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AskLeo - Feedback Requested: How to find the safest & easiest way for selling crypto (1 BTC)

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Katerina
@katerinaramm
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4 min read

Hi everyone, This time I come to ask for your help and some tips... I am using the #askleo tag but this post will probably be posted also on other blogs too (with a reference to the first post on leofinance.io) so that I can see the community responses across platforms.

Today I had a real question by a friend...

"A friend owns 1 BTC and needs to sell it asap because they need the amount"

How can this be done? People are asking of commission for helping out this person!(?!!)

Personally I have done transactions with bitcoin but with very small amounts, I also would not think of selling a bitcoin if I ever owned 1 whole BTC .. but I cannot judge someone who wants to do it for their own reasons...

But question is.. What questions should be asked prior to the transaction?

Let me tell you this

It is a person who knows nothing about blockchain, how things work, how a bitcoin is transferred, sold etc.. This means that this person is very vulnerable to false information, potential scams or people who may try to steal from them.

In Greece I am really not sure where someone can find legit information and a person/entity they could trust to help them out.
But maybe I am wrong

So let me tell you the questions I have asked so that we are able to find a way quickly (also because price is dropping atm)

.1. Where the BTC is located in

I was told that it is in a usb stick .. but I have never used a hardware wallet (if it is the one)
Anyways, I think that the most important thing to see is
-a where the amount is located at -b the exact amount of the btc
so that we could see how the amount can be moved to another btc address

Is this correct? Am I leaving anything out?

.2. What do you want to receive for your BITCOIN?

My guess is that the person wishes to receive Euros in a bank account. They don't wish to hide the amount (not to my knowledge at least) - they wish to make it the easy way. Sell > Take amount > Give to bank > forget about it

.3. Easiest and more user friendly way? An exchange

If we don't care so much for fees and taxation, in my understanding, the most convenient way would be to use an exchange. Thoughts?

In case they will use an exchange (i.e. Coinbase, Binance etc) then they will have to -a. make an account -b. complete KYC that could take 1-2 days tops -c. add/connect a payment getaway (i.e. bank account) -d. do the transaction

This is something that the person should do themselves, right? I believe that they will also have to check the fees, right? Fees would be: the exchange fee + the bitcoin fees + the withdrawal fees + the bank fees?

I could not find clear information about this, maybe I am not googling it correctly?

Also I see that there is a hold period if the amount is big?

Source

When initiating a withdrawal of a sell from your fiat wallet to your bank account, a short holding period will be placed before you can withdraw the fiat from the sell. Despite the hold period, you are still able to sell an unlimited amount of your digital assets at the market price you desire.

.4. What about Taxation?

Incoming amounts should be declared to the state I presume, right? So my advise would be to talk to an accountant who can share more information about this. I guess that an amount that will appear to a bank account needs to be declared as 'profit' or something like that. Then, a certain % will have to be given to the state for this .. so they will have to know this information as well.

.5. Takeaway | TL;DR version

I try to find the best possible solution for someone who has 1 BTC to their possession and want to sell it as soon as possible, and pay an amount of a loan. They have no clue of how bitcoin works, nor do they want to know more - just sell > pay > forget

So the questions I believe we should know are 1) where the amount is located in / how much the amount is 2) Do you think that an exchange is the best solution? 3) What are the fees we need to search and calculate? 4) Selling and transferring a big amount in a bank, are there any actions to be done afterwards?

I understand that this is a very complicated issue - my wish with this post is to find which ways exist to sell crypto and the most convenient ones (ideally especially for this case and also in general)

Do you believe I left out things that should be asked? What would you do if you absolutely had to sell 1 BTC?

Thank you in advance for your time and help :)

I hope I will be able to come with an update soon!

Who am I?

I am Katerina from Crete, Greece. An enthusiastic content creator with a passion for photography. Interested in the blockchain technology, in new social media platforms and in trying to educate new users who wish to explore the blockchain social media world and its possibilities!

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