How to prepare for cashing out crypto in the United Kingdom? (Beginner questions)

DavidS said:

How do you cash out GBP, USD, EUR in a "decentralized exchange"?

Click to expand...

Localbitcoin. You send bitcoin to an escrow, the other person sends fiat to the escrow. You receive the fiat on your bank account.

With more and more people asking how to cash out cryptos recently by over complicating the whole process like an Ocean’s eleven script you simply realize that wealth isn’t for everyone...

maybe the old money institutions didn’t have it that bad when they financially suppressed societies and only a few could reap the fruits of capitalism... now with crypto is a different game.

and you’d think that early crypto adapters or hackers/investors would have some common sense lol

babaorum said:

Localbitcoin. You send bitcoin to an escrow, the other person sends fiat to the escrow. You receive the fiat on your bank account.

Click to expand...

No game. Bank account is seen by tax man and also reported by CRS / FATCA.

Don't see advantage of using LocalBitcoins over Coinbase in this case you mentioned. What are the advantages?

DavidS said:

No game. Bank account is seen by tax man and also reported by CRS / FATCA.

Don't see advantage of using LocalBitcoins over Coinbase in this case you mentioned. What are the advantages?

Click to expand...

You can get the transfer from a personal bank account. And not a company like coinbase that your bank knows of.
So if you live in a country that prohibits crypto or your bank has blacklisted all the exchanges its a solution.
Also if it comes from a private bank account your bank does not know you deal with crypto.
So no bank account closure or anything like that because you deal with crypto.