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Author Topic: Actual conversion process from BTC to cash? (In my case USD)  (Read 2657 times)
xanadu
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May 01, 2011, 06:32:33 AM
 #1

Alright, the recent run on BTC enticed me to sell some and now I'd like to convert it to actual cash.

I'm in the US, I sold the BTC via Mt Gox (.65% fee per sale) and ended up with $812.50 USD in the Mt Gox account.

I misunderstood the setup and thought I had to use Liberty Reserve to transfer the funds from Mt Gox -> LR -> My Account, so I setup a LR account and sent the $812.50 USB from Mt Gox to Liberty Reserve, which settled with $801.47 USD @ Liberty Reserve... who won't actually transfer the funds directly to me, but wants me to use a 2nds party provider all of whom charge multiple percentage points.

Ugh, OK, now looking back I understand that Mt Gox will do a wire transfer, I've emailed them to learn the process (and fees?).

How do YOU convert your BTC to hard currency with the least amount of fees?  I have more BTC that I'd like to sell soon.

Thx!
-X





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demonofelru
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May 01, 2011, 06:42:59 AM
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You're in the usa so it would have been fee free to have him ACH push it to you email him at admin@mtgox.com asking to withdraw and list your routing and account numbers for your bank unfortunately after transferring back in you'll be under $800 which is minimum so you'll have to sell a couple more BTC.

Names do not matter; however, if you insist...id...
SgtSpike
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May 01, 2011, 08:26:01 AM
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Why not coincard?  1.4%, and then you can withdraw from paypal directly to a bank account for free?
deadlizard
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May 01, 2011, 08:39:57 AM
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Why not coincard?  1.4%, and then you can withdraw from paypal directly to a bank account for free?
coincard had their paypal account frozen

This thread is relevant to my interests

btc address:1MEyKbVbmMVzVxLdLmt4Zf1SZHFgj56aqg
gpg fingerprint:DD1AB28F8043D0837C86A4CA7D6367953C6FE9DC

doublec
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May 01, 2011, 08:55:39 AM
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I'm in the US, I sold the BTC via Mt Gox (.65% fee per sale) and ended up with $812.50 USD in the Mt Gox accountz
Go to #bitcoin-otc on irc.freenode.net (Visit the bitcoin-otc website for details). There are many people there willing to trade directly with Mt Gox dollars. You can often get a 1:1 trade selling mtgox dollars for paypal USD. To transfer to the other users mtgox account you enable 'merchant services' on your account and you'll have a menu item allowing to send to another user.
NghtRppr
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May 01, 2011, 04:29:42 PM
 #6

Alright, the recent run on BTC enticed me to sell some and now I'd like to convert it to actual cash.

I'm in the US, I sold the BTC via Mt Gox (.65% fee per sale) and ended up with $812.50 USD in the Mt Gox account.

I misunderstood the setup and thought I had to use Liberty Reserve to transfer the funds from Mt Gox -> LR -> My Account, so I setup a LR account and sent the $812.50 USB from Mt Gox to Liberty Reserve, which settled with $801.47 USD @ Liberty Reserve... who won't actually transfer the funds directly to me, but wants me to use a 2nds party provider all of whom charge multiple percentage points.

Ugh, OK, now looking back I understand that Mt Gox will do a wire transfer, I've emailed them to learn the process (and fees?).

How do YOU convert your BTC to hard currency with the least amount of fees?  I have more BTC that I'd like to sell soon.

Thx!
-X




My exchange is cash only by mail. It might be what you are looking for.
river
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May 04, 2011, 12:25:52 AM
 #7

How do YOU convert your BTC to hard currency with the least amount of fees?  I have more BTC that I'd like to sell soon.

You should be more accurate in what you say ...

are you looking to convert from your existing REAL currency (BTC) to REAL 'HARD' currency (ie: Gold/Silver) or to Fiat firestarter ... Fiat is NOT hard currency.  Hard currency is limited, precious, valuable .. stinky paper is not.
morpheus
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May 07, 2011, 11:54:33 PM
 #8

You could try https://www.bitcoin2cc.com/ and dump the cc number into your Paypal account.

I'm selling Mt. Gox USD and Bitcoin for cash, check or money order in the mail: http://bitcoinmorpheus.tumblr.com/

Check out my 100% decentralized P2P exchange: https://github.com/macourtney/Dark-Exchange
Artefact2
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May 08, 2011, 07:36:50 AM
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You could try https://www.bitcoin2cc.com/ and dump the cc number into your Paypal account.

Whoah, this looks really interesting. But none are availible atm Undecided

A pool-biased blockchain representation, by me: pident (WTFPL)
AbeSkray
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May 10, 2011, 04:42:46 PM
 #10

How do YOU convert your BTC to hard currency with the least amount of fees?  I have more BTC that I'd like to sell soon.

I like #bitcoin-otc. There are usually a few standing buy orders for MTGUSD at or near 1 MTGUSD/USD with various payment methods. As of this post, gasteve is offering to buy up to 500 MTGUSD via PayPal or Dwolla. Keefe (who has the highest Web of Trust rating) will buy up to 800 MTGUSD for as low as a 1% service charge depending on your method of payment.

I started using Dwolla recently and am pretty happy with the results.

Getting registered on #bitcoin-otc is non-trivial, but definitely worth it IMO.
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