Silk Road forums
Discussion => Security => Topic started by: mrxempire on April 12, 2013, 01:31 am
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Hey guys, with the recent market crash. I think i may take a risk and by like 500-1000 dollars worth of bitcoins, in the hopes that the price skyrockets again. Is it possible to use bitfloor to buy bitcoins, wait until they have increased in value, then sell them using bitfloor? How does that work? I know there is a "sell bitcoin" option next to the "buy bitcoin" one, but after you sell the bitcoins do you like fill out a slip or something and take it to the bank to exchange it for cash?
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After you place a sell order and it gets filled, the $USD amount will be credited to your account, and you may then either use that $USD for further BTC trading, or you may choose to withdraw the cash via ach bank withdrawal, but this will require a government ID. If anonymity is a must, I suggest withdrawing the BTC to a wallet instead of cashing them out at bitfloor, and then find an anonymous BTC to USD service, though a slight fee is likely.
(+1 karma I was helpful please)
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Thank you. you earned your +1. I feel I would not have need for an anonymous BTC to us dollar service, as I would not use the BTC I invest on Silk Road. I would keep it in the bitfloor wallet until it accumulated enough to the point i wanted to sell it