Selling coins - Go and tell me everything

[cryptoderf]

Ok let's go straight to the point.

Suppose I would have 5000 LTC right now. I live in Canada. Suppose also that I would want to go in the process of selling them for USD. Probably like this :

LTC -> BTC -> USD

Considering a wire bank transfer or a A - CASH transfer or B- A loaded credit card.

1. How will this be achieved
2. In how much time, realistically..
3. Which fees and loss for the many exchange rates and fee
4. How much USD will I have in hands

[cryptoderf]

@comroll The ATM is in Vancouver. More than 4000 km away from me.

[Cryptopher]

@comroll The ATM is in Vacouver. More than 4000 km away from me.

Then perhaps you will find your solution in the form of travel arrangements

[Profforg]

3. Which fees and loss for the many exchange rates and fee

Isn't it obvious? You'll lose some %, maybe 1, maybe 5. It's usual for any currency.

[cryptoderf]

@Profforg : What I asked is how many, typically.

[Profforg]

@Profforg : What I asked is how many, typically.

Well, i can only guess without full info about bank or service which you'll use. Typically every 'service' takes some % of your money. If it's usual web-agency it'll probably take a bit less (1 to 3%), than big banks (3 to 20%). Let's guess you are using 'web-agency' to transfer from LTC to BTC and big bank to get your money in USA. You'll lose at least 4% of your money and the maximum (i hope it is max) 23%.

[olexx]

You can sell directly LTC -> USD on btc-e. They take 7% for paypal and have many other options, but I don't now which ones apply in Canada.

[hyphymikey]

Im sure you could sell them on this forum, and use an escrow service or a reputable member that does escrow. Thats if you want to go straight to cash.

You would publicly make the post in the correct sub forum
Send the 5K LTC to the escrow service or member
Buyer sends cash or a bank wire to you
Buyer shows you and escrow the money was sent
You confirm
Escrow releases LTC to buyer

Escrow fees are extremely small compared to the fees incurred by going through exchanges, and the time this takes is equally as small.

[cryptoderf]

Im sure you could sell them on this forum, and use an escrow service or a reputable member that does escrow. Thats if you want to go straight to cash.

You would publicly make the post in the correct sub forum
Send the 5K LTC to the escrow service or member
Buyer sends cash or a bank wire to you
Buyer shows you and escrow the money was sent
You confirm
Escrow releases LTC to buyer

Escrow fees are extremely small compared to the fees incurred by going through exchanges, and the time this takes is equally as small.

Send it to my personnal bank account?? Questionnable money isn't it ?

[cp1]

The only way to remain anonymous is to use localbitcoins or the ATM.  Or find someone on here who will probably try to scam you.

[hyphymikey]

Im sure you could sell them on this forum, and use an escrow service or a reputable member that does escrow. Thats if you want to go straight to cash.

You would publicly make the post in the correct sub forum
Send the 5K LTC to the escrow service or member
Buyer sends cash or a bank wire to you
Buyer shows you and escrow the money was sent
You confirm
Escrow releases LTC to buyer

Escrow fees are extremely small compared to the fees incurred by going through exchanges, and the time this takes is equally as small.

Send it to my personnal bank account?? Questionnable money isn't it ?

True.

I sold a Casascius 100BTC bar to a friend, who wired me the money, and the bank never asked a question. If they do, I have proof of sale. But then again, this was before banks really knew about bitcoin.

[jonanon]

You can sell directly LTC -> USD on btc-e. They take 7% for paypal and have many other options, but I don't now which ones apply in Canada.

I'd be careful on BTC-e, lots of people have been having issues with lost/delayed withdrawals and deposits.

[cryptoderf]

You can sell directly LTC -> USD on btc-e. They take 7% for paypal and have many other options, but I don't now which ones apply in Canada.

I'd be careful on BTC-e, lots of people have been having issues with lost/delayed withdrawals and deposits.

And so crypto-trade.com?

[Led]

What I would do, had I 5000 LTC, is check all the most popular exchanges to find out where you can sell LTC for the most money. Also check up on what the withdrawal fees are. A lot of people like Cryptsy because the exchange fees are low, and the withdrawal fee not too steep, but you don't always get the price for your coins Cryptsy. For large volume, you're going to not want to sell your coins all at once, because you could affect the price of LTC if you dump 5000 coins on an exchange all at once. After exchanging your LTC for the most BTC you can get, you're going to want to find another exchange that does ACH (at least this is true in the states, and the same is probably true in Canada... I think the banking system is conglomerated or something.) or something like that, where they can deposit directly into your bank account. It only takes maybe 2 or 3 days to get verified. If you don't want to pay taxes on your money or it is otherwise dirty LTC, you may want to find people willing to give you cash for LTC. Look for those people in dark alleys near coffee shops and internet bars. OK, so I use campbx.com for my BTC deposits. The fee is reasonable, $2 for a deposit to my bank, and it takes 2-3 business days to make that deposit. So if I had 5000 LTC, I'd consider how much in taxes I'd have to pay were I to dump it all into my bank account, and I'd probably just withdraw half and then wait until next year to withdraw the other half. You may also find people willing to send you paypal or moneybookers funds in exchange for LTC. I would for the right price, but then since all my money is tied up in mining hardware, you'd have to send me LTC and wait 2-3 business days before I could send you the money by paypal or moneybookers. Anyone like me you randomly meed should not trust very much at first, of course. Don't be an idiot and shoot your 5000 LTC wad at some random forum dude claiming he will have you cash in hand tomorrow, or even today. Some people would straight up take the LTC deposit then knock you in the head with a bludgeoning tool and laugh about it later. The tax man will do the same but he'll use a taser instead of a bludgeoning tool, so pick your poison. If you don't want to go anywhere or meet anyone IRL, I suggest small transactions with people you meet online so you can establish trust for your paypal/moneybookers transactions. Cheers and good luck!

[Led]

You can sell directly LTC -> USD on btc-e. They take 7% for paypal and have many other options, but I don't now which ones apply in Canada.

I'd be careful on BTC-e, lots of people have been having issues with lost/delayed withdrawals and deposits.

And so crypto-trade.com?

You can find the major exchanges here:
http://bitcoincharts.com/markets/

So we have Cryptsy, BTC-e, Bitstamp, CampBX, and others not mentioned like vircurex and coinedup. I think vircurex has some BS where they will send you gold bullion in exchange for your coins, so you can check that out, but I doubt you'll get your money's worth, but who knows, as I haven't really looked into it. I think people tend to pay much more than market rates for precious metals.

Also consider the fact that you can SPEND those LTC on real life items, in real life! There are several online merchants that accept LTC. Just google it and find out. There are many more that accept BTC! For example, overstock.com now accepts BTC payments! So why do you want cash when you already HAVE cash!

So just to clarify how my system works:
Mine coins, transfer to an altcoin exchange (in my case, Cryptsy, but I don't recommend that because the price for LTC is quite low there) then transfer BTC to CampBX, exchange for USD, and then deposit in my bank account. 3 days later, I can go to the ATM machine and withdraw USD, or I can use it to buy more crazy heaps of electronics to mine more coins! Yay.

P.S. Also check out this: http://bitcoincharts.com/markets/currency/LTC.html
It seems that LTC are worth a lot more at those exchanges than they are worth elsewhere. Beware of high exchange fees or high withdrawal fees. Also beware of high fees from the likes of Paypal. Paypal corporate executives must be just about the greediest people on the face of the planet.

Feel free if you want to PM (private message) me and I'll be happy to take your LTC, convert them into USD, and wire it to your Canadian bank, or send it to you western union, or express mail you gold bullion, for a modest fee.