Converting LTC to cash.

edited December 2013 in Litecoin

So, the noob has his rigs fired up and running well, mining at a smokin' 15 khash with a pair of 9500 GTs.  (Hey!  Stop that!  Laughing is rude!} Have my first Radeon 5870 coming soon.

The next project is converting my pile (when I get one) into cash in my pocket.  I haven't found anything reading the FAQ or through the forums, and could use some advice from the Knowledge Masters: can you point me to a reputable site where I can accomplish this?  Sounds like it may be quite fun for an American with no bank account.

Would this be a good subject for another tutorial?

Thanx to all.

Comments

  • eh, with your hardware you burn more money with your power bill than you'll get after cashing out your LTCs.

    anyway, what I heard you would buy some BTC with your LTC and then sell the BTC. I hope there is some better way and someone shows up here and tells us.

  • Hey, I am making a whopping $.17 a day! 

    I guess I better not tell you about the Pentium 3 I am using for CPU mining.   Point 43 khash.

    NOW you can laugh :)
     
    I did see something about converting to BTC first, but yes, it would be nice to have someone skilled from the pool clue us FNGs in.

  • @CartGeez:


    Welcome to the world of mining.  Everyone has to start someplace.

    Re cashing in.  I strongly recommend mine-and-hold.  When LTC went to 10, some people sold.  Look at them now.  People are laughing at them much more than at your mining rate!  PS. Keep your LTC in an off-line wallet, I never let more than 10 LTC accumulate anyplace online.

    Re if you must:  Try BTC-E they seem reliable so far.  They will easily convert your LTC -> USD or other whatever.

    The real trick is to get those USD from BTC-E (or Mt Gox, or any of the exchanges) to a bank account or actual, physical cash.  I have not done this personally, but people I know and trust have.  BTC-E forums can tell you the best way, it changes depending on banking regulations, who is raising or lowering fees, going out of business, etc.  Expect hidden fees and delays, due to these cash transfer methods being lame or else overwhelmed with requests.

    An alternative is in-person exchange.  If you live in an area with a lot of coin geeks, there are forums out there where you can arrange to meet in the flesh and exchange coin for cash at agree-upon terms.  YMMV, neither me nor mine have actually tried this.

    Good luck.
  • Without a bank account it'll be hard.If your in the US this is what I've done.

    Sell LTC for BTC on BCT-e
    Transfer BTC to Coinbase (must setup account first)
    Sell BTC and $$ is transfered into my Bank Account.

    Done thousands$$ so far and no problems.

    If your in another country the process may vary.

  • If you really want to cash it out, the best way would be to open up two accounts - one at BTC-e and one at Coinbase. Start now, because it'll take you a week to get ACH and everything verified at Coinbase. Then, send your LTC payouts to your BTC-e wallet and buy Bitcoin with your Litecoin whenver the price is favorable. Then send the Bitcoin to Coinbase and withdraw it to your bank.


    I think it'd be foolish to cash out unless absolutely necessary, but...you're going to be paying a lot more in power than you'll be earning with your specs, so you'll need every penny ;)
  • If you're in Australia,

    Give-me-coins -> BTC-E -> coinjar.com -> Bank account
    or
    give-me-coins -> BTC-E -> Paypal (~6% fee though)

  • Thanx to all for the great posts, they are very helpful.

    I'm in the US, and have a judgement against me for getting stupid with a credit card.  Any money put into a bank will probably be seized (again).  I can have a friend set one up for me, I guess, or, I do have a paypal account.

    I don't plan on cashing out just to cash out, If I can mine enough I plan on rolling it into a new machine, to mine more coin, to buy another machine, to mine more coin... :)

    I did buy a 5870 off ebay, now about 400 kh.  What an amazing difference!  It doubled my LTC balance in about 12 hours.  Still chugging away.  At current prices, I could pay my rent with another card.

    I discontinued the CPU mining, not worth the power now, but a fun way to get started.

    Thanx again all!

