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Author Topic: How do you get money out of Liberty Reserve?  (Read 3082 times)
mgiuca
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May 02, 2011, 01:26:12 AM
 #1

I've been holding some Bitcoins for awhile, but I've never successfully converted any back into "actual money" (for lack of a better term). With the disappearance of CoinCard, it looks like the only reliable way (besides finding someone trustworthy to trade with) is via MtGox. I have been reading about how to withdraw, but it seems like a long and complicated chain.

As I understand it, you:
1. Get an account with MtGox,
2. Deposit BTC into the MtGox account,
3. Make an offer to sell, and once that offer is filled,
4. The BTC are removed from your MtGox account and MTGUSD (that is, USD in the MtGox account) is added.

Now how to get the MTGUSD out of the MtGox account? For orders less than $800 and/or outside of the US, the only solution (again, other than finding someone willing to trade MTGUSD) seems to be:

5. Withdraw to a LibertyReserve account.

But that's where I'm confused. How do you get money out of LR? All the forum posts I've read and the Liberty Reserve article on the Bitcoin wiki simply use the vague term "a merchant", implying that you need some fourth party service to get funds out of LR. What exactly is the process here? I am in Australia, so I'd like to get the money in AUD, but USD would be fine also. Can I arrange a bank transfer to a specific bank account, or to place the funds in my PayPal account? It would be helpful if there was a wiki page detailing my above 5 steps, and whatever remaining steps there are (even if they're just examples of the path you can take) to getting some "real money" out of Bitcoins.

6. ????
7. Profit!
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goatpig
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May 02, 2011, 01:42:12 AM
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There are a few websites where people list auctions for LRUSD in exchange of PPUSD or Western Union and the like. All in all, you have to find someone that is willing to take your LRUSD for some other sort of money, and there's a bunch of websites where you can list your offer for others to fill it.

You can start here http://www.lrexchange.com/

btcarmory.com
graingert
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May 02, 2011, 01:42:52 AM
 #3

For amounts of MTGUSD less than $800 it's probably best to trade on Bitcoin-otc for PayPal payments with a trusted member of OTC

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Keefe
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May 02, 2011, 05:19:19 AM
 #4

I can give you PayPal USD for your MtGox USD. You can check my reputation at bitcoin-otc.com.

Tril
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May 02, 2011, 03:01:28 PM
 #5

I recommend the following Australian LR exchanger based on its stellar reputation: goldnow.st

https://secure.goldnow.st/sell.php
semyazza
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May 02, 2011, 05:39:08 PM
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Hello,
We have a service which has not been officially announced which might serve your needs:

http://www.bitcoincashout.com/
xf2_org
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May 02, 2011, 05:43:50 PM
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Use ExchangeZone, to go LR -> PayPal.

Avoid people with low reputations, and avoid going PP -> LR.

bitcoinharvester
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May 07, 2011, 05:56:37 PM
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Hey Keefe,  What would you charge for fees to trade $1000LR to paypal or ach?
Vasco
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May 07, 2011, 09:13:24 PM
 #9

I am able to cash out Liberty Reserve to PayPal, Western Union, MoneyGram, prepaid debit cards, and gift cards.

See the thread in my signature for details Smiley

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