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Author Topic: Bitcoins for Dwolla - is it safe?  (Read 5321 times)
Littleshop
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May 03, 2011, 06:03:51 PM
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Has anyone done this? 

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Stephen Gornick
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May 03, 2011, 06:17:07 PM
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Has anyone done this?  

  There are multiple orders where Dwolla is used to buy and sell bitcoins on #bitcoin-otc marketplace:
  http://bitcoin-otc.com/vieworderbook.php?sortby=buysell&notes=dwolla

> is it safe?

Dwolla is a cash payment network, thus transactions are not subject to credit card chargebacks like PayPal transactions are.  
  - http://en.bitcoin.it/wiki/Dwolla

The #bitcoin-otc Web of Trust (WoT) can help you know that you are trading with a trusted party:
  - http://bitcoin-otc.com/trust.php
  - https://en.bitcoin.it/wiki/Secure_Trading

And also you might consider using ClearCoin escrow:
   http://www.ClearCoin.com
   For instance, if you are buying bitcoins you can ask the seller to commit them to ClearCoin before you send your Dwolla.

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May 03, 2011, 06:23:45 PM
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Dwolla looks like a nice candidate service to fill some sort of CoinPal type service.  Anyone working on that?  Any reason why I can't/shouldn't be done?
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May 03, 2011, 07:12:14 PM
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Dwolla looks like a nice candidate service to fill some sort of CoinPal type service.  Anyone working on that?  Any reason why I can't/shouldn't be done?

The only restriction that I can think of is that Dwolla can only be attached to US banking accounts. Dwolla is also pretty new, so I'm not sure how mature their API is for automated transactions.

That said, I've used Dwolla to buy MTGUSD from traders on #bitcoin-otc and have been very pleased with the results. Definitely more appealing than setting up a Liberty Reserve account, in my opinion.
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May 06, 2011, 12:43:52 AM
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I used Dwolla exclusively. Liberty Reserve makes you do 50 things to register including having multiple passwords. It's just silly. Dwolla works like a bank does.

Also, I live about 5 blocks from their main office, so if I have any problems I just go down there and smack em upside the head.

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