Silk Road forums
Discussion => Newbie discussion => Topic started by: M12 on August 06, 2013, 02:14 pm
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What is the best way for a UK vendor to cash out his bitcoins?
Through Mt.Gox then to your own bank? Seems well dodgy.......
Can someone please explain to me the best way for a UK vendor to receive his real money.
Thanks.
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Depending on the amounts you really need to find someone who knows how to launder money safely for your area. For small amounts withdrawing say through gox might not attract attention, but for larger amounts or repeated transactions, it gets highly highly risky if not laundered properly.
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Yeah, smaller amount is idea via Mt. Gox. As for larger payout, beats me. Can anyone fill in the gap? I was thinking of Western Union with fake ID. That MIGHT work.
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IIRC theyre's a money section on SR that vendors send you cash in exchange for btc, for around 10% or less IIRC. Go check :)
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Thanks for the replies everyone. There has to be a better way out there...
If we used a vendor that was advertising a buying bitcoins esrvice, there's nothing to stop him bailing on you...
At least with Mt.Gox it's a large company, just how do you cover your tracks though???
Anybody??
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The money section on SR works just as any other section does; within the SR escrow protection service. Just as drugs, you send them the btc, it stays in escrow until you get the cash and mark the transaction as complete :)
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Does localbitcoins.com work in the UK?
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Most vendors won't reveal their exact method publicly because it puts them at risk.
For now, I say you just use localbitcoins if you're okay with meeting up with someone locally. Once you have the money in cash, and as long as you don't draw attention to yourself by buying something stupid, you should be okay until you make enough to hire someone to properly launder your funds. Oh, and obviously do not deposit large amounts of cash into your bank account because it sets off red flags; keep it somewhere secure in your home.
If you prefer to not meet people face to face, there are plenty of vendors here (myself included) who sell completely legal items such as electronics that you can resell on ebay, craigslist, or other clearnet sites and make some profit while you're at it too.
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Most vendors won't reveal their exact method publicly because it puts them at risk.
For now, I say you just use localbitcoins if you're okay with meeting up with someone locally. Once you have the money in cash, and as long as you don't draw attention to yourself by buying something stupid, you should be okay until you make enough to hire someone to properly launder your funds. Oh, and obviously do not deposit large amounts of cash into your bank account because it sets off red flags; keep it somewhere secure in your home.
If you prefer to not meet people face to face, there are plenty of vendors here (myself included) who sell completely legal items such as electronics that you can resell on ebay, craigslist, or other clearnet sites and make some profit while you're at it too.
What do you guys think about buying gold and selling it locally for cash?
Modzi
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check out coinjar.io they have pretty good rates only 1.1% commision on sales and you can link it to your bank account or get western union to recieve money from selling bitcoins
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What do you guys think about buying gold and selling it locally for cash?
Modzi
I'm not sure how efficient that would be, but that can work. It'd be better if you sold to other people rather than a business who could recognize you if you came in enough times. And of course, be very careful with how you spend the money until you get a proper plan put in place to launder the cash.
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What do you guys think about buying gold and selling it locally for cash?
Modzi
I'm not sure how efficient that would be, but that can work. It'd be better if you sold to other people rather than a business who could recognize you if you came in enough times. And of course, be very careful with how you spend the money until you get a proper plan put in place to launder the cash.
How much spending do you think requires one to begin laundering? For instance, I would say that buying a new car for cash is too much spending, but buying a used car for cash is not, unless it's over $20K.
Modzi