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Author Topic: Bitcoin to USD  (Read 3805 times)
uptheante
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June 10, 2011, 03:26:21 PM
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Hi all, may I know what is the most cost effective way to transfer Bitcoin to USD (without using a US bank account)?
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soul4soul
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June 10, 2011, 03:40:24 PM
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paypal is the easiest ( and least safe.)
Sultan
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June 10, 2011, 04:20:21 PM
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Using Liberty Reserve to fund an mtgox account is best.

I would suggest steering as far away from paypal as possible. There was a previous merchant who bough and sold BitCoins using PayPal, however his accounts was frozen as PayPal do not allow currency exchange (implicitly meaning that they acknowledge BitCoins legitimacy as a currency).

Or you can buy them over-the-counter with somebody else who will meet up with you in person to exchange them with cash or give you a bank account to deposit the money into.

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I then use the money to buy BitCoins. You can too!
silversurfer
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June 10, 2011, 04:27:35 PM
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For small amounts, try the VirWoX exchange to Linden dollars*.  Then exchange Linden dollars for USD or EUR.  PayPal withdraw fee appears to be 1 USD on VirWoX.  Or cash out Linden dollars on the official Second Life exchange, Lindex.  Also a 1 USD flat fee for PayPal.

*The Linden dollar (SLL) is pretty stable and can now be sold at a rate of 260 SLL to 1 USD including fees with a limit order on the Lindex.  So maybe use 260 as a yardstick for SLL values...

That which is falling should also be pushed.
FreeJAC
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June 10, 2011, 06:20:06 PM
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So L$ => Paypal is ok but not Bitcoin?

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silversurfer
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June 10, 2011, 06:26:20 PM
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So L$ => Paypal is ok but not Bitcoin?

Yes, because here you are receiving PayPal from a large gaming company (Second Life) or the largest third party exchange in Second Life (VirWoX).  Probably a lot less risk than dealing with individual PayPal buyers (who might reverse their payment). 

These Linden dollar exchanges do a lot of business.

That which is falling should also be pushed.
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