Bitcoin : How I sold 0.3 BTC for cash while abroad
A week ago [I made a post asking advice on how to sell bitcoin for the local currency in cash while abroad](https://www.reddit.com/r/Bitcoin/comments/8zi6cw/selling_bitcoin_for_cash_while_abroad/?st=jjz10e3h&sh=8d75a531). I did it. The struggle is worth a post.
I don’t have a bank account in this country. My bank is in my home country and my funds are very limited so I want to save it for when I need it the most. However I have a fair amount of bitcoin. I don’t have a phone number here either.
Went to localbitcoin.com : Buyers for cash listed there are very few and far apart. The bidded price there is at least 15% below the current exchange rate. I tried to post my own offer but did not sign up because they asked personnal information and to confirm via text message, which I can’t.
Go to the local bitcoin meetup: those meetups are only once a month, and I would need the money before. Previous meetup groups I subscribed to had rules against sellers, so I did not want to PM members and risk getting banned. I still plan to go to the meetup but I had to find another way.
Use my exchange in my home country: I am registered at a small exchange in my home country with my real ID. There would be fees to send my btc there, fees to convert it to fiat, fees to withdraw it to my bank account, and my bank will charge me fees to convert my home country fiat to the local fiat, and fees to use an ATM abroad. That is the last resort option.
Search in facebook: I only found newspapers articles. I thought people commenting those articles had an interest in bitcoin so I PMed a few of them (about 5 people). The only response I got was ‘fucking scammer’. Then posted my own offer on facebook and it was automatically removed because digital currencies is in their list of prohibited items.
Craigslist: I found no post of persons willing to buy bitcoin. I published my own post. Still didn’t receive any answer after a few days. I found posts of money lenders and I wrote to a few of them (5 people). I received one answer. I replied we would meet in a public place and how I want the transaction to take place. No more answer. Maybe that’s best for my safety.
Local craigslist equivalent: No post of persons willing to buy bitoin. Impossible to make a post without confirmation by sms.
I went out to a bitoin ATM in the city. The ATM is only for buying bitcoin. Price is 9% higher than the current rate. I waited 45 minutes and no one showed up.
I went to another ATM. It was supposed to be at the top floor of a commercial building. I didn’t find it. However a company there had the word cryptocurrency in it’s name. I was wearing shorts and t-shirt. I decided to come back there the next day with nicer clothes.
I went there the next day and rang the bell. A lady answered the door. I expained I am a foreigner, I have bitcoin, and I don’t know where to go. She let me come in and sat down in a meeting room. An office girl showed up and she told me in english that the lady is willing to buy, but only 20% below the exchange rate that I checked earlier that morning. I had no wifi to verify it. I told them to refer me to anyone willing to buy, we exchanged email addresses, and I walked out of the office. Luckily as I was walking out the door, the big boss was walking in at the same time, with two guys I guess he invited to some meeting. He asked the lady who I was, she told him, and he told me to come inside with him. We sat on large sofas in an open space near the cubicle workers, me, the boss, and his two guests. There was a large screen with the BTCUSD minute chart. It was going up. The lady came back to me, and offered to buy my bitcoin for cash, less than 1% below the current rate that was showing on the screen. I accepted, she generated a public address, I scanned it with my phone and sent the 0.3 BTC.
While waiting for the confirmation I asked what they do for business. I haven’t got a clear answer but it looked like a tech business trying to develop some altcoin. The ladies working there who knew english and talked to me, had not much knowledge of the bitcoin technology. I explained we had to wait for the transaction to be confirmed, because many computers are working on it. The two guests listened carefully and seemed very interested in the technology.
After the first confirmation, they worried a little because the bitcoin didn’t show up as confirmed on their wallet. I explained that one confirmation is sufficient for me, but maybe their wallets waits a little longer before allowing the transaction. I suppose it’s actually an exchange account. I explained everyone can create wallet outside of an exchange and make transaction person to person, and the more people between, the less good it it. One of the guest made a thumb up sign and said ‘Good!’.
Once it was confirmed on their part, they gave me the cash. They even counted it with a money counting machine. It is the first bitcoin she holds. It is my first successful bitcoin transaction. We took a group picture with the btcusd chart going up in the background.
I am very happy I can actually travel around the world with my bitcoin. I can’t wait for the day bitcoin is adopted by enough people so we can do purchases directly with it. Person to person. Thanks for reading.
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