Hi

A friend of mine runs a backpacker hostel here in Kings Cross. PayPal has refused to allow them to open an account because the hostel is run as a trust not a company (go ask PayPal why not...)

He asked me what to do and I said  "I've got an idea..."

Explained BitCoin to him, he found it complicated but then left me with a simple question which I can't really answer:

"So how do I take the money out into Australian Dollars?"

I've looked at Mt Gox, it seems pretty convoluted to me to get the money out to anywhere much except a bank account in Europe and they dock you 2% for that.

Could someone nice step me through the process of converting Bitcoins accepted in return for goods and services into a bank account - preferably in Australia but a US one at a pinch I guess.


Are we still expecting too much that Bitcoins be freely convertible into and out of cash?


Tim