Please help another newbie

[chillouthomiee]

Hey guys, before you start yelling at me i've been researching for hours. It seems to me there are many different websites and programs I can use for this "bitcoin" thing. I just learned of bitcoin today and it seems amazing to me. What I am trying to do is to transfer money to my brother in another state so he can cash it out.
I want to be able to safely and reliably buy bitcoins, and have him cash it out. Is there any websites or opinions anyone recommends?
Thanks in advance 

[1713853847]

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[1713853847]

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[1713853847]

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[Vorksholk]

Well Mt.Gox (www.mtgox.com) is the most well-known one. They have many methods of both depositing and withdrawing USD, anything from cash (deposited at a bank, WalMart, etc.) to linking up a bank account through something like Dwolla. Btc.e (www.btc-e.com) is going to have less methods of deposits, but is still a viable option. Transferring money to someone in another state in the form of bitcoin is no problem, they could be across the world. Download Bitcoin and install (if you haven't done so already), and have your brother do so as well. Have him send you his address (no need to keep those things secret, the time to brute force the private key (what your wallet.dat file has in it essentially) from the address would take more than the age of the universe squared, so releasing your public address (starts with a 1, unless you used vanitygen looks like a bunch of random letters and numbers) is no problem. Send bitcoins from your wallet (however you are getting them) to his receiving (public) address. So you could deposit cash at WalMart through BitInstant linked to Mt.GOX, send him bitcoins, then he can use any number of withdrawals. Mt.GOX makes it a bit hard to withdraw USD, people don't generally recommend this method. You can have him buy products he would buy with fiat directly with bitcoins (from web hosting to candy). As well, he could use one of the various methods that convert bitcoins to fiat, such as https://www.okpay.com/en/services/debit-card/index.html (bitcoins to prepaid credit card).

Edit: take a look at https://bitcointalk.org/index.php?topic=87171.0;topic seen as well

[fatigue]

uh oh, i feel a HQ Gornick post incoming... but until then, ill give you some basics.

You can create a wallet to store your bitcoins through many different services either locally or accessible anywhere from the web. The safest is having an offline wallet but the safest of E-wallets you can find here: https://en.bitcoin.it/wiki/Category:HybridEWallets

If you feel like just using a local wallet look here: http://www.weusecoins.com/getting-started.php

Are you trying to transfer a Fiat currency to your brother to cash into bitcoins, or the other way around?

You can safely buy bitcoins at any of these places: https://en.bitcoin.it/wiki/Buying_bitcoins with the most popular being MtGox.com

Welcome to the community and dont be afraid to ask questions, the majority of users here are more than willing to help and spread the word about Bitcoin.

[chillouthomiee]

thanks for the quick responses guys. All I am trying to do is send money to another state. Buy bitcoins, send them, and have my brother cash out USD. But doesn't buying bitcoins leave a paper trail since I have to pay from a bank account? I can't have my step-mother finding out..

[fatigue]

The great thing about bitcoins is the anonymity! you deposit USD into an exchange, buy bitcoins, she will have no way of figuring out who's recently bought coins are yours. send them to him, he cashes out, no paper trail. You should also look into https://www.spendbitcoins.com/convert/ for cashout options for him if he doesnt specifically need cold hard cash, or hell, even if he does theres options for that.

[John (John K.)]

You can use either https://www.bitinstant.com/ to buy bitcoins using cash at any (taken from the main thread):

Walmart
CVS
7-Eleven
MoneyGram
Thousands more local convenience, retail, & drug stores and money service locations

https://bitcointalk.org/index.php?topic=83209.0

Alternatively, get in touch with TangibleCryptography at his thread here :https://bitcointalk.org/index.php?topic=87094.0

[Vorksholk]

Step-mother against crypto currencies? lol

At any rate, your flow might look something like this:

1.) Download and install bitcoin client
2.) Make Mt.Gox (www.mtgox.com) account
3.) Choose to deposit cash via BitInstant
4.) Make BitInstant account
5.) Choose deposit method
6.) Deposit Cash at WalMart/whatever location you want
7.) Buy BTC with deposited money
8.) Send BTC to your brother
9.) Have your brother buy a prepaid credit card or something similar online with his BTC you sent him.

