Bitcoin Forum

Okay, so i have never put any money directly into bitcoins, only through hardware/electricity. Now I have some friends wanting me to shut up and take their money, but I really don't know what to do with AUD cash to turn it into BTC, spendbitcoins ~10% is a bit rich on 2000 bitcoins so that's out for now (maybe 10% will turn out to be good, I'm only just starting to look into it)

I have never used dwolla/liberty reserve before (to use bitinstant) are they hard to deposit to from Australia?

I have also never used bitcoin-otc, irc irks me... Am i likely to find ~2000btc from someone in Australia there?

well, right now I'm signing up for dwolla to see what that's like / Frantically refreshing this page making sure someone isn't screaming at me not to use dwolla...

Dwolla is USA only, if that affects your decision.

Dwolla isn't going to work if you're in Australia. With ~$10,000 AUD, your best bet would be a wire transfer to one of the exchanges. I don't know how well MtGox would work with that, so I'd suggest something else.

Heh, dwolla is for US mostly. Here in Madrid (Spain) we have other options like SEPA transfers or cash to mobile phone that have fast turn-around times and don't cost a fortune to use.

Couple of questions, do you have any rep on the forum or the OTC market ? Can you send money from offices like WU or MoneyGram ?

Yeah dwolla is a no go.
I'm looking at https://cryptoxchange.com but I've never used them before (Is that the site that dealt in the stolen coins?)

my internet is bugging out so i can't do much else but refresh endless timeouts to check other exchanges or even finish checking cryptoexchange out, google is the most reliable site and it loads after 5-10 reloads -.-, I'm going to give this message a few tries then go do something non internet, and that's the worst kind of something

Never used OTC or traded on the forums, i have bought some btc-e codes and given btc loans in the btc chat, thats it

I don't know what WU or MoneyGram are but i will look into them when my net works

For that volume, yes -- international wire to a USD wallet on Mt. Gox is going to be the most sane option:
 - http://en.bitcoin.it/wiki/Buying_bitcoins

+1 look into it, the easiest for you

I might be able to accommodate your AUD needs.  What bank were you thinking of using?  You could wire to my ANZ account.

I don't think I could do 2000 BTC in AUD at the moment, but at least I could get you part of the way there.

You can sign-up on this site:
https://bitmarket.eu/market/AUD

If takes a while to get verified.

There are no offers at the moment, but if you need any for AUD, I can put up an offer (with payment to AU bank account). You probably don't want to buy 2000 BTC at once, but in smaller steps.

Beware of wiring that amount of funds at once to MtGox - you'll probably unexpectedly trigger their AML request which might take a long time to fulfill, while your funds are locked. I would never wire that much to MtGox, because of freeze risk, in fact I would hardly put that in one bank account.

Much better if you do it in smaller steps, like 10 times 200 coins, or 5 times 400 coins, and do it through AU bank account, not international wire.

I personally never trust any single exchange with more then 300 coins at once (all funds, both Bitcoin+fiat, under the control of the exchange must be no more then 300 BTC at any given point in time). And then for some (many) of them I have a lower limit, only very few I personally rate trustworthy enough to handle 300 BTC.

Why 300 BTC? Always something can happen... they can make a false AML thing (main risk), they can get hacked, the owner can be run over by a bus, police may raid his home, can get kidnapped. Personally 300 BTC is maximum I trust any existing BTC operation. In fact 1000 BTC worth is max I trust to one financial institution, even the most trustworthy bank in a country I can easily go to, I know the local language, law and etc.

Imagine something happens in MtGox. They're all in Japan, your legal resources are seriously limited just by the fact you don't speak Japanese, so you can't contact legal help locally there.

Similar (ie, probably not doing the full amount) - I can trade in AUD and have an account at CommBank.

CryptoX has worked well for me.