Silk Road forums
Discussion => Silk Road discussion => Topic started by: bbbaac on April 21, 2013, 03:28 pm
-
once you get money onto your account, whats the way or easiest way, less fees, on how to cash the money out.
i have 50 dollars now, in 5 days if btc is worth more. would i have more then 50 ? or still 50.
thanks for help.
-
Money is stored in your SR account in Bitcoins so if the value of Bitcoin goes up then yes, you would have more than $50.
The easiest way to get out your money is to go to bitinstant.com and have it get sent to your paypal but thats also fairly expensive.
The cheapest way is to get an account at mtgox.com and dwolla.com and verify your account at mtgox. Then send btc to mtgox and trade it for USD then send your usd from there to dwolla then from dwolla to your linked baqck account. This method costs you 0.6% (only 60 cents per $100) and a $0.25 fee as well.
-
mtgox lags hard these days and i guess dwolla is only for usa.
so if btc was the drop in half price over night, would vendors with cash in the account lose half ?
do you get the money right out asap ?
thanks
-
mtgox lags hard these days and i guess dwolla is only for usa.
so if btc was the drop in half price over night, would vendors with cash in the account lose half ?
do you get the money right out asap ?
thanks
Exactly, but they also profit when it goes the other way.
Some vendors decide to hedge their orders though.
Which means that as long as the order isn't finalized, SR will make sure they are paid the same amount in $.
So if a $100 order is finalized but the coins have since dropped in value, they will still get $100 in bitcoins at the time of finalization.
However all the coins already in their wallet are subject to the rise and fall of the Bitcoin price.
Also if you're in Europe, try Bitstamp to exchange and withdraw your money.
They only charge a 0.4% fee on the exchange of your coins and a €0.15 fee on SEPA wire transfers IIRC.
The wire transfer will not take more than a few working days at most.
-
canada ?
-
canada ?
https://www.cavirtex.com is the only Canadian exchange that I know of.
Their fees seem to be quite high in comparison though.