Silk Road forums

Discussion => Newbie discussion => Topic started by: DrFarnando on August 03, 2013, 05:11 am

Title: Turning BTC to USD
Post by: DrFarnando on August 03, 2013, 05:11 am
I was wondering what the general advice is on this. I've found sites to turn BTC to gift cards, and from there I could trade those off... but that loses a HUGE amount. If I become a vender on here and make under $2000 a month, what is the best way to get that money back in hand with minimal fees?
Title: Re: Turning BTC to USD
Post by: KingOfFire on August 03, 2013, 05:30 am
The ironic problem is that most people have the exact opposite problem, needing BTC from USD.

Well here is my advice, look up a site called localbitcoins.com . From there you can decide how people buy your coins; wheather they deposit money into your account and you send them to you or you can meet up in person and swap cash. Also, there are plenty of people on SR that would buy your BTC if you are trying to refrain from extra paperwork on yet another website.

 When you become a vendor, I hope your deals are good and your drugs are even better!

Title: Re: Turning BTC to USD
Post by: DrFarnando on August 03, 2013, 06:59 am
Excellent ideas. Thanks! Largely I am trying to avoid my income suddenly doubling and looking strange to the IRS. I see a couple people selling prepaid cards on SR for BTC, but they take out a pretty good chunk. Localbitcoins seems to be the most profitable way to go about this... though there is only one person available to buy in my area.
I'm curious what the most common way of doing this on here is.
Title: Re: Turning BTC to USD
Post by: Gucciak47 on August 03, 2013, 08:06 am
sell your btc on ebay
Title: Re: Turning BTC to USD
Post by: KingOfFire on August 03, 2013, 02:22 pm
Excellent ideas. Thanks! Largely I am trying to avoid my income suddenly doubling and looking strange to the IRS. I see a couple people selling prepaid cards on SR for BTC, but they take out a pretty good chunk. Localbitcoins seems to be the most profitable way to go about this... though there is only one person available to buy in my area.
I'm curious what the most common way of doing this on here is.

Well if you'd like to take out the middle man and not have a bank or other 3rd party involved to squash your profit margin, I would suggest selling the btc on the forums. As the seller of the coins, you can really set how you would like them to pay. Mailing cash can become fishy after a while. The money pak idea is a good one because you can just buy one card and reload it with the codes the buyer will send you without the crazy comissions.
Title: Re: Turning BTC to USD
Post by: Croskin on August 03, 2013, 03:50 pm
You could sell them to people through your vendor acc?
Title: Re: Turning BTC to USD
Post by: DrFarnando on August 04, 2013, 03:25 pm
"$8000" is a good guideline. I figured I'd be making a pretty low amount in the scheme of things.

Will people generally buy BTC from you in the forums via money paks? That seems like a decent way for people to get ripped off. If people will go for that that may be a better way for me to go. It seems hard to do it via vendor account post due to escrow issues. I'll probably go with buybitcoin and localbitcoin as well. It sounds like I won't have too many issues with buybitcoin if I'm not making at/over $8000. I might as well make a small profit off BTC and keep it off records if I can, though.

This thread has been extremely helpful. Much appreciation to all of you.