Bitcoin Forum

I was watching a video for coinbase.

It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?

Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?


I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.

There are many exchange like btc-e that you can store your bitcoin in usd.

You can't put USD inside of a bitcoin wallet. It's like trying to put a circle inside of a square; it's just won't work.

You can exchange the bitcoin for payment gateways (e.g. Skrill, PayPal, etc.) in the Currency Exchange section.

Yes. Coinapult offers this service. Check Locks in https://coinapult.com/faq.

For the record... you can put a circle inside of a square... as long as the circle is small enough :)
Put a wheel in a box
Put a condom in a wallet...
Put someones head up spongebob's ... I'm gonna stop there

You means put a fiat into fiat wallet? http://www.coindesk.com/fiat-wallets-the-key-to-bitcoin-going-mainstream/

You can store your usd in bitcoin exchanger(AFAIK). But hold for long term in bitcoin exchanger is too risky.

Most exchanges are like that. You send the bitcoin to your address in the exchange, you sell them and the USD sits in your account as a USD credit. They are not going anywhere until you withdraw USD to your bank account. But don't store large amounts this way on an exchange. It is generally considered not very safe. Exchanges can be hacked and you can loose your bitcoin and money.

You can use advcash
You deposit  in your advcash with bitcoin so it will exchange them to dollars or euros with out any bank account and you do not have to verify your account if your transactions are small
And of course you can withdraw the money to bitcoin again at any time

My friend you can do what you described with every single exchange out there, we'll except with Coinbase since they do automatic transfer of funds to your bank account.

Just pick up an exchange depending on which Fiat you want to withdraw to (EUR, Dollars) and send them your bitcoins. Beware that mostly all of the exchanges will make you do some kind of a verification process before you can withdraw your Fiat. Some will make you do this even if you want to send your BTCs to them (e.g. Bitstamp).

you can use circle or coinbase dollar account

it is very important to remember that you are trusting a third party with your money. so I suggest you not to do this because storing fiat or cryptocurrency (in this case bitcoin) on an exchanger is a very risky act.

you can store bitcoin in usd there are many exchangers avaliable on the net that can exchange bitcoin to usd but trust only on those exchangers who have lot of positive review and one think you should notice that before exchange btc to usd you compare the price of other exchangers then sell your bitcoin to those exchangers who give best price to you.so that you never loss your money

Coinbase actually let me select To CAD wallet for me. So i'm pretty sure Americans can pick To USD wallet. Just keep in mind, not all online wallet services have your money guaranteed in case of hack or other event.

May be if you have verified payza account, you can store your USD there. Because they provide BTC ◄► USD exchange itself.

Most major cities have exchanges where you can in-person sell your Bitcoins for cash. You walk in, sell your Bitcoin and leave with cold hard cash. If not, look on localbitcoin.com and you can find an in person exchange near where you live.

Unless you do it via cash exchange or deposit to the prepaid anonmyous cards, then NO.

If you want USD why do you even bother with Bitcoin?

Or do you want to trade between the two currencies to earn money on currency exchange arbitrage opportunities?

Try Coinut options exchange, there's a link in my signature...(if you ever come back to this thread to read these answers!)

If you're holding in dollars, quite a few of the aforementioned options like Circle adjust the BTC balance as its price moves around so you always retain the same dollar value. That may not be what you want so do your homework carefully.

I think anonibet does what you are looking for. You deposit your assets in btc to your account and there is an option to choose your account currency as usd. Once you complete the deposit process you see your balance as usd until you decide to withdraw. Once you want to withdraw they exchance your account balance from usd to btc with current rate and sends back to you in btc.

Why should he go to anonibet to do that, he can use any online popular exchange(btc-e,bitfinex etc..) websites to do that.

I m sure anonibet or some other major betting sites are quite safer than exchangers :) Never heard any of them bankrupt :)

Yes. Circle converted my first BTC transfer to USD which is what I wanted.

I will just send to Circle to lock in USD rate (but of course it's a pain getting increased limits).

I really recommend to use Coinbase if you want to do this. The Circle's service is handy but it is very high in fee. Barely better than what you,d expect from using Paypal in comparison.

There's a full decentralized currency that allows you to keep USD.

