Is betting with Bitcoin legit? Out of all the betting sites, is Stake.com legit? (Check out these betting site reviews as well: Crypto Casinos.) And if so, if you sign up and win big, how would you cash out?
Winning big on platforms that accept Bitcoin and other cryptocurrencies is just as safe, easy, and fun as any other online gambling site. However, cashing out may be a different story — especially if you want to cash out in, well, cash.
In this article, we’ll examine several methods of cashing out your Bitcoin or Ethereum or other cryptocurrencies which you might have won from Stake or any other gambling site that accepts cryptocurrency deposits and withdrawals.
If You Live in a Big City — P2P
If you’ve won or simply wish to cash out from your bitcoin bets, then you’ll possibly be wanting to turn them into something more stable.
You can move them to an exchange of your choice and sell your crypto for fiat or stablecoins. Another option is to move your cryptocurrency onto your hardware wallet or other types of crypto wallet — and sell your betting wins/funds for fiat.
is one idea.
It’s like a peer-to-peer marketplace. There, you can find people locally and internationally who are willing to buy your BTC for cash delivered in person or deposited to your bank account.
Fascinatingly, you can also sell your crypto for other things: gift cards, debit cards, other cryptocurrencies, and even goods and services like cars.
The one caveat to watch for here is that if you want to cash out anonymously — i.e. in person crypto-for-cash — then you might be hard pressed to find someone looking to purchase in your area (unless you live in a major city).
You could set up your own profile and offer your crypto for sale. However, you will need to go through KYC to do so.
Another idea is Bisq
Bisq is another P2P exchange. It does not require KYC.
However, since it’s fact that scams abound, Bisq does impose limits.
“For most bank-based payment methods like SEPA or Zelle, the maximum trade size is 0.25 BTC. For services like PerfectMoney and AliPay, it is 1 BTC.
Lower-risk payment methods have higher initial limits which increase over time through a mechanism called account aging (in short, account aging allows 25% of the full trade size to be traded as soon as the account is created in Bisq, 50% of the full trade size to be traded after 30 days have passed since account creation and 100% of the full trade size 60 days after account creation). Basically, the older an account is, the bigger trades it can do.
Higher-risk payment accounts must be signed by a trusted peer in order for account aging to begin. Until this signing, they are limited to buying 0.01 BTC per trade, regardless of how old the account is.”
If you’re looking to make a face-to-face transaction then keep in mind the limit is 1 BTC. Also, keep in mind that various risks might come up.
Face-to-face transactions, beyond carrying the risk of mugging or robbery, also pose other risks:
- Counterfeit money. Consider buying a pen that detects counterfeits.
- The other person not holding up their end of the deal
- No-shows that waste your time.
Still, the fact of the matter is that if you want to transact anonymously, then using Bisq and meeting in a face-to-face manner is an option that exists. Though, again, it may only exist if you live in a larger city.
If You Live in a Small City — BTM
Living in a small city has its perks: country life, less traffic, cleaner air (possibly?). If you’re a bitcoin gambler you may be living in a small city because you might not have access to any casinos or other gambling establishments.
In this case, how could you cash out your winnings?
A more convenient option would be to visit a BTM — a Bitcoin ATM.
Many BTMs allow “bi-lateral” exchanges. That’s fancy-speak for being able to both buy and sell BTC at these ATMs.
You can find one close to you using a website called Coin Radar.
Various BTMs have various limits but many will not require KYC below certain transaction amounts. They do have fees, however, as any ATM will often have. So be prepared to pay anywhere from 3% to 9% per transaction.
A couple of pointers when using BTMs
- Exercise the same caution as using a regular ATM
- Test with small amounts first
- Know the fees first
BTMs can help you turn your betting funds into cash, but they have limitations like any other ATM.
If you’re still looking for other methods, perhaps finding a Bitcoin or cryptocurrency meetup near you might be another option. Then you can meet up with fellow BTC enthusiasts and have a more trusted experience than through a random meeting on a P2P exchange or an impersonal exchange like with a BTM.
The most important factor, no matter the method, is to always protect your private keys. Make sure no one and no BTM see’s or uses your private key in any way.
Best of luck turning your winnings into useable funds!