Bitcoin Forum

I found this site "www.instantbit.co" and it looks pretty good to me because the mining fees are very low. Has anyone ever bought from them?

Their payment method is payline

 

Never heard of it.

A few things I found about them:

- Looks like they have a profile on LocalBitcoins with a few transactions made: https://localbitcoins.com/accounts/profile/www.instantbit.co/
- The domain got registered in 2017 and it expires next year: https://who.is/whois/instantbit.co
- The first time the website was seen on Wayback Machine was on Feb 3, 2018: https://web.archive.org/web/20180203104540/https://instantbit.co/

Honestly, I wouldn't risk it. Where did you find this website?

 

Thank you very much for the information

I knew this site from a friend who uses the localbitcoins platform but I prefer to ask here

- They don't use HTTPS.
- They do not accept bech32 adresses.


The site also just looks extremely clunky in general. They're using a script which is heavily dated and really does not fit the type of business that they're doing.
(I'm buying a "good" that is worth 500$ in Bitcoin???)

Looks like a scam to me, but even if it's not, it's very amateuristic and i wouldn't send a dime to this site with all the other options that are available.

That site appears to be insecure when visited with Chrome (no https), I certainly wouldn't use it for anything.

Good thing that you had ask first before tending on making any purchase or transactions. Same perceptions i do have with other members replied above.
First glance on the site it shows 'no https' and thats always a red flag for me and on most users.

It might be suggested by your friend but havent you ask out first if he did able to purchase some BTC on that site? 

I would not be comfortable with trading with them, unless I was somehow protected by Localbitcoins escrow.

Sending first to a site that is completely unknown as doesn't have any reputation is just way too risky in my opinion. Even if you do receive the promised bitcoin, which I believe there is a high likelihood that you won't, you have much safer options to go along with.

Just look at this page: http://s.instantbit.co/?product=bitcoin-btc-localbitcoins-trade-rate. Clearly, they have not spent much time into designing the site at all, nor do the layout of the site make any sense to me whatsoever. Don't choose an exchanger solely based on their rates.

Honestly if I were to buy some bitcoins online, I wouldn't risk using sites that are less known and sites that I'm really skeptical of. Why not stick to the reliable and reputable bitcoin <-> fiat exchanges like Coinbase[1], Abra[2], or LocalBitcoins[3] instead?

Though it looks like the site is being widely used in Tunisia(whatever country that is).

https://i.imgur.com/yV5Z8qT.png
src: https://www.alexa.com/siteinfo/instantbit.co

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[1] https://coinbase.com/
[2] https://abra.com/
[3] https://localbitcoins.com/

You must be American  :D

Tunisia's in North Africa, one of those countries with fiat exchange controls, which makes Bitcoin more attractive than just a price to speculate with, an actual outside world currency.
That makes sense as the site is run from France (that's in Europe), and Tunisia used to be a French colony, like America (https://www.britannica.com/place/New-France).

Like someone pointed out, the developers didn't bother using an SSL certificate on a business where money is involved.

The website doesn't have information about the point of contact or the person who is running it. Most certainly it's one person than the entire team. He just initiates trades from his source and makes margins out of the sell orders on localBitcoins. No, this isn't a right website to buy bitcoins. There is no guarantee if you will get your bitcoins or even it's safe using your credit cards there.

This is first time when I hear this website. And I don't know why people are going to use all these unknown websites and risk with their money when there are so many popular and reputable websites where you can buy Bitcoin without risk to loose money.
You can see good list of exchanges here:
https://bitcoin.org/en/exchanges#international

It's an 'exchange' mainly attracting users from Tunisia as pointed out above, very likely because these people don't have many other options to utilize due to the limitations that they are facing.

In the western world we have many options to choose from, but that's not the case for certain other countries, which is why people there are more likely to use what we consider unknown and unsafe exchanges.

I can't even imagine how difficult it is for some people to buy themselves into Bitcoin. There are hundreds of services in Europe alone allowing me to buy Bitcoin at any time of the day without hassle.

This is true and I don't see for it to be complicated to purchase up bitcoin even no matter which side of the world you reside on. There might be local exchangers to be their last option but actually if
just really explore and do put up a little effort on searching things up we would able to see that the world is wide and there are lots of ways to purchase on.

The problem is not in buying the bitcoins, it's what the exchanger can do with the restricted fiat currency that he gets from the transaction.
What can he do with the Tunisian dinars he receives?
In this example, the dinar is a "closed" currency, meaning that it is illegal to import or export from Tunisia.
Add in fiat inflation and a weakening official exchange rate (and usually a black market) then you get situations where Bitcoin in "closed fx" countries often trades at a premium to the dollar/euro price.

is it the only exchange in your country or why you choose this one ?
there are so many exchanges out there...... also the huge walled provider ...blockchain.com is offering buying Bitcoins over coinify partner.


kind regads