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Although you can find a more comprehensive list here on the Bitcoin Wiki, some of the most popular exchanges in the community are:
Coinbase - https://coinbase.com
Bitstamp - https://www.bitstamp.net
You can exchange your bitcoins for US dollars on these websites and have them funded to your bank account.
8
Speaking as someone who has worked on a blockchain project for a bank, I can tell you that banks are interested for several reasons.
Banks know they are ripe for disruption
Due to a combination of heavy regulation and incumbency (mixed with a variable level of collusion), banks have remained relatively protected from the technological disruption that has ...
7
This is definitely a scam.
Even if an activation fee was a legitimate thing, they would just charge that amount out of the amount you were going to receive - if you were to receive $1000 and the fee was $5, they'd just give you $995. Beyond that, no bank I'm aware of charges fees in cryptocurrencies.
Don't send any money to these people.
5
The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the exchange must be able to send money to your bank.
5
Blockchains are best used when there are multiple entities that don't necessarily trust each other. So within one bank, a blockchain really isn't useful. However between bank transfers could use the blockchain. Right now, in order to send between banks, banks use centralized systems (ACH, SWIFT, etc) operated by a third party. With federated blockchains, ...
4
If there are Bitcoin ATMs in your country it should be as simple as goint to the ATM ask for a refound and transfer the Bitcoins to where the ATM asks for. After that it should give you the money (whitout the processing charges).
4
I am not aware of any. Whilst I like to think of such not-yet-existing services as simply waiting to be provided soon, there is a significant barrier to creating such a service. A broker wanting to offer taking bitcoin deposits as collateral for your stock holdings would need a reliable and classical-finance-compatible way of converting this collateral into ...
4
Banks do lend out more money than they have. This concept is referred to as Fractional Reserve Banking. Government regulation is supposed to impose a minimum of reserves they need to keep, limiting the amount of money they may create.
The difference between Bitcoin users and banks is that banks can lend out more money than they have, because they can just ...
3
I've looked into 1broker and while there is quite a bit of good feedback about the site and the GUI is very clean the 4 guys who run it are students. I ran a hedge fund for many years and know a fair bit about what they do which is CFD trading. The short answer is, and it sucks in a way because eventually they will tank. A black swan event will come along ...
3
There are a couple of ways to sell bitcoins for fiat currency (like USD, Euro,etc)
Directly trade with someone who wants to buy bitcoins using currency.
Find an online exchange that would buy your bitcoins for some currency (mostly *USD).
A few exchanges are listed here. These are online market places that buy and sell bitcoins. Most probably you'll ...
3
Bitcoins can not be withdrawn into a bank account directly. You can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the funds from there. The first method may be quicker to set up but is a bit more risky. However, given the recent Bitfinex hack, having money at an exchange is not ...
3
TL;DR
Businesses in the Bitcoin space face no special challenges to implement KYC regulation, except the privacy oriented mindset special to some bitcoin users. However, it is impractical to enforce KYC regulation on the entirety of the bitcoin network itself.
Long version below
Know Your Customer (KYC) regulation applies to financial institutions and ...
3
The closest solution to this is setting up your supplier with a payments processor like Coinbase or Bitpay, who will convert your BTC to fiat instantly. However, there's no way to send BTC to a bank account directly without some action by the other party.
3
Double spending doesn't just include cases where a participant tries to spend his own funds twice, but it also includes cases where two honest participants each want the same liquidity.
For example, say I have 100,000 Euros that I'm willing to exchange for 113,000 USD and there are two people who each want to take me up on that offer. Somehow, we have to ...
3
They don't need your password to process the ACH in the future. this sounds like they used your banking credentials to verify that it really is your account. You should be able to change your password on your banking account now and be safer.
3
Provenance is very important with OTC transactions. Many banks are comprised of thousands of tiny holding companies. How do you verify ownership? A decentralized Blockchain. Using a Blockchain, you can establish the chain of custody originating from the mining/genesis/issuance of the security.
Also trust (counterparty risk) is very important in OTC ...
2
Question: Cannot we build a currency that is decentralized like bitcoin, but that doesn't have the "mining" part of it?
No need to, one was already created years ago and is still up and running today. Bitcoin depends on currency creation to record transactions, you can't get around this because that is the design of it and how it works. The only one that ...
2
Coinbase unlike Mt.Gox is not a bitcoin exchange, it is a bitcoin wallet with the option of buying or selling bitcoins using a US bank account. You can store bitcoins on the site but not USD.
This is primarily done for legal reasons. When you allow people to trade currency with each other instead of just being a currency dealer you open yourself up to a ...
2
I've always been a fan of LocalBitcoins.
In Australia buying and selling Bitcoins is just a matter of using their site to find a reputable vendor. Often I'd be dealing with the same vendors on a regular basis. LBC has escrow, so it's just a matter of initiating the trade, and using bank details to fund a purchase or get funded for a sale. Dealing with ...
2
Theoretically, the European Union's governments. A cynical would say in practice they're all owned by each country's plutocrats.
The confusion may come because of comparisons with the US Federal Reserve, which despite the name is not a government agency, but rather a cartel of privately owned banks with the awarded privilege of printing money. As far as I ...
2
There have been numerous reports of exactly this happening on bitcointalk. This thread lists several people talking about this problem: https://bitcointalk.org/index.php?topic=255174.0;topicseen. Another person also asked why this happens so regularly right here on stackexchange and received what sounds like a pretty good answer: Why so many bitcoin ...
2
"Translating" a Bitcoin to a US dollar is selling it. There are plenty of services that will sell your Bitcoins, including Coinbase, Kraken, and Bitstamp. You just need to find one that will do what you want with the US dollars after they've sold them.
2
A traditional payment with PayPal or a bank works like this:
You find the identifier of the intended recipient.
You request a payment being made in your name to the intended recipient.
The central entity checks your balance in their books.
The central entity deducts the payment's value and fees from your balance.
The value is then added to the recipient's ...
2
Certainly all banks and credit unions do not accept bitcoin, and I'm not aware of any that do.
Banks and credit unions can be thought of as nodes in their own network that is not actually so dissimilar to Bitcoin. The function of this network is to create, store, and transfer money. Most fiat currency is not created by the central bank, but is lent into ...
2
Traditional banks don't hold bitcoin in their accounts, so you can't send bitcoin to your account. What you can do is sell your bitcoin for fiat currency and have that fiat deposited into your bank account. There are many companies willing to buy your bitcoin for fiat currency.
As for giving out your address for a transaction, that is not something you ...
2
Bitcoin's blockchain transaction fees are market-based, so they fluctuate based on what fees miners are willing to mine:
Currently, they are around $0.75.
First of all, one major difference is that Bitcoin's fees are flat (not based on the transaction amount) and Visa or Mastercard's interchange fees are percentage-based. This means that the fee for larger ...
2
Yes definitely a scam. Don't proceed further.
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It seems like one of the basic assumptions you are making is that all transactions ("fake" or not) are added to the blockchain. But that is not the case. Only valid transactions can be included in a block and thus added to the blockchain. So even if some bad actor spams invalid transactions, these won't get added to the blockchain and force new ...
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