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January 20, 2013, 11:40:54 PM |
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If you live in the USA, Dwolla is a service you can use that's very similar to Paypal. MtGox accepts this as a funding source.
Create a Dwolla account and link it to you bank and verify it. Also create a MtGox account (they're an exchange for BTC). You'll need to verify your Dwolla account with them which also takes a few days. Once it's verified, you can deposit/withdrawal no problem. If you suspect you'll use BTC often, keep some extra funds pre-loaded into Dwolla so you can transfer them up to MtGox. It usually only takes 1 day for them to clear that way. If your Dwolla balance is at $0, then you can send money to MtGox still, but you'll have to wait for Dwolla to get the funds from the bank, then 2-3 days for it to go to MtGox. It can be a bit of a pain in the ass if you don't have funds in Dwolla already.
This also means that if you get paid in BTC, you can send them to MtGox, sell them, and withdrawal to your Dwolla to get it in your bank account.
One thing, though, is ALWAYS run the numbers between MtGox.com and BTC-e.com before buying BTC. Sometimes the spread is big enough that it's worth doing this:
Load $$$ to MtGox via Dwolla Use BitInstant to transfer MtGox $$$ to BTC-e $$$ (1.49% fee) Buy BTC on BTC-e cheaper than MtGox Get more BTC because of this
I just ran the numbers right now, and MtGox is $15.79/BTC. BTC-e is $15.469/BTC. After you assume the 1.49% BitInstant Fee, the BTC-e Trade fee, and the BTC-e withdrawal fee, you get an extra .01BTC for every $100 you spend. Usually that's not the case. It's not really worth messing with for .01 either, but if you plan on spending $2000, that's an extra .2BTC (worth it to me).
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