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How do they actually go about converting Dogecoin to Dollars? Evertyhing I've read and heard about Dogecoin is that it's kind of a novelty thing, so are there a
by chadwickthebold 13y ago
How do they actually go about converting Dogecoin to Dollars? Evertyhing I've read and heard about Dogecoin is that it's kind of a novelty thing, so are there actually people out there who are paying to convert dollars to doge?
- slipstream- 13y agoIIRC there's a couple of exchanges that do DOGE->USD.. but you can also do DOGE->BTC->USD.
- kattenkorven 13y agoThere's a growing list of exchanges where you can do this https://www.kraken.com https://www.kraken.com https://www.anxpro.com https://www.anxpro.com https://www.vaultofsatoshi.com https://www.vaultofsatoshi.com https://www.coinmkt.com https://www.coinmkt.com
- res0nat0r 13y agoCan any of these sites actually realize that in actual USD in a reasonable timeframe? How much time and effort and waiting does it take to see $11k in their hands? Or do they have to do transactions of $100/max once per week with a waiting time of 10 days each?
- skybrian 13y agoApparently the most common approach is to trade for Bitcoin on an exchange and then exchange that for dollars.
- Aaronontheweb 13y agoCan confirm. Kraken is eventually going to enable me to convert it directly into USD, but it still has some regulatory hoops to go through in California at least.
- untilHellbanned 13y agoThat used to be the most common before moolah, kraken, vault of satoshi, etc. came along.
- untilHellbanned 13y agoYou can buy however much people are selling. I bought up to $2000 of Dogecoin at one time. I've regularly seen orders for significantly more than that though. The transaction itself is instantaneous, but of course wiring the USD to the exchange took 48 hours.
- aestra 13y agoThe timeframe is how long an ACH transaction to your bank takes. Almost all exchanges have daily and weekly limits, ranging from $4,000 - $10,000 a day but they will often up those limits if you give them more personally identifying information.
- kattenkorven 13y agoA normal SEPA (euro zone) transfer of < $13k takes 1-2 days, I don't know how long other transfers take.
- nicky0 13y agoDaily DOGE trading volume is in the hundreds of thousands USD equivalent. Selling $30k worth is easy. Check the order book for just one exchange (Cryptsy DOGE/BTC). Very liquid. There are tens of millions of DOGE worth of open buy orders at any moment time. https://bitcoinwisdom.com/markets/cryptsy/dogebtc https://bitcoinwisdom.com/markets/cryptsy/dogebtc
- sillysaurus3 13y agoVault of Satoshi charges $99/mo for access to their exchange? That seems absurdly high just for access. I wonder why people would pay that much, and how popular it is? EDIT: Ah. $99/mo in exchange for zero trade fees. That's actually an interesting dynamic.
- robzyb 13y agoThat is interesting. It's also interesting to think about it as: - There are trade fees, but only to a maximum of $99/mo, and only if you remember to ask us to cap them.
- aestra 13y agoHow I do it: Go to CoinedUp and convert dogecoin -> bitcoin. Send bitcoin to coinbase. Sell bitcoin on coinbase. Kraken isn't open to USD transactions in my area yet. Also - selling doge to private parties for USD, possibly in person.