VirWox Question

[DoctorFeelgood]

Im from the states and looking to purchase bitcoins.  I've seen VirWox mentioned multiple times, but I dont understand the whole process.  I did not create an account tehre, but I assume I buy linden dollars with USD (via paypal) and then convert the linden into btc?  Then what are they directly send to the address I give them or are then balanced on my account in which I must withdraw them?

[chmod755]

1. You don't need a SecondLife account. Fill in 'none', if you just want to trade.
2. They are balanced on your account. You have to withdraw the BTC. Withdrawals will be manually checked by VirWoX
3. btw. you cannot buy bitcents. Just 1 BTC or 100 BTC or sth

Please use my Afflink (in my signature), if this was helpful  

[DoctorFeelgood]

1. You don't need a SecondLife account. Fill in 'none', if you just want to trade.
2. They are balanced on your account. You have to withdraw the BTC. Withdrawals will be manually checked by VirWoX
3. btw. you cannot buy bitcents. Just 1 BTC or 100 BTC or sth

Please use my Afflink (in my signature), if this was helpful  

Thanks, any idea of the commission rate they take?

[Stephen Gornick]

Im from the states and looking to purchase bitcoins.

If you are in the states, are you familiar with the "deposit cash at a bank" method used by BitInstant and Aurum X Change?

BitInstant will even handle the exchange part if you choose "by e-mail".

 - http://www.BitInstant.com

[chmod755]

Thanks, any idea of the commission rate they take?

The commission rate is high, because they're doing PayPal and some other things:
2.5%+50 SLL for market orders (buy instantly) or 3.9% for limit orders (specify the rate you want to get)

However you'll get a discount on exchange commission, if you trade a lot of SLL.

There are limits for risky payment methods

PayPal/Skrill Transaction Limits
per 24 hours
40   EUR
52   USD
48   CHF
32   GBP
per 30 days
120   EUR
156   USD
144   CHF
96   GBP

[Kluge]

1. You don't need a SecondLife account. Fill in 'none', if you just want to trade.
2. They are balanced on your account. You have to withdraw the BTC. Withdrawals will be manually checked by VirWoX
3. btw. you cannot buy bitcents. Just 1 BTC or 100 BTC or sth

Please use my Afflink (in my signature), if this was helpful 

Thanks, any idea of the commission rate they take?

https://www.virwox.com/help.php#_Fees

~5% for the two trades you'll need to do, you pay Paypal's fees if you deposit using a credit card (2.9%+$.30 I believe) - though bank transfers (if not using Paypal) are free, plus a withdrawal fee of .02BTC. One USD buys roughly 265 SLL (Each SLL is worth ~$.00377).

Let's say you want $100 of BTC using a credit card (also applies if doing anything else using Paypal). You'd first pay ~$3.20 for the deposit (edit: looking at chmod's post above, add an additional $.30 in Paypal fees since you'd need to send $52 one day, then $48 the next due to very low deposit limits). Now you have $96.80 You then need to convert USD to SLL (I don't think you can purchase BTC with USD, only SLL). That costs you ~$3. You now have $93.80 (technically, 24,857 SLL). Then you convert SLL to BTC, which costs you ~$2.10. It currently costs ~1357 SLL to buy a BTC. $.00377*1357=~$5.116, which is pretty close to the Gox exchange rate. However, you lose ~.3176 BTC simply due to being unable to purchase bitcents. This is effectively a "fee" of ~$1.60, so with the $2.10 fee to convert SLL to BTC, you now only have $90.10. Then you have the .02BTC withdrawal fee, which gives you ~$90 worth of Bitcoins after all's said and done. So, 10% total fee.