Linden Dollars <====> BTC

[tenakha]

Hi,

Just want to know if anyone has experience of exchanging BTC to Linden and v.v.

I have been buying/selling BTC/GBP (as some of you know).

I used to be a Second Lifer many years ago and am thinking of setting up again as I did see a small demand for a Linden <==> BT service.

How are such transactions done currently?

[1715228046]

1715228046

[1715228046]

1715228046

[Projects]

Hi T,
Virwox is the most common method

[tenakha]

Sure,

I've seen that site - my understanding is that their commission / cut is very high ... something like $1 per BTC. Can someone confirm?

I was looking to provide an alternative to them - this is something that other people have tried in the past - but didn't quite take off.

[Projects]

I used VirWoX quite regularly but yes their commission is high I think its about 3% to exchange GBP -> SL then another 3% from SL->BTC or visa versa and if you wish to withdraw from VirWoX they charge £1 withdrawal fee.
A cheaper alternative would be something I would be interested in personally and I am sure there would be others also

[AnonCard]

virwox charges 2.95%+ 50 linden for btc to linden or vv.
+ they charge 2% for bitcoin withdraw, means if u withdraw 1 btc then you wil get 0.98.

[Grinder]

+ they charge 2% for bitcoin withdraw, means if u withdraw 1 btc then you wil get 0.98.

It's .02 BTC no matter how much you withdraw.

[Red Emerald]

Sure,

I've seen that site - my understanding is that their commission / cut is very high ... something like $1 per BTC. Can someone confirm?

I was looking to provide an alternative to them - this is something that other people have tried in the past - but didn't quite take off.

The cut is a bit high although I've managed to grow my coins by around 5% doing small trades over a year.

I did some OTC trading in game when VirWox was blocking a bunch of people from depositing.

[AnonCard]

+ they charge 2% for bitcoin withdraw, means if u withdraw 1 btc then you wil get 0.98.

It's .02 BTC no matter how much you withdraw.

It's .02/BTC Which Is 2% I Think. 

[Red Emerald]

+ they charge 2% for bitcoin withdraw, means if u withdraw 1 btc then you wil get 0.98.

It's .02 BTC no matter how much you withdraw.

It's .02/BTC Which Is 2% I Think. 

No. It's just .02 BTC

A handling fee of 0.02 BTC per withdrawal will be charged.

[chmod755]

+ they charge 2% for bitcoin withdraw, means if u withdraw 1 btc then you wil get 0.98.

It's .02 BTC no matter how much you withdraw.

It's .02/BTC Which Is 2% I Think. 

That's 2% if you buy only 1 BTC, but it's 0.02% if you buy 100 BTC.

Fees:

For market orders it depends on the currencies you're trading:

Currency |  Fixed fee |  Variable fee
EUR/SLL     50 SLL   2,90%
USD/SLL     50 SLL   2,90%
GBP/SLL     50 SLL   2,90%
CHF/SLL     50 SLL   2,90%
EUR/ACD   50 ACD   3,90%
USD/ACD   50 ACD   3,90%
SLL/ACD     25 ACD   3,90%
SLL/OMC     25 OMC   1,90%
EUR/OMC   50 OMC   2,90%
USD/OMC   50 OMC   1,90%
BTC/SLL     50 SLL   2,90%

For limit orders it depends on the SLL fees you paid within the last 30 days (for all currency trades):

Commission paid (last 30 days) | Discount | Trading fee
0 SLL                   0%   3,90%
1.000 SLL           10%   3,51%
2.000 SLL           20%   3,12%
5.000 SLL           30%   2,73%
10.000 SLL          40%   2,34%
20.000 SLL          50%   1,95%
50.000 SLL          60%   1,56%
100.000 SLL        70%   1,17%
200.000 SLL        80%   0,78%

This means: If you paid more than 5,000 SLL in trading fees over the last 30 days using the limit order tool is cheaper.

[lassdas]

I was looking to provide an alternative to them - this is something that other people have tried in the past - but didn't quite take off.

I wouldn't recommend to accept direct Linden Dollar payments, i know a couple of people that lost a lot of money that way.

If you're selling Bitcoins inworld and someone pays you "fraudulent Lindens" you're fucked and there's no way for you to check if Lindens are "fraudulent" or not.
Linden Dollars are just too insecure, you can never be sure to keep them. If you sell Bitcoins for Lindens, you can also accept Paypal.

[tenakha]

OK - well if the security around Lindens is shite ... then I won't bother.. If you are saying that one can easily be scammed because you can't verify the authenticity of Linden dollars... then I won't bother.

I was interested because I am doing a reasonable amount of BTC <-> GBP trading and wanted to see if there was a real market for Linden <-> BTC

I have an SL account so would be fairly easy for me to setup a Linden <-> BTC exchange in SL.

I will consider it ... I've been thinking of buying land in SL .. and one motivator for this was if I could set up a bitcoin exchange in-game.

I will reconsider what I want to do with Bitcoin/Linden.

Thanks for advice.