So my dad wants to buy 100 bitcoins. What method do you recommend? (USA)

[notig]

it would take a couple of weeks to do it with coinbase. First link  a bank account, get 2 small deposits, confirm (2 days) .. then buy 10 per day (if you are lucky. they keep hitting their limit i don't even know if it's possible to buy through coinbase anymore unless you are lucky)

Or mtgox.. but they are currently transitioning. in 3 days they will be "live" on coinlabs US part.

so what is the best way?

http://www.reddit.com/r/Bitcoin/comments/1aluwb/so_my_dad_wants_to_buy_100_bitcoins_what_way_do/

[1713982501]

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[1713982501]

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[1713982501]

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[Mike Christ]

Local

[Elwar]

I showed my mom (not technically savvy) coinbase.com

It allows you to just put in your bank routing and account number, you can either verify by giving your online bank login information or my mom did not trust that so she waited a few days for a couple of small deposits to be made and verified that way.

From there you can just do a transfer and you are all set.


(I bought 1 bitcoin through them first just so that I knew what the process was to guide her through it)

[Melbustus]

This is happening to me now too... My aunt the other day, and my friend today both asked me how they can buy some bitcoin... I told them to look into Coinbase, but I've still not personally used them (yet).

The first was my father who had me buy him some bitcoin back at $7/btc. He wrote me a check and I shipped more $ from my bank to Dwolla to Gox. But that was forever ago (ie, way back in early 2012 when the price didn't rise 10%/day).

[notig]

i'm aware of coinbase. I've used them to buy some.  I don't get my 100 bitcoin daily allowance for another week though.

the main problem I have with coinbase is I can never actually buy coins. Maybe the key is to wake up at 4 am or something. They are always out of coins

[Melbustus]

i'm aware of coinbase. I've used them to buy some.  I don't get my 100 bitcoin daily allowance for another week though.

the main problem I have with coinbase is I can never actually buy coins. Maybe the key is to wake up at 4 am or something. They are always out of coins

Well, if you're willing to get hit 4-5%, you can always do MoneyGram via bitinstant.com. I've done that once, but the whole thing feels like a drug-deal. You print out some paper from BitInstant with a bunch of account numbers from companies you've never heard of, then you go to a local Walmart/7-11/whatever, hand them the paper, and they direct you to a red land-line phone (in my experience, sitting between a CoinStar and a Redbox). Then you talk to someone on the other end, and then you go back to the clerk, fork over a bunch of $ cash, and the money (less 4-5%) shows up in your Gox account.

As noted, I've done this once. Worked fine (and had my $ on Gox within an hour). Felt ridiculous having to use such silly things as a land-line phone at a physical retailer in order to buy an online crypto-currency, but such is life...

[justusranvier]

https://github.com/martindale/coinbase-trader

[Mike Christ]

Problem with coinbase, they'll turn over all your info to anyone 'official' who asks for it.  But if privacy isn't a huge issue, they're probably the easiest way to do it online.

[oleganza]

I can't believe it's so backwards in US to buy bitcoins. I always thought that it's here in France technology is stupid and old. In EU you can send EUR with no fees to Bitcoin-Central.net (with fully-licensed payment processor and bank as partners) via wire transfer without giving them routing info. Then, trade to BTC in a second with 0.5% fee and move money out to your wallet without extra fees. Withdrawal limit is 100 BTC per 24 hours.

[justusranvier]

I can't believe it's so backwards in US to buy bitcoins.

Hint: the USA is the USSR with better marketing.

[Severian]

Sent you a PM.

[dullmoment]

Hey OP did you ever find a good answer to this?

[JonSnow]

We always have coins in stock and I'd be happy to help walk any parents through the process.   

Even if they don't end up buying from us, I'm still happy to help answer questions if any of them want to email me. 

[Amitabh S]

Try bitstamp.

[meebs]

is bitinstant still a good option/legit?

[shawshankinmate37927]

is bitinstant still a good option/legit?

Yes, as long as you don't mind paying 4% over the exchange rate as well as providing your name, e-mail address, phone number to BitInstant and then showing an ID when handing over the cash at a MoneyGram station.  Also, the max purchase is $500 per transaction.

[MPOE-PR]

is bitinstant still a good option/legit?

Yes, as long as you don't mind paying 4% over the exchange rate as well as providing your name, e-mail address, phone number to BitInstant and then showing an ID when handing over the cash at a MoneyGram station.  Also, the max purchase is $500 per transaction.

Ouch, the suck.

[BTC4Amazon]

I do a 1-3% fee for cash in mail.(depending on volume) Mail me Cash I send you bitcoins

[Bit_Happy]

Can he afford 200 more when the price goes down?
That is the method I recommend. 

[yvv]

Well, if you're willing to get hit 4-5%, you can always do MoneyGram via bitinstant.com. I've done that once, but the whole thing feels like a drug-deal. You print out some paper from BitInstant with a bunch of account numbers from companies you've never heard of, then you go to a local Walmart/7-11/whatever, hand them the paper, and they direct you to a red land-line phone (in my experience, sitting between a CoinStar and a Redbox). Then you talk to someone on the other end, and then you go back to the clerk, fork over a bunch of $ cash, and the money (less 4-5%) shows up in your Gox account.

As noted, I've done this once. Worked fine (and had my $ on Gox within an hour). Felt ridiculous having to use such silly things as a land-line phone at a physical retailer in order to buy an online crypto-currency, but such is life...

Don't go to whatever next time. Go to your favorite liqueur store. Last time I came there with paper from bitintstant, they gave me a discount on vodka. I payed too much anyway, and never going to use bitinstant anymore, unless I am in big rush.