Hot answers tagged

7

Yes, Ripple is created precisely for such purposes. Both you and your friends need some small balance in ripple first to "activate" your accounts. After that, you need to grant your friend trust for at least the amount he will owe you, and then he needs to send you money. After that, you will see a net positive amount on your account, and they will see a net ...


7

That would be absolutely possible. In fact, there is a cryptocurrency out there called "Hashdollar" which is trying just that. I didn't look into it yet but if you tie the value of the Hashdollar to the US Dollar, you could use the p2p network to make "real" dollar transaction. The problem here is though, who will guarantee for the value of the Hashdollar? ...


5

When you buy an ounce of silver bullion at the coin store, who gets the money? The person who held the coin before you did. All bitcoins are first issued to miners. From there, miners use those coins for trade or exchange. So when you buy a bitcoin with cash, you are buying it from someone who owned it but initially it was obtained from a miner.


4

That would depend on the owner/operator of the ATM, and your relationship with them. Normally, you will need to register with a Bitcoin ATM company in order to use their machines. This is so that the company can comply with local laws and regulations, just like exchanges need to comply. Effectively, Bitcoin ATMs are not "automatic teller machines", but ...


3

But I see no option there for withdrawal Because withdrawal is not the appropriate action, the money is not in a bank account. The money is already in the form of cash - digital cash. If you want to exchange one currency (BTC) for another (EUR), use a currency exchange.


3

I'm not a lawyer. In the U.S., the lack of mens rea in your example would not cause you to have violated any laws. As a person selling your coins, it is not your responsibility to determine your buyer's intentions. Of course, this is not quite so simple. Money transmitters have regulations that include AML/KYC (know your customer) requirements which ...


2

The laws that apply depend on your country of residence. There usually exist some sort of Know Your Customer (KYC) regulation which requires you to check the background if the sum in the trade is very large or your customer has odd buying patterns and you should suspect illegal activity. Also if you trade money professionally you might need to acquire some ...


2

There are cash deposit methods for those in the U.S., Canada, Australia, New Zealand, India, Russia, Brazil, Singapore, Malaysia, Nepal, Bangladesh, and Philippines. So you may have that option. http://en.bitcoin.it/wiki/Buying_bitcoins You can even send cash in the mail. BitcoinNordic in Denmark accepts cash (USD, EUR, GPB, and more) in the mail, as do ...


2

Read up about chargeback, this is unfortunately a huge problem when you exchange from bitcoins to 'PayPal dollars' and other online currency. However, you can buy bitcoins with cash: https://localbitcoins.com/


2

This exact question was asked and answered on the Ripple forums. It appears as if SnapSwap doesn't give appropriate instructions on what the procedure is for sending funds into a brand new Ripple account/wallet. The general procedure is approximately this: First you send then USD via your bank and provide them with your Ripple address. Then they send you ...


2

The only way to exchange Bitcoin for cash is to find someone willing to trade. In person, this can be slightly inconvenient, since verifying that the Bitcoin have been received involves waiting for confirmations from the Bitcoin network. This is true even if you exchange Bitcoin by sharing the private key to your Bitcoin address, since the recipient will ...


1

Bitcoin has already been recognized as a currency by many nations for quite some time. But that's only a prerequisite. It previously was seen as as commodity by many nations which in a lot of tax systems has a very bad implication: If you buy something like food or electronics, that's a commodity. If you pay it with a currency, you have to pay sales tax for ...


1

This is the usual procedure: Meet in a public place with wifi Person buying bitcoins gives you the cash. Person selling bitcoins counts the cash. Person selling bitcoins transfers bitcoins to person buying bitcoins. Both people wait for 1 confirmation. If you use localbitcoins, you can skip step 5.


1

Another option would be to use an exchange which can withdrawal USD/EUR (depending what you want). A good option for that is Kraken, as they have very low withdrawal and trading fees. You can trade your bitcoins to USD/EUR, and then withdrawal to your bank account. And no, I am in no way associated with Kraken, just a happy customer there


1

When bitcoins are converted to local currency (EUR, USD, BGN, etc.) and you want to take control of them yourself (as opposed to it being stored as that currency in the exchange you're using), they typically are sent to your bank account. From there, you could easily withdraw the money as cash. There's nothing that would make them have euros but only be able ...


