - I have been lucky enough to not have the need to convert BTC back into Fiat... Until the other day. I was in a bind after losing my Government License and my wallet with my debit cards and needed access to cash.
So I dug out my BITPAY card - Withdrew about $60 of BTC onto it as a test run.
However - a test run it certainly was and not to be done again!
BITPAY allows the user to have several "wallets" and then to transfer money to the debit card - you need to send BTC from your wallet to your BITPAY VISA Account. BITPAY's fees for their "economical" transfer speed were astronomical.
By the time I transferred $60 worth of BTC from an exchange to the BITPAY wallet and then from the BITPAY wallet to the Debit Account it took over an hour and I ended up with $42 from $60!!
Like I said I am ok with paying a mining fee, and a transaction fee - but their fees are absurd.
I have transferred BTC plenty of times from various exchanges to wallets, etc and have never have been charged nearly 30% - **During that hour BTC was very stable and actually had risen in value.
I am guessing there are others in the same boat as me and would like a secure, safe way to be able to convert BTC or any Crypto back to Fiat.
If you are reading this and have any suggestions or insight - Please share with me abd the community.
Much Love - @krytonika
Uphold.com works pretty well for me for cashing out crypto into my bank .
Thanks so much - I'm definitely going to check it out right away!!
monaco app coming out soon aug 31
Yes - Very true - I did hear that the app was being released as they teamed up with VISA correct? Do you know any of the details about the Monaco VISA Card? I'm hoping it'll act the same way and just have a bunch less fees
I am trying to go the opposite way, using paypal to buy sbd directly so I can buy more steem power. You would think there would be a way to exchange it here.
It is simple to go from sbd to steem power, but you get hit with spreads and fees. Totally sucks!
I do need a good way to get it back out of crypto, too.
I hope something turns up soon!
Hey @hashclouds - For a Paypal account - The easiest method I know - and fastest - is to simply get Coinbase acct and purchase Litecoin - then use blocktrades to purchase SBD or SP with your Litecoin - it's the cheapest method on Coinbase and buying BTC lately has been costly no matter where - the Cheapest for BTC is also Coinbase to my knowledge
How much $$ are you trying to spend - I know on Coinbase the fee starts at .99 for under $10 then goes to like $1.49 for $10-25 and so on then kinda levels off - the more you buy at once though the cheaper it'll be and thank god for Blocktrades with their 0 transaction fees - That's my suggestion - And if you find a way to turn BTC into Fiat please let me know -
It sucks being a minnow on here after over 2 months still and a reputation of 50 and not one person besides you commented - and in order for the post to be seen again by anyone really I'd have to spend SBD to promote it..
Patience tho my friend -All in good time - We'll both rise up with the SP and get noticed more and get more for our posts :) KEEP STEEMIN BROTHER
I was only looking to buy $100 or so currently. I plan to put in small amounts on a regular basis. Thanks for the tip!
I have been here for just over a month. Slow going, but I am having fun. I write more comments than posts, try to only comment with good ideas. :)
Maybe one of the minnow support groups could help you? See @nicnicy.
Thanks for the suggestion - And I have only been here about 2 months - Commenting with "real talk" and engaging with Authors can be highly lucrative - especially if there rep score is large and they engage back with you.. I try to respond to all comments, Write at least 5-7 posts a week and also curate - curating is important for your own account and also for the community - In my opinion at least - :)
Look at this comment that you left on my post - Already at .43 before I upvote it and hopefully it'll go up further :)
Beep beep. Hi @hashclouds!
You have used tip! in your comment - that`s my magic word for sending tips ;)
Click here if you wish to learn more!
Whoops! That was a mistake, but thanks!
Thank you, too.
It is nice when your comments get appreciated.
Yes it is - More people need to respond to comments - Even the large posts - maybe not the `nice post' only comments but if someone took the time to write a comment to answer a question or engage in the topic I believe it's only respectful so acknowledge them and respond back - I try to upvote all comments left on my posts when possible as well to thank them for their time
Definitely!
I do try to upvote replies, but I find that I am smashing that upvote button way too often!
Haha! Me too my friend - In time when we have an endless supply of SP it won't drain as fast -
Tip: for the comments upvoted you can always change your voting power from 100% down to 5% or anywhere in between so it doesn't deplete as fast.
Thank you for the tip!
I have been thinking of doing that. Mostly, I am commenting using the #esteem mobile app. Will have to see if I can do that yet!
Beep beep. Hi @hashclouds!
You have used tip! in your comment - that`s my magic word for sending tips ;)
Click here if you wish to learn more!
All it takes is a long press. Im going to be upvoting even more often now! Haahaa!
Yes commenting with the app will def get you instant upvotes by the creator of the app - unfortunately the IOS version crashes and is very slow so it's hard for me to take advantage of - how is the tipping working out - looks like it paid off on one of your comments on this thread
I haven't been able to post with the android version lately. When I click to add a pic, it goes back to the splash screen. Other than that, I love it.
An update is expected soon!
I think the tipper has been tipping too much. The first one was an accident, the second an experiment. Seems that the rewards that were there yesterday are gone!
Yeah Android and IOS both need small upgrades to little fixes at least and interesting on the tipping - gone completely? Hmmmm - keep an eye on them :)
This post has received a 2.29 % upvote from @booster thanks to: @krytonika, @krytonika, @krytonika.