Bitcoin Forum

So, I've been mining for a couple weeks just to keep my computer from feeling lonely, and I'm now looking to build a small single machine mining rig. I have a seller lined up for some cards, and he would like payment in BTC.

My limited newb understanding is that the most traditional way is to open something like a Dwolla account, link it to my bank account, and then do a transfer into it. Once the transfer if through in a couple days, use Dwolla on MtGox or similar to trade Dwolla for BTC. Is that about right? I know there's very little chance of getting someone to accept Paypal in exchange for BTC, but it seems like I must be missing something and there is a simpler was that doesn't take days to move money.

DialCoin can help you. Of course there are fees for convenience.

Yes. There is no "cheap and fast" solution.

Apparently not even that easy, since Dwolla isn't available outside of the US. So, for a newbie what is the best way of transferring money into BTC from traditional currency? Would it be best to open something like a CryptoXChange account and use wire transfers?

I think wire transfers are with CryptoXChange are temporarily down due to changes/updates they're making with the site.  Otherwise, when they get back up and running with those, it's a good option because it's a $5 flat rate in and out of the exchange (they swallow the typically-outrageous wire fees).

You could also consider selling something of value on this forum first to get BTC. 

It takes days because the only things you can trust (for now) with bitcoins, are those you've learned to trust, and the blockchain's intergrity.

With money, you only accept it because you're used to accepting it (and supposedly trust someone else will take it off your hands in the future), and with buying bitcoins, it's ironic that it's the USD that people don't trust (eg paypal - people chargeback and it's all over, bitcoins lost forever).

It depends where you are, if based in the US then the cheapest/easiest option is CryptoXchange/ Intersango. It's just an internal wire transfer which AFAIK is fairly fast and cheap.

If you're based in a Euro area then MtGox and Intersango Euro are the best, both have SEPA, Intersango has customer service, gox doesn't.

If in the UK then Intersango is the best option.

For smaller amounts, MtGox(USD) is a terrible choice as the transfer fee will eat up most of what you send out. Because MtGox(USD) is based in Japan you have to pay the full international wire fee. Try to avoid that.

Nefario.

Do you have anything interesting to sell that you think we might be interested in?

This.  Sell things for bitcoin, buy them with fiat.

DIALCOIN!

Did you not try that one? If I am not mistaken I believe you can buy Bitcoins with CC if your country is supported.

I'm in Canada, so really none of those areas Nefario. Bank transfer to Crypto for a $5 fee seems like a good bet if it's working, I'll have to look into exactly what option would be the cheapest.

Really, I have nothing of similar value of to sell that I really feel like getting rid of. I've contacted to seller to see if he'll accept USD, but that kind of feels like missing the whole point of the system.

I've set up accounts at most of the major exchanges, perhaps after I play around with it the system will become a little easier for me to use.

Unless I'm mistaken, Canada isn't one of the countries supported by Dialcoin.

Nope, you are not mistaken. I didn't see the Canada part.

https://www.cavirtex.com/

Apparently you can do an online bill payment or send it directly as a cash payment from RBC. Problem solved.

As a US citizen, reading through that site earlier today made me jealous. Those are some very generous rates (unless I'm missing hidden fees somewhere, it's cheaper than Gox, bank->exchange fees nonexistent through most accepted deposit methods).

You could do a cash deposit at a bank through BitInstant into an exchange like Mt. Gox, CryptoXchange, Intersango, or Bitcoinica.

Edit:  I think...maybe it only applies to US banks.

This is my first post so HELLO EVERYBODY! 

I got few questions...

you are recommending:

USD ----> CASH DEPOSIT ---->  BitInstant ----> CryptoXchange ----> BTC

any ways to do it online? to make this cash deposit I need to visit bank, right?
is there any other (cheaper) way? what if I'd like to buy lets say 10 BTC - just to try? it would be 10BTC=~50$ and what about fee/commissions and such fools :P

I'd like to make comparison about buying bitcoins - IMO bitcoin wiki is useless for that, one big mess and according to wiki we can buy using PayPall and/or plastic cards! And that's why I'd like to gather some info about possible ways of buying bitcoins.



for instance in Europe it looks like this:

EUR ----> S€PA TRANSFER ----> Intersango ----> BTC

or:
OTHER ----> wire transfer ----> Intersango or other -----> BTC
currency . . . . to local bank . . . . local exchange/market

I know that local bank transfers are free: fee = zero
I'm not sure about SEPA if fee = single euro? (1€) :-P
anyway both can be done online, without a trip to a bank ;-)

Since you're in Canada, I'd have to agree about Cavirtex for direct payment.

