Bitcoin Forum

Make no mistakes, I love bitcoins but I've seen their value going up so much and so fast without me understanding why, that I can't be sure it couldn't go the other way around.

If bitcoins suddenly go down fast, I want to know what to do. Where's the way out? I guess most people would hold to their bitcoins believing it's only temporary, but if you have to sell bitcoins quickly, what exchange (or other service) do you recommend? Which is the fastest?

It could be bitcoins to Paypal, to Liberty Reserve or to a regular bank account. My only requirement is that it has to be online. I don't live in a big city, so arranging to meet a potential buyer would take too much time.

Thank you for your answers.

If you have your bitcoins on an exchange instead of your wallet, you can sell them instantly. You don't even need to do anything, you can just put in a book offer to sell them for $140, for example, and if the price increases to that they will be sold. (edit, fixed example amounts)

https://fastcash4bitcoin.com

we will lock in a price before you even send the coins and pay you the same day.  With PayPal, Dwolla, or Bank Wire funds will be in your account in a few hours.  Obviously some methods like ACH will take a few days for the funds to arrive.  

Pro tip: if you are going to try and time the market I would make and setup an account now (maybe even do a small sale as a test).  We have limits on site, based on our available funds and never accept an order can can't instantly pay.  In a fast moving market we could run out of funds.

I used fastcash4bitcoin for the first time yesterday. I sold a bitcoin and bought Bioshock: Infinity with the money a few hours later.

So say you purchased all your btc through Mt.Gox, you could instantly sell them when needed?(is this what you're saying?) ...if there are buyers for the price proposed of course

So maybe it would be smart to open accounts in several exchanges, just to be ready. Best would be BTC to Paypal. Or is there some "clearance time" necessary to process the transaction?

You can buy and sell bitcoins for real money on exchange without waiting if you have the required funds. That means that you made a bank deposit if you want to buy them (could take up to a week to proceed), or if you deposited your bitcoins.


But then, when you sold your bitcoins in the exchange website, it could take several days before you will get the money in your bank account.
It does not really matter, because even if the price reach 0, you still finished your transaction.

Thank you for those quick answers.

So there's FastCash4Bitcoins, and besides any other service which can turn BTCs to Paypal in, say, one hour?