Buying bitcoin thru BitInstant

[joecascio]

For the 3rd time, I've bought some bitcoin thru BitInstant using a cash deposit in Bank of America.

I had it sent to one of my btc addresses directly. It works well, and pretty quickly, but wow, it's expensive.
I wanted to buy $100 worth of btc. The bitinstant fee for this was 4.49% + $1. That's bad enough to begin with, but there were additional charges from TrustCash, which is the intermediary between BofA and BitInstant.

Bottom line, I ended up depositing 107.14 in BofA and ending up with about $97 worth of BTC. So that's nearly 10% in fees. Ouch.

I think if there's any expectation for bitcoin to become popular there will have to be a much, much cheaper way of getting btc for dollars and vice versa.

I may even become a local bitcoin trader.

[1714119077]

1714119077

[1714119077]

1714119077

[1714119077]

1714119077

[1714119077]

1714119077

[1714119077]

1714119077

[TangibleCryptography]

We will pay you to buy Bitcoins.   Is that cheap enough?

[556j]

much cheaper way of getting btc for dollars

Yah check out the guy that just replied, 1% below gox and reliable as hell.

and vice versa.

this is the part that needs work in the US. you can go gox >dwolla for pretty cheap but it takes forever. Best to stick with p2p or pay the toll.

[anexsia]

I used Bitinstant for the very first time last week and did the same thing, bought $100 worth by depositing cash at Bank Of America...the fees were kinda expensive but I'm willing to pay them just because they send you your bitcoins really fast. My Dwolla 30 day limit is almost up though so I'm probably going to switch to doing Dwolla to CampBX soon.

[qxzn]

cash deposit @ Chase or Wells Fargo into bitfloor. No fee, tight spreads. Of course, the exchange happens to be down right at the moment...

[BlackHeartFund]

cash deposit @ Chase or Wells Fargo into bitfloor. No fee, tight spreads. Of course, the exchange happens to be down right at the moment...

I think it's for the best that it's down. They stole/lost $250,000 of user's money last month. Much better off using any of the more reputable services and wait an extra day if you must.

[ryanAC]

I think 10% for a quick transfer to BTC is acceptable.  If you can plan ahead you save a ton with dwolla >> gox.