Bitcoin Vouchers

[buybtc]

So I had an idea where if you are selling bitcoins fiat and you want to get "back into bitcoins" at some point and don't want to go through all the hassle of getting money in that you could buy BTC Voucher/MtGox Voucher to redeem for Bitcoins. Is this a good service idea?

[1715267174]

1715267174

[Stephen Gornick]

So I had an idea where if you are selling bitcoins fiat and you want to get "back into bitcoins" at some point and don't want to go through all the hassle of getting money in that you could buy BTC Voucher/MtGox Voucher to redeem for Bitcoins. Is this a good service idea?

You mean like a scratch-off card you might buy at the convenience store?

That's kind of like what BitInstant offers.
You deposit a little over $100 in cash and $100 worth of funds appear in your account at MTGUSD.

Mt. Gox doesn't offer anything like this directly.

This is different from selling bitcoins because in this case you are providing a service for transmitting dollars.   That's a regulated activity.

BitInstant is a registered money service business, and doing that has costs that are not trivial.

You as an individual can easily find people willing to exchange to and from MTGUSD redeemable codes on the #bitcoin-otc marketplace, for
 - http://www.Bitcoin-OTC.com

[buybtc]

So I had an idea where if you are selling bitcoins fiat and you want to get "back into bitcoins" at some point and don't want to go through all the hassle of getting money in that you could buy BTC Voucher/MtGox Voucher to redeem for Bitcoins. Is this a good service idea?

You mean like a scratch-off card you might buy at the convenience store?

That's kind of like what BitInstant offers.
You deposit a little over $100 in cash and $100 worth of funds appear in your account at MTGUSD.

Mt. Gox doesn't offer anything like this directly.

This is different from selling bitcoins because in this case you are providing a service for transmitting dollars.   That's a regulated activity.

BitInstant is a registered money service business, and doing that has costs that are not trivial.

You as an individual can easily find people willing to exchange to and from MTGUSD redeemable codes on the #bitcoin-otc marketplace, for
 - http://www.Bitcoin-OTC.com

Not so much a scratch-off but that isn't a bad idea either.

The idea is to prevent you having to go through BitInstant to buy $100 worth of cash to be sent to Mt.Gox to buy bitcoins or anywhere else.  In other words, you buy the Bitcoin Voucher with bitcoins to be save for redemption
at a later date ( since your already in the mindset of selling your bitcoins for fiat you tuck away a little bit for buying back in) .

So now you buy the Bitcoin Voucher and a month later you are ready to redeem it for bitcoins - you simply either let us know- we can buy bitcoins on their behalf or use a Mt.Gox redeem code to fund your account to buy Bitcoins.

Hopefully, this clears it up.

[Stephen Gornick]

you buy the Bitcoin Voucher with bitcoins to be save for redemption at a later date

I see.

Those are called redeemable codes.   You are talking about specifically USD redeemable codes (or other fiat, like EUR).
 - http://en.bitcoin.it/wiki/Redeemable_code

Mt. Gox sells them for 0.6% fee (or less, if you trade frequently).  Then it is another 0.6% when you want to use the redeemable code to buy bitcoins.  You can print the data out and call each a Voucher if you want.

Now selling these vouchers to someone else is probably a regulated activity.    That's expensive.  That's probably why nobody else offers this type of service.

AurumXChange will sell these codes as well, they are called VouchX.  They don't charge anything it seems to trade your bitcoins for a VouchX (i.e., they sell at spot).   To go the other way (VouchX and then buy bitcoins) is a 3% fee.   Some exchanges accept VouchX, which might result in a lesser cost.

I don't remember if BitSTAMP still has their "Coupons" / redeemable codes.

[buybtc]

you buy the Bitcoin Voucher with bitcoins to be save for redemption at a later date

I see.

Those are called redeemable codes.   You are talking about specifically USD redeemable codes (or other fiat, like EUR).
 - http://en.bitcoin.it/wiki/Redeemable_code

Mt. Gox sells them for 0.6% fee (or less, if you trade frequently).  Then it is another 0.6% when you want to use the redeemable code to buy bitcoins.  You can print the data out and call each a Voucher if you want.

Now selling these vouchers to someone else is probably a regulated activity.    That's expensive.  That's probably why nobody else offers this type of service.

AurumXChange will sell these codes as well, they are called VouchX.  They don't charge anything it seems to trade your bitcoins for a VouchX (i.e., they sell at spot).   To go the other way (VouchX and then buy bitcoins) is a 3% fee.   Some exchanges accept VouchX, which might result in a lesser cost.

I don't remember if BitSTAMP still has their "Coupons" / redeemable codes.

Thanks for letting me know about the fee's for both in and out on Mt. Gox and the rest are to much in fee's also.

This just makes the case to bring it in house and dish out my own redeemable codes.

[Stephen Gornick]

Thanks for letting me know about the fee's for both in and out on Mt. Gox and the rest are to much in fee's also.

New development:

MtGox generation of USD redeemable codes will stop at 10 Apr 2013
 - http://bitcointalk.org/index.php?topic=151081.0