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Author Topic: Bank tranfers instead of credit cards  (Read 1566 times)
db
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October 12, 2010, 08:37:45 AM
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Mt. Gox and Bitcoinmarket are pretty much dead right now because of lots of payments with stolen credit cards. As theymos says in the buybitcoins.com closes thread "Such a high rate of chargebacks does not bode well for future CC->BTC trades, no matter what intermediary companies are used." So credit cards are out. What to do?

How about markets using bank transfers? Stealing bank accounts are a lot harder than stealing credit cards. Within Europe bank transfers are usually free of charge although a couple of days slow. I guess it's the same within the USA and other places? So at least there could be a functioning european bitcoin market using bank transfers. Maybe even a global one some place where banking and currency exchange laws are not too bad.

Is this viable? Problems? Pitfalls?
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October 12, 2010, 11:07:17 AM
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The main problem is the fees involved in international transfers.

What I suggest is this....an international clearing house and exchange. That means someone in the same country would clear your funds rather than have to transfer them overseas. This means you will need nominaries in each separate country. The main site would route your btc request to your same countries nominary.

Doing it this way means there would be no fees at all in some cases (especially online)  as it would be bank to bank in each case.

What this needs is a central hub and separate sites linked to it for each nominary. 
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October 12, 2010, 12:48:57 PM
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Couldn't the same ends be achieved with several independent local markets and a global market where volumes are high enough that the fees don't matter much? That way avoiding a monolithic and bureaucratic organization.
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October 12, 2010, 11:47:35 PM
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Couldn't the same ends be achieved with several independent local markets and a global market where volumes are high enough that the fees don't matter much? That way avoiding a monolithic and bureaucratic organization.


Yes of course. You need a way to route transactions between exchangers the way amazon or ebay sends you to your local site.



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October 13, 2010, 02:25:35 AM
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It seems to me, important to restore the exchange in the US as the country with the largest circulation of bitcoin. The remaining countries are gradually create a markets for themselves. By the way, this can take advantage of existing exchange websites for a trading by a new currencies pairs.

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January 14, 2018, 11:43:03 AM
 #6

Mt. Gox and Bitcoinmarket are pretty much dead right now because of lots of payments with stolen credit cards. As theymos says in the buybitcoins.com closes thread "Such a high rate of chargebacks does not bode well for future CC->BTC trades, no matter what intermediary companies are used." So credit cards are out. What to do?

How about markets using bank transfers? Stealing bank accounts are a lot harder than stealing credit cards. Within Europe bank transfers are usually free of charge although a couple of days slow. I guess it's the same within the USA and other places? So at least there could be a functioning european bitcoin market using bank transfers. Maybe even a global one some place where banking and currency exchange laws are not too bad.

Is this viable? Problems? Pitfalls?

I think you should by bank transfer. Use credit card risk big risks, the thief could steal the entire amount you have in a credit card

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January 14, 2018, 01:02:40 PM
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I would say bitcoin transfers instead of credit cards. The problems you are describing are true, but they can be solved using bitcoin. I understand that the fees are high right now, but if you compare bitcoin transfers to international transfer, bitcoin is still faster and cheaper. It can't be used for payments right now, at least not small ones, but it will be in the future. I have nothing against bank transfers, and I use them often and I do prefer them to credit cards, the problem is that you can't always use them for payments, although in some websites you can. I don't even own a credit card because I don't trust them, so on worst case scenario I'm willing to use paypal.
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January 14, 2018, 02:10:19 PM
 #8

Mt. Gox and Bitcoinmarket are pretty much dead right now because of lots of payments with stolen credit cards. As theymos says in the buybitcoins.com closes thread "Such a high rate of chargebacks does not bode well for future CC->BTC trades, no matter what intermediary companies are used." So credit cards are out. What to do?

How about markets using bank transfers? Stealing bank accounts are a lot harder than stealing credit cards. Within Europe bank transfers are usually free of charge although a couple of days slow. I guess it's the same within the USA and other places? So at least there could be a functioning european bitcoin market using bank transfers. Maybe even a global one some place where banking and currency exchange laws are not too bad.

Is this viable? Problems? Pitfalls?

I think you should by bank transfer. Use credit card risk big risks, the thief could steal the entire amount you have in a credit card

Dude, the discussion is +7 years old!

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January 14, 2018, 10:06:19 PM
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I've been doing all of my BTC transcations with bank transfers and wire transfers, it's the only way to go if you want to avoid a good chunk of fees and get the coins in an ALRIGHT amount of time. You're not going to get them instantly like you'd be getting it with a credit card, but that's the price you pay when you want to get convenience.

I would say bitcoin transfers instead of credit cards. The problems you are describing are true, but they can be solved using bitcoin. I understand that the fees are high right now, but if you compare bitcoin transfers to international transfer, bitcoin is still faster and cheaper. It can't be used for payments right now, at least not small ones, but it will be in the future. I have nothing against bank transfers, and I use them often and I do prefer them to credit cards, the problem is that you can't always use them for payments, although in some websites you can. I don't even own a credit card because I don't trust them, so on worst case scenario I'm willing to use paypal.
God do you even read threads before you post? People are talking about BUYING BITCOIN. You can't buy BTC with BTC....


Couldn't the same ends be achieved with several independent local markets and a global market where volumes are high enough that the fees don't matter much? That way avoiding a monolithic and bureaucratic organization.


Well yes, but we don't have this yet. Plus fees in local market are usually pretty high.

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