so im thinking about purchasing a big bitcoin miner, but the question now is how do i convert my BTC back to cash? I don't feel safe giving out my info to mtgox or other exchanges as they require identification. So what is the easiest way without having to go through a bunch of steps to conver it back to USD?
The factors that matter for any cash-out decision are:
- Where are you located (country)?
- How much are you looking to trade?
- What type of cash are you looking to receive?
- How soon do you need access to the proceeds?
- Is privacy important?
In the U.S., Coinbase might be the simplest -- you can sell up to 100 BTC per day, with a fee of 1% and then from there the USD proceeds are redeemed to your bank. But that is a cash-out method using the banking system, so it is not anonymous or even close.
For privacy, you might consider LocalBitcoins, in which a local cash transaction occurs, face-to-face.
There are dozens of cash-out methods: