Will we be able to withdraw crypto from local banks?

[Richard92]

For now I don't think is possible to withdraw crytocurenccy from local bank, but I know in few years to come it will be possible when it is now a general accepted and also when all the crytocurenccy now have notes. However most countries are now have Bitcoin ATM machines where you can make transaction on Bitcoin.

 

[Sehrish]

Blockchain wallet is a digital wallet that is made to hold cryptocurrency like ether or bitcoins. Any individual can create an account on blockchain to get access to platform where bitcoins can be traded. To make a blockchain wallet account is easy, once you make the account a distinguished address is given to you to illustrate you as a wallet holder. You can easily sell your bitcoins through blockchain wallet using this site. This company is established in England but serving the users of bitcoins all over the world with the facility to buy or sell bitcoins whenever and anywhere the want. This company has made it easier for users to exchange bitcoins for other currencies. If you have a blockchain wallet account and a bank account, the process has become even easier for you. Deposit the bitcoins available in sitcoms wallet account to their website and they make instant payment to you in your bank account. payment is fastest on the internet. While other exchange companies delay the payment.

 

[Erik4150]

I have been using luno to withdraw and convert my cryptocurrency to fiat currency. There are other cryptocurrency wallets that has features to let you to convert your crypto to fiat currency. But luno is the best for me.

 

[EMMANUEL]

Bitcoins can not be withdrawn into a bank account directly. You can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the funds from there. The first method may be quicker to set up but is a bit more risky.

 

[Ridorz]

This is being doing indirectly, If I understand your question very well. Because I can change my cryptocorrency to my local currency through a Luno wallet. I can transfer money from my local bank account to cryptocorrency and withdraw crypto to my local bank.

 

[BrolySSJ]

Crypto can not be withdrawn into a bank account directly. You can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the funds from there. ... Directly trade with someone who wants to buy crypto using currency.
Otherwise may be in future it will be happened in all over the worled but now there us no way.

These are good ways to sell your crypto in exchange for the fiat currency even if you are not able to do so directly at a bank. The advantage of selling it to someone directly who can transfer the funds into your bank account id that to a certain extent there is an element of being able to negotiate the price, and you may be able to make a bit more than you would, should you have sold it on an exchange or via a third party.

 

[LaylaG]

Yes there are some crypto currency wallet that provide an opportunity for people to withdraw their cryptocurrency or to withdraw your cryptocurrency to local Fiat currency, example of such crypto wallet that has the possibility to do so is luno or Roqqu,they are the best and most favourite crypto wallet because with them you do not have to bother about sending cryptocurrencys to other places so as to be converted to Fiat, you can just sell it to them and have your money transfer to your local bank account.

 

[Damscooguns73]

Concerning If the cryptocurrency coined called bitcoin can be withdrawed from local banks. well, I hear that they are now bitcoin ATM which am not sure of and I have not come across it over here but I believe with time and how bitcoin is affecting the market, one will be able to make bitcoin or any other valued cryptocurrency transaction in our local banks

 

[singlej007]

Yes, it will happen soon, with the way crypto is affecting the world and individuals life, but I don't see it happening anytime soon, because crytp is a virtual currency and has no intense of turning into fiat. But as soon as our local bank accept it, it may have it own atm, even if you cannot withdraw crypto but you can use crytpo atm card to access your local bank and withdraw equivalent of your crypto in local currency.

Post automatically merged: Jan 20, 2021

Yes, it will happen soon, with the way crypto is affecting the world and individuals life, but I don't see it happening anytime soon, because crytp is a virtual currency and has no intense of turning into fiat. But as soon as our local bank accept it, it may have it own atm, even if you cannot withdraw crypto but you can use crytpo atm card to access your local bank and withdraw equivalent of your crypto in local currency.

 

[Osaz96]

Well I think it will get to that point where crypto currencies will have their own ATMs but I’m not sure banks will embrace it, if it happens I don’t think all banks will. Right now what we can do is transfer the cash equivalents of our coins in our wallets to our bank accounts but let’s see where technology takes us in the coming years.

 

[Samuel77]

According to my own point of view, I don't think local banks will supoort it and we will be able to withdraw from our wallets directly from ATM's this is because banks has never accept and cryptocurrency and not everyone like using them. But still anything is possible. That is to say it is possible for cryptocurrency to create their own banks

 

[Ebuka Stephen]

Yeah very true the crypto market is getting recognised globally.now adays it easy to send or transfer money from my coins to bank account, before it will take years but now different crypto wallets have made it easier to do so.

 

[Kamon c4]

Cryptocurrency automated teller machine(ATM) have been made available in some developed for more than 2 years now. Though it was wise of you to think like this but it has been invented. Example of countries where this is available is the USA, Japan, China. Though this development hasn’t reached Africa yet but it’s spreading fast

 

[Robrown83]

I think it will soon get to that because the way crypocurrency are moving around the world now especially Bitcoin very soon all the other countries will accept it to be withdrawn from their local bank.

 

[Dowenship]

I had a discussion with my wife's husband because he was a banker, and I asked him about banks being inlvolved in crypto currency and what he told me was even if any of them was found with a wallet is an automatic Withdrawer from work. But yet I believe because they have little or no knowledge about it that's why the law was passed accross

 

[Goldentaby]

Do you mean withdrawing Cryptocurrencies into fiat money directly? If so yes it will happen for sure some banks are allowing this already there's even a bank here in my country that sells Bitcoin. When the world fully accepts Cryptocurrency everything will adapt it for sure.

This question we can only answer for ourselves. We don't think so. Why would you go all the way to an atm machine or local bank, like that for something you can do on your screen, or even your mobile, anywhere? Only at home, comfortably from your armchair or sofa, for example, when you're watching your favorite movies.

It is mainly businesses that want to raise an extra penny, judging by the local bank locations.

 

[Sake]

This question we can only answer for ourselves. We don't think so. Why would you go all the way to an atm machine or local bank, like that for something you can do on your screen, or even your mobile, anywhere? Only at home, comfortably from your armchair or sofa, for example, when you're watching your favorite movies.

It is mainly businesses that want to raise an extra penny, judging by the local bank locations.

Exactly, it's meant to be the money that will be circulating on the internet which we can fully control with just our smartphones, that's what cool about Cryptocurrencies. Well we have coins.ph in our country for exchanging crypto in our own local currency so ATM and banks probably isn't that nessesary atm.

 

[Mrallison]

Of course it's possible but i guess crypto currency will have to hold on much longer because it won't happen right away. It is however a good idea in as much as people are diving into the crypto currency world

 

[Eodine]

The world is adjusting to the changes that meet us almost everyone knows about crypto currency and when people are aware there would be more crypto exchange companies to convert to our local banks.

 

[Shigobad2020]

I dont know much about withdrawing your crypto currency into your local bank directly in Nigeria, but i think they are doing it in some country, since luno account can do it, I think its becoming a reality that crypto currency will soon be doing it.