[chillouthomiee]

thanks guys this is all so confusing.
Me buying bitcoins using my bank account leaves a papertrail no? I have to deposit money into my bank account, then buy bitcoins.
Also, can I cash out the prepaid gift card?

[John (John K.)]

thanks guys this is all so confusing.
Me buying bitcoins using my bank account leaves a papertrail no? I have to deposit money into my bank account, then buy bitcoins.
Also, can I cash out the prepaid gift card?

If you're afraid of having a paper trail, try using cash with Bitinstant's service as stated above.

[fatigue]

thanks guys this is all so confusing.
Me buying bitcoins using my bank account leaves a papertrail no? I have to deposit money into my bank account, then buy bitcoins.
Also, can I cash out the prepaid gift card?

It would show you depositing into the exchange, yes. From there on out, theres very very little to be done about seeing where that went. You can do more than just convert them to a prepaid card though. paypal(recently accepted), deposits to bank accounts, etc.

[Raoul Duke]

Step-mother against crypto currencies? lol

At any rate, your flow might look something like this:

1.) Download and install bitcoin client
2.) Make Mt.Gox (www.mtgox.com) account
3.) Choose to deposit cash via BitInstant
4.) Make BitInstant account
5.) Choose deposit method
6.) Deposit Cash at WalMart/whatever location you want
7.) Buy BTC with deposited money
8.) Send BTC to your brother
9.) Have your brother buy a prepaid credit card or something similar online with his BTC you sent him.

He would be better of just sending him the money with paypal or maybe buy one of those re-fillable CC's and mail it to him... After all those steps you described he would have lost at least 12% of his money.

[John (John K.)]

Step-mother against crypto currencies? lol

At any rate, your flow might look something like this:

1.) Download and install bitcoin client
2.) Make Mt.Gox (www.mtgox.com) account
3.) Choose to deposit cash via BitInstant
4.) Make BitInstant account
5.) Choose deposit method
6.) Deposit Cash at WalMart/whatever location you want
7.) Buy BTC with deposited money
8.) Send BTC to your brother
9.) Have your brother buy a prepaid credit card or something similar online with his BTC you sent him.

He would be better of just sending him the money with paypal... After all that he would have lost at least 12% of his money.

I thought that it would be 3.99% or what Bitinstant charges you?

Alternatively, just get hold of one of those bitcoin sellers like TangibleCryptography who allows you to buy bitcoins with a simple cash deposit. Check the Currency Exchange subforum for more information.

[Raoul Duke]

Step-mother against crypto currencies? lol

At any rate, your flow might look something like this:

1.) Download and install bitcoin client
2.) Make Mt.Gox (www.mtgox.com) account
3.) Choose to deposit cash via BitInstant
4.) Make BitInstant account
5.) Choose deposit method
6.) Deposit Cash at WalMart/whatever location you want
7.) Buy BTC with deposited money
8.) Send BTC to your brother
9.) Have your brother buy a prepaid credit card or something similar online with his BTC you sent him.

He would be better of just sending him the money with paypal... After all that he would have lost at least 12% of his money.

I thought that it would be 3.99% or what Bitinstant charges you?

Alternatively, just get hold of one of those bitcoin sellers like TangibleCryptography who allows you to buy bitcoins with a simple cash deposit. Check the Currency Exchange subforum for more information.

And MtGox fees? And what about the guy who would sell the prepaid credit card to his brother? lol
It adds up

[Vorksholk]

Step-mother against crypto currencies? lol

At any rate, your flow might look something like this:

1.) Download and install bitcoin client
2.) Make Mt.Gox (www.mtgox.com) account
3.) Choose to deposit cash via BitInstant
4.) Make BitInstant account
5.) Choose deposit method
6.) Deposit Cash at WalMart/whatever location you want
7.) Buy BTC with deposited money
8.) Send BTC to your brother
9.) Have your brother buy a prepaid credit card or something similar online with his BTC you sent him.

