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Skeptic
Skeptic
Joined: Dec 9, 2015
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May 24th, 2017 at 9:02:29 AM permalink
Not without undermining the whole point of bitcoin anonymity and then there are the tax consequences. Plus additional fees, margin requirements (10% at the site you link) and the delays caused by the size of the blockchain.

Cash transfers from overseas bitcoin exchanges will raise all sorts of red flags with your bank.
Tanko
Tanko
Joined: Apr 22, 2013
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May 24th, 2017 at 9:36:47 AM permalink
Business Insider: How to Buy and Sell Bitcoin
Skeptic
Skeptic
Joined: Dec 9, 2015
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May 24th, 2017 at 10:42:38 AM permalink
Quote: Tanko

Business Insider: How to Buy and Sell Bitcoin



Be sure to read the whole thing, especially the last line:

"Oh, and a final thing: When I tried to buy lunch after all this, my card got declined. My bank had blocked the card after the initial purchase."

He also had to marry his bank account to his Coinbase account, giving them all of the account details.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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May 24th, 2017 at 10:29:24 PM permalink
I don't know how you would get 2 million in cash anonymously unless you had a private buyer who you gave a big discount too.

I think people who use BC for criminal activity while wishing to remain anonymous use BitPlastic and use ATMs.

BC. 2541.67
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
MaxPen
MaxPen
Joined: Feb 4, 2015
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socks
May 24th, 2017 at 10:41:32 PM permalink
This whole thing is an international rejection of the US Dollar, iMo. Hold on to your hats because things are about to get crazy if this lasts much longer. Will not be good for Stocks either.

As far as converting crypto currency to dollars, you could easily purchase gold and silver with crypto and then easily convert that to dollars if you want to retain anonymity.
black2
black2
Joined: Oct 31, 2016
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May 24th, 2017 at 10:50:32 PM permalink
Quote: SOOPOO

Lets say someone gave me 1000 bitcoin now worth around 2 million dollars. How can I get it into my US bank account in American dollars? How much will it cost in fees, spread, etc... to do so?



There are several ways:

1) You could sell them using localbitcoins. they act as the escrow to make sure you don't get scammed. or you could bypass the escrow and do a transaction in person.
2) You could use a Bitcoin ATM. there are over 1200 Bitcoin ATM's globally and while all of them allow you to buy bitcoin for cash, only about 30% allow you to sell your bitcoins for cash. There are fees involved but they are generally a lot lower than what you would buy if you were trying to buy bitcoin. This is because ATM operators sometimes have trouble getting bitcoin. Some big players might even buy your bitcoin at market value. But daily transaction limits would make this a headache.
3) The way I would recommend is opening an account with an exchange. There are over 40 exchanges in the world and some are not as reliable as the others. The most popular in the United States is coinbase. You could open an account with them and link it to your bank account. Send all your bitcoins to your coinbase account and then sell them on the open market. They have enough volume to easily sell your 2 million dollar stash of bitcoin. The fees will be around 1.5% but if you open a trading account with them it could be as little as 0.25%.
black2
black2
Joined: Oct 31, 2016
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May 24th, 2017 at 10:54:18 PM permalink
Quote: AxelWolf

I don't know how you would get 2 million in cash anonymously unless you had a private buyer who you gave a big discount too.

I think people who use BC for criminal activity while wishing to remain anonymous use BitPlastic and use ATMs.

BC. 2541.67



Not all ATM's are anonymous. Some require your phone number if you exceed a certain limit. And the software will know if you are trying to trick it by using a google voice number or something similar. And other machines require you to scan your driver's license if you do a large transaction. Your ID is sent to a 3rd party to verify your identity and to make sure no red flags pop up. Also, this will prevent you from exceeding the daily transaction amount because it will keep a running tally based on your ID.
MaxPen
MaxPen
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RogerKint
May 24th, 2017 at 11:22:40 PM permalink
If a banana republic or some other backwater country had 4% daily inflation on their currency, it would be labeled as the next Zimbabwe.
Until this is resolved public support will not exist. However, if you believe that Bitcoin is the currency of the future, it is still extremely under valued. With just a 1/2% of all daily transactions taking place in Bitcoin it would have to carry a value of 18,000 per coin. Seeing as to how it is super slow for transactions, maybe one should focus on the procurement of the fastest transactional crypto currencies. Bitcoin may become the wealth storage part of the system if and when crypto's take over.
I think a person needs to research and find out what coins the banking system is developing, procuring, or showing interest in.
RS
RS
Joined: Feb 11, 2014
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May 25th, 2017 at 12:32:42 AM permalink
I keep hearing this stuff about criminals using bitcoin. How does that even work? Like what, you got Osama Bin Laden on the phone with someone, "No, Ramallah Adubadi, I only spend 50 bitcoin on those guns and ammo, NO MORE!" Or a drug dealer, "Nah bro, this sh*t's the bomb, a gram for 0.005 bitcoins or an eighth for 0.015 bitcoins.....wait Bitcoin is now $2400 or whatever Axel said? Hmm, okay it's 0.0048 for a gram and 0.0144 for an eighth."
00111100101100001011011100110101101100101011001010010000001101111011100110110001101100001011100100010000001101100011010010110110101100001001000000110111101110011011000110110000101110010
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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May 25th, 2017 at 2:12:41 AM permalink
Look at this chart from the Fidelity article referenced above :



That is just a shockingly direct cause-effect track. However, the article doesn't really say how they determine "Global Uncertainty" except to mention Chinese Market drops. That formula may well be proprietary and secret, I guess.

It could also be after-the-fact correlation, perhaps forced and unrelated except in pattern, maybe even a sales tool for Fidelity to appear they understand what's happening better than other advisors.

FWIW, related but not in the article, Moody downgraded China yesterday. I guess if the article is accurate, that should result in a huge bump in Bitcoin value in the next couple weeks.

I would have to think there's a component related to Trump's election, though it's NOT my intent to make this political. Also perhaps the NK missile test escalation.
"If the house lost every hand, they wouldn't deal the game."

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