Im Kinda Slow.

[lmfaowtfomg]

Hey all, im in dire need of bitcoin and im trying to figure this out, cause its really confusing to me. But just to double check before i do something stupid, I can buy a moneypak from a place like walgreens or cvs, and then trade it with someone on here. Say I have a 50 dollar moneypak. Going by the "last MT" price, i can trade with someone on here and receive around 3.99 bitcoins. How does that transaction take place? Either way, lets say it takes place even though i dont know particularly how. They would then send the bitcoin to a wallet that I have on blockchain, and then I give them the moneypak. Then I can put the bitcoin wherever i want to, anonymously, and then they have my 50 dollar money pak.

CORRECT?! Please correct or inform me in any way. Ive read many articles but there are so many different services and methods and what not I don't get far...

[1714145243]

1714145243

[imanikin]

You might try LocalBitcoins, and do a deal in person.

Or use BitInstant, even though they are crazy expensive in my opinion.

In America, seems like CoinBase is a good deal, if you have a bank account with ACH capability, and can wait a week to get the B, plus a couple of days to set up the account initially. The price is locked in as soon as you buy it after the setup, and about a week before you actually get the B.

[lmfaowtfomg]

So is the way i described completely undoable then? It seems like the best and cheapest way.
Bitinstant is confusing and i dont want to be showing ID and what not, and i would rather not deal with another person in person...

[imanikin]

So is the way i described completely undoable then? It seems like the best and cheapest way.
Bitinstant is confusing and i dont want to be showing ID and what not, and i would rather not deal with another person in person...

It's doable, but seems unlikely that someone would send you B, before you send them moneypack (or don't), considering you don't have any reputation yet. Sending B is irreversible. So, it seems difficult to find someone who will trust you.
And if you send the moneypack first, they may not send you anything...

You can go to OverTheCounter and see what's available, and start building a reputation as an honest trader, but it's a steep learning curve to deal there, and same trust problems apply, until you have a reputation.

[lmfaowtfomg]

arent there people that do it though? like as a service with a fee..

[Stephen Gornick]

arent there people that do it though? like as a service with a fee..

MoneyPak is easily obtained by scammers  (There are people trying to sell MoneyPak at 50 cents on the dollar here on the forum, as an example.  So the buyer would have to trust that you aren't a scammer.  And being a new account here on the forum (and presumably no trust history on #bitcoin-otc), good luck with that.

If you are in the U.S. (which is the only country where MoneyPak is sold), then you have several options.

If you have a Chase bank location nearby, that's probably among the best.  You deposit cash into the account that bitMe.com has set up and buy coins at that exchange.  No identification needed.
 - http://www.BitMe.com

As far as the logistics, your account at bitMe is an EWallet, and thus you can withdraw the coins to your own wallet, such as at Blockchain.info/wallet:
 - http://www.Blockchain.info/wallet

Other cash methods (in the U.S.):
 - http://www.BitInstant.com (Deposit at 7-11, Walmart, CVS, Moneygram, etc.,)
 - http://www.BitMe.com (Deposit cash at Chase)
 - http://www.BitFloor.com (Deposit cash at Chase or Wells Fargo [temporarily unavailable])

Elsewhere:
 - http://www.CAVirtEx.com (Deposit cash at several banks in Canada)
 - http://www.Spendbitcoins.com (Deposit cash at a bank in Australia)
 - http://BitcoinNordic.com (Purchase CashU or UKash in dozens of countries)
 - http://www.BTC-E.com (Deposit cash (USD) at bank locations in Russia)
 - http://www.BitNZ.om (Deposit cash (NZD) at back locations in New Zealand)
 - http://www.BitInstant.com (Deposit cash in Brazil using Boleto or Banco Recomendito, or in Russia, using Qiwi or Cyberplat.)
 - http://www.VirWoX.com (Purchase UKash in dozens of countries with cash, then buy SLL and trade them for BTCs)
 - http://www.MercaBit.eu (Purchase UKash, Paysafecard, and others with EUR cash)

Also, Bitcoins Direct will accept cash, but they have a $1,000 minimum order size and recently have been out of coins:
 - http://bitcointalk.org/index.php?topic=87094.0 (Deposit cash at Bank of America, Wells Fargo or PNC, minimum $1,000)

Another method, from anywhere, is to use credit card to buy SLL (Second Life Lindens) through VirWoX, and then trade those for BTCs:
 - http://www.VirWoX.com

You might just find a trade on #bitcoin-otc for a small amount, to build a trust history:

 - http://www.Bitcoin-otc.com
 - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer

And doing a local trade might serve you well:
 - http://www.LocalBitcoins.com

There are quite a few methods:
 - http://en.bitcoin.it/wiki/Buying_bitcoins

[lmfaowtfomg]

Thank you very much for all that info.