BitShares BitUSD is pegged to the real Dollar, and completely on blockchain. whatisbitusd.com / bitshares.org for more info

I am not sure about any wallet...Most of the wallets show bitcoins in different currency but i am sure about exchanges though
you can try yobit.net they have btc to usd exchange and you can store the amount in usd as long you like and can withdraw at any time :)

Most tips above are pretty good... just make sure you think about safety!

Bitcoins in a properly secured wallet (a paper wallet for example) are pretty safe...
Fiat money in a bank account is pretty safe (at least, in my country, we have rules and insurances about our bank accounts)

Fiat money in a shady exchange is not safe... The exchange can dissapear overnight, and taking all your fiat money, bitcoins or altcoins with them... Good luck getting them back in case of a default...
I wouldn't keep anything over $50 on an exchange for longer than a couple days... But that's just my personal view :)

Why would you use that, the USD will probably die soon. I head its this october a big crash could happen, who knows right? ???

BitShares offers BitGOLD or BitEUR too, if you don't trust the US dollar... :)

you can simply leave the amount on the excahnge, usd should be backed up more than bitcoin in case of fraud, but if it is a big amount you need to verify yourself first

exchanges can still block your account, or just steal your funds. I would never hold any currency in an exchange for long

Unless you do something illegal, i think exchanges such as Coinbase are properly insured;

"Coinbase is insured against employee theft and hacking in an amount that exceeds the average value of online bitcoin it holds at any given time."

You just have to see where the affected laws are in effect and enforced, which may be limited to the US and Canada at the moment.

Thats interesting, i like that idea.
Tough i wouldnt recommend people to use coinbase u.u

Yes Coinbase is insured just like your bank account is insured. They offer this insurance in all of the countries that they offer their services in, at least that's what they claim. It needs to be seen what would happen if actual hack and the loss of funds is to take place.

They could offer insurance, but what if the insurer denies it? It was the case with another company that has lost bitcoin but the insurer denied the compensation and then they sued them. It could take a long court battle to get the insurance. The insurance companies are sneaky bastards and always find an excuse to not pay.

Or, the company itself can be shady, and the insurer has no way of differentiating a legitimate claim or an inside job.

The insuring company is legally obligated to respect its contract terms. In this case they are very clear. "In case of employee theft and hacking" and it even insure an extra over the average price.

If the loss was caused in a way that could be proved to be outside the contract terms, then and only then they could deny and not get rolled over in court for doing so.

Sure but that is difficult to prove, and these bitcoin insurance contracts are usually 100+ pages long so it's hard to determine what exactly happened and if the contract covers that aspect of it.

Also if the suspicion arises (it could be in many cases) then the insurer could get an investigation going about wheather it was an insire job or not, to not get defrauded.

The inside jobs are very common these days with many companies so i dont blame the insurer for that, but it's just funny because all this uncertainty will make customers less safe and less trust about the company.

Plus with these events going on, i doubt many customers feel safe about this insurance, because they might not really be so.

But according to the contract overview, insider job is also covered. I'm guessing they have some sort of system where it make it very hard for a single person to just steal Bitcoin, or a significant amount with typical multi-key (In this case multi key signatures) to unlock a vault (or in this case the wallet).

It must be solid enough for the insurer to having decided the premium collected is worth the statistical risk that could be loss in case of theft, hack or insider job.

Just like I said, they do offer it in a theory, but if actual hack would happen it would be interesting to see what would happen. Especially since this is a completely new field for insurers as well. Something tells me that they would find many loopholes they would actually try to use not to pay out insurance.

They would probably be forced to do a settlement, which could take a very long time of going through court before it is reached. I guess in the best case scenario, it still mean losing accept to your money/BTC for quite a long time, thus only leave what you can afford to lose, online, even if you may or may not eventually get it covered by insurance.

Exactly, the laws are so vague and badly verbalized that it can be interpreted many different ways.

The mere fact that these contracts are 100+ pages long makes it hard to summarize and can have many clauses that could put further loopholes.

I tell you even if they would win a legal battle against a non paying insurer, it would take many years in court, at which point customers would totally lose faith.

It's the same old sneaky shit that happened in Cyprus with the banking insurers, people barely got back even the 10000€ that was "guaranteed" to them.

