Cashing out to Paypal

[Ecky]

Recently started mining on a few machines, a combination of both bitcoins and litecoins

I've found it difficult to find an account that lets me 'sell' coins for 'real money' or deposit funds so I can buy coins without uploading a copy of my passport or driving licence to some website, a practice I consider to be highly insecure and not all necessary for bank detail verification

As an example, OkPay is a site who's name I've seen bandied about so I thought I'd try that one, no go, it wanted me to upload a scanned copy of my passport or driving licence

Why the hell can't I just use Paypal I thought, managed to find a way to do things via paypal for bitcoins using a Virwox account

Does anyone know of a way I can buy/sell litecoins using Paypal, or even some other secure way that doesn't require me to furnish some website with info they could use to compromise my personal identity/security?

[timz]

try https://localbitcoins.com/

[Odrec]

I have a similar problem. The problem with localbitcoins is that many of the online sellers ask for systems like OkPay which require the lenghthy verification process.

[Injust]

The one problem with Bitcoins and PayPal is that eBay (the company owning PayPal) essentially hates Bitcoin In its TOS, it says something about cryptocurrencies aren't allowed or something to that nature.
Also, Bitcoin transactions are irreversible, and PayPal transactions can be easily reversed (e.g., by claiming hacked account, or claiming that Bitcoins were not received).

[Ecky]

Thanks for the link timz I'll check it out

Although if as Ordrec says buyers/sellers want to go through a system like OkPay then it won't be of much use to me as that's exactly the sort of thing I'm trying to avoid

A lengthy verification isn't the issue, I can handle a delay, it's just that in this day and age giving out copies of things like driving licences and passports goes against basic net security principles in my opinion, and I really wouldn't feel comfortable doing it

It's something I feel strongly enough about that if I can't find a 'better' way it would be enough to discourage me from litecoin mining altogether

[timz]

I forgot - DON'T USE PAYPAL!

[dagro]

I think you can use virwox to cash out I know they accept it to put money in not sure about cashing out.

[monbux]

I think you can use virwox to cash out I know they accept it to put money in not sure about cashing out.

They have huge fees though and in the end it's a lot more time consuming and money consuming.
You really shouldn't be buying bitcoins with paypal, and sell them at your own risk.

[odolvlobo]

There are two reasons for your difficulties:

1. Fraud. Paypal and credit cards are fraud cesspools. Never sell bitcoins to someone using Paypal unless you know and trust them. Otherwise, there is a good chance that someone will take your bitcoins and your money (with the help of Paypal or the CC company).

2. Anti-money laundering laws. In many countries, and especially in the U.S., payment processors are required to be able to identify you and they are required to spy on you. They are required to report anything suspicious or out-of-the-ordinary. Bitcoin activity is generally considered to be both suspicious and out-of-the-ordinary.

[torontocoinexchange]

local bitcoin is really good.  Try it out - you'll have to sell at a discount to get some trust though.

[jerry7]

Many auctions on ebay for bitcoins this week. Expect a 25% premium over the exchanges to buy one!

[xchanga.com]

becareful because usa doesnt like anything that will outwit paypal.
i just hope bitcoins wont crumble like egold one day.

[Xenoph0bia]

i just hope bitcoins wont crumble like egold one day.

Bitcoin is peer-to-peer system, it cant be shut down like egold or maybe PayPal one day 

[nahtnam]

Keep an eye out on https://www.coingator.com/. They might support litecoins.

[Zeus the GOD]

Lol can you imagine bitcoin somehow crumbling

[Mitchell]

Charge back, that is why. Don't use PayPal, period.

[Wipeout2097]

you can try the eobot exchange http://www.eobot.com/HowItWorks.aspx

From what I've read in the FAQ, your funds are locked for 45 days to prevent paypal chargebacks.

Read their terms carefully. Note that I have no way to know if the eobot exchange is a scam. Trade at your own risk

[Dialoz]

Be careful with paypal+bitcoin, some people I know got burned hard.

[Ecky]

Virwox is ok for bitcoins ... or so it seems, but not for litecoins

Anyone have experience with payeer.com?

Doesn't seem to require passports or driving licences

And thanks for all the replies and advice given so far


Buying and selling crypto currencies seems quite a minefield, half the sites I find require you to use some online payment system or other, then you register for one of those you specify and that wants you to use yet another payment system to pay money in or take it out

Never knew so many of these things existed!

I'm just looking for a way I can sell and maybe buy from time to time with a minimum of fuss and without giving too much personal info away really

Could you guys maybe suggest some sites you all use that I can take a look at?

[trumbadera]

Buying and selling crypto currencies seems quite a minefield, half the sites I find require you to use some online payment system or other, then you register for one of those you specify and that wants you to use yet another payment system to pay money in or take it out

Never knew so many of these things existed!

I'm just looking for a way I can sell and maybe buy from time to time with a minimum of fuss and without giving too much personal info away really

Bitcoin to USD, you have to use exchange or localbitcoins.

If you ever want deal with alternative coins, you have to exchange these to Bitcoin first.

Not complicated at all