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Author Topic: I want to store bitcoin in USD without transferring to my bank?  (Read 4045 times)
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September 29, 2015, 04:43:18 PM
 #21

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.

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September 29, 2015, 04:58:43 PM
 #22

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 Smiley Never heard any of them bankrupt Smiley
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September 29, 2015, 07:26:00 PM
 #23

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.

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).
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September 29, 2015, 07:56:58 PM
 #24

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.

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.

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September 30, 2015, 08:40:24 AM
 #25

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

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September 30, 2015, 09:46:38 AM
 #26

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 Smiley
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September 30, 2015, 09:51:49 AM
 #27

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 Smiley

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October 01, 2015, 02:21:00 AM
 #28

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

Why would you use that, the USD will probably die soon. I head its this october a big crash could happen, who knows right? Huh
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October 01, 2015, 07:23:34 AM
 #29

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

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

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

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October 01, 2015, 07:29:33 AM
 #30

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
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October 01, 2015, 07:37:43 AM
 #31

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

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October 01, 2015, 02:49:48 PM
 #32

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.

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October 01, 2015, 03:02:52 PM
 #33

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

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October 01, 2015, 04:36:45 PM
 #34

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.

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.
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October 01, 2015, 07:42:48 PM
 #35

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.

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.

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October 01, 2015, 08:16:25 PM
 #36

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.

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.

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October 01, 2015, 08:55:33 PM
 #37


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.

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October 01, 2015, 08:59:36 PM
 #38


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.

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October 02, 2015, 09:18:18 AM
 #39

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.

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.

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.
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October 02, 2015, 11:49:34 AM
 #40

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.

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.

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.

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