Turning bitcoin back into dollars
Even if you can transfer bitcoins easily and even buy pizza with it, how easy is it to turn bitcoins back into dollars?
Actually, it's pretty easy. Since my Coinbase account already was linked to my bank account, selling bitcoin took only a couple clicks and a couple days for the transfer of cash into my bank account.
I again paid a 1 percent fee to Coinbase and a 15-cent bank fee. I saved 0.01 bitcoin in my account, worth about $4.36 at the time, in case I want to get back into bitcoin.
Indeed, after I sold off my bitcoin in May, bitcoin surged. At one point, my remaining 0.01 bitcoin was worth as much as $6.59.
Since then, a bitcoin company has announced sponsorship of a college bowl game, and the U.S. government has said it will sell nearly 30,000 bitcoins it seized in FBI crackdowns of the online black market Silk Road.
In short: Expect to see more interest in bitcoin in the coming months. As more businesses, consumers and investors use the crytocurrency, bitcoin adventures like mine will become easier. Until then, it's not a bad idea to keep some boring greenbacks around.
For more, see “What I learned from buying and selling bitcoins.”