Introduction
Two of the commonest questions that people who are new to cryptocurrencies ask are:
- How do I buy cryptocurrency X using fiat money?
- How do I convert cryptocurrency X TO fiat money?
The first step in both cases usually involves converting to bitcoins. You either buy the cryptocurrency you want (e.g. STEEM) using bitcoins or you convert them to bitcoins (if you are selling).
There are no shortage of tutorials on this.
I have previously created a guide to one of my favourite methods using Blocktrades.
This is the easy part!
The Second Part of the Equation
The problem most often comes with the second step, how do you exchange Bitcoins for fiat money or vice versa?
The most commonly cited method is a service like LocalBitcoins.
I have heard mixed reviews for this service and can't personally comment as I have never used it.
The service I always use and recommend is called Bittylicious.
They have excellent customer service and I have been using them for at least 3 years without a problem.
Why Use Bittylicious?
- You can buy or sell bitcoins (and selected altcoins).
- Adequate supply (usually at least 10BTC).
- It is fast - usually taking a few minutes (BTC transfer is the slow part).
- They accept credit cards or direct bank transfers.
- Protection - "promise of a full refund if the payment arrives late".
- Fast and responsive support (UK office hours).
What You Need
It is actually really easy to use the site but there are a few things you will need before you can get set up to use it:
- A Bitcoin address (if you are buying bitcoins).
- Your bank details (account no, sort code etc).
- Your bank will need to accept fast online transfers (in the UK this is called the ("Faster Payments") service.
- You need to be in the EU (I am not 100% sure on this though).
Using the Site
Register/Login
Register or Log in here.
Unfortunately I can't illustrate the registration process as it won't let me do it again (for obvious reasons).
It is quite simple though if you have the details that I listed above to hand.
Buying
If you are buying you just need to enter your bitcoin address, choose a quantity, payment method and click "Get some coins".
If you are using bank transfer the next screen (not shown here) will give you the bank details of the seller which you will need to send money to from your online bank account.
Selling
If you are selling the screen is even simpler.
Just make sure you have selected "Sell" in the drop down menu, choose the amount and click "Sell some coins".
The next screen will will give you a bitcoin address to send the coins to.
(Note - you can currently only sell Bitcoins.)
Final Screen
Whether you are buying or selling the next screen will be very similar and look something like this.
If you are selling using online banking you will be asked to confirm that you have received the funds for the sale into your bank account.
It is only once you have confirmed, that the funds are then transferred to the buyer.
Thank you for reading
I was happy with circle then it stopped trading BTCs.
Yep... Circle was really good, especially for us in the UK. Bad move on their part.
Sadly I never got a chance to try it!
I never did understand why they stopped but it was great when buying steem.
I never used Circle.
I've used bittylicious in buying BTCs a couple of years ago, and circle was advised to use with steem. I guess that leaves bittylicious :)
Yes.
we can Change bitcoin to any Altcoins Instantly ! It is a cryptocurrency exchange with the most favorable rates and the fairest terms. Your exchange has never been so smooth. https://changelly.com?ref_id=44c1f9794b98
I'm in Canada so I guess Bittylicious wouldn't work for me. Two days ago, I discovered Instacoin's web site. I plan on trying exchanging Bitcoin for Canadian Dollar and the other way around on one of their vending machines pretty soon. If it works fine, I'll probably finally become part of the crypto-enthusiast club. The availability & usefulness of Bitcoin is a problem for me (read my post linked below).
https://www.instacoinatm.com/index-en.html
https://steemit.com/bitcoin/@heroic15397/from-crypto-ignoramus-to-finally-buying-my-first-bitcoin-and-steem
Cool thanks for the links.
I've been experiencing the same restrictions. Bought in on coinbase, but they don't allow me to cash out. So, bittylicious was looking like a good option. Until I realized its EU based system. The fiat is so close, I can almost taste it! I've been looking at using localbitcoin. But I haven't got much to compare it to, I'll look into whether instacoinatm is still open here. Thanks for the info!
I'm starting to read "You need to be in... (country that is not the USA)" as "You need to be in a country that doesn't treat everyone like a criminal."
Sigh.
Great write up for those who can use it.
That is the big problem unfortunately.
My life has been FULL of 'Only available in the US' inapplicable things, :P how you like them apples hahaha.
haha (bitch - jus kidding)
Hahah. Oh, look, there's some grass over there. It's looking really green...
heheh.
Yup. "Not available in the US, where we always nab you by the short hairs if it involves money."
I transfered 1 Steem Dollar and got my Ethereum in less than 2 minutes , great option for exchanging currencies
I got a question @thecryptofiend and sorry to ask you here,
do we have any banks that can offer a virtual credit card or some sort of thing without needing you to be a resident of that location? I live in Iran , here there is no Visa or Master card branches, and exchanging money with digital currencies costs me 20-30 % more than the real amount, and that is a pain
Not as far as I know and don't think the facility exists because of AML and KYC regulations.
Thanks for this guide @thecryptofiend I remember running into bittylicious while searching many options and it seemed too easy to be true glad to see this up upvoted.
Any suggestions of what works best for sending bitcoin to fiat in Croatia? We have one ATM that takes 10%. I'm trying to find better option.
The only site I know for Europe is Bittylicious - have you tried using them or do they not allow Croatia? The other alternative would be Localbitcoins if you can find someone who is buying/selling.
