BitCoin To 5Dimes To Local Currency

[XDN]

(Sorry for the Duplicate Post, Admins: Please delete the previous Thread thank you!)

I've had some requests to explain how I use the Bitcoin option on 5 Dimes. Here are some diagrams and screenshots that I hope will help. You will have to do some research and figure out how to set up the accounts on your own, but if you get stuck just drop me a line. It took me about 3-4 weeks to set up the accounts and get money transferred. When you set up ACH transfers there is a waiting period of 3-5 business days. Since i'm using an intermediate account I have to do this 2 times, but I am ok with it for the extra security it provides. I wanted to set this up so neither 5 dimes nor coinbase.com could get access to my personal accounts. If you have questions i'm happy to help.

The biggest question i'm coming across is the "magic" of converting bitcoin to "local currency" USD in my case.

You set up a bitcoin AND USD wallet at Coinbase.Com. Coinbase will convert your Bitcoin to USD and let you buy bitcoin with the usd you transfer in for a 1% fee. There are other sites with higher fees so watch out. 1% seems pretty reasonable to me. To get USD to coinbase...you can set up ACH transfers. I didn't want coinbase to have ACH rights into my personal bank account so I set up an "intermediate account." Coinbase can only talk to my intermediate account..... then I transfer from my intermediate account into my personal account.

Yes..it's a little complicated...but this way, neither 5 dimes or coinbase has access into my personal accounts. So for me the separation is worth it.

 

 

Deposit using Bitcoin on 5 Dimes

 

Copy/Paste the Bitcoin address generated in 5 dimes into the "Send Funds Form" on coinbase.

You don't need to enter an amount, the Bitcoin address takes care of all that.

 

To Receive funds, click on "Wallet Address" to get the address of your bitcoin wallet.. Copy/Paste it into the bitcoin Payout Request form.

 

Paste your bitcoin address into this field and request a withdraw amount.

Edited January 31, 2016 by XDotNet