Converting Bitcoins into hard cash - page 2.

Jonathan Ryan Owens

donator

Activity: 392

Merit: 252

Quote from: Meatpile on June 12, 2011, 02:28:55 PM

I would say you should spend those bitcoins on actual things people are trying to sell (for bitcoins) instead of exchanging in and out between other currencies. That is what bitcoin was designed for. Otherwise you will be paying all types of fees guaranteed.

Your idealism is great, but the growth of Bitcoin is going to be dependent upon it being convertible to currency, especially since products for sale still need to be purchased in cash. Services are different, because we can provide those and assign them our own value, but unless a distributor takes Bitcoin as payment, at some set exchange rate (again, against other currencies), your idealism falls flat on its face, unfortunately. If Bitcoin once again trades at ~0.20 - 0.40, then you'll have your trade/exchange system back. Because people are willing to pay real money for Bitcoin, there's a real need to be able to quickly convert back and forth. Liquidity is king.

Meatpile

sr. member

Activity: 277

Merit: 250

I would say you should spend those bitcoins on actual things people are trying to sell (for bitcoins) instead of exchanging in and out between other currencies. That is what bitcoin was designed for. Otherwise you will be paying all types of fees guaranteed.

gmk80

newbie

Activity: 14

Merit: 0

It seems to me you've found a money making opportunity. If there's no good way to convert bitcoin to rand, perhaps you should be the guy to do it. Instead of mining, you could be collecting up all the bitcoins throughout SA in exchange for depreciating currency and a nominal transaction fee. With a little marketing you could be rich before Friday. If you didn't want to hold the coins, you could at least send them to Mt Gox and convert them into the currency of your choice.

Can't you set up a US dollar (or Euro) account in South Africa for receiving dollar transfers and do the currency conversion at the bank?

FaT

member

Activity: 74

Merit: 10

I'm sure it can, but from what I understand, there are considerable fees involved?
I'm not doing big transactions since I've just started mining. I'd like to get some cash in my hand before I invest more into Bitcoin mining, so I'm wanting to withdraw $150 odd.

itsagas

newbie

Activity: 59

Merit: 0

Can't Gox make an international wire directly to your SA bank account?

FaT

member

Activity: 74

Merit: 10

Hi,

I just discovered Bitcoin about a week ago and have been mining since

There is one big problem for me though (and many other people too). How do I get my Bitcoins converted into my native currency?
A lot of the ways of doing this seem to be tied to the US. I'm in South Africa, and there appears to be no easy way to do this.

So far, one of the most promising approaches appears to be converting Bitcoins into a Payoneer Debit card refill. However, thus far I have found no way to get a Payoneer card that isn't tied to a specific vendor's product.

The only other way seems to be: MtGox -> Liberty Reserve (some say this is dodgy?) -> Paypal (even more problems I read) -> SA Bank account.
This path introduces many..many fees.

Am I missing something here?

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