I have a dumbass question about Bitcoin
 

Pretend I don't know anything about cryptocurrency. How do you convert it to cash or USD for deposit into a bank acct? Are there fees or is there a conversion rate, all that type of stuff. Dummy it down for a 12 year old. And how much of a pain in the ass is the process?

I don't know why you asking me?

Megatron if you go to cashapp you check out the bitcoins you pay how much you want in it. Then if you want to cash out the app take out the taxes and you keep whatever left. Also if you can't pay full price you can still invest in it.

Going to look into it later. Trying to cash out of my 5Dimes acct, and this lady is pushing bitcoin pretty hard. But she can't seem to just give me a straight answer as to how i convert bitcoins into actual USD. It's making feel like something's hinky.

You came to the right place... for we have MANY dumbass answers here.


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Easiest to cash out through something like Coinbase or Cash App, although there will be some (normally minimal) fees involved.

Coinbase (right into checking account)
Local Bitcoins (trade for cash, paypal etc)
Bitrefill (gift cards)

Many other services out there.

Conversion fees probably like 0.25 to 0.50 pct

just keep it in bitcoin and buy with bitcoin. It's not going anywhere

Commissions in and out are close to loanshark rates

You’ve never bought or sold Bitcoin, have you?

Ok so what do you pay to buy in and out? It was close to $700 for a $10,000 trade. Like 7%

Kraken fees range from 0% to 0.26% depending on the following:

• The currency pair that is being traded
• Your 30-day trading volume
• Whether your order is maker or taker

30- Day Volume Maker Taker
$0 - $50,000....... 0.16% 0.26%

Fee is half a percent for under $10k on Coinbase Pro.

It’s pretty easy. I made a nice profit off the market this year using Coinbase. I can buy or sell $10,000 a day and it’s in my bank account the next morning.