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.