I'll definetely try. I'll post anything relevant. Coinbase lets me buy at 4% with credit card and talks about verification of bank account (sending them small amount of euros) before I can pay OUT. However, it costs 13 Euros to send fiat money to foreign bank account and I don't want to lose that if the process won't work. Support sends me 'bot answers'. How nice of them.
Yes I think these issues often come up because of AML and KYC issues when fiat is involved.
Paxful is okay too, I've used them a few times.
Is that in the US? If so would be cool if you could do a guide for US users and I could put that up on Steemithelp too.
Thanks for doing so much to help new users!
I gave you a vote courtesy of @htooms.
https://steemit.com/takemyvotes/@htooms/i-m-not-going-to-upvote-you-do-it-yourself-1-winners-and-updates
That is very kind of you:)
NICE POSt.!!!
thanks for sharing, i like it..
Thank you:)
you're welcome @thecryptofiend
Great to read, will check this - I read that post on esteem android app and your markdown #### for headlines turnup in the post, while on browser version all looks well formated maybe sth to look into @good-karma @thecryptofiend
I will look into this issue, please report future issues to eSteem github https://github.com/esteemapp/esteem/issues
Thanks!
Thanks @good-karma- just to be sure, for that case I do not need to raise a support ticket, right?
For above issue I have created ticket, for future issues please feel free to report them...
It must be a difference in how esteem handles markdown. Please fill a support request with esteem.
Can do that for you when back from CeBIT- was first post I discovered this, will let you know what they say. Will do a support request today 😎
Thank you!
Believe me or not, last christmas I gave my dad a bitcoin giftcard. He has no idea of technical things but yet he was able to change it for fiat :)
That's cool!
Yes, just a matter of time until crypto gets mainstream :)
I agree!
More purpose. Thanks to share this, Guys. (y)
Thank you:)
Here in Bulgaria we have Local bitcoin buy sell site so is really easy , we have the option to pay with Easy Pay service and Uesternunion .
Cool thanks:) Have you used Localbitcoins?
Yes every 2, 3 days my mother had invest some money in mining and she exchange very ofen . Is not a big amount but is very fast need 1 conformation in blockchane . Think they have set up limit of 100 bitcoins buy sell per day . The good point is we do this in our curenci Bulgarian leva .They have 1.25% fees.
OK.
Thank you for this post. It should be very helpful. Currently, I go through coinbase.com but I read it has many troubles. I never had any troubles but as laws in the states change regarding bitcoin, exchanges like coinbase are required to hold deposits to cover their transfers in case of a hack. This has caused them to shut down in New York and Hawaii. It is not that I go there but maybe it will get to where I live too someday
Yes it is a big problem. I suspect things will likely get worse before they get better though! The problem is governments don't want free exchange of money and the banks don't like it either.
The people who rule do not understand the only rule of the internet - ONLY DIGITAL SQUARE WAVE SIGNALS ARE TRANSMITTED OVER THE INTERNET!
The internet is not a transporter like on Star Trek. Nothing but binary numbers moves through the internet and it is transmitted in a signal. Pictures, documents, money, refrigerators and cars do not go through the internet and so it is necessary due to hackers to have encrypted means of sending that information. If not, someone steals it. It is really that simple and with encryptions by the time someone figures out the encryption - transaction is over and done.
Yes!
Great guide thank you.
This question of easy access to crypto seems to be the biggest challenge for new users. (Circle denied me an account and would give no reason) Coinbase verified my ID (which I can't help hating doing) and I bought my 1st little bit of btc (to buy steem)
but Coinbase are getting out of hand, so need to find the next foolproof doorway to point friends and family, etc
Bitsquare looks interesting because it is a distributed exchange...
So I'm confused - how is (Bitcoin) as a global currency supposed to transcend the limits and restrictions of fiat over borders if access to the whole system remains tied to complicity with the regulations of bank, state, gov... ?
That's a very good point and I honestly don't know an easy solution. At least with Steem you can earn it through posting.
Maybe in the future people may be able to take part of their salary in bitcoins? It is a chicken and egg situation though - I don't think that will happen without wider adoption.
right - and I am setting myself up to take payment for some of my services in btc - at least as an option... but the quest for easy (primetime) entry is the big issue in by book
Great informative post! And the comments as well ;) I love this community!
Thank you Arif, resteemed
Thank you so much!
gostei me fez entender,bela postagem,parabéns
Thanks:)
Good job! Thank you for sharing!
You're welcome:)
It should be noted that they have a 10 euro/usd/gbp fixed commission, so it's a terrible way of purchasing small amounts, like $20-$30 worth of crypto.
Good point - but I don't think you would do well anywhere buying small amounts of crypto.
I really liked it. Keep it up. You have my vote.
Thank you:)
Nice Pussy!
Thanks.
There's a new blockchain ICO called Humaniq that looks pretty promising. Claiming to remove the need for a bank account or any identification to buy or sell BTC, by adopting biometric authentication. Not sure how this will work for converting to and from fiat currency, but something to keep an eye on.
Yes I think I heard about it on a podcast. I will check it out.
thanks for your information..
You're welcome!
Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.005 SBD extra promotion.
Good job, see you next time in
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What is the fee to use bittylicious ?
1,6 % for transfer by creditcard. (at march 22 rate.)