Foreverrising Blog

June 14, 2011

Converting your BitCoins to US Dollars

Filed under: Software — Tags: , , , , , , — foreverrising @ 10:58 pm

So after mining for awhile and investing some money in hardware and electricity, I was eager to see the value of the BitCoin rise. After watching MtGox on BitCoin Charts for a long time, I thought it was time to see if selling BitCoins was more than smoke and mirrors.

I had signed up for a MtGox account and have been storing some BitCoins there which were set to sell at a given price. As prices kept rising in the latest rush to a high around 32 USD, I kept raising my asking price. Realizing I could sell a few BitCoins for more USD than normal, I decided to sell.

I then signed up for a Liberty Reserve account, for which I transferred the balance I had. I nervously awaited an e-mail alert for confirmation of the transfer. After about 16 hours I got the confirmation e-mail on my phone.

Still skeptical, I initiated a Western Union wire transfer at WM Center, and then logged into Liberty Reserve to transfer money to the fortify the wire transfer. An hour and a half later the wire was confirmed, and I went and picked it up at the gas station. I happily went forward with business as usual.

I think the primary thing to look at is the value of BitCoin: Does it have value in itself or does it store value to trade with? Will the value of the BitCoin elevate as the US dollar drops?

Advertisements

Blog at WordPress.com.