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Ask HN: Converting bitcoins to real money. Who’s done it?
Googling something like 'bitcoin withdrawal delay', turns up a slew of comments and complaints about delays in withdrawing money from various exchanges.
Has anyone successfully converted bitcoins into USD, EUR or another real-world currency and, if so, how much did you withdraw?
- jnbiche 13y agoWow, I'm suprised this is still a question. Yes, I successfully convert BTC to USD on a regular basis. I don't wish to disclose how much, but it's not pocket change (and yes, it's subject to taxation). The delay complaints you see are mostly people who have never done international wires before and therefore who aren't aware that because of the existing banking system, wires can take 3-8 days to clear. That delay is not because of the Bitcoin exchanges, that's because of the banks that deal with your "real-world currency". Bitcoin is very liquid if you're not a total idiot. If you wish to convert it anonymously (I don't), it's a little harder, but still doable (see localbitcoins). Most exchanges require copies of your passports and other ID to comply with U.S. regulations (i.e., they don't want to wake up to Seal Team 6 in their bedroom). All of this is no different than any other currency. In other words, Bitcoin is real-world currency. Welcome to 2013.
- jackgavigan 13y agoWhich exchange/site do you use?
- jnbiche 13y agoBitstamp. International wire transfers.