Quote from: Cryptomultiplier on May 29, 2024, 03:44:36 PM

Quote from: palle11 on May 29, 2024, 12:35:59 PM

Quote from: decodx on May 24, 2024, 07:56:39 PM

What method do you find most convenient and cost-effective for converting your crypto holdings to fiat currency? CEXs, P2P, Debit Cards... ? Also curious if any new or up-and-coming techniques are on your radar.

To convert bitcoin to fiat like selling it directly to a merchant or someone who needs it will be expensive in fees because it can take you as high as $3-5 depending on the time so if you have it on exchange, you can convert it to usdt and then sell to fiat with a fee of $1. However there are variants of stable coins that you can do that on if not usdt , example you can convert to BnB smart chain bep20, you can convert through polygon, through solana, avex chain, EOS, Tezos, Ethereum erc20 etc

For me, converting BTC to Fiat is more expensive on the Binance exchange and it is no longer functional for my country residents who use the exchange since the government has done well to investigate the exchange and others who have customers in the country and have restricted many of these exchanges services by removing the local fiat from the exchange.

A stable coins like the USDT is a more preferred option for me and I have to accept the fees rate upon converting from BTC to USDT and then trading P2p to get my funds in local currency.

Yes I had already stated it that it is expensive to sell bitcoin directly to fiat because of the high fees and this is the reason that many have turned to stable coins for transaction because they are sure that they are only parting with a dollar to cover for the transaction fee unlike using the bitcoin route that will take you more dollars. Moreover exchanges like binance charge very high in bitcoin transaction and so to take away P2P for a local currency means either you have to convert to usdt and sell out of binance platform if you are having your coin there but I hope there are other exchanges that still transacting on P2P.