Bitcoin and other Crypto Currencies

[FatherRosado]

Its been a while since I've posted or checked the price of Gold and silver. I was surprised to see $1,205.15 an ounce for Gold and $16.32 for silver? Bitcoin is at $223.70 per bitcoin, Litecoin is at $1.40, Dogecoin is at $0.000107 which means a Million of those are worth about $100. The crazy thing is their is all these other ones as well with different values. Why are cryptocurrencies doing so well and hold in your hand Gold and Silver is not?

[hobo finds]

Here is a list of 597 of them.... http://coinmarketcap.com/all/views/all/

[Recyclersteve]

I know how I could short precious metals if I wanted to. How in the world could I short a crypto currency?

[silverstacker]

Here is a list of 597 of them.... http://coinmarketcap.com/all/views/all/

Wow I had no idea there were that many

[FatherRosado]

Here is a list of 597 of them.... http://coinmarketcap.com/all/views/all/

Wow I had no idea there were that many

LOL just to test the system I'm holding bitcoin, dogecoin and something called quarkcoin. The last one is taking forever to install I'm about to uninstall that one.

[Recyclersteve]

I can just imagine being at church and my priest says "Before passing the collection plate today, I want to add that we are now accepting crypto currencies!" I imagine a lot of parishioners would look at each other and say "What did he just say?"

[hobo finds]

I can just imagine being at church and my priest says "Before passing the collection plate today, I want to add that we are now accepting crypto currencies!" I imagine a lot of parishioners would look at each other and say "What did he just say?"

[FatherRosado]

lol at my old church we took it but never announced it and made $1kusd in two days. At my new place we don't take it but I do on my personal website and I have 0 donations. I rather hold gold and silver.

[xKOxJAKx]

Oh the temptation to gamble $100 on dogecoin. You either lose $100 or make money! Make 10k if it ever reaches 1 cent or hope it hits $1. I some times dream too big... Haha

[Recyclersteve]

If you had money in Bitcoins or some equivalent and wanted to convert it to cash without buying something, how would you do it? I understand that perhaps you could have it wired to a bank, but I would think that would potentially invite all kinds of scrunity (and perhaps reporting) on the part of the bank.

Is there any better way to convert it to cash?

No, I don't own any crypto currency and never have.

[Doctor Steuss]

If you had money in Bitcoins or some equivalent and wanted to convert it to cash without buying something, how would you do it? I understand that perhaps you could have it wired to a bank, but I would think that would potentially invite all kinds of scrunity (and perhaps reporting) on the part of the bank.

Is there any better way to convert it to cash?

No, I don't own any crypto currency and never have.

You can try to find people who are willing to buy your Bitcoins via Paypal or something along those lines. Or you could try Craigslist to see if anyone would buy then for cash -- you'd have to likely sell them at a significant discount though. Other than that, you're pretty limited on ways to convert to cash without first buying something (like gift cards, electronics, etc.).

For modest amounts, you could use Coinbase without too much scrutiny. For larger amounts, you could still use Coinbase, but you'd likely want to talk to your tax adviser as the conversion is taxable in the US.

I use Coinbase, but I rarely convert more than about $100-200 worth at a time.


Edited to add: You could try converting your coins to Tether (USDT), and then use something like Shapeshift to covert it over to USD. I've never personally tried it -- when I looked into it a few months back, the combined fees through the conversions appeared to take about 13%.