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Author Topic: Buy BTC with Credit Card or PayPal, Sell BTC for PayPal - Low Cost - Easy Guide  (Read 13874 times)
silversurfer
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May 02, 2011, 08:20:22 PM
 #1

Hi!  I've found an easy way to buy BTC with credit card or PayPal and then sell BTC for PayPal, all via Second Life (http://secondlife.com/), and VirWoX (https://www.virwox.com/), one of Second Life's third party exchanges that trades BTC for Second Life's Linden dollar (SLL).  I am not affiliated with either service, but have used both with no problem.

Second Life uses a virtual currency called the Linden dollar (SLL) that trades for US dollars (USD) at a relatively stable rate on Second Life's own exchange, the Lindex.  You will need to create a free Second Life account and familiarize yourself with the trading limits and funding/cashout options they offer you.  For me, I can fund my Second Life account with a credit card or PayPal, and then cashout to PayPal.  Here's how it might work for you:

I. Buy BTC with Credit Card or PayPal
   -Register with Second Life and VirWoX.
   -Fund your Second Life account with a credit card or PayPal.
   -Convert USD to SLL via the Second Life Lindex (use limit orders).
   -Deposit SLL into a VirWoX ATM in the Second Life world (see below for locations)
   -Buy BTC with SLL on VirWoX's website.
   -Withdraw BTC from VirWoX to your wallet.

II. Sell BTC for PayPal
   -Register with Second Life and VirWoX.
   -Fund your VirWoX account with BTC.
   -Buy SLL with BTC on VirWoX's website.
   -Withdraw SLL from VirWoX to your Second Life account.
   -Convert SLL to USD via the Lindex (use limit orders).
   -Withdraw the USD in your Second Life account to PayPal ($1 fee).

Please note it is important to use limit orders on the Lindex, market orders to buy or sell L$ will impose additional cost on your transaction.


Second Life: http://secondlife.com/
Second Life's Lindex: https://secondlife.com/my/lindex/index.php?
VirWoX: https://www.virwox.com/
VirWoX BTC depth: https://www.virwox.com/market_depth.php?instr=11
VirWoX on bitcoincharts: http://bitcoincharts.com/markets/virwoxSLL.html
VirWoX ATM locations in Second Life: https://www.virwox.com/terminals.php

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barbarousrelic
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May 02, 2011, 08:28:35 PM
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We could do the same thing with Kingdom of Loathing Meat but both exchangers have been down for a while.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
silversurfer
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May 02, 2011, 08:36:38 PM
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We could do the same thing with Kingdom of Loathing Meat but both exchangers have been down for a while.

You joke perhaps?  I am not familiar with Kingdom of Loathing Meat. 

Linden dollars are VERY liquid.  I suggest you check the Lindex volume.  They trade over a quarter million USD worth everyday on that exchange alone.

That which is falling should also be pushed.
BitcoinBonus
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May 03, 2011, 11:03:11 AM
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Bitcoin Bonus rewards you with a free bitdime when you sign up for second life!

Get Bitcoins for your purchases!  https://bitcoinbonus.com
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May 03, 2011, 03:26:46 PM
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This is an interesting option to say the least. Gaming currency exchanges that can accept bitcoins like this one may be the one answer to decentralizing our current usd/btc exchange a bit by leveraging the liquidity of SLL and it's exchanges.
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May 03, 2011, 03:31:32 PM
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This is an interesting option to say the least. Gaming currency exchanges that can accept bitcoins like this one may be the one answer to decentralizing our current usd/btc exchange a bit by leveraging the liquidity of SLL and it's exchanges.

It's strange I had an idea like this the other day and nearly forgot about it.

I was going to make a game that was legitimate and accepts cash or bitcoins to play.  I wanted to make this game anyway.  Then you get game credits.  You can then sell game credits for bitcoins if you want.  Seems like a good idea.  I would make the game so playing you can't gain credits (was hoping to maybe allow that, but I could make a second type of credit that you cannot transfer or sell and can only be used on the game) so it doesn't come under scrutiny for gambling.

The game needs to be legit or else it would be too easy to have PayPal or whoever funds it to say "oh this is just a currency exchange".
silversurfer
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May 03, 2011, 03:46:10 PM
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I noticed VirWoX also trades real currencies (USD, EUR, GBP, etc.) for SLL on their site.  So it might not even be necessary to fund through an actual Second Life account if you are satisfied with VirWoX's funding/cashout methods and market depth.

That which is falling should also be pushed.
barbarousrelic
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May 03, 2011, 03:53:27 PM
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So why is it that this Linden Dollar for US dollar exchanger does not run into the chargeback problems that Bitcoin for USD exchangers have?

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
silversurfer
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May 03, 2011, 04:03:23 PM
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So why is it that this Linden Dollar for US dollar exchanger does not run into the chargeback problems that Bitcoin for USD exchangers have?

The Lindex on Second Life's website?  I don't know man.  They have been running for almost 10 years and do a lot of volume.  Also Second Life has a lot of venture capital money behind it (unlike Bitcoin).  I am less familiar with VirWoX but they appear to be one of the biggest third party exchanges out there.

That which is falling should also be pushed.
dacoinminster
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May 03, 2011, 06:23:37 PM
 #10

Hi!  I've found an easy way to buy BTC with credit card or PayPal and then sell BTC for PayPal . . .

I think Ebay may turn out to be the best way to use credit cards to buy bitcoins, and PayPal to sell bitcoins. Check out this thread I started:

http://bitcointalk.org/index.php?topic=7072.0

fmk63
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May 04, 2011, 07:08:26 PM
 #11

Hi!  I've found an easy way to buy BTC with credit card or PayPal and then sell BTC for PayPal, all via Second Life (http://secondlife.com/), and VirWoX (https://www.virwox.com/), one of Second Life's third party exchanges that trades BTC for Second Life's Linden dollar (SLL).  I am not affiliated with either service, but have used both with no problem.

...
It's acutally much easier than described. You don't need a Second Life account and install the software etc. It can all be done just using VirWoX.
Stephen Gornick
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May 09, 2011, 12:53:13 AM
 #12

It's acutally much easier than described. You don't need a Second Life account and install the software etc. It can all be done just using VirWoX.

That was a little confusing at first, as after registering I see the message:
Quote
Your avatar connection has not been validated yet.
Please validate your avatar connection at a VirWoX terminal in order to be able to transfer SLL.

But then it was clear: "to be able to transfer SLL" means that in order to move L$ from VirWox to Second Life (and vice-versa) the Second Life account (avatar) must first be linked.

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