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Author Topic: Quickest way to purchase 27 bit coins?  (Read 845 times)
vonshu
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February 04, 2013, 06:28:39 AM
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So I've never bought bit coins before but I'm looking to purchase about 27. I would like to pay with paypal or moneypak if possible. Credit card is not ideal, but if its the only method then I can probably use it. What is the quickest and/or cheapest way to do this? Thanks
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avegetable
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February 04, 2013, 11:29:56 AM
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I agree you should check out localbitcoins.com first

Where are you? The best way of buying depends on which country you're in, and how much you care about anonymity. 

I guess you're in the US, since you mentioned Moneypak?

Actually Paypal and Moneypak are not easy ways to buy Bitcoins

For Paypal, you could look at http://www.virwox.com - Use Paypal to buy SLL and convert it to BTC. I don't know if this will be fast.

If you want it fast, might be better to try someone like Bitinstant, using one of the cash deposit options.
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February 04, 2013, 02:17:13 PM
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You will find many people who will take moneypak if you have a picture of the receipt and purchase it with cash in store


Try the currency exchange forum or bitcoin-OTC on irc

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February 04, 2013, 04:31:21 PM
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BitMe.com accepts cash deposits through Chase.

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February 04, 2013, 08:14:28 PM
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Longer term you can also use mtgox.com, hooked up to a dwolla account (which in turn you link to a bank account).  Obviously not at all anonymous and it does take a few days to get all set up.  However, once done, it is pretty quick, especially if you keep some cash in your mtgox accounts. 

A much simpler one is Coinbase.com  (i'm not affiliated, just a user) - it basically does all of that crap above in one site.  You hook up a bank account to them and then you can buy/sell btc without any intermediary.  Your biggest wait will be the ~5 business days moving USD around; but it is by far the easiest way I've found thus far (plus the fees are reasonable 1% usd/btc, 0% btc/btc transactions, plus a $0.15 bank fee).

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February 04, 2013, 08:37:04 PM
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In order to prevent charge backs would the following be a way around this:

1. The person buying the BitCoins sends his money via PayPal to the seller.
2. The seller then sends his BitCoins to a website acting as a middle man and asks the seller to input the buyers PayPal email address.
3. The website then emails the buyer with a special link which takes him to a page where he can redeem the BTC (either by giving them the private key or inputting an address to send to).
4. Once redeemed, the website then emails then seller with confirmation the funds have moved, and gives them the same link they sent the buyer which displays a log of what took place: the buyers email, the amount of BTC, and when it was redeemed.
 
This way there is proof that both the buyer and seller completed their part of the deal.

If a dispute arises with PayPal, the link sent could be sent to them which shows that this secret link needed to redeem the BitCoins was sent to the buyers PayPal email he brought the coins with, and whether they have been redeemed.
BitcoinValet
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February 04, 2013, 08:46:05 PM
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People are very weary of accepting paypal in exchange for bitcoins. A chargeback can be initiated within 4 months of purchase, and paypal wont do anything for the seller because alternative currency is against their policies.

I have purchased BTC for paypal on #bitcoin-otc, but usually just a few at a time. It would be hard to find someone there to sell you more than a couple at a time until you become a long term rated and trusted user. They are also not too keen on people going there just to try buying with PayPal, so they will usually first advise you on why people don't sell them that way.

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February 04, 2013, 08:54:58 PM
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In order to prevent charge backs would the following be a way around this:

1. The person buying the BitCoins sends his money via PayPal to the seller.
2. The seller then sends his BitCoins to a website acting as a middle man and asks the seller to input the buyers PayPal email address.
3. The website then emails the buyer with a special link which takes him to a page where he can redeem the BTC (either by giving them the private key or inputting an address to send to).
4. Once redeemed, the website then emails then seller with confirmation the funds have moved, and gives them the same link they sent the buyer which displays a log of what took place: the buyers email, the amount of BTC, and when it was redeemed.
 
This way there is proof that both the buyer and seller completed their part of the deal.

If a dispute arises with PayPal, the link sent could be sent to them which shows that this secret link needed to redeem the BitCoins was sent to the buyers PayPal email he brought the coins with, and whether they have been redeemed.
Paypal won't care.  Using Paypal for currency exchange is against their Terms of Service.  They will perform the chargeback and then quite possibly cancel both users accounts for violation of TOS.

