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.
