How do I turn bitcoin into GBP?

**casinogod** · 12 September 2018, 3:33 pm

Hi Guys

Please help, I have had casinos offering to pay in bitcoin. I know very little about it and I keep coming accross very contradicting things (coinbase is how, and oh no dont use coinbase you wont get your money out being one example).

The idea is nice but how would I go about turning that back into actual GBP (or USD) or any actual currency that I can put in my bank and buy things with?

Has anyone made an idiots guide to bitcoin / crypto currancy yet? If so please point me in the right direction (And only if said guide actually shows me how to turn it from crypto into funds I can put in my bank).

Many thanks in advance.

**sweetbet** · 12 September 2018, 4:05 pm

You need a Bitcoin exchange that allows you to withdraw your funds to your UK bank account. Perhaps https://www.coinfloor.co.uk/ ?

**matthewt** · 12 September 2018, 8:08 pm

So, bitcoins are accepted by most UK bank accounts as a valid currency that has a changing value vs. the pound? Is that right?

**TheGooner** · 12 September 2018, 8:18 pm

Originally Posted by matthewt

So, bitcoins are accepted by most UK bank accounts as a valid currency that has a changing value vs. the pound? Is that right?

Not even close.

Cryptocurrency and traditional banks don't mix.

You can only send fiat currency to your bank account (eg. USD, EUR, GBP or whatever paper notes your local government issues). Banks are as wary of the words bitcoin and/or crypto-currency as they are of the world gambling.

You get this by taking your BTC to an exchange, completing registration and KYC regulations, and then selling selling it for which ever currency you want. You can then transfer this currency from the exchange to your bank account.

**TheGooner** · 12 September 2018, 8:51 pm

Originally Posted by casinogod

Has anyone made an idiots guide to bitcoin / crypto currancy yet? If so please point me in the right direction
(And only if said guide actually shows me how to turn it from crypto into funds I can put in my bank).

Andy - basically you are out of luck for a simply click here solution - especially with the attitude you suggested within the brackets.
I'm not being harsh (well maybe a wee bit) - just setting you straight.

The good news is :
The process for converting bitcoin and other crypto-currency to usable cash is straightforward and it will work.

The bad news is :
To do it the FIRST time will be confusing, techno-babble, scary, frustrating, time-consuming, and quite a bit of work.

I can break it down into eight steps :
- Choose a crypto-wallet and install it on your computer.
- Initialise the wallet so you can receive bitcoin and keep the wallet keys safe.
- Give the affiliate program a bitcoin receiving address from your wallet and wait to receive the coins.
- Choose a crypto-exchange and register (and probably) verify your identity - company identity.
- Send the bitcoin from your wallet to the exchange
- Convert the bitcoin to GBP by selling the bitcoin in the market.
- Send the GBP to your bank account.
- Possibly have to answer some questions from your bank about this strange deposit.

Each of those steps is quite straightforward, especially if you've already done it once or twice, but the first time that you do it the process can be quite confusing even if you are good with computers. As an analogy, it's like setting up a bank account AND a share trading account for the first time - if you've never had either one before.

The terminology is confusing and the physical paperwork can be fussy - especially if it's a corporate account (verify yourself and your company, print forms, sign them, scan them) - so each step takes a bit of time and I would suggest that the first time through may take a couple of weeks from starting to receiving GBP in your account.

After that it becomes easier (as long as you work smartly and safely) and you can easily manage overnight processing of BTC to cash.

I worked with Sherlock (many thanks Sherlock!) here back in 2016 - sending a few small transactions to get the hang of it - before processing my first affiliate payment. Even so - there are usually a few surprises / delays that make you think .... uh-oh ...

I am pleased that I went through the pain - as it IS very enlightening on the other side with REAL crypto knowledge and real business processes - (as opposed to some of the bat-sh!t crazy opinions about mafia and blackmarket and crime that you read in the mainstream and one very loud, very stupid ongoing thread on this site. )

But you have to approach it with a desire to learn and understand the process - otherwise it will always be confusing, scary and not very useful.

-----------------------------

PM me if you want to discuss.

**Sherlock** · 12 September 2018, 9:15 pm

In the Uk is one bank, called Fidor. They actually might be working with Bitcoins directly, so they should be a bank and exchange at once. I do not know honestly how it works now. They were advertising themselves like that before. But 1 or 2 years is a lot. Revolut was working like both as well, but they had to freeze the crypto part.

**universal4** · 12 September 2018, 9:54 pm

Many thanks to both of you for helping so many affiliates through the process and helping so many down the path to better understanding.

Rick
Universal4

**baldidiot** · 13 September 2018, 5:17 am

Coinbase has GBP support again so that's quite an easy option now: https://support.coinbase.com/custome...r-uk-customers

You'll pay fees on the exchange part of it but once you're a bit more familiar with the whole process you can do it on coinbase pro (formally gdax) for no fees if you're on the maker side.

Originally Posted by Sherlock

Revolut was working like both as well, but they had to freeze the crypto part.

