Bitcoin Forum

What would stop one from buying a prepaid virtual visa from entropay.com and then cashing out BTC using indacoin.com?

What documents would I need to provide to prove that it is indeed me that makes the order?

You can also use https://prepaidbitco.in/ although the shipping cost is high.

You can check out the Currency Exchange category of this forum: https://bitcointalk.org/index.php?board=53.0

Buying BTC with CC will have huge fees. You can look into VirWox for trading PayPal to Linden Dollars (Second Life) and then to BTC.

https://en.bitcoin.it/wiki/VirWoX
http://virwox.com/

Like said... Fees will be high!

if there a service that does Paypal BTC transfers at a cheaper rate, that would be great.

As far i know paypal didn't accept BTC. Is it start accepting BTC?

The reason the rate for PayPal => Bitcoin is so high is due to risk. They have to increase fees to offset the losses they have from customers who partake is charge backs.

Indacoin seems to have much lower fees though. What would stop one from purchasing a virtual debit card online, receiving the details via email and then purchasing what they want?

So far it seems like there is no verification need (but you might want to clarify with the owners via email).


Source: http://bitcoinist.net/indacoin/

Of course, you'd be losing some due to the fact that there are usually fees associated with purchasing a virtual visa card and I'm not sure of the IndaCoin fee structure.

Verification is needed 100%, says right on the website that you either get an SMS sent to you from your credit card company or might even need to phone them up.

Hey guys, we d like to say a few words regarding our exchange - indacoin.com :)
As far as you know its not easy to buy bitcoins with a credit card and we are among the first who provides such opportunity. The biggest problem with accepting credit cards is fraud. That is one of the reasons why the price is so high - some of the transaction could be charge backed. So obviously we have to take some measures to prevent fraudulent transactions. But we are trying to do that without requesting your personal info. The most easiest way is to use a 3D secured card and call your bank and ask for an authorization code. That will be enough to complete the order and after we got the code, bitcoins will be sent immediately. We are sorry, but we have to make you spend some time looking for that code. But we also got another option for 3D secured card - you can send us a scan of your bank or credit card’s front side showing the last six digits. If you want an instant exchange, you d better first find out if you can easily get an authorization code or can send us the card photo - so it will take us less time to proceed.
Any feedback is much appreciated.

Good point on the fees of purchasing a virtual cc. Up in Canada those fees would easily defeat the purpose of this method instead of using VirWox. Maybe that is just in Canada though

You will likely be better off trading coins on localbitcoins then trying to buy (or sell) bitcoin via paypal (or a credit card) as the fraud rates are just too high. If you were to take out a cash advance from your credit card and then use that cash to fund a localbitcoins TX you would be much better off in terms of your total cost