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February 04, 2013, 08:59:21 PM
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In order to prevent charge backs would the following be a way around this:

1. The person buying the BitCoins sends his money via PayPal to the seller.
2. The seller then sends his BitCoins to a website acting as a middle man and asks the seller to input the buyers PayPal email address.
3. The website then emails the buyer with a special link which takes him to a page where he can redeem the BTC (either by giving them the private key or inputting an address to send to).
4. Once redeemed, the website then emails then seller with confirmation the funds have moved, and gives them the same link they sent the buyer which displays a log of what took place: the buyers email, the amount of BTC, and when it was redeemed.
 
This way there is proof that both the buyer and seller completed their part of the deal.

If a dispute arises with PayPal, the link sent could be sent to them which shows that this secret link needed to redeem the BitCoins was sent to the buyers PayPal email he brought the coins with, and whether they have been redeemed.
As stated this is very bad advice.  BTW there have been cases of chargeback over one year past the time of the transaction!

Again, we need to know where you are located.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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February 04, 2013, 09:03:14 PM
 #10

I agree 100% they really dont like Paypal (I was banned for talking about PP) on irc and I wouldnt send someone new to bitcoin to irc it is full of scammers. I would really not feel comfortable sending for 27 bitcoins on irc for money pak where you send first. Someone could rip you off and think the neg rating is worth it. 594 for one negative a lot of people would do that. You can create as many accounts as you want on irc. I sell bitcoins for pay pal in small quantities with my business bitcoin friends. We are currently out of coins but will get restocked soon. You can find our page on facebook.  

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sublime5447
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February 04, 2013, 09:08:33 PM
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It is not all that bad of advice. Pay pal will not care that is true they do not insure digital items period, but a lot of the other advice was really good. We do something similar we have them send us and email and then we look at the Ip address and make sure it is in the right part of the country.

I do not think that I have to worry about Pay pal shutting down my account for selling bitcoin for PP they let me do it everyday on ebay. PP doesnt care as long as they get paid and you dont have loses you cant cover.

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February 05, 2013, 12:37:25 AM
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I take cash or mgram rite now..I pay s/h on 1k trade and up..mtgox weighted or last,you can choose,since sometimes weighted is higher then last.
vonshu
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February 05, 2013, 12:58:59 AM
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I'm in the US. So I found somebody selling locally quite close to me and since that seems like the quickest/cheapest option (at 21.37 USD / BTC) I'd like to go that route. The only thing worrying me is that the person has no confirmed trades, no feedback score, and less than 25 trade volume, according to their profile on LocalBitcoins.com. How exactly do in person trades work? Is it possible to be scammed from a local trade? If so, how can I best protect myself? Thanks all
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February 05, 2013, 01:03:32 AM
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Sure there is a way to scam you in person it is called a pistol to your head. Be careful anytime you deal anything for cash! Well lite bank!

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sublime5447
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February 05, 2013, 01:06:40 AM
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Same goes for sellers someone will kill you over 5k in bitcoins be careful doing deals for cash to strangers.

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vonshu
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February 05, 2013, 02:32:40 AM
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I'm in the US. So I found somebody selling locally quite close to me and since that seems like the quickest/cheapest option (at 21.37 USD / BTC) I'd like to go that route. The only thing worrying me is that the person has no confirmed trades, no feedback score, and less than 25 trade volume, according to their profile on LocalBitcoins.com. How exactly do in person trades work? Is it possible to be scammed from a local trade? If so, how can I best protect myself? Thanks all

Make sure the seller has a way to transfer the coins while in public (laptop, portable wallet, etc). Make sure that you, as the buyer, have a way to verify the receipt of the coins while in public (laptop, smart phone, etc). Agree on a transfer method before heading out, that way there are no surprises.

You meet at a coffee shop. Order some coffee and sit down. You show him the cash, and provide him with a Bitcoin address. He transfer the coins to your address. Enjoy your coffee while waiting for enough confirmations to make you feel comfortable with the exchange (number of confirmations should be agreed upon before the exchange as well). Pay him. Done.

Edit: Always feel free to cancel the exchange at any point before the actual transfer of funds. If the person is making strange excuses or trying to change the deal midstream, feel free to walk away.

Thanks for the info Holliday! Just one more question. You say to "wait for enough confirmations to make you feel comfortable with the exchange." What exactly does that mean? How do I know how many confirmations have happened? What is a reasonable number of confirmations to make sure it was a good exchange?
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