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Author Topic: BitInstant - Providing instant transfer services for the bitcoin economy  (Read 4560 times)
Gareth Nelson
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June 13, 2011, 09:01:41 PM
 #1

Hi everyone

I'd like to announce that my proposed venture for fast mtgox payments for which I was seeking investors now has a confirmed investor and business partner with which I will be joining forces to build the product.
Due to his past experience in startups of this nature, his connections, valuable insight during discussions and offer to get involved more intimately with the product development itself as opposed to simply putting up capital I have
selected Yankee as sole investor for the time being.

We have negotiated a basic deal and begun preliminary work on the service itself and I am pleased to announce that our new service BitInstant will soon be up and running. We intend to start with a simple method
for fast payments into MTGox as detailed in my original proposal and to then scale out from there into areas such as fast inter-exchange BTC transfers. Our role essentially will be one of making your transfers in the bitcoin economy as
fast and smooth as possible.

I would like to thank everyone who displayed interest in investing in this venture and will keep you all in mind for future needs as we scale out.

Looking forward to showing you all the end product now that the true fun part can begin. Smiley


For those wondering, my original proposal was here - http://forum.bitcoin.org/index.php?topic=16134.0
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Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 13, 2011, 09:06:44 PM
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I look forward to working with Gareth and providing an amazing service to the BitCoin Economy!

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
idev
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July 31, 2011, 11:16:28 AM
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Sounds very interested, looking forward to seeing it up and running very soon.
all the best.
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August 02, 2011, 10:50:08 AM
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Keen to know more.  Will this be USD only?
MagicalTux
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Working on new MtGox features


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August 02, 2011, 02:07:25 PM
 #5

Let me know if you need anything from our api - admin@mtgox.com

Gareth Nelson
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June 03, 2012, 02:41:37 AM
 #6

Bump - this is a historical post and the anniversary date is coming up, what a wild ride it's been!
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Bitcoins are yummy :)


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June 04, 2012, 05:10:39 AM
 #7

Bump and kudos to Bitinstant !!!


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tsvekric
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June 27, 2012, 02:58:21 AM
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so, I used this service for the first time to transfer Dwolla>bitcoin address. It is an extremely useful service, however, it was a bit confusing. Maybe I was totally missing it, but I was not quoted how much bitcoin I was going to get - only the dollar amount after fees.

The BTC I received amounted to $6.546 after fees. Where did this number come from? MtGox hasn't been that high in a while - 24hr average is $6.4, 2 day is $6.35, 7 day is $6.5. I don't have much of an issue with it being more expensive - but the rate should be stated *somewhere* rather than just buying blind. If I had received $7 coins, what recourse do I have to say I was cheated?

Anyways, I will be looking forward to trying out more of this service including the cash service, which seems super convenient. The bitcoins arrived within a couple minutes, which is awesome considering the delays lately from dwolla>mtgox.
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 27, 2012, 03:43:30 AM
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so, I used this service for the first time to transfer Dwolla>bitcoin address. It is an extremely useful service, however, it was a bit confusing. Maybe I was totally missing it, but I was not quoted how much bitcoin I was going to get - only the dollar amount after fees.

The BTC I received amounted to $6.546 after fees. Where did this number come from? MtGox hasn't been that high in a while - 24hr average is $6.4, 2 day is $6.35, 7 day is $6.5. I don't have much of an issue with it being more expensive - but the rate should be stated *somewhere* rather than just buying blind. If I had received $7 coins, what recourse do I have to say I was cheated?

Anyways, I will be looking forward to trying out more of this service including the cash service, which seems super convenient. The bitcoins arrived within a couple minutes, which is awesome considering the delays lately from dwolla>mtgox.

Thanks for your kind words.

The commissions are displayed on our homepage, and on the Quote page as well. We purchase the coins automatically as soon as you pay the Dwolla.

