I’ve been looking through the bitcoin wiki and googling isn’t providing any useful results. Basically I’m looking for some way to deposit my BTC into my US bank account. Is there any service that can do this without incurring massive processing fees or surcharges?
Essentially I’m looking for the following:
Simple to use. Should not have to jump through hoops like signing up for paypal account or go through intermediate exchange like mtgox USD etc.
Preferably has a direct deposit method similar to how you might get payed from a job.
No fee or extra surcharges or kept to a minimal. Many of the exchange services I’ve looked at has wire-transfers but the associated fee makes it simply prohibitive especially for small BTC to USD transactions.
Doesn’t necessarily have to be instant or fast.
Are you saying you don’t want an intermediary because of the time required to administer the transactions?
If so, then here’s a solution for automating that.
MagicalTux from Mt. Gox was acknowledging the need for the API to support creation of a bitcoin address where any coins received at that address are immediately sold at market. Also discussed was the need for an account to be able to specify that once daily the account’s USD balance would be swept to Dwolla.
That combination will be among the least expensive methods for converting BTCs to USDs in an automated manner.
Today the closest you can get to that is to create a separate account on Mt. Gox with no bitcoins and then create a large market sell order. Whenever coins are received and confirmed, they will automatically be sold at market because of the open sell order. Moving the funds to Dwolla periodically remains a manual step though.