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- Thread starter RSchneider
- Start date
Frim
Elio Addict
Backpage required bitcoin for my last ad. I used my bank debit card to purchase $20 in bit coin (minimum purchase) to pay for a $10 ad. I paid Backpage in bit coin, left the surplus in my bitcoin account which I will never use. I was quick to notice that I had just donated $10 to bitcoin, wherever and whoever they may be.. So far as I know, there is no way to cash in my balance.
Rob Croson
Elio Addict
Depending on when you bought that $20 of Bitcoin, it could be worth anywhere from $3 to $3,000,000 by now.
mkiker2089
Elio Addict
If your point is that all money is based on faith, that is correct. It's not entirely relevant however. The US Dollar is backed by the fact that everyone in the US will accept it for merchandise and the government will protect it to most extents. Bitcoin is based on mostly faith and can be turned into liquid or tangible assets at a fraction of places. Other digital coins are mostly only good to exchange in the same places that you buy it. It's both gambling and an end user product at the same time. Elio coin will be worth whatever Elio honors it with. No car, and it will eventually crash with people losing their money.
That said I plan to buy a few. Gambling within reason can be fun and harmless.
Frim
Elio Addict
Actually, it has been a few months. However, how do I cash it in? What do I get to hold?Depending on when you bought that $20 of Bitcoin, it could be worth anywhere from $3 to $3,000,000 by now.
Rob Croson
Elio Addict
I'm not a cryptocurrency guy. I would assume you sell it the same way you bought it: through some sort of cryptocurrency exchange.
booboo
Elio Addict
Officespaced
Elio Addict
You indicated you paid for Backpage ad in Bitcoin, but Backpage itself is not a cryptocurrency exchange (nor do they exist anymore, thanks to a Federal raid. Hmm, both Backpage and Elio are based in AZ...). You would have had to have established an account from an exchange such as Coinbase to acquire those Bitcoins. They would have your Bitcoin address. Using that Bitcoin address, you can exchange/sell your remaining Bitcoin for fiat currency and transfer back to your originating back account. In most cases, you'll encounter a transaction fee.
Personally, I keep my cryptocurrencies in hardware wallet and stored in a bank safety deposit bank to avoid any hacking. I have a long term investment so liquidity is not a concern. It would take me less than an hour to convert to cash.
P.S. Robinhood.com, a commission-free stock broker, has recently introduced commission-free cryptocurrency trading in select states. You may want to look at transferring your remaining coins there to exchange for cash. More states to be added soon...
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