I succesfully exchanged 500$ from Liberty Reserve to BitCoin today

[italkcash]

The BitCoin system is filled with questions and people need answers. I will try to describe here the best method to exchange money from Liberty Reserve to BitCoin and put screeshots up for educational purpose.

1. In order for this to work you must have an account with Liberty Reserve. If you dont have either create one or skip this article as there will be other articles more relevant.

2. Create an account at MtGox.com

3. Click Add Funds

4. Select Liberty Reserve as funding method, and click "Add Dollars with Liberty Reserve

5. This will now take you to your Liberty Reserve account, where you have to login and approve the transfer as you would normally do with any other merchant accepting Liberty Reserve payments.

6. After you deposit allow some time for the money to be approved by system of MyGox.com They usually say a few hours but I got mine in like 10 min.

7. Now click the Trade panel and you are ready to trade

8. In the top it says how much USD you have in your account and it also shows how much the price per coin (BitCoin that is) is in USD.

9. Next to amount to buy you can enter how many BitCoin's you wish to buy and it will give you a price. You can also adjust the price per coin if you wish to bid over the current market price, but I rather make several trades and keep it as low as possible. Look at picture below:



10. Again this is not rocket science and anyone with a fair bit of basic understanding in buying currency or buying something that has a price fluctuation based on supply/demand would find it simple.

11. Once you have traded the amount of BitCoin you wish for, click the Withdraw Fund button and you are ready to Withdraw your funds.



12. All you have to do is input amount of BitCoin's and the BitCoin address you wish to have the money send to. Its really that simple. REMEMBER that all transactions are public, so if you want you can spread your transactions to multiple addresses that you can generate free and simple in your BitCoin wallet client.

For any questions please ask away!