It looks like instant and me are my main options, but instant might require ID so that's out. And a chase bank closest to me is 30 minutes and 25 miles away, does that seem too far to be transferring money that is under 200 dollars?  30 mins there and 30 back..

But also, would they accept my trade offer for moneypak if i provided proof that i purchased the card?

[Stephen Gornick]

But also, would they accept my trade offer for moneypak if i provided proof that i purchased the card?

About the only interaction a bank has with MoneyPak is being able to use it to load a prepaid debit card.   There are not any standing offers to sell bitcoins for MoneyPak that I'm aware of.

[lmfaowtfomg]

But also, would they accept my trade offer for moneypak if i provided proof that i purchased the card?

About the only interaction a bank has with MoneyPak is being able to use it to load a prepaid debit card.   There are not any standing offers to sell bitcoins for MoneyPak that I'm aware of.

Im talking about people on here. They have the currency exchange section where a people i see trade moneypak for bit coin.

[Stephen Gornick]

Im talking about people on here. They have the currency exchange section where a people i see trade moneypak for bit coin.

You could try.

There are plenty of people who buy MoneyPak with their bitcoins from the two services which offer it (FastCash4Btcoins and BTCPak.com), but with that comes the assurance from a reputable party that has traded hundreds of thousands of dollars worth of these things.  It is a different risk profile with an individual.  But who knows, with the exchange rate rally, someone might be wanting to cash out right nao and be willing to chance it.

[lmfaowtfomg]

Im talking about people on here. They have the currency exchange section where a people i see trade moneypak for bit coin.

You could try.

There are plenty of people who buy MoneyPak with their bitcoins from the two services which offer it (FastCash4Btcoins and BTCPak.com), but with that comes the assurance from a reputable party that has traded hundreds of thousands of dollars worth of these things.  It is a different risk profile with an individual.  But who knows, with the exchange rate rally, someone might be wanting to cash out right nao and be willing to chance it.

Take a look here: http://www.bitcointrading.com/forum/bitcoins-for-sale-exchanges/

[BTCscammerQuote]

One option not mentioned yet, Bitcoins to Cash LLC.



As quoted by them

"not sure if this was asked already, but will you accept cash for BTC?"
"I have said no before, but if I have BTC, I will consider it. Right now, I don't have very much. You can always PM me and ask."

[lmfaowtfomg]

Would I effectively cover up my trace if I used a service like coinbase to transfer funds from my bank to the wallet of bitcoins on coinbase, then to an anonymous wallet like blockchain, and then from there to wherever i want, anonymously?

[lmfaowtfomg]

Anyone? 

[Envious]

Would I effectively cover up my trace if I used a service like coinbase to transfer funds from my bank to the wallet of bitcoins on coinbase, then to an anonymous wallet like blockchain, and then from there to wherever i want, anonymously?

Everything involving your bank in traceable.

[lmfaowtfomg]

Would I effectively cover up my trace if I used a service like coinbase to transfer funds from my bank to the wallet of bitcoins on coinbase, then to an anonymous wallet like blockchain, and then from there to wherever i want, anonymously?

Everything involving your bank in traceable.

But blockchain is supposed to make it anonymous, and then if i sent it to another anon wallet it would be even more anonymous... shouldn't that cancel out the fact the bitcoins came from my bank account by the time i spend them?

[prezbo]

Would I effectively cover up my trace if I used a service like coinbase to transfer funds from my bank to the wallet of bitcoins on coinbase, then to an anonymous wallet like blockchain, and then from there to wherever i want, anonymously?

Everything involving your bank in traceable.

But blockchain is supposed to make it anonymous, and then if i sent it to another anon wallet it would be even more anonymous... shouldn't that cancel out the fact the bitcoins came from my bank account by the time i spend them?

No, bitcoin is not anonymous, it's just incorrectly advertised as such. If one bitcoin address gets tied to your identity you should assume every other is also.

[lmfaowtfomg]

How does that make sense? Using that logic wouldnt i be able to randomly buy a bit coin and see the whole history of it...

[Bitexchange]

Bitcoins can be anonymous if you know what you do, to not get addresses tied together use multiple wallets.

Or just buy Paysafecard or Ukash and exchange through us:

http://bitexchange.biz/
Or our TOR hidden service:
http://xgmodwtdmchknr7y.onion/

Easy and anonymous.

[DannyHamilton]

How does that make sense? Using that logic wouldnt i be able to randomly buy a bit coin and see the whole history of it...

Yep.  Of course, there are no actual "coins", that is just a term used to make it easier for the average person to talk about.  But what represents the value of transactions in the blockchain ("inputs" and "outputs") can be traced back from address to address all the way back to when it first came into existence with a miner.

Now multiple inputs get joined together into fewer (or more) outputs so you end up with quite a tree of connections after a while, but if you want to follow it from address to address the information is all there.  The blockchain is a record of every valid bitcoin transaction that has ever existed.