Silk Road forums
Discussion => Security => Topic started by: Mcrad on July 07, 2013, 02:12 am
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hello everyone im wondering about the different ways to cash out bitcoins.
looking to be as anonymous as possible of course 8)
much love
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I'm not "cashing out", but I happen to have a few more BTC than I need so I've been trying to find the same info. Here's where I'm at:
1) Use localbitcoins to sell to someone face to face for cash. Hassle of having to drive somewhere or otherwise meet someone. That someone has direct contact with you which means you can be traced.
2) Use localbitcoins or SR or other vendors that give you moneypak codes for your BTC (via escrow). Being new to this, the problem here for me is I don't know what to do with a moneypak code. I understand they are generally used to load the balance of the moneypak into either a paypal account or a prepaid debit/gift card (?) I don't understand the reason you would want to load it into a paypal account (although I am not familiar with them) don't you generally have your paypal account attached to a bank account to send yourself your paypal funds? If so, that breaks your anonymity. The alternative is loading a prepaid card. I believe this is probably what I'll do, I just need to find a prepaid card that doesn't cost a lot and doesn't require personal info like a SSN to get.
Additional question: How does the escrow process for moneypak transactions normally work? For example, if I buy one of the silk road moneypak items, I'm given a code that I have to unload onto my prepaid card, at which point the moneypak is empty and the balance can't be taken back. Right? And only at that point release escrow?
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I'm not "cashing out", but I happen to have a few more BTC than I need so I've been trying to find the same info. Here's where I'm at:
1) Use localbitcoins to sell to someone face to face for cash. Hassle of having to drive somewhere or otherwise meet someone. That someone has direct contact with you which means you can be traced.
2) Use localbitcoins or SR or other vendors that give you moneypak codes for your BTC (via escrow). Being new to this, the problem here for me is I don't know what to do with a moneypak code. I understand they are generally used to load the balance of the moneypak into either a paypal account or a prepaid debit/gift card (?) I don't understand the reason you would want to load it into a paypal account (although I am not familiar with them) don't you generally have your paypal account attached to a bank account to send yourself your paypal funds? If so, that breaks your anonymity. The alternative is loading a prepaid card. I believe this is probably what I'll do, I just need to find a prepaid card that doesn't cost a lot and doesn't require personal info like a SSN to get.
Additional question: How does the escrow process for moneypak transactions normally work? For example, if I buy one of the silk road moneypak items, I'm given a code that I have to unload onto my prepaid card, at which point the moneypak is empty and the balance can't be taken back. Right? And only at that point release escrow?
I believe you have to buy a prepaid credit card that is on the list of cards that moneypak will load. Found on moneypak website. Then you pay the vendor for the code. Once you receive the code, you then load your prepaid credit card. Once the code works and your funds are loaded you then release the funds from escrow.
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I'm not "cashing out", but I happen to have a few more BTC than I need so I've been trying to find the same info. Here's where I'm at:
1) Use localbitcoins to sell to someone face to face for cash. Hassle of having to drive somewhere or otherwise meet someone. That someone has direct contact with you which means you can be traced.
2) Use localbitcoins or SR or other vendors that give you moneypak codes for your BTC (via escrow). Being new to this, the problem here for me is I don't know what to do with a moneypak code. I understand they are generally used to load the balance of the moneypak into either a paypal account or a prepaid debit/gift card (?) I don't understand the reason you would want to load it into a paypal account (although I am not familiar with them) don't you generally have your paypal account attached to a bank account to send yourself your paypal funds? If so, that breaks your anonymity. The alternative is loading a prepaid card. I believe this is probably what I'll do, I just need to find a prepaid card that doesn't cost a lot and doesn't require personal info like a SSN to get.
Additional question: How does the escrow process for moneypak transactions normally work? For example, if I buy one of the silk road moneypak items, I'm given a code that I have to unload onto my prepaid card, at which point the moneypak is empty and the balance can't be taken back. Right? And only at that point release escrow?
your basically right about that, Drugsandcash Selles good anonymous visas and mastercards via SR. The one thing your forgetting is then what? You transfer the moneypacks to anonymous visa then you have to get the funds out the account.anonymity is hard to keep that way, I have a basic way of doing it now and an anoymous bank account set up in different eastern eauropean country that i can sell and get the coins into, But then what? they still need to get back to me.. I can take it out via atms but you only get 500PLN at a time, which isnt much at all...