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For people on Coinbase, would this approach work? - withdraw btc to coinbase - convert to usd through coinbase Is MtGox just slow for withdrawing USD, or are

by japhyr 13y ago

For people on Coinbase, would this approach work? - withdraw btc to coinbase - convert to usd through coinbase Is MtGox just slow for withdrawing USD, or are they slow for every kind of withdrawal?

yebyen 13y ago
The reason you don't want to do this is because the price is always inflated on Mt.Gox. Coinbase used to pretty closely mirror Bitstamp price, which is rarely if ever as high as Mt.Gox price. Now it's usually lower, I think. The reason the price is inflated (USD/BTC price) is of course because you can never count on a withdrawal going through, so to get access to your USD, you can either go to Japan (I guess, so I'm told) or take a haircut. Presumably you could convert them to another currency, if you couldn't or didn't want to go to Japan and establish a banking relationship there, you can do it somewhere else that Mt.Gox customers can operate. This is a lot to go through for a small amount of money, I'm not suggesting it except as a last resort, or for a lot of money such that international travel is no obstacle. I have heard of people in Japan that say Mt.Gox is a stand-up company and withdrawals are taken care of in two days.
- japhyr 13y ago
  I'm not sure I asked my question clearly enough: How easy is it to withdraw BTC from MtGox?
  - yebyen 13y ago
    Withdraw BTC? Very easy. I've kept US$100 there for some time, I just traded it to BTC to answer your question and withdrew it, took less than two minutes once I found my password. No problem at all. Except I could have got the same thing done at Coinbase for only $92.
    - yebyen 13y ago
      The fees involved as a customer with no recent volume history and no discount were... trade fee: 0.00050189 BTC (0.45% of 0.11153096 BTC@$919.82263) 0.00100000 BTC (network fee, fixed 0.001 for small tx(?)) Final value of $101: 0.11002908 BTC Value at Coinbase: $90.03 after fees of $0.91 (1%) and $0.15 I didn't transmit the coins to Coinbase, so I can't say what the network fee would be to do that, but I think larger tx with longer coin-age (the time since coin moved last) are exempt from those network fees. Presumably if your goal is to unload them at Coinbase, you would send them straight to Coinbase and pay only one network fee.

by japhyr 13y ago

For people on Coinbase, would this approach work? - withdraw btc to coinbase - convert to usd through coinbase Is MtGox just slow for withdrawing USD, or are they slow for every kind of withdrawal?

yebyen 13y ago

The reason you don't want to do this is because the price is always inflated on Mt.Gox. Coinbase used to pretty closely mirror Bitstamp price, which is rarely if ever as high as Mt.Gox price. Now it's usually lower, I think. The reason the price is inflated (USD/BTC price) is of course because you can never count on a withdrawal going through, so to get access to your USD, you can either go to Japan (I guess, so I'm told) or take a haircut. Presumably you could convert them to another currency, if you couldn't or didn't want to go to Japan and establish a banking relationship there, you can do it somewhere else that Mt.Gox customers can operate. This is a lot to go through for a small amount of money, I'm not suggesting it except as a last resort, or for a lot of money such that international travel is no obstacle. I have heard of people in Japan that say Mt.Gox is a stand-up company and withdrawals are taken care of in two days.

japhyr 13y ago
I'm not sure I asked my question clearly enough: How easy is it to withdraw BTC from MtGox?
- yebyen 13y ago
  Withdraw BTC? Very easy. I've kept US$100 there for some time, I just traded it to BTC to answer your question and withdrew it, took less than two minutes once I found my password. No problem at all. Except I could have got the same thing done at Coinbase for only $92.
  - yebyen 13y ago
    The fees involved as a customer with no recent volume history and no discount were... trade fee: 0.00050189 BTC (0.45% of 0.11153096 BTC@$919.82263) 0.00100000 BTC (network fee, fixed 0.001 for small tx(?)) Final value of $101: 0.11002908 BTC Value at Coinbase: $90.03 after fees of $0.91 (1%) and $0.15 I didn't transmit the coins to Coinbase, so I can't say what the network fee would be to do that, but I think larger tx with longer coin-age (the time since coin moved last) are exempt from those network fees. Presumably if your goal is to unload them at Coinbase, you would send them straight to Coinbase and pay only one network fee.