Topic: I want to store bitcoin in USD without transferring to my bank? (Read 4519 times)
You might to try Nubits, that i tried already, or BitShares, BitUSD or CoinoUSD on NXT. All these are altcoins that you can withdraw from exchanges and hold them in your own wallet. That way you don't risk that you lose your Dollars when an exchange goes down or get hacked with your coins or fiat in it.
October 10, 2015, 07:22:43 AM
Hmm, you cannot just "chance the law" here, it is a long process and cannot be overruled just because the head of the government say so, or anyone for that matter. There are some clause that allow executive powers in time of Crisis, however.
But i very much doubt you having a brick of gold in a private vault is within the domain of national security.
I would believe it may not be safe in many places in the world, but i am not under the impression that it is a risk in Canada. And i doubt it would be in the US, europe, etc.
So naive my friend. He is right, the "law" is only law until it is enforced, otherwise its just a scribble on a piece of paper.
When the global meltdown hits, I doubt a piece of paper in the parliament archive will overrule the current elite's agenda.
Face it, when shit hits the fan, everybody will fight for survival.
Like dont tell me when the ATM's wont give out money people wont break into stores and riot, because that is what will happen, and your gold isnt any more safe than the poor shop owner's groceries, from the angry mob, or other forces.
It *is* going to be safe in a vault from the angry rioters and only countries not able to self sustain will break apart if a "global meltdown" happen. And if a "actual global meltdown" happen, then BTC will be worthless, so will USD, so storing such currency in this post-apocalyptic scenario is moot.
In such case, goods will be the currency as we go back to a bartering system. So Gold, Water, toilet paper would be a better investment in this scenario of yours. Of course you would need a bunker too. ;P
But for OP, the solution is clear, he need to trust a 3rd party to hold his USD since he wishes to hide it from his bank. So he does not have many options. Buying gold is a good one.
October 09, 2015, 04:39:34 PM
Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".
It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.
If it fail you lost everything, Hence a bad store of value.
Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.
I think toilet paper is a better store of value than Bitcoin
Gold can be stolen by "confiscation", if too many people start to use it. All vaults are at the mercy of the government, if they choose to enact a law to confiscate gold, and give you a "redeemable" toilet paper , then you are also mistaken.
Bitcoin on the other hand cant be confiscated, even if its price is volatile.
Confiscated, do you live in Brasil or something? Its completely illegal for the government to do this here. If you live in a country where you cannot trust the government, then i would understand your prerogative and would leave it as an option for people that live in countries with stable governments.
I dont think there is a country where you can trust them
I mean they make the laws and can change it anytime, they just issue an emergency executive order to "save the economy" and boom your gold is gone, they will confiscate it all...
Hmm, you cannot just "chance the law" here, it is a long process and cannot be overruled just because the head of the government say so, or anyone for that matter. There are some clause that allow executive powers in time of Crisis, however.
But i very much doubt you having a brick of gold in a private vault is within the domain of national security.
I would believe it may not be safe in many places in the world, but i am not under the impression that it is a risk in Canada. And i doubt it would be in the US, europe, etc.
October 09, 2015, 04:02:52 PM
Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".
It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.
If it fail you lost everything, Hence a bad store of value.
Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.
I think toilet paper is a better store of value than Bitcoin
Gold can be stolen by "confiscation", if too many people start to use it. All vaults are at the mercy of the government, if they choose to enact a law to confiscate gold, and give you a "redeemable" toilet paper , then you are also mistaken.
Bitcoin on the other hand cant be confiscated, even if its price is volatile.
Confiscated, do you live in Brasil or something? Its completely illegal for the government to do this here. If you live in a country where you cannot trust the government, then i would understand your prerogative and would leave it as an option for people that live in countries with stable governments.
I dont think there is a country where you can trust them
I mean they make the laws and can change it anytime, they just issue an emergency executive order to "save the economy" and boom your gold is gone, they will confiscate it all...
October 09, 2015, 02:19:01 PM
You can also store you bitcoin into usd in perfect money just register there and goto exchanger to convert your bitcoin to usd and then after you finish your bank account you can use some and few exchanger there to transfer it into bank account... goodluck think before you do. just first review the site before you changing money or transfer. you use some website to know if this is scam site like scamadviser.com.Better trust score is the best than low..
October 09, 2015, 01:43:15 PM
Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".
It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.
If it fail you lost everything, Hence a bad store of value.
Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.
I think toilet paper is a better store of value than Bitcoin
Gold can be stolen by "confiscation", if too many people start to use it. All vaults are at the mercy of the government, if they choose to enact a law to confiscate gold, and give you a "redeemable" toilet paper , then you are also mistaken.
Bitcoin on the other hand cant be confiscated, even if its price is volatile.
Confiscated, do you live in Brasil or something? Its completely illegal for the government to do this here. If you live in a country where you cannot trust the government, then i would understand your prerogative and would leave it as an option for people that live in countries with stable governments.
October 09, 2015, 05:50:06 AM
Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".
It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.
If it fail you lost everything, Hence a bad store of value.
Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.
