question about bitcoin

A

Austin8868

Gawd
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Jan 21, 2012
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I don't know much about Bitcoin but I have some money in a bank account in Brazil that I need to transfer to my account here in the US. I have looked into a simple (not so simple) wire transfer and paypal but the fees are terrible. I was wondering if I could buy the bitcoins in Brazilian currency then sell them to an American company and have the money put into my checking account. Is that possible? It seems too easy. I did the conversion and for around R$18.000 or $6000 I would get 20.99 bit coins. It seems like a good deal. I remember when bit coins were over $1,000 a piece not long ago.

Thanks guys :D
 
As long as you can find an exchange that sells bitcoin in brazilian currency you can turn it into bitcoin and use a service such as coinbase to convert it back into fiat if you want. The annoying part is getting your bank account linked to coinbase. And there will be fees to use these services but they're probably a fraction of the outdated system everyone is currently forced to use.
 
This is definitely possible - especially on the cash-out to USD side - because you already have a US account than can be linked to CB whichwould glady cash you out. That's usually the difficult part.

The real trick, as workshop35 mentioned, is finding a reputable exchange than will take your local currency. If you can do that, you can transfer the bitcoins to your Coinbase account and finish the deal.

Check these guys out to maybe get your local currency into bitcoins. LocalBitcoins actually has an operation in your country too!
 
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How hard is it to transfer bit coins between two accounts? Any fees? I think I will use this site to buy the coins in Brazilian currency and then transfer them to my Coinbase account. They seem to have a good reputation. I already have my bank linked with CB so that is already out of the way also.

https://www.mercadobitcoin.com.br/
 
Austin8868 said:
How hard is it to transfer bit coins between two accounts? Any fees? I think I will use this site to buy the coins in Brazilian currency and then transfer them to my Coinbase account. They seem to have a good reputation. I already have my bank linked with CB so that is already out of the way also.

https://www.mercadobitcoin.com.br/
Click to expand...


This is super simple. Put your coin base address in the transfer from what ever exchange you buy them from. You will pay a small network fee but that is it.
 
Sounds like you're well on the way then. The transfer may take 10+ minutes though so dont be alarmed if it doesnt show up right away
 
The % fee on any bitcoin transfer is effectively the network transaction fee (which is miniscule).

The bigger implication here is that Coinbase and fellow bitcoin transacting platforms do not tack on "% of total coins transferred" fees when doing business. You effectively keep 99.5% of the coins you send.
 
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