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Thanks, Walter.
As I understand it, BitInstant accepts USD only via face-to-face cash deposits or Dwolla. I already talked about Dwolla above. Regarding face-to-face cash deposits at Walmart or wherever, I am in my 70s and live about 30 minutes from the nearest place that accepts cash deposits. So I am limiting my investigations to places I can send money to without leaving my desk.
For example, this morning I had great hopes that ZigGap would work. ZigGap accepts cash deposits at Chase Bank and I have a checking account with Chase. According to Chase, a transfer from my account to ZigGap's account would be instantaneous and irrevocable--the same as cash.
But I checked with ZigGap and they said that they can tell if money comes from a within-bank transfer, not from cash, and that they would only accept a deposit that came from cash.
So I asked the Chase assistant branch manager if I could send her a Chase withdrawal slip from my account stapled to a deposit slip for the same amount into ZigGap's account. I told her that her teller could process the withdrawal slip, count out the cash onto the counter, then turn around and count the cash back in from the counter, and process the ZigGap deposit slip. The bank's assistant manager looked as me as if I was nuts, so I left before she could call security.
Kidding aside, this whole thing is so new and unprecedented that everyone is stumbling around trying learn what works and what gets you ripped off. I believe that patience will eventually pay off. A few years will see the emergence of bitcoin businesses that have figured out how to attract and hold honest customers.
As I understand it, BitInstant accepts USD only via face-to-face cash deposits or Dwolla. I already talked about Dwolla above. Regarding face-to-face cash deposits at Walmart or wherever, I am in my 70s and live about 30 minutes from the nearest place that accepts cash deposits. So I am limiting my investigations to places I can send money to without leaving my desk.
For example, this morning I had great hopes that ZigGap would work. ZigGap accepts cash deposits at Chase Bank and I have a checking account with Chase. According to Chase, a transfer from my account to ZigGap's account would be instantaneous and irrevocable--the same as cash.
But I checked with ZigGap and they said that they can tell if money comes from a within-bank transfer, not from cash, and that they would only accept a deposit that came from cash.
So I asked the Chase assistant branch manager if I could send her a Chase withdrawal slip from my account stapled to a deposit slip for the same amount into ZigGap's account. I told her that her teller could process the withdrawal slip, count out the cash onto the counter, then turn around and count the cash back in from the counter, and process the ZigGap deposit slip. The bank's assistant manager looked as me as if I was nuts, so I left before she could call security.
Kidding aside, this whole thing is so new and unprecedented that everyone is stumbling around trying learn what works and what gets you ripped off. I believe that patience will eventually pay off. A few years will see the emergence of bitcoin businesses that have figured out how to attract and hold honest customers.
Unfortunately, Chase does not allow instant member to member transactions and they try to route everyone through the Chase QuickPay service (which isn't fast at all and is reversible). I have done many transactions via Chase cash deposit by withdrawing the cash, then depositing to the other member's account. Maybe the teller looks at you funny, but tell them it's the only way to instantly and securely make the funds available to the other customer.
Hope that helps.
-EP