He would be better of just sending him the money with paypal... After all that he would have lost at least 12% of his money.

I thought that it would be 3.99% or what Bitinstant charges you?

Alternatively, just get hold of one of those bitcoin sellers like TangibleCryptography who allows you to buy bitcoins with a simple cash deposit. Check the Currency Exchange subforum for more information.

And MtGox fees? And what about the guy who would sell the prepaid credit card to his brother? lol
It adds up

Oh it certainly does add up, however it's quite anonymous which was what he wanted, it will certainly cost a premium for using cash deposits and the like though :\

[chillouthomiee]

i'd like to send my brother thousands of dollars at a time..so if theres a 12% fee that would kill my pockets..
hmm..

[Raoul Duke]

i'd like to send my brother thousands of dollars at a time..so if theres a 12% fee that would kill my pockets..
hmm..

You should use the Bitcoin-OTC then. Maybe it's the best way.
Or follow the advice John gave you and get in touch with Tangible Cryptography. The less middleman, the better for you.

[fatigue]

i'd like to send my brother thousands of dollars at a time..so if theres a 12% fee that would kill my pockets..
hmm..

You should use the Bitcoin-OTC then. Maybe it's the best way.
Or follow the advice John gave you and get in touch with Tangible Cryptography. The less middleman, the better for you.

yeah OTC sellers dont have very high fees in general. sometimes even 1:1

[John (John K.)]

i'd like to send my brother thousands of dollars at a time..so if theres a 12% fee that would kill my pockets..
hmm..

Cheapest method but needs physical access to BoFA: https://bitcointalk.org/index.php?topic=87094
Slightly expensive method (3.99%) but easier purchase method(walmart cvs 711 etc): https://www.spendbitcoins.com/buy-bitcoins-in-usa/ https://www.bitinstant.com/
Alternatively, check out the Currecny Exchange thread as there's a lot of buyers/sellers alike who would do for no fee: https://bitcointalk.org/index.php?board=53.0

After sending your brother the coins, he can either sell them on any exchangers like mtgox.com , https://bitfloor.com/
,....

[Stephen Gornick]

uh oh, i feel a HQ Gornick post incoming...

LOL, well since you filled in I'll be brief for once.

i'd like to send my brother thousands of dollars at a time..so if theres a 12% fee that would kill my pockets..
hmm..

There are daily limits, and certain activity levels will trigger AML thresholds where verification might become required.  So if that would be a problem, perhaps buy smaller amounts (e.g., $500) at a time from multiple parties and never let funds accumulate at the exchanges (i.e., withdraw bitcoins and hold the bitcoins in your own wallet, on a secure computer.)

For instance, deposits made with cash to BitFloor at a Chase bank can then be used to buy bitcoins -- no fee for the deposit, and a low fee when buying bitcoins.

You didn't mention if the cashing out part needs to avoid going through a bank as well.   If using a bank for the cash out part is fine, then ACH is the easiest.  Bitfloor, Camp BX and FastCash4Bitcoins.com all offer ACH withdrawal methods.  And Dwolla to ACH is an option too -- Camp BX and Intersango will do those (as will Mt. Gox but there are delays for that with them, for now.)

To avoid ACH or going through a bank, then cashing out to a prepaid debit card is convenient -- especially since access to the funds from an ATM is possible.  Walmart has their Money card and MoneyPak can be used to refill it.  MoneyPak is available from FastCashBitcoins.com and from BTCPak.com  The prepaid cards do require online registration so these cannot be used anonymously.

To avoid any identity, perhaps there is a trader on LocalBitcoins.com who would do an in-person, face-to-face trade.   Get-Bitcoin.com will send cash in the mail.  

There are many options:
 - http://en.bitcoin.it/wiki/Buying_bitcoins
 - http://en.bitcoin.it/wiki/Selling_bitcoins