I think toilet paper is a better store of value than Bitcoin
Gold can be stolen by "confiscation", if too many people start to use it. All vaults are at the mercy of the government, if they choose to enact a law to confiscate gold, and give you a "redeemable" toilet paper , then you are also mistaken.
Bitcoin on the other hand cant be confiscated, even if its price is volatile.
October 09, 2015, 02:43:45 AM
Storing bitcoin in USD will loose it's net worth over time. People see this as a protection against the falling price. Yes it will prevent your growth in the raising market.
October 08, 2015, 03:54:50 PM
I was watching a video for coinbase.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.
They are pretty new, not that established, but definitely better than paypal and with less restrictions.
It seems like old companies always fuck up in innovation. I`d use them.
Maybe so but if OP wants to store USD online, i don't think Payza is it. In term for safety, Paypal might be better, but in truth i think this simply should not be done. Buy gold and hide it pirate-style 6 feets bellow in your garden or something.
On the upside, if Fiat ever break down, Gold will still be worthwhile.
Haha, gold can be stolen too, not very good
Bitcoin & land is pretty good. A land is always yours, while bitcoin too, good stores of value.
Its not really easy to steal gold from a vault and those are insured. Bitcoin is a unknown store of value. Its not because its protected from fiat inflation that its a good store of value. Its volatile as hell and probably what people would give as an example to being a poor store of value. If the price change a lot, its not a "good store of value".
It may however be a "good long term hold investment" if you bet on Bitcoin succeeding its revolution.
If it fail you lost everything, Hence a bad store of value.
Meanwhile gold, even if ever government blow up/vanish, the world end will retain value.
I think toilet paper is a better store of value than Bitcoin
October 08, 2015, 01:01:53 PM
I was watching a video for coinbase.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.
They are pretty new, not that established, but definitely better than paypal and with less restrictions.
It seems like old companies always fuck up in innovation. I`d use them.
Maybe so but if OP wants to store USD online, i don't think Payza is it. In term for safety, Paypal might be better, but in truth i think this simply should not be done. Buy gold and hide it pirate-style 6 feets bellow in your garden or something.
On the upside, if Fiat ever break down, Gold will still be worthwhile.
Haha, gold can be stolen too, not very good
Bitcoin & land is pretty good. A land is always yours, while bitcoin too, good stores of value.
October 04, 2015, 12:41:17 PM
I was watching a video for coinbase.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.
They are pretty new, not that established, but definitely better than paypal and with less restrictions.
It seems like old companies always fuck up in innovation. I`d use them.
Maybe so but if OP wants to store USD online, i don't think Payza is it. In term for safety, Paypal might be better, but in truth i think this simply should not be done. Buy gold and hide it pirate-style 6 feets bellow in your garden or something.
On the upside, if Fiat ever break down, Gold will still be worthwhile.
October 04, 2015, 12:51:10 AM
I was watching a video for coinbase.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.
They are pretty new, not that established, but definitely better than paypal and with less restrictions.
It seems like old companies always fuck up in innovation. I`d use them.
October 03, 2015, 03:11:42 PM
I was watching a video for coinbase.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
It seemed like when you sell bitcoin to USD, that it instantly goes to your bank?
Is there any wallet that will let me convert/sell bitcoin to USD then leave it in the wallet in USD?
I also need to be able to register and do this without a bank account. I plan to open a new bank account this week, but I would like to gegt the bitcoin sent to me ASAP and have it sit in my wallet as USD until the bank account is open and ready for transfer.
You can use Payza, it accept Bitcoin and you can from your Payza account exchange your BTC to USD in your wallet on Payza.
October 03, 2015, 06:13:22 AM
Dont you try perfect money..???many exchanger there.But i dont recommend this. Just use paypal for security reason.convert your bitcoin to exchanger site and store it to paypal....
if You want to save your bitcoin or store it securely you choose paper wallet and make it rar file with security password put it on the usb with security passorwd
Here procedure
Download the usbsafeguard.exe and copy it to your USB flash drive. Run it from your flash drive and enter a password to lock the drive. To unlock it, run the file again and enter the password. The locking procedure must be repeated every time you want the drive to be locked as the tool will remember its last status, i.e. locked or unlocked. This also means that you can change the password every time you use USB Safeguard.
Link https://userscloud.com/1e15yz44bmic
if You want to save your bitcoin or store it securely you choose paper wallet and make it rar file with security password put it on the usb with security passorwd
Here procedure
Download the usbsafeguard.exe and copy it to your USB flash drive. Run it from your flash drive and enter a password to lock the drive. To unlock it, run the file again and enter the password. The locking procedure must be repeated every time you want the drive to be locked as the tool will remember its last status, i.e. locked or unlocked. This also means that you can change the password every time you use USB Safeguard.
Link https://userscloud.com/1e15yz44bmic
October 03, 2015, 05:49:38 AM
easiest way that I recommend is to use btc-e
register then deposit your bitcoins then sell them for USD, then your balance in USD will be in your account
make sure that you use a unique password and use 2FA for more security
register then deposit your bitcoins then sell them for USD, then your balance in USD will be in your account
make sure that you use a unique password and use 2FA for more security
But exchanges are not really secure and a bad way to store currency for any longer length of time but short. You're just asking to lose your money one way or another. The second you put your BTC or USD in a centralized location, your money is now subject to lingering around in a vulnerable environment.
