Author Topic: Withdraw USD from Bitshares client to a bank account  (Read 5494 times)

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Offline BunkerChainLabs-DataSecurityNode

This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Hello  Xardas2014,

As some have been nice enough to clarify, USD in the client means bitUSD. That is what we pay out in at present.

You have several options in terms of how you can convert your bitUSD. They include:

- Go into the DEX and trade your bitUSD for BTS
- Go to blocktrades.us, metaexchange.info to instantly transfer it out to BTC and use whatever remitence you are used to.
- Go to ccedk.com and get their Nanocard and then be able to withdraw the bitUSD from any ATM for cash (pending 1 week I am told, but can be done today with btc if you like)
- Wait until you have a fair balance to cover whatever transfer costs you might have with ccedk wire transfer.

If you withdrew monthly at your current rate you are going to pay about 10% overall for the wire. Using the Nanocard though it will be reduced, and you have the convenience of being able to withdraw when ever you like.

There are options just like any other mining pool in how you transfer your funds.

If you wait a little longer for 2.0 however, there will be an option right in the wallet for what you are wanting to do.. ie. bitUSD > bank.

GIven you already decided to move on though, I wish you well in your mining endevours and hope you have fun learning along the way.
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Offline Riverhead

I'm just waiting on someone to sell me BTC so I can delete Bitshares and move on.

Probably for the best if that's your use case. While services are coming online all the time it's currently where Bitcoin was circa 2012. The only reason BTC is easy is because people spent the time to develop those services over years.

It'll get there; it's just not there yet.

Offline Xardas2014

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This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Why would you convert to BTC?

bitUSD->USD->your bank
Because there is a $10.00 wire transfer fee. The miners only make about $4 a day. That is 2 and 1/2 days worth of mining just in fees. Not to mention $5.00 deposit fee. So more than 3 days of mining just to pay the fees.

why would you convert to FIAT every day? I'm pretty sure you can't convert bitcoin for free either. I'd do it once per month or every 60days.

how much do you make per day?
I don't convert to fiat everyday. I normally keep it in BTC until I need to sell some to pay costs. Currently the miners make $4-5 a day and cost me $7.50 a day in electricity. (I mine at a loss right now) I've changed the miners back to another pool. The exchange I was referred to earlier either doesn't have sellers on a coin, or they are lunatics thinking people will pay 1000% more  for a coin. I'm just waiting on someone to sell me BTC so I can delete Bitshares and move on.

Offline fav

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This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Why would you convert to BTC?

bitUSD->USD->your bank
Because there is a $10.00 wire transfer fee. The miners only make about $4 a day. That is 2 and 1/2 days worth of mining just in fees. Not to mention $5.00 deposit fee. So more than 3 days of mining just to pay the fees.

why would you convert to FIAT every day? I'm pretty sure you can't convert bitcoin for free either. I'd do it once per month or every 60days.

how much do you make per day?

Offline tonyk

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This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Why would you convert to BTC?

bitUSD->USD->your bank
Because there is a $10.00 wire transfer fee. The miners only make about $4 a day. That is 2 and 1/2 days worth of mining just in fees. Not to mention $5.00 deposit fee. So more than 3 days of mining just to pay the fees.

I kind of wish I had your problem. [I mean smarter people are bragging about being in your position and being able to get into BTS for 850 satoshi/BTS].

Just use metaexchange to convert your bitUSD to BTC with something like 20% premium....and cash out the  way you want and/or you are used to, to for cashing out of BTC.

« Last Edit: September 21, 2015, 07:40:48 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline phillyguy


This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Minebitshares is sending you bitUSD to your bitshares client. Not fiat USD. It's just labeled "USD" in the bitshares client but it's bitUSD.
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Offline Xardas2014

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This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Why would you convert to BTC?

bitUSD->USD->your bank
Because there is a $10.00 wire transfer fee. The miners only make about $4 a day. That is 2 and 1/2 days worth of mining just in fees. Not to mention $5.00 deposit fee. So more than 3 days of mining just to pay the fees.

Offline Riverhead

This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Why would you convert to BTC?

bitUSD->USD->your bank

Offline Xardas2014

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This a way too convoluted for my tastes. minebitshares.com converts mined coins into USD and sends them to the Bitshares client. To get the USD I have to open yet another account I don't really want, convert my USD into bitUSD to transfer it to the exchange, then convert it to BTC at the exchange and send it to another exchange to convert into fiat which then deposits into my Simple account. Surely I'm missing something. Converting USD into something else then back into USD seems rather silly.

Offline Riverhead


ccedk.com also runs a BitShares wallet (as well as BTC, NXT, etc). When you request a deposit address from them for bitUSD it'll be a Bitshares account name. You transfer funds, usually with a specific memo, and it shows up in your account on ccedk.com. Trade for USD and wire to your fiat account.

It works exactly like cashing out with BTC - you send your BTC from your wallet to the exchanges wallet and it shows up in your account.

Offline Xardas2014

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Alright, but that still doesn't tell me how to withdraw the money out of Bitshares to some place else. I've found the transfers button, but that appears to transfer from one Bitshare account to another. I need the funds OUT of the Bitshare ecosystem. I'm not interested in using Bitshares, so I just want the mined funds from  minebitshares.com to be sent somewhere, somehow, so I can pay for electrical costs of mining.

I either want to withdraw the USD directly to my Simple bank account, or convert to BTC and send them to Circle.

Offline xeroc

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My Bitshares client shows I have USD. I want to withdraw it, preferably to my online bank. How? I'm hoping this can be set up since I'm on minebitshares.
The USD in your BitShares account can be transfered to USD in your bank account via a so called 'gateway'. I would recommend to go to CCEDK.com, it has the look and feel of a regular exchange and trades bitUSD : USD at a very good price at the moment..

Offline Xardas2014

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My Bitshares client shows I have USD. I want to withdraw it, preferably to my online bank. How? I'm hoping this can be set up since I'm on minebitshares.