Silk Road forums

Discussion => Newbie discussion => Topic started by: M12 on August 06, 2013, 02:14 pm

Title: Safest way to cash out bitcoins??
Post by: M12 on August 06, 2013, 02:14 pm
What is the best way for a UK vendor to cash out his bitcoins?
Through Mt.Gox then to your own bank? Seems well dodgy.......
Can someone please explain to me the best way for a UK vendor to receive his real money.

Thanks.
Title: Re: Safest way to cash out bitcoins??
Post by: BillWithers on August 06, 2013, 02:56 pm
Depending on the amounts you really need to find someone who knows how to launder money safely for your area. For small amounts withdrawing say through gox might not attract attention, but for larger amounts or repeated transactions, it gets highly highly risky if not laundered properly.
Title: Re: Safest way to cash out bitcoins??
Post by: omegaflarex on August 06, 2013, 03:09 pm
Yeah, smaller amount is idea via Mt. Gox. As for larger payout, beats me. Can anyone fill in the gap? I was thinking of Western Union with fake ID. That MIGHT work.
Title: Re: Safest way to cash out bitcoins??
Post by: amp4216 on August 06, 2013, 03:33 pm
IIRC theyre's a money section on SR that vendors send you cash in exchange for btc, for around 10% or less IIRC. Go check :)
Title: Re: Safest way to cash out bitcoins??
Post by: M12 on August 06, 2013, 04:08 pm
Thanks for the replies everyone. There has to be a better way out there...
If we used a vendor that was advertising a buying bitcoins esrvice, there's nothing to stop him bailing on you...
At least with Mt.Gox it's a large company, just how do you cover your tracks though???
Anybody??
Title: Re: Safest way to cash out bitcoins??
Post by: amp4216 on August 06, 2013, 04:17 pm
The money section on SR works just as any other section does; within the SR escrow protection service. Just as drugs, you send them the btc, it stays in escrow until you get the cash and mark the transaction as complete :)
Title: Re: Safest way to cash out bitcoins??
Post by: DrFarnando on August 06, 2013, 04:36 pm
Does localbitcoins.com work in the UK?
Title: Re: Safest way to cash out bitcoins??
Post by: RunningRiot on August 06, 2013, 08:24 pm
Most vendors won't reveal their exact method publicly because it puts them at risk.

For now, I say you just use localbitcoins if you're okay with meeting up with someone locally. Once you have the money in cash, and as long as you don't draw attention to yourself by buying something stupid, you should be okay until you make enough to hire someone to properly launder your funds. Oh, and obviously do not deposit large amounts of cash into your bank account because it sets off red flags; keep it somewhere secure in your home.

If you prefer to not meet people face to face, there are plenty of vendors here (myself included) who sell completely legal items such as electronics that you can resell on ebay, craigslist, or other clearnet sites and make some profit while you're at it too.
Title: Re: Safest way to cash out bitcoins??
Post by: modziw on August 06, 2013, 08:49 pm
Most vendors won't reveal their exact method publicly because it puts them at risk.

For now, I say you just use localbitcoins if you're okay with meeting up with someone locally. Once you have the money in cash, and as long as you don't draw attention to yourself by buying something stupid, you should be okay until you make enough to hire someone to properly launder your funds. Oh, and obviously do not deposit large amounts of cash into your bank account because it sets off red flags; keep it somewhere secure in your home.

If you prefer to not meet people face to face, there are plenty of vendors here (myself included) who sell completely legal items such as electronics that you can resell on ebay, craigslist, or other clearnet sites and make some profit while you're at it too.

What do you guys think about buying gold and selling it locally for cash?

Modzi
Title: Re: Safest way to cash out bitcoins??
Post by: cryngie on August 06, 2013, 08:53 pm
check out coinjar.io they have pretty good rates only 1.1% commision on sales and you can link it to your bank account or get western union to recieve money from selling bitcoins
Title: Re: Safest way to cash out bitcoins??
Post by: RunningRiot on August 06, 2013, 09:21 pm
What do you guys think about buying gold and selling it locally for cash?

Modzi

I'm not sure how efficient that would be, but that can work. It'd be better if you sold to other people rather than a business who could recognize you if you came in enough times. And of course, be very careful with how you spend the money until you get a proper plan put in place to launder the cash.
Title: Re: Safest way to cash out bitcoins??
Post by: modziw on August 07, 2013, 12:43 pm
What do you guys think about buying gold and selling it locally for cash?

Modzi

I'm not sure how efficient that would be, but that can work. It'd be better if you sold to other people rather than a business who could recognize you if you came in enough times. And of course, be very careful with how you spend the money until you get a proper plan put in place to launder the cash.

How much spending do you think requires one to begin laundering? For instance, I would say that buying a new car for cash is too much spending, but buying a used car for cash is not, unless it's over $20K.

Modzi