Selling bitcoins

[Jacka]

Thought I would start a new thread about selling bitcoins.

I understand that there are quite a lot of different methods of getting the funds into a bank account or paypal, but could somebody please expand on how it's done? :shrug:

[artemm]

You could spend your Bitcoins on services (http://bitgigs.com/) :)

[zalbard]

Check out TradeHill.com (https://www.tradehill.com/User/Register)
Read up the discussion about it on this page (http://www.xtremesystems.org/forums/showthread.php?t=271701&page=16). :)

[Jacka]

I've been keeping up with jcool's thread, but the best method of selling coins is still not clear to me. It seems a lot of people sell btc for "dwollas" and then transfer them to their bank accounts?

[Alpha]

the money needs to be transferred into an account, and then into your bank account. dwolla is just like paypal, but without the "glitched".

you transfer coins to your online account at a trading site, sell them for (in my case USD) real money, transfer to a dwolla account, then finally into your bank account.

[ownage]

About how many dollars are we talking for X pc per month?
Does somebody have solid numbers?

[artemm]

About how many dollars are we talking for X pc per month?
Does somebody have solid numbers?

For "about how much," read jcool's first post in his how-to thread. There's a list of output per card and a calculator.

No "solid numbers" exist. Many factors at play:
- Price of BTC, which fluctuates wildly
- Combined network hash rate and difficulty increase
- Pool's luck and fee
- Hardware configuration and tweaking
- Cost of electricity in your area

Plug all of those facts in and you'll have a solid number ;)

[shoota]

So how do I sell btc on TradeHill? I'm used to mt gox where you upload them and then sell them but TH seems to work differently. Can someone explain please?

[don_xvi]

TradeHill is working much better than Mt. Gox right now. I've successfully done two sales in the last two days and have got the cash into my Amazon Payments account.

Sign up for TradeHill. I'd be thrilled if you used my referral code of TH-R1494, please!

You're going to go to DEPOSIT FUNDS. This is the part that people miss. TradeHill treats BTC as any other currency! It's listed right after Australian Dollars in the list of currencies you can deposit. Tell it how many coins you want to deposit in your exchange account (this is where their interface is still a bit clunky) and they'll tell you to go to your DASHBOARD. There, you can find the address to send your deposit to. Send the coins from your bitcoin client.

Once it's accepted into your account (within an hour or so you'll see it on your DASHBOARD), you can either go for a BTC INSTANT SELL, in which they'll give you a quote for how much you can get instantly and you've got 5 seconds to accept or ignore the current offer, or you can opt to create a NEW SELL ORDER. Enter how many coins you want to sell and what you'll take for them and wait for someone to accept your offer. You can base your offer on info from the MARKET DATA. I don't think they send a notification when your offer has been accepted (I don't remember getting them). Check your DASHBOARD for your "Open Market Orders" to see what you're trying to sell, and "Your Account Balances" to see how much cash you've got on hand.

Once you've earned some spendable cash, note how much you want to withdraw and click on WITHDRAW FUNDS. Select your preferred destination. For the U.S., I recommend Amazon Payments (no fee, shows up in a day) or you can enter you bank info and have it direct deposited. I haven't been brave enough for that one yet, I trust Amazon with my bank info, so I send the money to my Amazon Payments (payments.amazon.com) account and then transfer to my bank. I've successfully gotten through this entire process already.

Wow. People can always thank me for all this typing by using my referral code TH-R1494 when they sign up for www.tradehill.com (http://www.tradehill.com)!

[shoota]

Thanks don, I'm already registered on TH so I just wanted to make sure i was looking at the process correctly (which it turns out i was).
One more question: How long will an offer stay valid if no one accepts it? For example, say I upload my 1 btc and put a stupid high price of $40. Obviously no one will buy, so how long is that offer open before I can sell it at the going rate?

[don_xvi]

One more question: How long will an offer stay valid if no one accepts it? For example, say I upload my 1 btc and put a stupid high price of $40. Obviously no one will buy, so how long is that offer open before I can sell it at the going rate?

I don't know that an offer has an expiration time. But you can cancel it; when you look at your dashboard, part of the "Open Market Orders" is a cancel button. They clarify that after you hit Cancel it may still stay active for 5 seconds. That might be a big deal if you're trying to correct a bad fat finger or you are selling a lot of coins. I didn't care, I just wanted to lower my offer to get more competitive. (You can tell I've tried out a bunch of the site already!)

P.S.- I figured you were already signed up, I just hoped others would see my tutorial! About to add a little more info...

[shoota]

Thanks man, way to be on top of things! :up: