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Author Topic: There has to be a better way (getting USD to BTC)  (Read 4508 times)
CurbsideProphet
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January 26, 2013, 12:14:00 AM
 #41

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%.

The reason I've never used it is MtGox says Int'l wires take 2-5 business days to reach them, which is just plain stupid.  Back in the day, Dwolla was fine to use so I never really explored anything else.  Looks like things have changed and maybe wire is the best method but I still can't believe a wire would take as much as 5 business days.  That's like sending a package overnight delivery and UPS coming back saying, "okay it should arrive sometime in the next week."  

Edit: Oh 2-5 business days to reach them PLUS up to another 24 hours to clear.  Absurd.

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lettucebee
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January 26, 2013, 12:41:06 AM
 #42

I went back and forth with Mt Gox for 6 WEEKS before I got verified.  Near the end I was literally begging them to quit giving me form answers and tell me specifically why my documents were being denied.  I told them I needed the money for a down payment on a property I had under contract.  I gave them very strong advice about their crappy customer service and I would advise anyone to do business elsewhere because it will be good for bitcoin.  Mt Gox should not be rewarded for resting on their laurels.

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?


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lettucebee
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January 26, 2013, 12:45:49 AM
 #43

The CHEAPEST offer for online coins (localbitcoins.com) near me is $25!  This is $8 over spot!  How can people seriously act this way?


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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January 26, 2013, 01:02:02 AM
 #44

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%.

The reason I've never used it is MtGox says Int'l wires take 2-5 business days to reach them, which is just plain stupid.  Back in the day, Dwolla was fine to use so I never really explored anything else.  Looks like things have changed and maybe wire is the best method but I still can't believe a wire would take as much as 5 business days.  That's like sending a package overnight delivery and UPS coming back saying, "okay it should arrive sometime in the next week."  

Edit: Oh 2-5 business days to reach them PLUS up to another 24 hours to clear.  Absurd.

i've wired multiple times in the morning and have had the money available that nite; like 7 hours.
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January 26, 2013, 01:04:59 AM
 #45

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.

There are a lot of new purchases well over $1,000 range.  For us $10,000 isn't even that rare anymore and >$100,000 is getting a lot less unusual.

The idea that most of the buying is in the $100 range is probably well off target.  It would take hundreds of thousands of new users @ $100 "buy in" each to create the kind of buying pressure we are seeing.  While that would be great news I don't think that is the case.
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January 26, 2013, 01:06:30 AM
 #46

The reason I've never used it is MtGox says Int'l wires take 2-5 business days to reach them, which is just plain stupid. 

MtGox =/= Bitcoin. 
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January 26, 2013, 01:10:31 AM
 #47

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.

There are a lot of new purchases well over $1,000 range.  For us $10,000 isn't even that rare anymore and >$100,000 is getting a lot less unusual.

The idea that most of the buying is in the $100 range is probably well off target.  It would take hundreds of thousands of new users @ $100 "buy in" each to create the kind of buying pressure we are seeing.  While that would be great news I don't think that is the case.

yeah, that makes sense entirely.
CurbsideProphet
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January 26, 2013, 01:17:36 AM
 #48

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%.

The reason I've never used it is MtGox says Int'l wires take 2-5 business days to reach them, which is just plain stupid.  Back in the day, Dwolla was fine to use so I never really explored anything else.  Looks like things have changed and maybe wire is the best method but I still can't believe a wire would take as much as 5 business days.  That's like sending a package overnight delivery and UPS coming back saying, "okay it should arrive sometime in the next week."  

Edit: Oh 2-5 business days to reach them PLUS up to another 24 hours to clear.  Absurd.

i've wired multiple times in the morning and have had the money available that nite; like 7 hours.

See that's a lot more reasonable.  I don't know why they quote such absurd timelines, maybe just to cover their ass.  I may try a small amount wire and see if I get similar results as you. 

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January 26, 2013, 01:24:36 AM
 #49

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%.

The reason I've never used it is MtGox says Int'l wires take 2-5 business days to reach them, which is just plain stupid.  Back in the day, Dwolla was fine to use so I never really explored anything else.  Looks like things have changed and maybe wire is the best method but I still can't believe a wire would take as much as 5 business days.  That's like sending a package overnight delivery and UPS coming back saying, "okay it should arrive sometime in the next week."  

Edit: Oh 2-5 business days to reach them PLUS up to another 24 hours to clear.  Absurd.

i've wired multiple times in the morning and have had the money available that nite; like 7 hours.

See that's a lot more reasonable.  I don't know why they quote such absurd timelines, maybe just to cover their ass.  I may try a small amount wire and see if I get similar results as you. 

a couple of tips.  don't wire on Friday (US time) b/c it won't get there until Sunday night (Monday morning Japan time) since Japanese banks aren't open on weekends.

if it's a large wire get on IRC with Magical Tux and ask him to look out for it.  i don't think that should be "necessary" but i've done that just to make sure he's aware to look out for it.  oftentimes, i've done this when there is a selloff going on and i want the money there asap.
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January 26, 2013, 01:41:25 AM
 #50

Have you tried ?

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

Who are you??

There have been reports of system glitches and user error that have been resolved.

Please point to a bitinstant scam report.
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January 26, 2013, 03:54:09 AM
 #51

IMHO the better way is called coinbase.com

You can transfer in/out of any US bank account fast and (almost) free via ACH transfers.

