Topic: Best way to turn BTC into Cash (Read 3276 times)

How about buying some solar panels with the BTC that you're earning from mining?

I agree, and would rather go this way, but would like the BTC I mine to pay for the electricity they use.

Withdraw them

I am not sure there is a "best" way, at least without defining what parameters comprise the term "best". There is one way that has not been previously discussed.

Simply buy those things with bitcoins which cannot be directly purchased with fiat, and then resell them for fiat. A perfect example would be ASICminer USB sticks. Purchase a large quantity, and then resell them on ebay. It has the added advantage of allowing you to avoid any governmental interference wherein they claim you are in the business of transmitting funds illegally, and helps to grow the bitcoin ecosystem.

Just a thought.

Well, I've got a Coinbase account, but I don't plan on buying enough bitcoins to bother with dollar cost averaging.  I'm thinking of just getting 10 BTC total, for that amount, it's easy enough to just do it manually. 

In that case you'd be best setting up a Coinbase account and configuring automatic buying so that you get the benefit of dollar cost averaging.

Thanks for the heads up, this is really good information.  I try to buy bitcoins when the price is going down so that I can get them at a relative discount.  I figure since it's volatile, I may as well take advantage of the volatility to get a better price since I'm in no hurry to get them.

While the price is stable or decreasing CampBX via Dwolla is going to be cheapest way to buy Bitcoins unless you can find someone in your area selling them under spot on LocalBitcoins.

When the price is going up quickly like it was in February-April of this year Coinbase becomes the least expensive because of how they lock in the price for you at the start of the transaction.

I live in a fairly small town (of 30,000 people) in California and I was actually surprised to find when I looked up localbitcoins that there is someone selling bitcoins only a couple blocks from where I live.  So if you're talking about actually doing business - yes, there aren't very many of them yet.  But as far as actually buying bitcoins in person, no, LA is definitely not the only option for this.

Just started using CampBX after reading this thread and I think I'm a convert.  I used to be using Coinbase to buy bitcoins but this is substantially cheaper, and I don't need all the merchant tools that Coinbase offers.  It's not quite as simple as Coinbase is, but I like not having to pay the 1% fee and it doesn't appear that complex.  (Yet - I haven't actually bought any yet with CampBX, but the process doesn't look that complicated.)

All I gotta say is where the frick is fc4b

142 USD for bitcoin? Is this a joke?

I would prefer WMX to WMZ. it is the easiest but don't know about the cheapness.

try bitcoins2paypal

I haven't used it but you may want to check out Gyft.com

does anyone have a good reliable site to turn bitcoins into a prepaid card?

By far the easiest way I've found (and the cheapest), is to sell them to friends. A lot of people want Bitcoins, but don't know how or where to get them, or they're too lazy to go through with it.

I know this is not cash but a pre-paid online credit card:
https://cryptcard.org/

I think the fee is about $1 to $7, depending on amount.

Bitcoin-Brokers is offering the Bitcoin community the ability to sell their bitcoins at current MtGox rates and receive cash deposits into their own personal bank accounts.

Starting immediately if you bank at any of the following banks, you can sell your bitcoins for 0% fees and receive 100% of the proceeds from the sale of your bitcoins as a cash deposit into your personal bank account.

-Bank of America
-Capital One
-Citigroup
-JPMorgan Chase
-PNC Financial
-SunTrust
-TD Bank
-US Bancorp
-Wells Fargo

This exciting new service will allow sellers of bitcoins to list their bitcoins for sale on our website and have the buyers make cash deposits into their personal bank account.
 
Prior to the buyer receiving the bitcoins, the seller will:

-be able to verify via online banking that there has been a cash deposit made into their account for the correct amount.
-receive a scanned copy of the actual deposit slip used during the deposit transaction.
-receive a scanned copy of the business card of the bank employee who accepted the deposit who can be contacted to verify the deposit.

This new service is initially only offered to residents in the USA, though other countries will be rolled out soon.

There are no maximum sized orders, and sellers can test the service with orders as small as $10.

www.Bitcoin-Brokers.org

Try bitfinex only $10 bank wire fee

Yes - CampBX to Dwolla is usually within one day.  I think they are recently doing it manually, but still, one day is usually pretty good for withdrawal of USD from an exchange.

campbx works best for me.  it usually take less then 48 hour for my money to go from Campbx to Dwolla to my bank

Don't forget, you could also just buy stuff like Gold or Silver with Bitcoins and sell that for cash and avoid all the stuff with exchanges.

Thats the easiest, try OTC or localbitcoins

Try BitStamp exchange.

Selling for cash is easiest and no fees!

mtgox

MtGox isn't THAT much cheaper (.4%) and given all the problems they are having in the US if that's where you are based Coinbase is definitely a better option IMO

Having used both CampBX and Coinbase, I would have to recommend the former - although both would be ideal.

CampBX will allow you to use Dwolla to move $ in, but then after buying BTC, you have to wait 30 days before it can be moved from you CampBX wallet.

After that I'm sure it's quite smooth, but it's an important consideration.

CampBX.

Seems like the only place any one does any business with localbitcoins is in LA. 

MtGox is still the cheapest way.

Coinbase is good, but more expensive and limits you to selling just 50 coins a day.

Here's Coinbase to buy 1 BTC right now:


So it looks like 1%.  The Bank fee is fixed so no matter how many BTC you are buying it is $0.15 per transaction.

The interface works nicely as well, showing you your pending transactions and the estimated time to clear.  This has been <5 days for me through multiple transactions.

gotcha,  Any ideas as to what the fees are?  particularly for withdrawing usd?  I  can't seem to find any reference on the site to fees.  I'll keep looking

Best is a bit subjective, depending on the timeframe and effort you're willing to put in to do it.

If a little bit of physical effort can be put into it, localbitcoins.com would allow you to make connections with people that want to pay $ for BTC.  You can charge a bit of a premium for this service because of it.

I've been able to use Coinbase, and while it takes a few days and has some fees, has been very easy.

Anyone have their best way with the most minimal fees to turn their bitcoin into cash?