If anything happen to the exchange, you may lose your money.
October 03, 2015, 05:44:06 AM
easiest way that I recommend is to use btc-e
register then deposit your bitcoins then sell them for USD, then your balance in USD will be in your account
make sure that you use a unique password and use 2FA for more security
register then deposit your bitcoins then sell them for USD, then your balance in USD will be in your account
make sure that you use a unique password and use 2FA for more security
October 03, 2015, 03:29:31 AM
Just like I said, they do offer it in a theory, but if actual hack would happen it would be interesting to see what would happen. Especially since this is a completely new field for insurers as well. Something tells me that they would find many loopholes they would actually try to use not to pay out insurance.
Exactly, the laws are so vague and badly verbalized that it can be interpreted many different ways.
The mere fact that these contracts are 100+ pages long makes it hard to summarize and can have many clauses that could put further loopholes.
I tell you even if they would win a legal battle against a non paying insurer, it would take many years in court, at which point customers would totally lose faith.
It's the same old sneaky shit that happened in Cyprus with the banking insurers, people barely got back even the 10000€ that was "guaranteed" to them.
That's why the best thing is to never fall in a situation like this. Keep you coins in your wallets on the computers, where you will be the only person that has the access to the private keys.
October 02, 2015, 11:49:00 PM
Just like I said, they do offer it in a theory, but if actual hack would happen it would be interesting to see what would happen. Especially since this is a completely new field for insurers as well. Something tells me that they would find many loopholes they would actually try to use not to pay out insurance.
Exactly, the laws are so vague and badly verbalized that it can be interpreted many different ways.
The mere fact that these contracts are 100+ pages long makes it hard to summarize and can have many clauses that could put further loopholes.
I tell you even if they would win a legal battle against a non paying insurer, it would take many years in court, at which point customers would totally lose faith.
It's the same old sneaky shit that happened in Cyprus with the banking insurers, people barely got back even the 10000€ that was "guaranteed" to them.
October 02, 2015, 06:49:34 AM
you can simply leave the amount on the excahnge, usd should be backed up more than bitcoin in case of fraud, but if it is a big amount you need to verify yourself first
exchanges can still block your account, or just steal your funds. I would never hold any currency in an exchange for long
Unless you do something illegal, i think exchanges such as Coinbase are properly insured;
"Coinbase is insured against employee theft and hacking in an amount that exceeds the average value of online bitcoin it holds at any given time."
You just have to see where the affected laws are in effect and enforced, which may be limited to the US and Canada at the moment.
Yes Coinbase is insured just like your bank account is insured. They offer this insurance in all of the countries that they offer their services in, at least that's what they claim. It needs to be seen what would happen if actual hack and the loss of funds is to take place.
They could offer insurance, but what if the insurer denies it? It was the case with another company that has lost bitcoin but the insurer denied the compensation and then they sued them. It could take a long court battle to get the insurance. The insurance companies are sneaky bastards and always find an excuse to not pay.
Or, the company itself can be shady, and the insurer has no way of differentiating a legitimate claim or an inside job.
Just like I said, they do offer it in a theory, but if actual hack would happen it would be interesting to see what would happen. Especially since this is a completely new field for insurers as well. Something tells me that they would find many loopholes they would actually try to use not to pay out insurance.
They would probably be forced to do a settlement, which could take a very long time of going through court before it is reached. I guess in the best case scenario, it still mean losing accept to your money/BTC for quite a long time, thus only leave what you can afford to lose, online, even if you may or may not eventually get it covered by insurance.
October 02, 2015, 04:18:18 AM
you can simply leave the amount on the excahnge, usd should be backed up more than bitcoin in case of fraud, but if it is a big amount you need to verify yourself first
exchanges can still block your account, or just steal your funds. I would never hold any currency in an exchange for long
Unless you do something illegal, i think exchanges such as Coinbase are properly insured;
"Coinbase is insured against employee theft and hacking in an amount that exceeds the average value of online bitcoin it holds at any given time."
You just have to see where the affected laws are in effect and enforced, which may be limited to the US and Canada at the moment.
Yes Coinbase is insured just like your bank account is insured. They offer this insurance in all of the countries that they offer their services in, at least that's what they claim. It needs to be seen what would happen if actual hack and the loss of funds is to take place.
They could offer insurance, but what if the insurer denies it? It was the case with another company that has lost bitcoin but the insurer denied the compensation and then they sued them. It could take a long court battle to get the insurance. The insurance companies are sneaky bastards and always find an excuse to not pay.
Or, the company itself can be shady, and the insurer has no way of differentiating a legitimate claim or an inside job.
Just like I said, they do offer it in a theory, but if actual hack would happen it would be interesting to see what would happen. Especially since this is a completely new field for insurers as well. Something tells me that they would find many loopholes they would actually try to use not to pay out insurance.
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