I have no affiliation with them whatsoever other than having sent many new users their way. Unlike some other exchanges run out of basement bedrooms, they are a "real" company, an angel-funded silicon valley startup with a clear business model.

If anyone can survive the inevitable, coming regulatory shakedown they should be among the best postioned. Some may remember that when Paypal first appeared they were almost shut down by regulators for operating as a "bank" (without regulatory approval). It was only their momentum and their ability to pay lawyers that saved them.   




                         
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January 26, 2013, 03:58:06 AM
 #52

IMHO the better way is called coinbase.com

You can transfer in/out of any US bank account fast and (almost) free via ACH transfers.

I have no affiliation with them whatsoever other than having sent many new users their way. Unlike some other exchanges run out of basement bedrooms, they are a "real" company, an angel-funded silicon valley startup with a clear business model.

If anyone can survive the inevitable, coming regulatory shakedown they should be among the best postioned. Some may remember that when Paypal first appeared they were almost shut down by regulators for operating as a "bank" (without regulatory approval). It was only their momentum and their ability to pay lawyers that saved them.   





i admit i have never tried them.  once you are verified, how long does it take to buy Bitcoins thru them if you don't allow them the direct bank account access option?  and what is their fee?
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January 26, 2013, 04:13:33 AM
 #53

... I believe they require you to link a bank acct for any USD/BTC transactions. They are a pure BTC environment so any incoming USD is converted to BTC at the rate when the ACH (2-3 days) transfer is initiated. Conversely any BTC is converted to USD when an outgoing transfer is initiated.

Their biggest innovation may be the ability so send/receive bitcoin from anyone using "only an email address" - sort of like a Paypal for Bitcoin. 

                         
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StarfishPrime
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January 26, 2013, 04:18:03 AM
 #54

Regarding fees: Just a tiny ($0.25?) ACH fee and a thin buy/sell spread compared to most other US-based services

                         
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.
TorCoin.....
¦
¦
¦
¦
  Fully Anonymous TOR-integrated Crypto
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justusranvier
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January 26, 2013, 04:20:20 AM
 #55

Regarding fees: Just a tiny ($0.25?) ACH fee and a thin buy/sell spread compared to most other US-based services
$0.15 and 1%
cypherdoc
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January 26, 2013, 05:10:14 AM
 #56

Regarding fees: Just a tiny ($0.25?) ACH fee and a thin buy/sell spread compared to most other US-based services
$0.15 and 1%

i'm interested in hearing from someone who's actually used them.  i assume you have? 

so does it take 2-3 days?  do they only use ACH?  can one use email to initiate a tx?
justusranvier
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January 26, 2013, 05:17:33 AM
 #57

Regarding fees: Just a tiny ($0.25?) ACH fee and a thin buy/sell spread compared to most other US-based services
$0.15 and 1%

i'm interested in hearing from someone who's actually used them.  i assume you have? 

so does it take 2-3 days?  do they only use ACH?  can one use email to initiate a tx?
As far as I know you can only use ACH there. I've bought about 150 bitcoins that way. My last transaction was initiated Friday morning and is supposed to be complete by the end of business hours on Wednesday.

As far as email goes I know they have some merchant tools that let you send an invoice via email and they have some APIs, so maybe it's possible to do what you want.
westkybitcoins
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Firstbits: Compromised. Thanks, Android!


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January 26, 2013, 07:23:52 PM
 #58

Have you tried ?

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

Links please?


Please tell me there are better options.  I don't want to do an international wire due to the high fees.  I realize once I'm verified by everyone on the planet the process will be shorter but it's still going to take about a week between Dwolla releasing funds and then MtGox verifying.  I can't do the local bitcoins thing, no one in my area.  I also don't think I can do the option where you walk into select stores and pay via cash (none of the stores look familiar to me so I don't think there are any in the state).

Seriously, at the risk of sounding like an ad, unless you're wanting to trade back and forth and want to get the fees as low as possible, there's no reason you shouldn't be using BitInstant. I use them, and until more local traders pop up for me, it's all I have any intention of using.

Yes, they charge close to 4% for lesser amounts. Yes, there's an additional $5 fee for their processor ZipZap if you go the cash/Walmart/Moneygram route. Yes, there are caps on the amount you can buy per transaction.

But the fact is, you get what you pay for.

If you want low, low prices, and the hassle, privacy invasion and terrible service that goes with that, then exchanges are what you want (I'm thinking specifically of the Dwolla/Mt. Gox combo... *shudder*.)

If you just want bitcoins to hold for the long-term, and you want them NOW, and without hassle, and for an IMHO reasonable fee, then BitInstant beats everything else out there. I've never had to wait more than an hour using BitInstant, I've never been subjected to "selective scamming," and the entire transaction is quite smooth and painless. Had I tried haggling my way through the exchanges for my last bitcoin purchase, I would have lost more than the fees BitInstant charges just due to the price run-up on bitcoins.

Seems like a no-brainer to me.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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January 27, 2013, 02:52:52 AM
 #59

AurumXchange is a fantastic service and has excellent rates for funding an account at Mt.Gox to buy BTC

https://www.aurumxchange.com/

(I just use their service - no other connection...)

adamstgBit
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January 27, 2013, 03:11:27 AM
 #60

move to canada and start using virtex!  Tongue

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