Posted: 11/21/2013 1:24:58 PM EDT
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So I've read all the bitcoin threads, or most of them, that are in GD.
I created an account with Mt. Gox and am getting ready to have it verified. Now, my question is, when I sell a bitcoin, where does the money go? Can it go straight to checking/savings account.... or does it have to be linked to a credit card? I don't understand this part of it. 
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Quoted:
So I've read all the bitcoin threads, or most of them, that are in GD. I created an account with Mt. Gox and am getting ready to have it verified. Now, my question is, when I sell a bitcoin, where does the money go? Can it go straight to checking/savings account.... or does it have to be linked to a credit card? I don't understand this part of it. THIS? |
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Quoted:
So I've read all the bitcoin threads, or most of them, that are in GD. I created an account with Mt. Gox and am getting ready to have it verified. Now, my question is, when I sell a bitcoin, where does the money go? Can it go straight to checking/savings account.... or does it have to be linked to a credit card? I don't understand this part of it. 1.) If you're looking for a regular / legit way of moving between $$$ and btc then look at Coinbase. I've used them a lot, have had great success and would recommend highly. There's a verification process that allows funds to be transferred directly from a bank account. Mt. Gox has a bad history as far as their own liquidity (read: ability to turn BTC into $$$) and there are a lot of folks out there still trying to get currency out of them. 2.) If you are looking for an occasional way of moving between $$$ and btc and want to stick to cash (or similar) then local at localbitcoins which can hooks up buyers and sellers directly. The big win here is that they provide an escrow service to keep either side from having problems as well as a rating/dispute system to keep things sane. 3.) Avoid anything that ties Paypal to any crypto currency - especially if you're the recipient of the Paypal. Their ToS pretty much forbids it and there is an amazingly high fraud incidence and potential. The basic point here is that BTC is a currency and is exchanged rather than purchased. Just like you wouldn't generally buy Euros with your Visa card (..unless you're doing a cash advance at an ATM) you generally need to exchange some kind of hard currency for bitcoin. By the same token (apologies for the pun) the value of crypto currencies vs fiat currency is set by currency exchanges. Someone out there wants to trade dollars for bitcoin and someone else wants to do the inverse. The exchanges just connect the two. Incidentally - btc-e was mentioned and is generally OK. I'd also suggest taking a look at Vircurex. |