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Author Topic: There has to be a better way (getting USD to BTC)  (Read 4508 times)
jtibble
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January 25, 2013, 08:54:26 PM
 #21

Look into Localbitcoins.com

Their markups are reasonable (for the convenience of having your coins within days, or even hours), and if you're dealing with a good seller, they'll have enough BTC on-hand to meet any of your needs. And they can do the ACH and slow transfer stuff behind the scenes (like a buffer).

Anyways, check it out. I use it a lot to sell and make contacts with buyers.

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justusranvier
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January 25, 2013, 08:56:26 PM
 #22

As far as I know you can use BitInstant with any MoneyGram location, and those are virtually everywhere.
CurbsideProphet
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January 25, 2013, 08:58:42 PM
 #23

Look into Localbitcoins.com

Their markups are reasonable (for the convenience of having your coins within days, or even hours), and if you're dealing with a good seller, they'll have enough BTC on-hand to meet any of your needs. And they can do the ACH and slow transfer stuff behind the scenes (like a buffer).

Anyways, check it out. I use it a lot to sell and make contacts with buyers.

There's 1 person about 5 miles from me but he's asking for $22USD/BTC....

Thanks though, I think I have a number of options to look into.  Maybe once I accumulate enough I can sell locally and get some of those ridiculous spreads down.

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January 25, 2013, 08:59:37 PM
 #24

Look into Localbitcoins.com

Their markups are reasonable (for the convenience of having your coins within days, or even hours), and if you're dealing with a good seller, they'll have enough BTC on-hand to meet any of your needs. And they can do the ACH and slow transfer stuff behind the scenes (like a buffer).

Anyways, check it out. I use it a lot to sell and make contacts with buyers.

There's 1 person about 5 miles from me but he's asking for $22USD/BTC....

Thanks though, I think I have a number of options to look into.  Maybe once I accumulate enough I can sell locally and get some of those ridiculous spreads down.

Mebbe he didn't update recently.  Send him a message?

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January 25, 2013, 09:05:42 PM
 #25

There's 1 person about 5 miles from me but he's asking for $22USD/BTC....

How will someone who is willing to sell at spot but reluctant to place an ad on LocalBitcoins themselves able to find you unless you place an ad there yourself?

jtibble
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January 25, 2013, 09:07:12 PM
 #26

Look into Localbitcoins.com

Their markups are reasonable (for the convenience of having your coins within days, or even hours), and if you're dealing with a good seller, they'll have enough BTC on-hand to meet any of your needs. And they can do the ACH and slow transfer stuff behind the scenes (like a buffer).

Anyways, check it out. I use it a lot to sell and make contacts with buyers.

There's 1 person about 5 miles from me but he's asking for $22USD/BTC....

Thanks though, I think I have a number of options to look into.  Maybe once I accumulate enough I can sell locally and get some of those ridiculous spreads down.

Mebbe he didn't update recently.  Send him a message?

I've found, as a seller, that I have to charge a 5 or 6% premium, to cover the 2% fee by going through BitInstant, and to make it worth my while. This guy must have it at like, 10%. But if he's dominating the market, he can charge exorbitantly.

CurbsideProphet
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January 25, 2013, 10:26:53 PM
 #27

Tried to use Bitinstant and Dwolla would not allow the transfer until my photo ID is verified.  I think this will be the last time I use Dwolla esp with the apparent suspensions going on.

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cypherdoc
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January 25, 2013, 10:37:51 PM
 #28

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
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January 25, 2013, 10:41:38 PM
 #29

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.
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January 25, 2013, 11:04:24 PM
 #30

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
SgtSpike
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January 25, 2013, 11:15:32 PM
 #31

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.
cypherdoc
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January 25, 2013, 11:21:49 PM
 #32

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.

i understand what you're saying but i think there are alot of ppl who are investing in the thousands of dollars range.  you can see the large single orders going off constantly on Clark Moody or mtgoxlive that number in the thousands of Bitcoins.  Cheesy
SgtSpike
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January 25, 2013, 11:24:46 PM
 #33

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.

i understand what you're saying but i think there are alot of ppl who are investing in the thousands of dollars range.  you can see the large single orders going off constantly on Clark Moody or mtgoxlive that number in the thousands of Bitcoins.  Cheesy
I'd bet most of those are daytraders gaining/losing money back and forth.  I don't see any evidence that says those are all new investors popping in - I bet very few are.
cypherdoc
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January 25, 2013, 11:29:30 PM
 #34

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.

i understand what you're saying but i think there are alot of ppl who are investing in the thousands of dollars range.  you can see the large single orders going off constantly on Clark Moody or mtgoxlive that number in the thousands of Bitcoins.  Cheesy
I'd bet most of those are daytraders gaining/losing money back and forth.  I don't see any evidence that says those are all new investors popping in - I bet very few are.

we see 5000 BTC buys or sells on gox all the time that clearly represent a single order controlled by one person.  whether or not it's a first time order is irrelevant; the point is that this single person controls that amount of Bitcoins or USD's and they had to get that money to gox one way or another.
SgtSpike
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January 25, 2013, 11:33:39 PM
 #35

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.

i understand what you're saying but i think there are alot of ppl who are investing in the thousands of dollars range.  you can see the large single orders going off constantly on Clark Moody or mtgoxlive that number in the thousands of Bitcoins.  Cheesy
I'd bet most of those are daytraders gaining/losing money back and forth.  I don't see any evidence that says those are all new investors popping in - I bet very few are.

we see 5000 BTC buys or sells on gox all the time that clearly represent a single order controlled by one person.  whether or not it's a first time order is irrelevant; the point is that this single person controls that amount of Bitcoins or USD's and they had to get that money to gox one way or another.
I understand.  My point is, you could see 500 orders at 5,000 BTC, each one of which was definitely controlled by one person, and they could be trades conducted between only 10 different people, not 500 people.

