Bitcoin Forum

Hello, while I know its has its faults, I've found that shipping cash via USPS can be fairly safe if done correctly. It is legal to send cash in the mail, and you can even insure cash if sent registered mail or possibly overnight express. I buy and sell precious metals for both Bitcoin and Cash, and when I accumulate Bitcoins,  I need to convert them to USD to buy more metals to deal, and paypal/bank transfer doesn't cut it most of the time. If I want to go into a local shop and pick up some coins, I need cash.

So if you are interested in working something out, I'd be happy to use escrow, and leave me a response here or pm me.

I've got around 7.5 BTC currently to sell, in any increments you wish, I just ask that purchases be larger than $20, else its not really worth messing with.

http://btcticker.appspot.com/mtgox/100usd.png = $100

I can give you 2700, all I have.

Pmed

Still Available.

I'm off for the night. If anyone is interested pm me, and I'll get back to you in the morning.

I'd like to know more about how sending cash in the mail works in general.  How are the buyer/seller protected by escrow?

There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller.  This can create a certain counter party risk from the escrow agent.

At least with cash-in-the-bank transactions there is some receipt given by the teller.

It sounds like SaltySpitoon has some experience doing this so I'm curious how fraud is prevented.

Well, fraud can be prevented a few ways. Registered mail is the best option, because its the safest shipping wise, and can be insured. When doing registered mail, the post office employee has to physically watch you seal up what you say you are sealing up in the package, so you can't commit insurance fraud. If you are shipping via registered mail, you can't just ship someone a wad of construction paper, with a tracking number and say it was cash, because the post office wont allow you to do so.

I've done a few smaller cash trades which didn't require registered mail, and we just did overnight shipping, but for larger sums of money, it is certainly worth doing everything right.

That's not true at all. Registered mail doesn't have to be inspected to be sent. I don't know where you got that information, but it is very wrong.

I use registered mail on a regular basis for high value metal sales, as thats the only way to insure silver bullion if its being shipped. You have to package it in front of the post office employee, and they make sure that the package is sealed correctly, and you are shipping what you said you are shipping.

Is that maybe because of the insurance you are adding to it that they have you do that?

http://about.usps.com/publications/pub370/pub370_012.htm

If you don't trust your escrow agent, you shouldn't be using them as an escrow agent.

The idea behind escrow is to use someone you trust as an intermediary in a transaction with someone you don't trust.

I think the issue he was talking about, is what if I sent the coins to escrow, they sent the cash, and instead of sending me cash, they sent me some newspaper clippings that are roughly the same weight as the cash would be. Then I would be saying that I didn't recieve the money, and the person buying the Bitcoins with have tracking information that said delivered. So the escrow agent would have to decide who gets the Bitcoin.

I can buy a few. let me know. how about cash deposit in your bank ?

The problem is, I use USAA, and the nearest bank is about 1,000 miles from me. That and, I'm not a fan of banks (for obvious reasons) and because I'm a precious metal trader which requires cash, bank wire, or check to buy or sell metals. My bank's wire transfer procedure takes literally hours, and I can't withdraw money straight from them due to location.

I actually don't especially need the cash anymore, as it wont be here in time for the coin show I was going to tomorrow, but I'll still leave the offer on the table.

PM sent

I can arrange cash into most any bank account, anywhere in the world in under 24 hours hours, usually 5-7 hours. Direct to your metals supplier perhaps.  Rate dependent, I am very interested.

PMed

Thanks for your pms everyone, but I think I'm set for now. I may have more Bitcoins to sell in the nearish future, as I do business from cash > metals > BTC and I need to repeat the cycle.

reopened for the time being.

you dont even have a local atm? that is all you would need.something doesn't seem right.

i wish everyone luck.

my main worry is postal workers stealing the cash and the inevitable problems messing around with the insurance claim.

Nope, admittedly I can go to an ATM and withdraw with my debit card, but I've had my account frozen twice already for suspicious withdrawals... of $500 each... I don't mess with banks anymore, they are a waste of time. I've had more Bitcoin related accounts frozen then I care to list. So I just do Bitcoin > Silver/Gold > Cash.

Well, if its insured, or mailed via registered mail, having the postal workers steal your money is very unlikely, first because with registered mail, they would be caught and fired, second, because the insurance will pay it out.

I've got somewhere between 6.5 and 7 BTC left to sell. I've got it spread out between BTC, LTC, and USD which is why I'm not entirely sure the amount.

aprox 5.5 BTC left

aprox 8 BTC to sell today.

forgot to mention that I can also do BTC-E USD for people that don't want to gamble on the BTC Rate and delivery time.

7 BTC Available.

Just realized that USPS money orders work as well, so adding those to my list if "will takes" in exchange for BTC.

Pm me for amount of BTC remaining.

strike that, my local USPS locations don't hold enough cash to be able to cash out $1000 worth.

Still have aprox 7 BTC available.

About 7.5 BTC remaining. Pm me with any inquiries.

Bump-oshi Yakamoto

+1 for Salty - quick and easy

Thanks. Bought a MoneyPak off of xjack, tis a great seller. Confirmed legitimacy of card and everything went quickly and smoothly.

Not at all.... I used to and sometimes still do ship out registered mail, every one has been prepackaged before shipment. All I do is go to the post office, stand in line, then ask them to ship it out. No 'packaging in front of them' required.


Yes you can. If you try to file an insurance claim they will ask you where is your proof that the item inside was worth the insurance you covered.


If you want to add in an extra $30, stand in line at the post office (no drop offs), and spend at least 30 minutes to an hour shipping out one item, sure. So far all registered mail I've done has always arrived with no problem.

Edit: Nevermind, I read the first page over and saw that someone already mentioned that you didn't have to package in front of them and you said you had to do it for precious metals. That makes sense, I 've never had to do that before in registered mail but I guess it should be done for more valuable items.

Yep, I guess its a different dealio for Precious metals. If you just tell them that you shipped say 10 Oz of some collectors coin that has a higher value than spot, they will just say, nope. So it has been my experience that for metals they have to watch you seal the package to confirm what you have in there. If thats not the case for sending cash, thats even better. I suppose the point is to make sure you have adequate insurance if you deem it necessary.

I too have never had a package go missing, or any other troubles with the postal service, however the extra money for insurance may be worth the piece of mind for the seller. Really completely up to them.

I had someone throw a fairly large sum of cash into a flate rate box, and just cover the box with 14 stamps. Not even tracking. Really all up to the sellers preference.

Still have a similar amount of BTC left to sell.