Join 59,369 users and earn money for participation

How do I change Bitcoin Cash to FIAT in Venezuela? (My experience)

0 2 boost
Avatar for ramonoropeza
Written by   82
10 months ago

I have to thank @tula_s for this question. It is interesting everything that has had to happen to be able to be here writing this article. I will immediately give you an outline of everything I do to make this change.

Preliminary information:

  • All my BCH addresses are backed up on my home computer and I also had them on my cell phone. I also have them in my telegram chat.

  • I use the Bitcoin.com wallet for Android to have all the addresses on one device, now I am using the Electron Cash SLP wallet to carry out the transactions. (I particularly like bitcoin.com wallet very much but I must wait to have a cell phone again).

Well, the map of the platforms I use to make this change is as follows:

BCH wallet - BCH wallet in UPHOLD - Exchange in Uphold BCH / USD - Exchange USD/Bs.S with Uphold users through groups in Telegram.

I will explain the process first and then why I do it this way.

The Process

From my Bitcoin Cash wallet I send to a Bitcoin Cash wallet associated with my UPHOLD account. UPHOLD does not charge commission for deposit, point in favor. Then, I use the internal exchange of UPHOLD (SWAP) which charges (1.4% of the amount), when I already have the amount in USD in UPHOLD, I must find a UPHOLD user who wants to make the exchange for Bolivares. I find these people in many parts, but it is very safe to do it from Telegram, in telegram groups to exchange currencies and cryptocurrencies between Venezuelans.

Here are three transactions: BCH entry, BCH / USD exchange, sending USD
Here I contacted a buyer.
This is the payment receipt that the buyer sent me
This is the reference exchange rate, this rate is used for cash dollars. The "electronics" are traded below that rate, in my case 190,000Bs.S.

Why do I do it this way?

This process is due to an accumulation of experience that I have had on the internet. When I started looking for ways to generate money online, the first thing you want to know is where you will receive the money. And by then the answer was paypal, so I had to have a paypal account. But to have a paypal account you must have a USD credit card to verify and confirm the account. There are payment processors like Neteller and Payoneer that could give me that possibility, Uphold was a new player. I did not have the possibility to access neteller or payoneer. However, one day I learned that I could have a card through Uphold and the possibility of financing it with cryptocurrencies and I liked the idea because I had already used LocalBitcoin to buy BTC and try to be a trader (bad experience). But when I entered the site and tried to get the card, the service was disabled due to some restrictions that the site had. The time has given reason to cryptocurrencies and it is already possible to have a crypto-funded card (I don't know if Uphold already has the service available, but it should not be far). That was my first interaction with Uphold.

When I got my paypal account and generated money in Humanatic (Auditing calls) I had to change them to bolivars. A friend who had time on this told me to use telegram since he knew the people there and the transactions were secure. So I started using telegram. There I got to know the universe of payment processors and banks that many Venezuelans use to overcome hyperinflation: Skrill, Payoneer, Uphold, Paypal, Accounts in Panama, Zelle / Wells Fargo, Bank Of America and Cryptocurrencies.

The process of changing my BCH to FIAT is relatively quick because it takes no more than a few hours to complete, but it is not immediate. Since I send BCH to UPHOLD, it receives it and it is reflected as an amount on hold and that wait (confirmation) takes between 45 minutes to an hour or an hour and a half. Then finding a USD buyer via UPHOLD on telegram may take a little longer or be immediate, this depends on the time and day of the week. And that person must make a transfer from their bank to my Bs.S account at my bank.

So far, the process I have currently used to change BCH to FIAT. But this process has not been the only one. I will quickly explain one that I used until recently.

Many know that I used Steemit for a long time, so to change SBD or STEEM to BS.S I used a Venezuelan Exchange called ORINOCO, they have their STEEMIT account and the transfer was internal. So the process was very fast. The point is that many times I had other cryptocurrencies to add to the SBD and they added something more to my account in BS.S and the way I changed them to SBD was through BLOCKTRADES. A process also comfortable and easy to use. I understand that they use the STEEM Blockchain to do many of their processes. Now they use HIVE. Well, there was a time when I passed my BCHs through Blocktrades to convert them into SBD or EOS and change them into ORINOCO but this process was slower and represented a loss of value for my BCHs due to commissions and exchange rates. So I completely abandoned it.

Transactions that I have made in Blocktrades.
Orinoco exchange interface

I know that Local.Bitcoin.com exists as a P2P exchange house but the buyer rates are very low compared to the Uphold rate that the market rate uses. The ideal would be to be able to spend my BCH directly in Venezuelan stores, but few do and the rates are not favorable to the buyer. For this reason, the best option, at the moment, is to switch to FIAT. However, all this is a reflection of the financial and economic revolution that Bitcoin Cash and cryptocurrencies are capable of. Give access to the global financial system without greater intermediaries than the users themselves.

2
$ 0.00
+ $ 7.53 in other submissions
Sponsors of ramonoropeza
empty
empty
empty
Avatar for ramonoropeza
Written by   82
10 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

Thnx your news

$ 0.00
9 months ago

I have always wondered how people in Venezuela change BCH to fiat. As I see, exchanging into USD is easy, but you cannot exchange directly into Bolivar. Too bad that there are still so few offers on local.bitcoin.com. But it must get better with time. Maybe the merchants will start BCH adoption soon.

$ 0.00
10 months ago

I hope the deals improve on local.bitcoin.com. It would be great to do this exchange directly. I'm glad that this article has been an illustrator of this process! Greetings my friend!

$ 0.00
9 months ago

May be interesting for you: https://instabitcoin.net/

$ 0.00
9 months ago