Thanks in advanced for your help!
Just like the previous post. Use one wallet Bitcoin wallet to receive the deposit (I use Paxful. Super secure); then to receive funds, I send from Paxful to Coinbase for a small fee (maybe 0.0001 BTC which is about nothing); from there, the Withdrawal from Coinbase is very fast and simple as when you sign up for Coinbase, you will link your
paypal or checking account directly to Coinbase. That way, when you sell your Bitcoin on the market, you immediately receive US Funds in your Coinbase Wallet.
This can all be done right on your mobile device.
From there, you simply go to your Coinbase wallet and click withdraw and it’s usually electronically in your bank account within a few days. If on Friday for example, you’ll received funds electronically into your bank account no later than the following Thursday.
There are three catches: 1) Bitcoin pricing fluctuates and could dramatically go up or down favorably or unfavorably 5-10% which could skim value off your receipt; also, 2) the Bitcoin Sale fee is fairly high; 3) Hackers, mostly poor kids who are good at math and computers and have all the time in the world could potentially breach your Bitcoin Wallet and steal very easily all your BTC. It’s imperative that if you set up a BTC wallet that the source is secure and has a good reputation. Keep in mind, a hacker could even potentially hack into the BTC Wallet Company’s site and steal every BTC there. That’s why I like Paxful. They have a very good security reputation. For example, every time you make a BTC transfer, they require dual security verification protocols. Much harder for hackers to steal.
As an example, I just received a Bitcoin Withdrawal from
ignition Poker (very reliable site) for $9,500. I received the Bitcoin in my Paxful BTC Wallet and due to the price fluctuation of BRC, the value received had dropped to $9,475. Yes, $9,500 was received in my BTC wallet, but because the price of BTC dropped, my withdrawal dipped. 2 hours later though, BTC had a small rally and my wallet value was up to $9,502. So the value is constantly changing. Last week, the value of BTC dropped from $4,000 to $3,500 in a matter of hours due to negative news about BTC. So had I receive the withdrawal last week, my $9,500 withdrawal would only be worth $8,312.
But that goes both ways, last year BTC rallied from $4,500/BTC to $19,000/BTC in just one week!!!!
In that scenario, my withdrawal would have appreciated to over $40k!!!!!!!
To transfer the funds from Paxful to Coinbase, I had to pay a tiny 0.00001 BTC mining fee. That’s hardly anything.
I moved the funds from Paxful to Coinbase and the funds were received and resady to withdraw from my Coinbase Wallet about 45 minutes later.
After that, I waited for about 2 hours and the value of BTC increased and my wallet was at $9,502.
I withdrew most of the BTC (about $9300 or so and the cost to sell the BTC was around $125 about a 1.5% BTC selling fee); So I’m receiving around $9,175. The other BTC, I left there in case the value of BTC rises. Sort of like a baby investment that I can afford to lose.