The fee for Dwolla is roughly 3% all inclusive depending on the amount

Thanks

Charlie

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
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June 27, 2012, 03:44:58 AM
 #10

bitinstant, thank you for all the hard work you have done.  you have truly revolutionized how people can obtain bitcons.  im excited to see what is in store for your future ventures....

one questions though... a few weeks ago it seemed like you no longer accept Chase Bank as a source of deposit, can you confirm this and if so explain exactly why?  i emailed you guys a few weeks ago about this very question but haven't gotten a reply yet.

finally,
do you have plans in the future to allow payment through online banking instead of going into a bank and depositing cash?  it would be great to have the ability to use your service from the comfort from ones home/work place to make a deposit instead of having to drive to a local bank.
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Charlie 'Van Bitcoin' Shrem


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June 27, 2012, 04:35:13 AM
 #11

bitinstant, thank you for all the hard work you have done.  you have truly revolutionized how people can obtain bitcons.  im excited to see what is in store for your future ventures....

one questions though... a few weeks ago it seemed like you no longer accept Chase Bank as a source of deposit, can you confirm this and if so explain exactly why?  i emailed you guys a few weeks ago about this very question but haven't gotten a reply yet.

finally,
do you have plans in the future to allow payment through online banking instead of going into a bank and depositing cash?  it would be great to have the ability to use your service from the comfort from ones home/work place to make a deposit instead of having to drive to a local bank.

Hey, thanks for the nice words  Smiley

Regarding Chase, it's been up/down the past 14 days or so. I can't comment on it at this time, but I will make a blog post as soon as its resolved.

For online transfer: While its not mentioned on the site, if your an existing customer of ours, set up a quote on the website, then email us before you do the transfer and get it confirmed before proceeding.

Hope this helps

-Charlie

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
tsvekric
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June 27, 2012, 04:56:41 AM
 #12

so, I used this service for the first time to transfer Dwolla>bitcoin address. It is an extremely useful service, however, it was a bit confusing. Maybe I was totally missing it, but I was not quoted how much bitcoin I was going to get - only the dollar amount after fees.

The BTC I received amounted to $6.546 after fees. Where did this number come from? MtGox hasn't been that high in a while - 24hr average is $6.4, 2 day is $6.35, 7 day is $6.5. I don't have much of an issue with it being more expensive - but the rate should be stated *somewhere* rather than just buying blind. If I had received $7 coins, what recourse do I have to say I was cheated?

Anyways, I will be looking forward to trying out more of this service including the cash service, which seems super convenient. The bitcoins arrived within a couple minutes, which is awesome considering the delays lately from dwolla>mtgox.

Thanks for your kind words.

The commissions are displayed on our homepage, and on the Quote page as well. We purchase the coins automatically as soon as you pay the Dwolla.

The fee for Dwolla is roughly 3% all inclusive depending on the amount

Thanks

Charlie

No - I understand that, but I'm wondering where the bitcoin price is. How do I know how much BTC I'm getting before I complete the transaction? Because effectively I got a ~4.4% less in BTC than I put in based on mtgox's prices. So for Dwolla>BTC, where does the BTC price come from?
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 27, 2012, 05:07:49 AM
 #13

so, I used this service for the first time to transfer Dwolla>bitcoin address. It is an extremely useful service, however, it was a bit confusing. Maybe I was totally missing it, but I was not quoted how much bitcoin I was going to get - only the dollar amount after fees.

The BTC I received amounted to $6.546 after fees. Where did this number come from? MtGox hasn't been that high in a while - 24hr average is $6.4, 2 day is $6.35, 7 day is $6.5. I don't have much of an issue with it being more expensive - but the rate should be stated *somewhere* rather than just buying blind. If I had received $7 coins, what recourse do I have to say I was cheated?

Anyways, I will be looking forward to trying out more of this service including the cash service, which seems super convenient. The bitcoins arrived within a couple minutes, which is awesome considering the delays lately from dwolla>mtgox.

Thanks for your kind words.

The commissions are displayed on our homepage, and on the Quote page as well. We purchase the coins automatically as soon as you pay the Dwolla.

The fee for Dwolla is roughly 3% all inclusive depending on the amount

Thanks

Charlie

No - I understand that, but I'm wondering where the bitcoin price is. How do I know how much BTC I'm getting before I complete the transaction? Because effectively I got a ~4.4% less in BTC than I put in based on mtgox's prices. So for Dwolla>BTC, where does the BTC price come from?

PM me your order info and I'll do my best to break it down for you!

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
qbits
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February 08, 2013, 06:11:17 PM
 #14

Bitinstant is a great service and seem to work as advertised.

I do have two proposals for Bitinstant folks:
- rework the "fees" page so that one does not to scroll down 15 pages to find relevant information. a little bit of java scripting would go a long way here. think about drop down menus that would allow you to select your desired transfer scenario and then show a concise page with fees.

- please please implement "instant" bitcoin transfer service between exchanges and say private keys. as is it takes about an hour to transfer bitcoins to mtgox, and it makes no sense to me that I can transfer USD from say bitstamp to mtgox in 1 second, bitcoins going the same way take an hour.

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