Fellow Bitcoiners:
BitcoinOPX was originally a two-part idea for a Bitcoin exchange. While it's taking awhile to establish robust options trading (naturally complex trading), we are pleased to announce the second half of the idea,
currency exchange.
While there are great existing exchange services this may be a great option.
We match buyers and sellers of bitcoins using MoneyPaks as the medium of exchange. MoneyPaks can be purchased throughout the U.S. at 7-Eleven, CVS, Walmart stores and more for $4.95. They can then be loaded with dollar amounts up to $500 (and $1,000 at Walmart).
Our rate is .1 BTC (about $0.85) flat for MoneyPak code transfer from buyer to a pre-paid card of a seller.
Compare fees and time delays for existing methods:
A new buyer of bitcoins wants $1,000 worth, and a seller wants to sell that much.
The buyer drives to a local Walmart and buys a MoneyPak for $4.95, loading $1,000 to it.
List the offer on BitcoinOPX.
Buyer exchange amount: $1,000Total fees: $4.95 + .1 BTC (about $0.85) =
$5.80Time to receive BTC:
less than 4 hoursSeller exchange amount: $1,000Total fees: .1 BTC (about $0.85) =
$0.85Time to receive USD:
immediately up to $400 cash per day available at ATMs
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List the offer on Mt.Gox
Buyer exchange amount: $1,000Total fees: .5% = $5.00
Time to receive BTC: 3-5 days for deposit from bank to reach Dwolla
Alternatively using BitInstant:Total fees: about 4.49% + $1 = $46.00
Time to receive BTC: less than 1 hour typically
Seller exchange amount: $1,000Total fees: $5.00 + $0.25 (.5% plus $0.25 Dwolla fee) = $5.25
Time to receive USD: 3-5 days for withdrawal into bank via Dwolla (now requires verified ID)
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List the offer on CoinBase
Buyer exchange amount: $1,000Total fees: .5% = $5.00
Time to receive BTC: 3-5 days for deposit from bank via ACH*
Seller exchange amount: $1,000Total fees: .5% = $5.00
Time to receive USD: 3-5 days for withdrawal to bank via ACH*
*Coinbase exchange is not fully operational; ACH clearing times are estimated
As you can see by using MoneyPaks we can offer very fast times and cheap fees for exchange!