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Author Topic: Most expedient way to convert BTC to Paypal or to prepaid debit card?  (Read 2956 times)
Lonst
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August 12, 2011, 04:00:34 AM
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I have some BTC and I'd like to convert them to either Paypal balance, or alternatively something I can use for credit card transactions (like a prepaid debit card or virtual gift card). What is the simplest, most effective way to accomplish this?
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Stephen Gornick
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August 12, 2011, 09:06:04 AM
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I have some BTC and I'd like to convert them to either Paypal balance, or alternatively something I can use for credit card transactions (like a prepaid debit card or virtual gift card). What is the simplest, most effective way to accomplish this?

Because trading bitcoins with PayPal as the payment method violates PayPal's Acceptable Use agreement, you won't find much in the way of exchanges doing that.  You might find some individuals who will do this trade, on #bitcoin-otc marketplace, for instance.  Since you are the party accepting the PayPal, you would be the party incurring the risk shoudl the buyer reverse the payment at any time ... months after the transaction even.

As far as prepaid cards, there are several:
 - http://en.bitcoin.it/wiki/Selling_bitcoins
 - http://en.bitcoin.it/wiki/Trade#Gift.2FDebit_Cards
 - http://en.bitcoin.it/wiki/Trade#Gift_Cards

If you do an OTC trade, this is useful reading:
 - http://en.bitcoin.it/wiki/Secure_Trading#Use_Bitcoin-OTC
 - http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Risk_of_fraud

[Update: Oh, hey!
 - http://www.aurumxchange.com/help/index.php?act=article&code=view&id=4
 - http://www.aurumxchange.com/cards
4% 3% load fee, $3 per ATM, $5.95 monthly maintenance. (see below)
$21.99 for the card if you don't buy it preloaded with $799.75
load using Mt. Gox USD redeemable code/voucher or LR USD]


Lonst
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August 12, 2011, 09:42:51 PM
 #3

Thank you very much for the extremely detailed post Smiley

Out of the virtual credit card solutions, is there one that is more popular than others? Are these cards accepted anywhere that Visas are accepted?
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August 12, 2011, 10:29:53 PM
 #4


[Update: Oh, hey!
 - http://www.aurumxchange.com/help/index.php?act=article&code=view&id=4
 - http://www.aurumxchange.com/cards
4% load fee, $3 per ATM, $5.95 monthly maintenance.
$21.99 for the card if you don't buy it preloaded with $799.75
load using Mt. Gox USD redeemable code/voucher or LR USD]



That's incredibly expensive! (that link).

Listen Radio Libre (Electronica) Donate. (click for details).

Chilean peso VS BTC ahora: http://irage.ca/2btc.php?a=1&c=CLP&r=1

My bitcoin address
Stefanie Andrea
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August 12, 2011, 11:24:37 PM
 #5

You could use Bitmarket.eu to sell your BTC and get Paypal as a payment.
Lonst
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August 15, 2011, 04:36:08 AM
 #6

As are all of them options most times they like to scheme as much of the transaction as possible for themselves.
Some are much more expensive than others. The following sites offer debit cards:

https://www.bitcoincashout.com/welcome.psp (Visa) - 9.5 BTC/$100
https://www.bitcoin2cc.com/ (Visa) - 11.375 BTC/$100
https://www.aurumxchange.com/cards (Mastercard) - $21.99 fee

And the following offer gift cards:
http://www.btcbuy.info/ (Amazon, Newegg, Walmart) - 9.55 BTC/$100
http://btcgiftcards.com/ (Walmart, Safeway) - 4% fee

bitcoinexchange.cc also has 7% commission for transactions under $100 and claims to have Visa gift cards in their thread, however I don't see anything about gift cards on their site.

bitcoincashout.com oddly seems to be out of stock of the $100 gift cards though they have $50 ones for 4.98 BTC. At the current Mtgox rate of $11.42891 per BTC, bitcoincashout.com and btcbuy.info work out to about 8%-9% in fees. bitcoin2cc.com is far higher at about 23%. So btcgiftcards.com appears to be the best option at 4% but only offers Walmart and Safeway. For general debit cards it looks like bitcoincashout has the lowest fees - though I wonder how they could be out of $100 cards?
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August 15, 2011, 07:45:29 PM
 #7

I have some BTC and I'd like to convert them to either Paypal balance, or alternatively something I can use for credit card transactions (like a prepaid debit card or virtual gift card). What is the simplest, most effective way to accomplish this?

Because trading bitcoins with PayPal as the payment method violates PayPal's Acceptable Use agreement, you won't find much in the way of exchanges doing that.  You might find some individuals who will do this trade, on #bitcoin-otc marketplace, for instance.  Since you are the party accepting the PayPal, you would be the party incurring the risk shoudl the buyer reverse the payment at any time ... months after the transaction even.

As far as prepaid cards, there are several:
 - http://en.bitcoin.it/wiki/Selling_bitcoins
 - http://en.bitcoin.it/wiki/Trade#Gift.2FDebit_Cards
 - http://en.bitcoin.it/wiki/Trade#Gift_Cards

If you do an OTC trade, this is useful reading:
 - http://en.bitcoin.it/wiki/Secure_Trading#Use_Bitcoin-OTC
 - http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Risk_of_fraud

[Update: Oh, hey!
 - http://www.aurumxchange.com/help/index.php?act=article&code=view&id=4
 - http://www.aurumxchange.com/cards
4% load fee, $3 per ATM, $5.95 monthly maintenance.
$21.99 for the card if you don't buy it preloaded with $799.75
load using Mt. Gox USD redeemable code/voucher or LR USD]


Hi Stephen,

Thank you for posting information regarding our cards!

I wanted to let everybody know that the rate to load MtGox codes into the card is now 3%. Also, please note that our card is not a "virtual card" delivered by email, or a "prepaid, one time use" card. It is a fully reloadable MasterCard debit card and can be used to WITHDRAW CASH at ATM machines anywhere in the world, make purchases on retail establishments, as well as purchases online.

Thanks!
AurumXchange
Lonst
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September 13, 2011, 05:28:44 AM
 #8

It looks like bitcoincasthout.com and bitcoin2cc.com are currently down. Are there any other sites for buying virtual Visas or Mastercards that are still up?
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September 14, 2011, 02:54:42 PM
 #9

Has anyone tried bitcoindebit.net? They advertise on Dailybitcoins, but I don't know if anyone has tried it yet.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
Lonst
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September 20, 2011, 12:07:20 AM
 #10

Is there any place that still sells virtual cards, where you don't need to bother with a shipping address? bitcoincashout and bitcoin2cc are still unavailable, and bitcoindebt.net needs shipping.
Well, there's a new service for BTC-PPUSD peer-to-peer exchange, that my company is just moving live - otcexchange.net. However it's now invite only and will most probably be invite-only forever.
Thanks. What is the process for getting an invite?
bbit
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September 20, 2011, 01:36:04 AM
 #11

Lonst - there is a new service coming out next week that will take your bitcoins for cash and exchange a virtual debit card/or card for which you keep and keep using to cash out if need be.

If you can wait that is! Smiley

edit: nevermind looks like it is out http://www.btcinstant.com but under "launching phase" ...
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