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Here's the story I was thinking about: http://buttcoin.org/easy http://buttcoin.org/easy Is there a service that makes the process of turning BTC into USD as

Here's the story I was thinking about: http://buttcoin.org/easy http://buttcoin.org/easy Is there a service that makes the process of turning BTC into USD as easy as Tinkercoin claims to for USD to BTC?

Synaesthesia 13y ago
I've found it easy to sell bitcoins on exchanges or Localbitcoins.
jnbiche 13y ago
If you're looking for an instant way to change BTC to USD online, you probably won't find that (at least I have my doubts that such a service can exist legitimately). And I have my doubts that Tinkercoin will be around for long, unfortunately (because of scammers). There's simply an impedance mismatch between Bitcoin and the legacy banking system. As such, you will be hard pressed to find a way to "instantly" sign up and transfer BTC to USD, if that's what you're asking. But once you've gotten approved at a respectable exchange like Bitstamp, getting USD in your bank account is as easy as exchanging the Bitcoins at your desired rate, filling in your desired amount of USD to transfer, and clicking submit. Because of the slowness of the legacy wire transfer system, you then have to wait a couple of days before the transfer shows up at your account. But it's an extremely simple process, just like transferring money from your online bank account (but not as easy or fast as sending Bitcoins!). Note that you do need to submit your ID and some additional information the first time you transfer funds, to get approved. If your exchange isn't doing that, then they're not complying with KYC and they're vulnerable to being shut down.
- amscanne 13y ago
  I don't think it's reasonable to refer to the entire banking system (incl. wire transfers, etc.) as "legacy". It's like referring to BTC as legacy crypto currency, because now we have dogecoin.
IntentionTech 13y ago
This is why we are building a #Bitcoin #Startup, help give us a chance by voting at http://game.startupbus.com/teams/15 http://game.startupbus.com/teams/15
Canada 13y ago
Of course accepting a stranger's cheque is crazy, but asking to verify the bank notes at a bank is a bit much.
- shawabawa3 13y ago
  Why? Seems like a perfect way to unload counterfeit notes. I certainly wouldn't trust myself to check whether 25k of strangers cash wasn't counterfeit

Synaesthesia 13y ago

I've found it easy to sell bitcoins on exchanges or Localbitcoins.

jnbiche 13y ago

If you're looking for an instant way to change BTC to USD online, you probably won't find that (at least I have my doubts that such a service can exist legitimately). And I have my doubts that Tinkercoin will be around for long, unfortunately (because of scammers). There's simply an impedance mismatch between Bitcoin and the legacy banking system. As such, you will be hard pressed to find a way to "instantly" sign up and transfer BTC to USD, if that's what you're asking. But once you've gotten approved at a respectable exchange like Bitstamp, getting USD in your bank account is as easy as exchanging the Bitcoins at your desired rate, filling in your desired amount of USD to transfer, and clicking submit. Because of the slowness of the legacy wire transfer system, you then have to wait a couple of days before the transfer shows up at your account. But it's an extremely simple process, just like transferring money from your online bank account (but not as easy or fast as sending Bitcoins!). Note that you do need to submit your ID and some additional information the first time you transfer funds, to get approved. If your exchange isn't doing that, then they're not complying with KYC and they're vulnerable to being shut down.

amscanne 13y ago
I don't think it's reasonable to refer to the entire banking system (incl. wire transfers, etc.) as "legacy". It's like referring to BTC as legacy crypto currency, because now we have dogecoin.

IntentionTech 13y ago

This is why we are building a #Bitcoin #Startup, help give us a chance by voting at http://game.startupbus.com/teams/15 http://game.startupbus.com/teams/15

Canada 13y ago

Of course accepting a stranger's cheque is crazy, but asking to verify the bank notes at a bank is a bit much.

shawabawa3 13y ago
Why? Seems like a perfect way to unload counterfeit notes. I certainly wouldn't trust myself to check whether 25k of strangers cash wasn't counterfeit