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Author Topic: How to get Bitcoins from fiat coins  (Read 3129 times)
PrintCoins
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December 27, 2011, 05:02:57 PM
 #1

So I am inspired from xkcd today for this one:



Coinstar is a machine that you dump coins into, and it converts to bills, but usually extracting a fee. They have some exceptions, such as getting store credit (these are usually in grocery stores), or getting amazon gift card credit.

Amazon sells nearly every product in existence, and I think many people consider amazon credit as good as cash.

People on the forums seem to like getting amazon credit in exchange for bitcoins, and the difference from the mtgox rate seems minimal.

So here is a simple way to convert fiat into bitcoins and yet still remain anonymous (which seems impossible from the current exchanges).

Fiat coins -> coinstar -> amazon credit -> bitcoin talk forum auction for said amazon credit.

It would be great if some hacker not as busy as myself were to set up a site for users to sell amazon credits, but I think the forum works well enough.

It would be really funny to create an exchange completely based on amazon credits and bitcoins, but amazon credits aren't divisible so that would put a wrench into it.

---
Edit: you can also buy amazon gift cards for cash as well, but it isn't nearly as amusing as the whole coin->bitcoin thing.

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Stephen Gornick
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December 28, 2011, 01:16:01 AM
 #2

Fiat coins -> coinstar -> amazon credit -> bitcoin talk forum auction for said amazon credit.

It would be great if some hacker not as busy as myself were to set up a site for users to sell amazon credits, but I think the forum works well enough.

Another place where those with Amazon credits can find bitcoins is on the #bitcoin-otc marketplace.  Oftentimes the order book shows open orders where the seller accepts Amazon credits:
 - http://bitcoin-otc.com/vieworderbook.php?sortby=id&sortorder=DESC

Those trading there rely on the -otc marketplace's Web of Trust (WoT) to lessen risks.
 - http://bitcoin-otc.com/trust.php

The entryway to the #bitcoin-otc marketplace via IRC is:
 - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer

Edit: you can also buy amazon gift cards for cash as well, but it isn't nearly as amusing as the whole coin->bitcoin thing.

Additionally, you can buy amazon gift cards with bitcoins as well.  Some of those sources:
 - http://www.btcbuy.info
 - http://www.spendbitcoins.com
 - http://coincard.ndrix.com

sadpandatech
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December 28, 2011, 03:20:29 AM
 #3

hmmm, this gives me an idea...

Why not solicit Coinstar to add cashing out in Bitcoins as an option?

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
Stephen Gornick
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December 28, 2011, 03:25:53 AM
 #4

hmmm, this gives me an idea...

Why not solicit Coinstar to add cashing out in Bitcoins as an option?

+1

And +1 to seeing them add Bitcoin as a payment method for their RedBox kiosks as well.  I suppose they would also require a deposit in bitcoins to protect against the late return and damaged/lost replacement costs though.  I bet they lose a respectable amount of money to the payment processors today.

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