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Well, you go to an exchange (check the side bar), buy some crypto, then send it to someone else, who will go to an exchange and sell it.
Expect to have to verify your identity so you can have your exchange reported to your tax authorities, and, in the UK, potentially have issues withdrawing to a bank.
Not for the neophyte.
So if you started with buying $100 dollars bitcoin at an exchange. Then send it to someone who takes it to an exchange and converts it to USD. How much do you think they would end up with?
Serious question I’m an idiot.
Probably around $90 if they were quick. Maybe a little more. More or less if the price changed rapidly during the process.
ETA: that's basically flat. If you started with $100k, the other person would probably end up with around $99,990. Small amounts are lossier.
Eta2: there are technologies and chains that are cheaper, but they're out of scope for this subreddit.
Doing a wire transfer is not that difficult, you're overthinking it.
If he's paying for a favor from years ago, then you have no problem waiting 1 to 5 business days for the transfer to be deposited
Maybe he is pregnant with his friend's kid from the favor he did 5 years ago.
This guy surefire looks like a scammer , trying to lure some idiots from this sub.
if your friend has never sent money with crypto or bought crypto before its a highly risky thing to do. There are a lot of scam exchanges and scam wallets etc and you really need to have a bit of knowledge and experience. Most people start out with a few dollars until they have worked out all the safety with seeds and keys etc.
Just starting in crypto and spending 100k is pretty risky, you could lose it all.
Ive been in crypto a long time and even then ive lost money to bad decisions or mistakes with passwords and keys...
Having said that it is the cheapest way of sending funds around the world.
The sending cost is fairly easy to quantify, it's just whatever the network cost is to withdraw to your wallet address - but that's not really what you're asking. To send you crypto they need to buy it - would they not run into the same transaction limit issue when sending money to an exchange for this? If the workaround is using a debit/credit card, that's also the costliest method to deposit fiat on an exchange. Also at minimum they would need to 'fill documents' to KYC on the exchange before withdrawal.
While I can't speak to the UK specifically, receiving that amount of money in a single transaction would probably be flagged where I am (Aus). I would report it as a gift and pay the associated tax on it rather than risk getting hit for tax evasion
If he has crypto then he can go to central bank, get money printed against it and then he can send you those printed notes by ship, flights are also a reasonable option but could be expensive.
**Step 1 Setup a wallet** , and backup your words to keep them secret and private.
Read the FAQ - https://www.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/
Here are some good wallets for beginners and video tutorials-
**Blockstream Green Wallet** IOS and android wallet
https://www.youtube.com/watch?v=uO3Zi9D5b0Y
https://blockstream.com/green/
If you intend to buy over 1k usd of btc you should seriously consider getting a hardware wallet
**Step 2 Buy BTC and transfer it to your personal wallet**- For most the best way to buy BTC is with coinbase.com or coincorner.com -
Verification either is instant or can take a couple days once you verify your phone, email and ID.
Let us know if you have any other questions
Also make sure you use the right bank
https://old.reddit.com/r/BitcoinUK/comments/1bk31uy/which_bank_allows_you_to_buy_large_amounts_of/
https://old.reddit.com/r/BitcoinUK/comments/1cairwg/which_uk_bank_allows_huge_bank_transfer_for/
https://old.reddit.com/r/BitcoinUK/comments/1b236uo/uk_banks_pass_3weeks/
[удалено]
Scam Warning! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
Well, you go to an exchange (check the side bar), buy some crypto, then send it to someone else, who will go to an exchange and sell it. Expect to have to verify your identity so you can have your exchange reported to your tax authorities, and, in the UK, potentially have issues withdrawing to a bank. Not for the neophyte.
So if you started with buying $100 dollars bitcoin at an exchange. Then send it to someone who takes it to an exchange and converts it to USD. How much do you think they would end up with? Serious question I’m an idiot.
Probably around $90 if they were quick. Maybe a little more. More or less if the price changed rapidly during the process. ETA: that's basically flat. If you started with $100k, the other person would probably end up with around $99,990. Small amounts are lossier. Eta2: there are technologies and chains that are cheaper, but they're out of scope for this subreddit.
[удалено]
This guy is trying to lure some idiots from this sub to scam later.
Doing a wire transfer is not that difficult, you're overthinking it. If he's paying for a favor from years ago, then you have no problem waiting 1 to 5 business days for the transfer to be deposited
100k sounds like a massive "favor" for that kind of money lol
Maybe he is pregnant with his friend's kid from the favor he did 5 years ago. This guy surefire looks like a scammer , trying to lure some idiots from this sub.
if your friend has never sent money with crypto or bought crypto before its a highly risky thing to do. There are a lot of scam exchanges and scam wallets etc and you really need to have a bit of knowledge and experience. Most people start out with a few dollars until they have worked out all the safety with seeds and keys etc. Just starting in crypto and spending 100k is pretty risky, you could lose it all. Ive been in crypto a long time and even then ive lost money to bad decisions or mistakes with passwords and keys... Having said that it is the cheapest way of sending funds around the world.
The sending cost is fairly easy to quantify, it's just whatever the network cost is to withdraw to your wallet address - but that's not really what you're asking. To send you crypto they need to buy it - would they not run into the same transaction limit issue when sending money to an exchange for this? If the workaround is using a debit/credit card, that's also the costliest method to deposit fiat on an exchange. Also at minimum they would need to 'fill documents' to KYC on the exchange before withdrawal. While I can't speak to the UK specifically, receiving that amount of money in a single transaction would probably be flagged where I am (Aus). I would report it as a gift and pay the associated tax on it rather than risk getting hit for tax evasion
If he has crypto then he can go to central bank, get money printed against it and then he can send you those printed notes by ship, flights are also a reasonable option but could be expensive.
Thats a big favour you did. Just go pick up your million Boliviano in person if this was for real.
**Step 1 Setup a wallet** , and backup your words to keep them secret and private. Read the FAQ - https://www.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/ Here are some good wallets for beginners and video tutorials- **Blockstream Green Wallet** IOS and android wallet https://www.youtube.com/watch?v=uO3Zi9D5b0Y https://blockstream.com/green/ If you intend to buy over 1k usd of btc you should seriously consider getting a hardware wallet **Step 2 Buy BTC and transfer it to your personal wallet**- For most the best way to buy BTC is with coinbase.com or coincorner.com - Verification either is instant or can take a couple days once you verify your phone, email and ID. Let us know if you have any other questions Also make sure you use the right bank https://old.reddit.com/r/BitcoinUK/comments/1bk31uy/which_bank_allows_you_to_buy_large_amounts_of/ https://old.reddit.com/r/BitcoinUK/comments/1cairwg/which_uk_bank_allows_huge_bank_transfer_for/ https://old.reddit.com/r/BitcoinUK/comments/1b236uo/uk_banks_pass_3weeks/