Silk Road forums

Discussion => Security => Topic started by: mrxempire on April 16, 2013, 08:04 pm

Title: selling bitcoins using bitfloor please help
Post by: mrxempire on April 16, 2013, 08:04 pm
hey guys. Since the BTC prices have dropped considerably within the last week, I think i'm going to try my luck and invest about 1000 in bitcoins. I am going to buy them using bitfloor and keep them in my bitfloor account so that it is completely legal. I know you can sell your BTC using bitfloor, but how do you turn it into actual money afterwards? Is there an option to click somewhere and fill out a slip that you take to the bank? I'm sure there has to be a way, since there would be no option to sell your BTC using bitfloor if you couldn't take the money in your account to the bank afterwards. Please help. +1 and many virtual kisses to whoever gives me the best answer
Title: Re: selling bitcoins using bitfloor please help
Post by: cantharidin on April 16, 2013, 08:32 pm
The only option I know of to get cash is to have Bitfloor do a direct deposit USD to your bank (perhaps this only works in the US??). This requires that you set up ACH with Bitfloor and send them a copy of a picture ID. The option to do this is on the 'Withdrawal' page.  When I set up with Bitfloor, I could not find this option, but then discovered that there are two buttons toward the top of the Withdrawal page. The default is BTC, which is why you don't see any $ option. Just click the USD button, and all of the process is laid out.

This will take a while while Bitfloor sets up your automatic bank transfer but once you have it set, I'd expect that it would be pretty efficient. I'm curious abotu what fees Bitfloor charges. One of my issues with the whole bitcoin system is that, right now, eveyrone grabs a piece of your coin everytime you transfer anywhere.  Bitfloor would at least be only one step each direction. This assumes you don't mind sending ID - if you are just speculating, then why not? Even for Silf Road use, a pass or two through Bitfog should suffice as long as you're just a casual user. 
Title: Re: selling bitcoins using bitfloor please help
Post by: mrxempire on April 16, 2013, 08:42 pm
hmmm. If I have to give a photo I.D to bitfloor, perhaps I should make a new account just for trading, since I use bitfloor to transfer BTC into my SR account as well. It probably doesnt help that my bitfloor username is Mr.X either hahah. thank you sir or madam for this useful information I am giving you many kisses right now
Title: Re: selling bitcoins using bitfloor please help
Post by: wwizard on April 16, 2013, 09:22 pm
I think bitfloor can do swift transfers to a bank account...
Title: Re: selling bitcoins using bitfloor please help
Post by: skitzo on April 16, 2013, 10:01 pm
i just finally got in on some coins after months of standing around frustrated and the hoops. i was going to use bitcopia like a friend does but then i found bitfloor and feel much more comfortable that way.

they emailed me confirming my transfer before i even received my change back from the bank teller...i did not have to provide ID either.

maybe one day ill see about using the withdrawal option to my bank
Title: Re: selling bitcoins using bitfloor please help
Post by: cantharidin on April 17, 2013, 01:14 am
hmmm. If I have to give a photo I.D to bitfloor, perhaps I should make a new account just for trading, since I use bitfloor to transfer BTC into my SR account as well. It probably doesnt help that my bitfloor username is Mr.X either hahah. thank you sir or madam for this useful information I am giving you many kisses right now

Have you had good luck with buying coins via bitfloor? Do you know what % they charge, and do you get rapid response and fair price? I'm leaning heavily toward using bitfloor as my default source. I hate the crap with going through bitinstant. I want something quick and reliable. and with as few middle men as possible.
Title: Re: selling bitcoins using bitfloor please help
Post by: someoneelse87 on April 17, 2013, 02:18 am
hmmm. If I have to give a photo I.D to bitfloor, perhaps I should make a new account just for trading, since I use bitfloor to transfer BTC into my SR account as well. It probably doesnt help that my bitfloor username is Mr.X either hahah. thank you sir or madam for this useful information I am giving you many kisses right now

Your username on bitfloor isn't a problem... Announcing it to SR might be :/
Title: Re: selling bitcoins using bitfloor please help
Post by: Icon on April 17, 2013, 02:20 am
Once in your bitfloor account go to withdraw. It took me awhile to find it, but there are two buttons at the top USD and BTC. If you click the USD it takes you to the ACH form.

Looks simple enough, I'll have more to say after I do it. I've never bought off of SR so I could probably use my existing accounts. I'll still make new ones anyway.
Title: Re: selling bitcoins using bitfloor please help
Post by: wwizard on April 17, 2013, 01:00 pm
Have you had good luck with buying coins via bitfloor? Do you know what % they charge, and do you get rapid response and fair price? I'm leaning heavily toward using bitfloor as my default source. I hate the crap with going through bitinstant. I want something quick and reliable. and with as few middle men as possible.
Bitfloor only charges less than 1% for a cash deposit and all you have to do is go to a Bank of America to deposit it.. No personal information is needed. The exchange rates on bitfloor are also really good when using the limit order option and there aren't any fees for trading (or they're really really low).
Title: Re: selling bitcoins using bitfloor please help
Post by: mrxempire on April 17, 2013, 02:02 pm
for the record, my bitfloor username isn't really "mr.x", but it is something suspicious along those lines. I just created a different account to do my legal trading anyway, just to be on the safe side. let's hope bitcoins quinuple in value now
Title: Re: selling bitcoins using bitfloor please help
Post by: medicalcannibas420 on April 17, 2013, 04:46 pm
good information :)
Title: Re: selling bitcoins using bitfloor please help
Post by: cantharidin on April 17, 2013, 06:21 pm
Have you had good luck with buying coins via bitfloor? Do you know what % they charge, and do you get rapid response and fair price? I'm leaning heavily toward using bitfloor as my default source. I hate the crap with going through bitinstant. I want something quick and reliable. and with as few middle men as possible.
Bitfloor only charges less than 1% for a cash deposit and all you have to do is go to a Bank of America to deposit it.. No personal information is needed. The exchange rates on bitfloor are also really good when using the limit order option and there aren't any fees for trading (or they're really really low).

OK, you talked me into it - I'll give 'em a try. Thanks for the info!
Title: Re: selling bitcoins using bitfloor please help
Post by: wwizard on April 18, 2013, 08:05 pm
Well.. I guess we'll have to find another way to get bitcoins now that bitfloor is gone. It's pretty funny it went down right after I talked you into it.
Title: Re: selling bitcoins using bitfloor please help
Post by: cantharidin on April 18, 2013, 08:48 pm
Well.. I guess we'll have to find another way to get bitcoins now that bitfloor is gone. It's pretty funny it went down right after I talked you into it.

Haha - real funny  ;)

So I'm back to Plan B - I guess I'll have to transfer money in by bank transfer (in the background, I've gone ahead and gotten verified at several sites) and then scrub the funds through Bitfog into SR.  I'm not too concerned about buying/selling bitcoin in my own name - it's not illegal, and I figure that as long as I disguise the transfer to SR fairly well, I should be OK. I've argued in other threads that I see no potential for LE to expend the resources necessary to trace casual users through complex bitcoin transfers - others may have differing views, but that's mine. I feel safer and less exposed to LE scrutiny by using standard and perfectly legal bank transfer than I do by running around with wads of cash making anonymous deposits at WalMart. Just my opinion.