Money In MtGOX account into Cash.. HOW?

[HeyThere]

Unfortunately, I sold all my bitcoins within mt.gox, and am trying to turn my balance into cash. But their okpay and dwolla accounts have been suspended. International wire transfers are too expensive. What are my options?

[krudkeeper]

Here is EXACTLY what to do:

1. Use your entire balance to buy back Bitcoin.
2. Open a Campbx.com account. ( I use them, so I know they are SECURE).
3. Transfer all your coin from Mt. Gox to Campbx.
4. Sell your coin at Campbx.
5. Withdraw with an ACH deposit to your bank account. They charge a flat $2.00 fee.
6. You receive your funds in your bank account.

Any questions? They are the real deal. I have traded with them since March and have had zero issues.

[HeyThere]

How long do you think the whole process should take for the money to show up in my bank account? Based on your experience.

From the moment I transfer the bitcoins to the campBX account. And once they are sold. Once I have a cash balance within CampBX, from that moment till it shown in my US bank account. Am I looking at hours, days, weeks?


With mtgox, I would transfer funds to my dwolla account (A few hours). Then from dwolla to my US bank account (approximately2-3 business days).

What is the time frame with campBX? Does my account need to be verified?

[krudkeeper]

I think they process your withdrawl in a day or two just like any standard ACH; several business days. You can actually call their tech. support and talk to a real person, which is a rarity these days. I don't cash out a lot because I like to trade as a hobby, but they can answer your questions better than I can. They are your best option.

 

[adi]

I am guessing I would use the standard ACH withdrawal which takes about a week.
If I need fiat ASAP, Coinbase is not bad at 1% fee

[HeyThere]

Thank you. I appreciate your assistance. I've been so comfortable using mtGox. I know its not 100% their fault about having their accounts frozen.

I'm looking at the value of bitcoin on mtgox vs. campBX right now. Bitcoin is valued about $0.17 higher on mtGox.

[krudkeeper]

Thank you. I appreciate your assistance. I've been so comfortable using mtGox. I know its not 100% their fault about having their accounts frozen.

I'm looking at the value of bitcoin on mtgox vs. campBX right now. Bitcoin is valued about $0.17 higher on mtGox.

Yes, because Campbx is a smaller exchange right now, the prices move a little slower. As the previous  user mentioned above, Coinbase is also a good solution, although I have never linked a bank account to them. They seem reputable enough, so I guess the real thing to ponder is if their 1% fee is more than the 17cents difference plus $2.00 fee. You can do the math. 

[HeyThere]

Just used CampBX for the first time.... (wait for it)... LOVED IT!!

Everything went smooth. From bitcoins to Dwolla cash took less than 5 mins.

Thanks for the referral

[Pajamaw]

When did Dwolla suspend their mtgox account? I used them to transfer money in just a few weeks ago

[syn999]

When did Dwolla suspend their mtgox account? I used them to transfer money in just a few weeks ago

Try to google it

[orymh]

When did Dwolla suspend their mtgox account? I used them to transfer money in just a few weeks ago

Deposits and withdrawals to/from Mt. Gox through Dwolla were shut down by the US Department of Homeland Security in May: http://betabeat.com/2013/05/department-of-homeland-security-shuts-down-dwolla-payments-to-and-from-mt-gox/

I doubt this will be a permanent thing. It's just part of the US government's effort to fit Bitcoin into an existing regulatory framework. I expect more noise about this, and probably other similar situations, in the near future. Long term, this sort of thing could actually help increase Bitcoin adoption and acceptance, because many businesses aren't really comfortable with something until it's got all the nice legal window dressing on it.

[krudkeeper]

Just used CampBX for the first time.... (wait for it)... LOVED IT!!

Everything went smooth. From bitcoins to Dwolla cash took less than 5 mins.

Thanks for the referral

Glad you liked it; I like 'em too! They also offer margin trading which is awesome!

[meanwhileinfargo]

Tagged for later! 

[Nonprofit]

Best Mt. Gox deposit method right now? With the recent news about Dwolla, and Aurumxchange not accepting new accounts, I'm unsure of how to proceed. I'm not looking at investing a huge sum, but I still want to be smart about my decisions...Should I just go with Coinbase instead?

[orymh]

Best Mt. Gox deposit method right now? With the recent news about Dwolla, and Aurumxchange not accepting new accounts, I'm unsure of how to proceed. I'm not looking at investing a huge sum, but I still want to be smart about my decisions...Should I just go with Coinbase instead?

Coinbase is a good way to buy your Bitcoins. Once you have them there, you can send them to Mt. Gox, or CampBX, or any other exchange. If/when you want to cash some out, you can send them back to your Coinbase wallet, sell them there, and the money goes directly to your bank account.

[Nonprofit]

Coinbase takes 30 days to establish an account though, true? Or that's what I've read...

Thanks for the help!

[Nonprofit]

And main differences between bitinstant and coinbase?

[orymh]

Coinbase took about 4 days for me. It will vary depending on your bank; in some cases you can do pass-through authentication and be set up in minutes. I have an article here that has a little more info about their process: http://www.bit-buddy.com/buying-bitcoins-on-coinbase.html

BitInstant can be as quick as it takes you to get to a WalMart. More info on there process here: http://www.bit-buddy.com/buying-bitcoins-with-bitinstant.html

[Nonprofit]

Coinbase took about 4 days for me. It will vary depending on your bank; in some cases you can do pass-through authentication and be set up in minutes. I have an article here that has a little more info about their process: http://www.bit-buddy.com/buying-bitcoins-on-coinbase.html

BitInstant can be as quick as it takes you to get to a WalMart. More info on there process here: http://www.bit-buddy.com/buying-bitcoins-with-bitinstant.html

Solid, easy to understand articles. I appreciate it.

[orymh]

Coinbase took about 4 days for me. It will vary depending on your bank; in some cases you can do pass-through authentication and be set up in minutes. I have an article here that has a little more info about their process: http://www.bit-buddy.com/buying-bitcoins-on-coinbase.html

BitInstant can be as quick as it takes you to get to a WalMart. More info on there process here: http://www.bit-buddy.com/buying-bitcoins-with-bitinstant.html

Solid, easy to understand articles. I appreciate it.

Thanks for the feedback, glad I could help!