Silk Road forums
Discussion => Security => Topic started by: Nellion on November 09, 2012, 03:55 pm
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What is the best "prepaid style debit card" that will allow you to turn your BTC into USD? Are there any anonymous ones? Do all of them let you do ATM withdrawals so you can effectively turn BTC into real cash?
Thanks
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Subscribed
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I'd like to know the answer to this Q myself for when I need to withdraw cash.
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OKpay is probably the easiest
If you're selling a lot, you can ask any exchanger in eastern europe to hook you up with a debit card, they'll do it if you have steady big trades with them. These will be no limit cards.
But cards are dangerous because banks flag them, whereas localbitcoins in person meetings for cash are infinitely better. If you're worried the people you deal with locally are informants, then why aren't you setting up your own biz to sell your coins to a target market directly and get all the money clean, and for full value. It's hard to buy bitcoins in the UK, so why not get an OKpay account and start accepting direct 3rd party wires, sepa transfers and other methods for your coins. If somebody in the UK has sofort banking details, it's free for you to accept the transfer. Then withdraw to your bank account and declare it, or send it to an exchanger, or get a debit card, or wire it to yourself with contact. Can also sell on #bitcoin-otc, the forums, or anywhere. Easiest way to cash out: become your own exchanger.
Carding forums also sell reloadable cards, usually with accounts set up with fake ID, but you're chancing they might run away with your money or they might be informants, or maybe banks are tracing foreign cards (which they do all the time). Remember if you decide to declare any income it's for a service, preferably you're selling NDA protected software scripts or templates. Cash your face off who gives a fuck, it's now legal clean cash. I find it's cheaper to set up offshore corps, launder the coins to obscure the silk road link, and sell them direct to buyer avoiding exchanges wanting ID, then withdraw the funds through a local company paying the paltry 15% taxes. All the illegal methods cost almost the same and are much more risky.
If you do end up getting a card don't use the same ATM everytime
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Ok, say I already have an OKpay account... How would I start accepting third party direct wires and wouldn't that eventually arouse suspicion?
Also, if I were to sell on the forums, how would I go about reveiving the cash in trade for the btc? The OKpay account?
Lastly, is there a way to get a money order or something functioning in a similar manner sent to you?
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And, while we're on the subject of btc, have you noticed how much btc exchange rate has dropped since SR went down? It's reacted very quickly, too..
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Subbed!
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Would like a good answer to this question myself.
In fact a SR-vendor is at risk when selling his btc/converting to cash.
Was thinking about anonymous debit cards myself, problem with most are the limits and annual max.
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I sell anon cards which can be loaded by BTC through me.
I also sell virtual cards which can be loaded and used online to purchase items.
Use the link in my signature when the site is back up :)
Dank
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Sorry, dank, nothing personal, but I really don't like the idea at being at the whim of some random when it comes to my money. Not saying that you would do anything nefarious, I'm just not a big risk taker.
Personally, I would whip up a quick eStore selling random items and buy stuff from myself before I would get the type of cards offered on SR today. Nowadays, you can whip up an eStore with the wizards available through various developers for a trivial fee in about 3 hours, less if you have all the product info ready.
Plus, the only card I would buy would be one without a limit, and they are way too rich for my blood :).