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dfg
June 29, 2010, 12:41:39 AM
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June 29, 2010, 03:36:36 AM
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Yes, I sure did!  I was a little concerned, but everything seems alright so far.
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July 11, 2010, 06:30:54 PM
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Just out of curiosity - what if I had to exchange large amount of cash, say few thousands of $, for bitcoins and then send them to my friend who will have to exchange them back to cash - would this be possible? If I'm understanding this correctly volume of daily exchange is only about few dozen bucks, so, is is possible to exchange larger amounts of money?
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July 11, 2010, 06:40:10 PM
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Absolutely, you can exchange as much money as you have bitcoins for. 

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July 11, 2010, 06:45:51 PM
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Just out of curiosity - what if I had to exchange large amount of cash, say few thousands of $, for bitcoins and then send them to my friend who will have to exchange them back to cash - would this be possible? If I'm understanding this correctly volume of daily exchange is only about few dozen bucks, so, is is possible to exchange larger amounts of money?
The more bitcoins you buy, the more expensive they get and the more bitcoins you sell, the less expensive they get, so if you tried to transfer a large amount of money within a short amount of time, you'd be buying your bitcoins expensively and selling them cheaply. In other words, it would be expensive. Experiment with small amounts of money at the Bitcoin Market and if you're in the EU, also try out the Bitcoin Exchange. The market style buying and selling is a bit confusing for the first few minutes, but once you figure it out, it's really very simple. You can see what kinds of offers are already on the table to determine how much you should transfer. And as you transfer money, you'll see how the market responds.

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July 11, 2010, 08:26:55 PM
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Just out of curiosity - what if I had to exchange large amount of cash, say few thousands of $, for bitcoins and then send them to my friend who will have to exchange them back to cash - would this be possible? If I'm understanding this correctly volume of daily exchange is only about few dozen bucks, so, is is possible to exchange larger amounts of money?

At the current market rate of 7$/1000BTC, 2000$ would buy you about 300,000 BTC. It would probably take some time to gather that many coins from sellers. However, the market rate goes up as you're increasing the demand for BTC, and you might end up having 200,000 BTC with the market price being around 10 - 20$/1000BTC after your last purchase.

I don't recommend using Bitcoin for moving around large amounts of money that you want to immediately convert back to dollars, not until the economy is bigger. Wink

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