Revolut isn't proper full fledged crypto though, you can't deposit in crypto or send them anywhere just buy and sell internally (ie: for speculative investment).

**ocreditor** · 13 September 2018, 5:57 am

Try bitpanda, if you have Neteller you can convert from your btc wallet to Neteller..
I know they support EUR currency but i'm not sure if they support GBP...
But when you have EUR it's easier to convert it to GPB if you have to

**Planet Mark** · 13 September 2018, 6:15 am

Wirex App have a UK debit card (you'll need to go through KYC). Limited to ?50 per day ATM limit + ?k card purchases / mo.

wirexapp.com

**eenzoo** · 13 September 2018, 8:54 am

Originally Posted by ocreditor

Try bitpanda, if you have Neteller you can convert from your btc wallet to Neteller..
I know they support EUR currency but i'm not sure if they support GBP...

They do. And +1 for Bitpanda. Just send crypto from your wallet to Bitpanda and convert it into fiat.
After that, you can send it to your bank account or skrill (and some other options).
Hassle-free but not fee-free

**baldidiot** · 13 September 2018, 9:08 am

On a side note, skrill recently announced a currency service: https://www.skrill.com/en/transfer-m...ryptocurrency/

I don't think you can send or receive in crypto, only hold a balance in it (similar to revolut) but worth keeping an eye on in case it does allow crypto deposit and withdrawals, could be quite handy.

**hublot** · 13 September 2018, 10:34 am

If you have a ecoPayz business account, you can deposit your Bitcoin into your ecoPayz account and then wire the fiat amount back to your company accounts in the UK. I've found that the spread is usually 1.5% which is very competitive for the crypto markets and have had no issues in being paid within 24 hours to my corporate bank accounts. Something to consider.

**casinogod** · 13 September 2018, 11:43 am

Wow, thank you everyone for all the replies, some really helpful information in there and lots for me to look into.

**matthewt** · 17 September 2018, 8:19 pm

I vote this thread The Thread of the Year, because of TheGooner's long informative response, and 'cause starting a bitcoin account just became a little easier to do, 'cause of increased understanding of how to do it.

**MaRcRaM** · 18 September 2018, 1:22 pm

I used a BTM (https://cash.bitaccess.co/locations) for the first time the other day and it proved to be a reliable way to turn BTC into a fiat currency. I paid a 5% fee, but that was reasonable enough given that I recall paying a decent chunk of fees transferring BTC to/from Coinbase previously. This came about because Coinbase no longer allows you to transfer to PayPal and my bank wasn't found in their system (which meant longer delays verifying my bank account) so I wanted to find a solution that was a bit faster.

For me, being able to sell BTC and receive the actual cash equivalent almost instantly (slight delay waiting for the first confirmation before they release the funds) gives me more confidence in accepting/using BTC in the future.

**EugeneK** · 20 September 2018, 1:06 am

Feel free to use CEX.IO (ref link)
Huge business with proper compliance procedures.
Withdrawal via wire in GBP, USD, EUR + withdrawal to card
Headquarter is in London on Canary Wharf. Totally 4 offices.
They are in process of getting 2 financial licenses and one of the founder of CryptoUK - lobby for crypto regulations.

Originally Posted by casinogod

Hi Guys

Please help, I have had casinos offering to pay in bitcoin. I know very little about it and I keep coming accross very contradicting things (coinbase is how, and oh no dont use coinbase you wont get your money out being one example).

The idea is nice but how would I go about turning that back into actual GBP (or USD) or any actual currency that I can put in my bank and buy things with?

Has anyone made an idiots guide to bitcoin / crypto currancy yet? If so please point me in the right direction (And only if said guide actually shows me how to turn it from crypto into funds I can put in my bank).

Many thanks in advance.

**petimi** · 20 September 2018, 2:02 am

For lowest fee solution so far Coinbase + Revolut worked the best for me. Then from Revolut you can cash transfer to another bank account in whatever currency or use their card to withdraw cash (if it's more than your monthly limit - which is ?00 per month for the free account you will pay a +2% fee for that)

**TheGooner** · 20 September 2018, 5:51 am

Originally Posted by petimi

For lowest fee solution so far Coinbase + Revolut worked the best for me.
.... +2% fee for that)

IF you take time to set up wallet and exchange account then you should be paying 0.1% for conversion and only a few euro cents to payout to SEPA account countries.

Figures like 2%, 3% and 5% that I am seeing in this thread for "short cuts" seem very high
That's old school banking charges/wallet charges.

True crypto is a fraction of that.

**TheSpry** · 20 September 2018, 9:01 am

GoonersGuide up above (see what I did there) is awesome!

I would stress, especially to any US guys is to make sure you send it to your private bitcoin wallet from the casino. Do not send it directly from the casino to an exchange.

We did this one time back in early 2016 and ended up having our coinbase account shut down due to violating their terms and conditions.

Make sure you send it to and from your personal wallet first. And secondly, get a Trezor or Ledger... makes things awesome.

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