1

Well, in a sense cash-notes ARE tracked!! You've seen that scene in the movies when the "bad guys" ask for "non-serialized" bank notes as ransom? That's the exact reason: knowing dollar bills from e.g. serial numbers "AAA0001" up to "AAA1000" were given out as such payment allows a number of gov. organizations (from a number of countries) to track the ...


1

What you are describing can be done on top of Bitcoin itself using colored coins. With colored coins, an issuer would have a reserve in USD, and issue a "USD-coin" per every USD they have in the reserve. They can then accept deposits from people, and give them USD-coins in exchange. They also offer to redeem every USD-coin for an actual USD. Those coins ...


1

To a certain extant, that's exactly what Ripple and its network are supposed to be: You "transfer" euros, or dollars, yens, yuan or whatever from one account to the other thru the network, always getting the best exchange rate that is possible at that moment. It has its own currency, the aptly named "ripple", but it's meant more to prevent people abusing ...


1

From https://www.nicehash.com/help/how-can-you-use-earned-bitcoins: Once you receive your payments in your personal wallet, you can: transfer Bitcoins to Bitwala and pay your bills in EUR or transfer EUR to your bank account use online exchanges like Coinbase, Bitstamp, Kraken and others to directly exchange bitcoins to EUR or USD and then ...


1

It should show up in your Ledger. Cashaddr is a representation of the underlying hash for that address. Each BCH address has a legacy and a cashaddr format. In your case, it is simply likely that the block explorer Coinbase links to defaults to showing the cashaddr format. There are explorers which will show you both, such as blockchair. For instance, ...


1

So far as I know, most store owners just rent floor space to a company that operates the Bitcoin "ATM". The store owner gets fixed monthly rental income and doesn't have to get involved in Bitcoin transactions themselves. You don't need to invest in the "ATM". Just rent some floor space with power. I would expect the ATM operator (not the store owner) to ...


1

For large purchases, you should look at OTC (Over The Counter) Bitcoin markets. Also known as "dark pools".


1

No blockchain that handles the world's daily transactions can scale because of the sheer size of the blockchain required. Something without a blockchain (e.g. Mimble-Wimble) might be good enough. So, for blockchains, the current thinking is that another layer needs to be used. Bitcoin is the most advanced in providing ways to do this: segwit (deployed), ...


1

Yes surely you can, Check out this website : https://localbitcoins.com/country/CA


1

The days of individuals having a decent probability of solo mining bitcoin are long gone because of reasons mentioned by the first two answers. Yet bitcoin prevails as the crypto currency 90% of people initially encounter when delving into digital currency. So many still consider mining bitcoin, almost pointlessly, and that’s the lifeblood of btc mining ...


1

At current difficulty, you aren't going to be able to mine an entire bitcoin in 6 months with even the Antminer S9 ($3000 each), you'd probably need two of them, are you sure you don't want to just buy 1 BTC and a cheaper miner for the show?


1

Bitcoins aren't mined individually; they're awarded to miners who discover a block. This process is like a race that restarts every ten minutes when a new block is mined (the miner gets a block reward plus transaction fees). In order to have a shot at winning these races, mining operations use expensive arrays of custom hardware. So, without that, you ...


1

Most exchanges which support USD exchange will be funded via international wire. Depending on your bank these charges can be between 10-50USD. If your transferring from a different currency the rate given on conversion is better than if you were to purchase USD in cash from your high street but lower than spot on forex markets. ACH / domestic transfers ...


1

Yes, this is theoretically possible, but in practice you will not do this, because an internet connection is necessary for preparing the payment on sender side and for verifying it on receiver side. Thus, if both parties have an internet connection anyways, it is likely that there is no reason for mailed information printed on paper. However, if one would ...


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