  • You can also spend bitcoin directly here for new technology.

    https://www.bitcoinstore.com/

    Ron

  • Pecosriverm, or anyone else that would be willing to help,  how do you transfer btc into coinbase?  I have an account with verified bank account. I can't find any way to transfer without creating a button and selling something.  Don't want to ask them if just transfering btc to convert is frowned upon.  Do you just create a button, then copy the 'code' address and use that address to withdraw from btc-e?

    -thanks

  • svswan,

    Pecosriverm or someone may be able to confirm this, and I've NOT tried it, so you want to confirm with someone or with coinbase tech support.  Perhaps you could test with a very small transaction.  It's a bit weird the way the coinbase website is structured.  I think this will work.

    * on coinbase main page, click request money
    * on popup, leave everything blank and click request money again
    * a bitcoin address and qr code will appear

    I think you can send to that qr code or bitcoin address.  Be aware that the next time you send, the bitcoin address may change (qr too).  Don't assume you can reuse the same address.  I lost an annoying amount of btc with another vendor that way.

    Sincerely,

    Ron

  • edited January 2014

    Thanks Ron -

    That sound right, and looks right.  Tried testing it but no go. btc-e says the min withdraw is .01 btc with a .001 btc fee so I tried to withdraw .011 to the coinbase address and btc-e popped up a waring saying 'you have entered the wrong amount of bitcoin' or something close.  I entered .021 btc and got the same message.  Before I try a larger amount I was hoping someone would confirm your suggestion.  I think it's a good one but I pride my self on being able to stop and ask for directions ;-}  And... i would rather not loose any of my hard hashed coin!

    Will anyone corroborate Ron's suggestion?

  • Since writing that first post i have managed to tread the path from production to cash.

    I don't think you can withdraw from BTCe directly to coinbase.  Have to send to wallet, then after it's confirmed, send it to your coinbase account.   You don't need the 'request money' thang.

    I can't remember exactly where you find your receive address.  I think I had to try the help, and it pointed me in the right direction.

    If you try and fail post here again.  I have to log on there today myself. I'll try to help you out if you still need it.

    Maybe you can help me.  Do you know if there is somewhere on BTCe to change the time scale of the charts?

    Do you try to wait to get the best LTC to BTC price when you trade?  And the best BTC price you can get at coinbase?  I'm laid off and can't hold for too long, but you can maximize your payout if you can afford to wait a bit.

    Here is a very good page which I recommend to everyone: http://www.stock-trading-infocentre.com/candle-chart.html

    Enjoy and let us know how it goes.

  • Pocos River Man was correct in his post.   He probably assumed the wallet transfer when he posted  "transfer BTC to Coinbase (must setup account first)"

    It does take a few days for coinbase to verify your bank account.  Coinbase seems like a trustable site, and on US soil in CA, I believe.

  • I don't know how to change the time scale on the charts at btc-e, but would like to!  I did a search on line and found another site with long term charts on btc pricing though I didn't bookmark it.  Thanks for the input CartGeezer.

  • that worked!

    First I transferred coin from btc-e to my wallet.  Then I did what Ron suggested above -

    * on coinbase main page, click request money
    * on popup, leave everything blank and click request money again
    * a bitcoin address and qr code will appear

    and pasted the bitcoin address that came up into my bitcoin wallet and sent the coin.  Came up on Coinbase within less than a minute and I sold it strait away.

    Thanks again all!

  • One more thing - found some good charts - http://bitcoincharts.com/markets/mtgoxUSD.html ; You can bring up charts for btc-e and change time frame and candle time length plus add indicators

  • no one ever talks about using

    www.coinmkt.com

    as a viable option. I have no idea why. I have used them and they work great. well it's a 2 man operation right now, but I haven't had a problem.

     

    he mails you money orders via snail mail. but they come as certified mail that you have to sign for.

     

    he allows you to go straight from LTC to cash out to USD.

  • edited January 2014

    k

  • Hi,


    I know this thread is kind of old but does anyone know if there is a service or exchange that will send you money offshore?

    Thanks
  • Yep. http://uphold.com

    They will add LTC soon, but already have BTC.
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