That's why the best thing is to never fall in a situation like this. Keep you coins in your wallets on the computers, where you will be the only person that has the access to the private keys.

easiest way that I recommend is to use btc-e
register then deposit your bitcoins then sell them for USD, then your balance in USD will be in your account

make sure that you use a unique password and use 2FA for more security

But exchanges are not really secure and a bad way to store currency for any longer length of time but short. You're just asking to lose your money one way or another. The second you put your BTC or USD in a centralized location, your money is now subject to lingering around in a vulnerable environment.

If anything happen to the exchange, you may lose your money.

Dont you try perfect money..???many exchanger there.But i dont recommend this. Just use paypal for security reason.convert your bitcoin to exchanger site and store it to paypal....
if You want to save your bitcoin or store it securely you choose paper wallet and make it rar file with security password put it on the usb with security passorwd
Here procedure
Download the usbsafeguard.exe and copy it to your USB flash drive. Run it from your flash drive and enter a password to lock the drive. To unlock it, run the file again and enter the password. The locking procedure must be repeated every time you want the drive to be locked as the tool will remember its last status, i.e. locked or unlocked. This also means that you can change the password every time you use USB Safeguard.
Link https://userscloud.com/1e15yz44bmic (https://userscloud.com/1e15yz44bmic)

You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.

They are pretty new, not that established, but definitely better than paypal and with less restrictions.

It seems like old companies always fuck up in innovation. I`d use them.

Maybe so but if OP wants to store USD online, i don't think Payza is it. In term for safety, Paypal might be better, but in truth i think this simply should not be done. Buy gold and hide it pirate-style 6 feets bellow in your garden or something.

On the upside, if Fiat ever break down, Gold will still be worthwhile.

Haha, gold can be stolen too, not very good

Bitcoin & land is pretty good. A land is always yours, while bitcoin too, good stores of value.

Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".

It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.

If it fail you lost everything, Hence a bad store of value.

Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.

I think toilet paper is a better store of value than Bitcoin ;)

Storing bitcoin in USD will loose it's net worth over time. People see this as a protection against the falling price. Yes it will prevent your growth in the raising market.

Gold can be stolen by "confiscation", if too many people start to use it. All vaults are at the mercy of the government, if they choose to enact a law to confiscate gold, and give you a "redeemable" toilet paper , then you are also mistaken.

Bitcoin on the other hand cant be confiscated, even if its price is volatile.

Confiscated, do you live in Brasil or something? Its completely illegal for the government to do this here. If you live in a country where you cannot trust the government, then i would understand your prerogative and would leave it as an option for people that live in countries with stable governments.

You can also store you bitcoin into usd in perfect money just register there and goto exchanger to convert your bitcoin to usd and then after you finish your bank account you can use some and few exchanger there to transfer it into bank account... goodluck think before you do. just first review the site before you changing money or transfer. you use some website to know if this is scam site like scamadviser.com.Better trust score is the best than low..

I dont think there is a country where you can trust them :D

I mean they make the laws and can change it anytime, they just issue an emergency executive order to "save the economy" and boom your gold is gone, they will confiscate it all...

Hmm, you cannot just "chance the law" here, it is a long process and cannot be overruled just because the head of the government say so, or anyone for that matter. There are some clause that allow executive powers in time of Crisis, however.

But i very much doubt you having a brick of gold in a private vault is within the domain of national security.

I would believe it may not be safe in many places in the world, but i am not under the impression that it is a risk in Canada. And i doubt it would be in the US, europe, etc.

It *is* going to be safe in a vault from the angry rioters and only countries not able to self sustain will break apart if a "global meltdown" happen. And if a "actual global meltdown" happen, then BTC will be worthless, so will USD, so storing such currency in this post-apocalyptic scenario is moot.

In such case, goods will be the currency as we go back to a bartering system. So Gold, Water, toilet paper would be a better investment in this scenario of yours. Of course you would need a bunker too. ;P

But for OP, the solution is clear, he need to trust a 3rd party to hold his USD since he wishes to hide it from his bank. So he does not have many options. Buying gold is a good one.

You might to try Nubits, that i tried already, or BitShares, BitUSD or CoinoUSD on NXT. All these are altcoins that you can withdraw from exchanges and hold them in your own wallet. That way you don't risk that you lose your Dollars when an exchange goes down or get hacked with your coins or fiat in it.