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Author Topic: selling bitcoins in the UK - what are my options?  (Read 646 times)
mike_980
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December 26, 2013, 09:44:40 PM
Last edit: December 26, 2013, 10:56:30 PM by mike_980
 #1

Appologies if this is a repeated post but I have searched and found some info but I am looking for more.

Basically I am a small time miner and just mine as a hobby. I will probably never see a return on my bitfurys unless the price skyrockets but we shall see. I am currently mining about 0.01 bitcoins every couple of days and at current exchange rate only about £20 worth but I am curious as to the best way of exchanging these for sterling.

I have checked out sites such as local bitcoins which doesn't bring anything up in my area even when I try searching the whole of the UK so I guess I'm doing something wrong

I have made an account on bitbargin but to allow me to sell they want to charge me 0.1 BTC which isn't worth it as it will take me a month just to save to pay the fee...

Whenever I google, the site plus500.co.uk comes up but I havn't read anything on forums about people using it.

Anyone else in a similar situation?


EDIT: I have now signed up to localbitcoins and it is much clearer now as I have found they have an integrated wallet etc, is it a completely safe site to use? Any way to get scammed on there?
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December 27, 2013, 04:08:53 AM
 #2

Appologies if this is a repeated post but I have searched and found some info but I am looking for more.

Basically I am a small time miner and just mine as a hobby. I will probably never see a return on my bitfurys unless the price skyrockets but we shall see. I am currently mining about 0.01 bitcoins every couple of days and at current exchange rate only about £20 worth but I am curious as to the best way of exchanging these for sterling.

I have checked out sites such as local bitcoins which doesn't bring anything up in my area even when I try searching the whole of the UK so I guess I'm doing something wrong

I have made an account on bitbargin but to allow me to sell they want to charge me 0.1 BTC which isn't worth it as it will take me a month just to save to pay the fee...

Whenever I google, the site plus500.co.uk comes up but I havn't read anything on forums about people using it.

Anyone else in a similar situation?


EDIT: I have now signed up to localbitcoins and it is much clearer now as I have found they have an integrated wallet etc, is it a completely safe site to use? Any way to get scammed on there?

As a small seller, I would be very surprised if you run into any problems on there.

You will need to save up about 250GBP worth of Bitcoins though before most buyers would accept your transaction.

If I were you, just keep them.

U got such a small amount that it won't make any difference to you if you sell them now, but perhaps turn into a small windfall a few years down the line.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
mike_980
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December 27, 2013, 02:49:54 PM
 #3

thanks for the advice I will take it on board. I have now completed a transaction for £10 just as a tester and all went smoothly.

I think I will keep hold of them for a little while but I could do with recovering a fraction of my hardware costs so I will aim to mine around 0.5 bitcoin and then decide from there depending on how the market looks at the time
hilariousandco
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December 27, 2013, 07:36:11 PM
 #4

Sell them on here.

You could try sell them on ebay with a big mark-up, but there's a high likelihood of getting scammed if you're not careful

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January 09, 2014, 05:24:21 PM
 #5

How are you getting on with Localbitcoins? I had a look but the buyer prices seem very low.
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