I'm not trying to argue that people don't make large deposits, just that it isn't all that common compared to much smaller deposits/purchases of BTC.
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January 25, 2013, 11:41:15 PM
 #36

i still can't understand why ppl don't emphasize intl wiring more.  for me, its a flat fee of $40 and this is the only way i've ever done it.

if you wire $50K to gox, that's only a fee of 0.08%.
Probably because most people don't have $50k - they're talking about amounts more in the range of tens or hundreds of dollars.

Wires make a lot of sense if you're moving a large amount of money, but for most people, the fees would make a huge chunk of the money.

ok.  let's use your numbers.  a $2000 wire at $40 = 2%.  add in whatever gox charges to make a trade (0.63% last i looked) and that still only 2.63% which is less than Bitinstant.

what's the problem?
I said tens or hundreds of dollars, not thousands.

$100 at $40 fee = 40%.   + 0.63% for MtGox = 40.63%.

I don't personally know anyone who has enough money that they would be willing to invest more than a few hundred dollars into Bitcoins.  I do know several people who are interested, but wouldn't want to put more than $100 or so in.  $2,000 would be a very significant sum of money for just about everyone I know to invest in a volatile thing like Bitcoin.

I have a feeling MOST people buy Bitcoins in amounts of a few hundred or less.  This is why WT isn't touted as a viable method very often.  Yes, it is very viable for $2,000 or more.  Not as much for $1,000 or less.

A poll would be interesting in this regard.  I think I'll start one.

i understand what you're saying but i think there are alot of ppl who are investing in the thousands of dollars range.  you can see the large single orders going off constantly on Clark Moody or mtgoxlive that number in the thousands of Bitcoins.  Cheesy
I'd bet most of those are daytraders gaining/losing money back and forth.  I don't see any evidence that says those are all new investors popping in - I bet very few are.

we see 5000 BTC buys or sells on gox all the time that clearly represent a single order controlled by one person.  whether or not it's a first time order is irrelevant; the point is that this single person controls that amount of Bitcoins or USD's and they had to get that money to gox one way or another.
I understand.  My point is, you could see 500 orders at 5,000 BTC, each one of which was definitely controlled by one person, and they could be trades conducted between only 10 different people, not 500 people.

I'm not trying to argue that people don't make large deposits, just that it isn't all that common compared to much smaller deposits/purchases of BTC.

that's probably true.

another way to look at this is the Richest List:  https://bitcointalk.org/index.php?topic=92423.0:

assuming each address is controlled by one person (i think that's fair) there are at least 410 ppl with at least 2707 BTC's. at today's market price that's equivalent to $46912 or more.  i wonder how many addresses below the 410 have at least $200 in them?  probably alot.
constitution
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January 25, 2013, 11:45:09 PM
 #37

Have you tried ?

I advise caution when using BitInstant there have been varying reports of selective scamming.

Droid!
cypherdoc
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January 25, 2013, 11:53:16 PM
 #38

oh yeah, the other way to look at how much ppl on an individual basis are pouring into Bitcoin is to look at the # of asic pre-orders.  it's extraordinary the # of units ppl are ordering and the money involved in purchasing those units.  way, way beyond hundreds of USD's.  more like tens of thousands of USD's.
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January 26, 2013, 12:00:47 AM
 #39

oh yeah, the other way to look at how much ppl on an individual basis are pouring into Bitcoin is to look at the # of asic pre-orders.  it's extraordinary the # of units ppl are ordering and the money involved in purchasing those units.  way, way beyond hundreds of USD's.  more like tens of thousands of USD's.
I don't see how this is relevant to the number of people submitting large deposits to MtGox.  It says nothing about the number of small BTC purchases relative to the number of large BTC purchases.
cypherdoc
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January 26, 2013, 12:07:46 AM
 #40

oh yeah, the other way to look at how much ppl on an individual basis are pouring into Bitcoin is to look at the # of asic pre-orders.  it's extraordinary the # of units ppl are ordering and the money involved in purchasing those units.  way, way beyond hundreds of USD's.  more like tens of thousands of USD's.
I don't see how this is relevant to the number of people submitting large deposits to MtGox.  It says nothing about the number of small BTC purchases relative to the number of large BTC purchases.

yes, it might not be relevant to gox itself.  i'm just trying to demonstrate how much money individuals are putting into the Bitcoin system.  we'll never know exactly b/c these kind of estimations are going to be distributed across a large range of numbers and largely unobtainable.
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