Alternatively, if you have Paypal funds: VirWoX
It's the only place I think big enough to accept Paypal and sell bitcoins. Probably because of their size and established trustworthiness, Paypal don't accept "I haven't received my virtual currency!" for disputes. One of my favorite place for a few quick bitcoins.  ;)

the way u described is time taking in my sense
u an always go for other exchanges like direct cash deposit with Bitinstant or Mtgox

I think I'll create new supplemented post soon. Current subject "IS BUYING BITCOIN REALLY THIS COMPLICATED?" This can be answered, yes! like a hell!!! but not everywhere - depends where are you from :-)


when I gather more (confirmed) data I'll create new topic and it will be something like: WHAT TYPICAL MORTAL HAS TO DO TO BUY BITCOIN and how much will it cost?   LOL  for currencies like: USD, JPY, EUR, CAD, AUD..... (??-any other requests-??) and also included info about these PayPal clones you need to sign-up to be able to use online bitcoin exchange. So feel free to write any ideas and suggestions.


VirWoX - quite spooky, but let's try :-)

first problem :-( line 3 - what's this? OMG and its required! I cannot skip this step :-( screenshot below ;-/

http://img809.imageshack.us/img809/7912/registr.png

anyway PPay and plastic are most desirable method by all (maybe except sellers) :-P

-------------

cavirtex site looks like written 100 years ago, but it's not spooky :-) deposit funds looks also fair enough - screenshot:

http://img16.imageshack.us/img16/5605/cad1.png

it seems it also can be done online without a "trip to a bank" (but let someone confirm / or deny that)

CAD ----> online transfer ----> Cavirtex ----> BTC

Enter "none" -- problem solved. It appears to only be relevant if you intend to deposit/withdraw from within Second Life.

h/t to whoever mentioned that a day or so ago.

it seems so... you cannot just buy BTC for USD/PayPal that way ... because you need to create an extra account: Second Life :-/

So registering with "none" doesn't solve a problem :-( cuz still cannot buy it

typical problem, you need to create and extra account somewhere (okpay, dwolla, aurumxxchange, cryptoxchange, bitinstant, +trip to the bank to make cash despite) only to be able to buy BTC - it is better not to buy them at all LOL - that's what I call recommendation  :D

Ok don't.  Problem solved.

I suppose I should repost here since this thread got raised from the dead. I was able to purchase coins with no issues, just went down to the bank and did a deposit to Virtex's account, then bought the coins there. Easy as pie.

No... You deposit USD (either with credit/debit card or Paypal, which can link right to your bank and do it instantly once verified), buy SLL on Virwox, then convert to BTC.

Cavirtex site sucks because it locks in your dollars when you make an offer and you have to guess what the transaction fees will be. Get it wrong by any decimal amount and your account can't cover it, the offer gets cancelled and you have to guess again. This means you are always left with some pennies in your account. Their minimum processing time is actually their maximum processing time plus three days. I've never had a deposit take less than one week (5 business days). But relative to other options it's the easiest.

Bank account -> trusted wire/Liberty Reserve exchange site -> Liberty Reserve -> Mt. Gox -> Bitcoin

Problem solved

I don't see Dwolla posted here. Is it any good?

Sure, but you'll have to jump through hoops to prove your identity to be able to deal with any bitcoin businesses.  At the very least, they'll need your SSN and you'll have to wait 30 days after you first transfer money to Dwolla:
https://bitcointalk.org/index.php?topic=76866.msg858870#msg858870

I dont mean to be a jerk or anything, But i HAVE NOT read this thread aside from the first three posts.

All i have to say is that the "quick and fast" way is to use the Bitcoin OTC.
I turn my bitcoins into Cash in my bank in 40minutes. Eveeerrrryyyy time

Well, if you are new to bitcoin-otc and look for a guide howto use it, you get linked to the Wiki site, and that's longer than the terms&conditions you sign on most web pages (I wonder how many people actually read those), so it's absolutely not user friendly (but maybe that's part of their strategy).

Yes, you can use dwolla to deposit funds on exchanges i.e. Mt gox, Intersango and probably others. But you need to create this DWOLLA account anyway

it looks like the simplest way is online wire ----> exchange ----> BTC without any additional accounts, this is possible in Europe

for USD it isn't as simple, one extra step, and account is required (and sometimes these requirements are really weird, proving your identity to 3rd parties - and there is a chance that your personal data will leak from 3rd parties some day, during hackers attack) :-(

via SecondLife -- VirWox ---> ...
via LibertyReserve ---> ...
via DWOLLA ---> ...
via Bitinstant ---> CryptoXChange ...

chose the weapon  ;D

I hope I didn't miss anything - if something is wrong, correct me

what about others? CAD AUD ... South America ... ? and maybe something more for USD ... ?