Bitcoin Forum

Evening, all. So I'm just getting started, trying to buy Bitcoins for my first time. I had initially attempted to use MoneyGram/BitInstant --> MTGox, but had some issues at CVS with that, so I opened a Dwolla account and deposited some funds there, as that's what I'd read on the various wikis.

Unfortunately, now I'm being told there is a 30-day waiting period to send my DwollaUSD to any of the exchanges or intermediaries I've tried. I have a verified Dwolla account (Drivers license and bank account approved), but can't seem to get around the 30-day hold. Frustrating as I've already waited 4 business days for the $$ to clear from my bank into Dwolla.

I'd like to buy Bitcoins tonight. Is there any method or roundabout anyone can recommend so I can get my Dwolla USD into my MTGox account tonight? I'd honestly be very appreciative.

**EDIT: I have $40 Dwolla USD that I'd like to trade for BTC or MTGoxUSD.

Since you are still stuck in Newbie jail, I'll relay your post to this thread:

 - http://bitcointalk.org/index.php?topic=78512.0

How much Dwolla USDs do you have?

Awesome. Thanks for your help -- the community here is really cool about all this, even for newbies. I have $40 Dwolla USD.

Update: User Inaba offered to trade MTGox USD for my Dwolla USD. Transaction went smoothly and quickly; I highly recommend him if you need to perform a similar trade. I am now the proud owner of several BTC.

Here is his original response to the thread relayed by Stephen Gornick: https://bitcointalk.org/index.php?topic=78512.msg943931#msg943931 (https://bitcointalk.org/index.php?topic=78512.msg943931#msg943931)

I'm in a similar position to what OP was in yesterday... deposited my US Dollars into Dwolla and then saw that I cannot transfer these to MtGox without taking verification steps that take away much of the anonymity of Bitcoin. I see that this forum has a thread for peer2peer exchanges of Dwolla$-->MtGox$, but I'm stuck in newbie jail for the time being. I am looking to move over $1k in all, but am more than willing to break that down into smaller transactions if necessary. Just looking for someone more experienced to guide me in this journey  :D

These won't be my first bitcoin transaction, as I have already done the moneygram > mtgox route but was not a fan of the fees involved  :o especially with the amount I want to move to MtGox now. Thanks in advance for anyone's help, and I hope its ok to hijack this thread for my purposes... if not I apologize and can move my request elsewhere  ;D

So Is Dwolla to mtgox/intersango better than Chase Quickpay or Paypal?

o_0 I don't know what you mean... better for what? I was requesting help similar to what the original poster requested and received recently. I'm not a fan of Paypal and I don't know what Chase Quickpay is. Sorry!

This isn't really related to the thread or what you're asking, but I can say that Dwolla was the first thing I attempted to use, and it all worked out great. Lately, however, things have slowed down or something. I guess I should add some time frame to this.. I started out back in January 2012. Back then, MTGox to Dwolla and Dwolla to my bank all took only a couple days for the entire process. Now a days things take a really long time, and I don't know why it has changed... things like MTGox to Dwolla taking a week or longer all of a sudden. I say just use Dwolla and wait it out. You didn't mention being in a hurry to do this, so just wait it out. I think it's honestly one of the best ways to do it right now other than that other thread you mentioned.

Because Mt. Gox is hitting limits (either self-imposed or hard-limits from Dwolla) on their Dwolla account.  Thus they queue the withdrawals, so the delay will vary based on how much Dwolla withdrawals are occurring.

Mt. Gox's comments have said the wait is running about one week.  That had been running as long as two weeks since they instituted their Dwolla AML policy (verify Mt. Gox account by sending a color photo ID), but that backlog is now down to one week, reportedly.

There are three other exchanges where Dwolla is used.  Camp BX and Intersango are two of them.  No delays (well, measured in minutes to hours, not days).
 - http://en.bitcoin.it/wiki/Selling_bitcoins

Also, there are ways to withdraw directly to your bank now, no Dwolla in the middle.

 - e.g., BTC --> BitFloor --> exchange to USD --> ACH withdraw --> Your Bank

Problem solved, will use Intersango. Thanks!

Try Bitfloor... better than Intersango and has ACH withdrawals. 

As for MTGox delays, I'm going on 3+ weeks waiting for my Dwolla transfer.  Many of us suspect MT Gox is having funding issues, which means if/when their house of cards collapses, your funds go poof.  Given that fact that they can't handle even small fiat transfers, this is likely to happen sooner rather than later.

https://mtgox.com/press_release_20120518.html (https://mtgox.com/press_release_20120518.html)

That may be relevant here.

Wow, that must suck!

Just triggered a transfer from Dwolla to Mt. Gox ... I'll keep you posted on how long it takes to show up.

Sierra

Okay, that was much faster than I expected.

Transaction Date: 2012-06-10 03:30:19

I'm doing a MTGOX to Dwolla, started Date: 2012-06-11 19:24:01 GMT, let see how long it takes for the funds to clear.

How many bitcoins did you get? I think they are worth $5 each?