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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?

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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.

Other popular methods include FastCash4Bitcoins.com (now BitSimple.com), which can cash out to your PayPal, Dwolla, ACH (Direct Deposit), Bank Wire, Check, bank wire, or silver bullion.

For privacy, you might consider LocalBitcoins, in which a local cash transaction occurs, face-to-face.

There are dozens of cash-out methods:

  • I'd recommend LocalBitcoins.com if you're OK with a rate ~5-10% below market rate (generally bank deposit or sometimes in-person cash transactions). I have always bought my BTC thru LBC and sold as well, though it'll come down to location – Wizard Of Ozzie Aug 22 '14 at 8:42

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