Is MtGox the best way to withdraw BTC as USD? - page 2.

Horkabork

full member

Activity: 140

Merit: 100

Quote from: SgtSpike on May 25, 2011, 08:03:50 PM

Going the MtGox route though, all I see are two fees: The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account. Are there any other fees I am not considering?

There's also the (semi-optional) 0.01 bitcoin transaction fee to factor into your calculations.

However, the real advantage of dwolla is that you get to talk to friends about bitcoins and dwolla and sound like you're a huge nerd with a speech impediment who can't pronounce "dollar."

Try saying "I changed my bitcoins into dwolla dwolla bills y'all" without sounding like you're a speech-impaired gangster nerd from Brooklyn.

It's all about the dwollas, yo.

FooDSt4mP

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Activity: 182

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Quote from: SgtSpike on May 25, 2011, 08:03:50 PM

Well, it's easy to change it from BTC into USD via a trade, but is it the best route to go as far as withdrawing that USD into one's bank account?

Right now, I'm mining 50/50. I keep 50%, and use 50% to help pay for the hardware I purchased. It's working well so far withdrawing through Virwox/SL, but I'm all for an easier/cheaper solution. Going the Virwox/SL route, I end up paying about 5% in fees on average. Of course, it's not exact since I go through another exchange, which may be under or overvalued compared to MtGox, but it does the trick.

Going the MtGox route though, all I see are two fees: The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account. Are there any other fees I am not considering?

Nope.. that's it.

SgtSpike

legendary

Activity: 1400

Merit: 1005

Well, it's easy to change it from BTC into USD via a trade, but is it the best route to go as far as withdrawing that USD into one's bank account?

Right now, I'm mining 50/50. I keep 50%, and use 50% to help pay for the hardware I purchased. It's working well so far withdrawing through Virwox/SL, but I'm all for an easier/cheaper solution. Going the Virwox/SL route, I end up paying about 5% in fees on average. Of course, it's not exact since I go through another exchange, which may be under or overvalued compared to MtGox, but it does the trick.

Going the MtGox route though, all I see are two fees: The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account. Are there any other fees I am not considering?

Topic: Is MtGox the best way to withdraw BTC as USD? - page 2. (Read 4613 times)