Bitcoin Forum

Would you do it? Discuss.

In other words "Would you use other people's money to play slot machines"

Yes, as long as I had the money to pay the bill ahead of time. This would be a lot more convenient than using Dwolla to xfer money from my bank account first and then xfer to trading site.

I would. It would make the transfer process a lot quicker.

This.  And that would be the only time to use it, IMO.

By the way, this was possible last year on MtGox and Bitcoingateway.com but was stopped afterwards. On mTGox, due to credit card fraud because of the reversible nature of credit cards

You bet ya on the overall growth of bitcoin far out ways the interest charged by the cc mob. Being injured and screwed over from working I have an attitude of why not its only fake money I owe credit cards for anyway. Its a win win situation they either get their money back from me or get it from how ever they work the system on defaults at the end of the day the books get balanced.

It's a really bad idea to borrow money for investments.  If you don't have the cash to invest.....your financial situation needs more than just bitcoins to help it.

I have found myself, twice in my lifetime, almost incapacitated financially due to debt.  Luckily, I've never had to go BK, and was able to pay off one occurrence and am still working on the second (more than half way done).

The only way I would use a credit card to purchase bitcoins is if it was a secured credit card and I had already paid the money.

For now. Also accepting credit cards means accepting debit cards too.

i would love to be able to fund my account by cc or debit

100% of the reason cc's aren't accepted is because of chargebacks and the use of stolen credit cards

What bitcoin really needs is the ability to easily convert from USD (or other currency) to BTC quickly and without the possibility of chargebacks.

Dwolla is fine and good but it take 5-7 days to get that whole process rolling. If that was reduced down to maybe 2 days MAX then I think there would be more people willing to go through the effort.

Kudos to you for stepping up like a man (or a woman I don't know you) and paying your debts rather than walking away.

If you can do CC transactions you can do Debit Card transactions right?

I think it's the other way around but i don't think it really makes a difference

Yes. I would obviously pay my back my credit card balance, like I always do.

We're workin on it ;-)

BitInstant.com (http://BitInstant.com)

Yes I would, and then e-mail to VISA / MASTERCARD that I used their cc to fund my bitcoin account to donate to Wikileaks :)

Cool!

Needs to be two way.

Debit, yes.
Charge card, maybe.
Credit card, no.

Cheers,
Kermee

Here is one possible way:

1) Set up a free merchant account with Square (http://squareup.com).

2) Charge your card for however much you like, they take some percent.

3) Withdraw to your bank account.

4) Fund your dwolla account from your bank account.

5) Transfer to an exchange.

Good luck!

2.75% !!!

Are you insane?

Or do you work for them?

No, but maybe I should. There are better merchant services but they have a setup/monthly fee that for small transactions wouldn't pan out.

For example, you would have to charge over $1000 to meet 2.75% for a $30 monthly fee, and $30 monthly merchant accounts are hard to find. They also take a small percent of every swipe.

I used to work in the merchant services industry for First Data, the biggest and best.
For that fee you might as well just use paypal.

thats just gonna be a  website to steal cc numberss

You don't know that we accept cc's. In fact, you don't know anything yet ;-)

And, you have proof of this? Or you're simply libelling us both for no reason?

Credit cards?!?

They can never work! It's obviously a Ponzi Scheme! People will never accept pieces of plastic with magnetic tape on the back of them! Geek money! It'll never catch on! An Inflationary model where you owe more then what you originally bought........THAT'S MADNESS!

OMG NO GOLD BACKING!!!

 :D


I would use (and have used) a CC to fund a legit trading account.  I would not use a CC to fund some hack-ass bitcoin trading site.

The delay is with your bank, not Dwolla. Dwolla is actually trying to solve the problem. Their solution, FiSync (http://www.dwolla.org/blog/dwolla-fisync/), will make transfers instant to/from any participating bank. You might encourage your bank to participate.