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Author Topic: GUIDE : How to use PAYPAL or INDIAN CREDIT and DEBIT CARDS to purchase Bitcoins  (Read 30741 times)
legendster
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April 11, 2013, 10:29:48 PM
 #1

**NOTE**
AT ANY POINT I WILL NEVER DIRECTLY OR INDIRECTLY BE REWARDED FOR YOUR USE OF THIS GUIDE OR THE WEBSITES MENTIONED




1ST of all you must decide which type of card you want to use to fund your accounts, You can use any type of ATM cards from SBI,HDFC,ICICI etc I personally use VCC2 Visa verified ATM Debit Cards from Bank of Baroda

CASE 1 : ATM CARDS
---------------------

Step 1

With the card ready, head over to www.entropay.com it is preferable you use a VISA verified card but American Express, Maestro and Master Cards are also currently* supported.
Then sign up verify and link your physical card with the website.



Step 2
Create VIRTUAL Credit Cards through the site's interface, these are VISA verified cards and can be used with PAYPAL and SKRILL (i use them personally)

Fund your virtual cards with your real card and you are ready to shop or use them at any online store.

*These virtual cards are not acceptable at any Indian web store except ebay.in*



Step 3
Add the newly created Virtual Card to your paypal account (create one if you do not have one yet at www.paypal.com)


Step 5
Head over to https://join.secondlife.com and Sign up. NOTE the user id you create there.

Download their application & install it, it should take around 20 minutes to download & install.
Second Life is a game-like application similar to IMVU, you must have a Second Life avatar/account in order to use and verify your Virwox account (you may uninstall the application after you are done with verification)


Step 6
Head over to www.virwox.com and register
Use your Second Life avatar id to fill into the registration form when asked.

Confirm your Virwox using Second Life's application interface
(read the guides at Virwox.com to understand better about the verification process & how to do it - its simple basically)




Now you are ready to fund your Virwox account with your entropay virtual credit card using paypal.

*Virwox only accepts payments from verified Paypal accounts so make sure you verify your paypal account with the virtual Credit card*


Once you have funded your virwox account you must use the site's interface to buy SLL (Linden Dollars), you can use these SLL's to exchange with BTC

*Currently 1 BTC = 16400 SLL*

Once your orders are executed your account will have it's balance in BTC and you can transfer it to any bitcoin wallet that you may have.





CASE 2 : CREDIT CARDS
------------------------

Basically the same process just link your real Credit card with paypal directly & fund your virwox account with it, no need to sign up with Entropay



CASE 3 : KROGYAN
------------------

Most of you already know I operate a very minuscule forum exchange by the name Krogyan, and I would be happy to sell BTC, LTC and TRC (only) to my Indian brothers & their sisters Grin

THIS METHOD SHOULD ALSO WORK FOR OTHER COUNTRIES AS WELL



*NEW TIP*

Signup for a NETELLER account it supports Indian VISA and MASTER Debit cards, this way you can avoid the hefty charge of Entropay.



**IF YOU FOUND THIS GUIDE HELPFUL THEN CONSIDER SENDING SOME COINS TO ME AS A TIP Smiley **
BTC: 1C5voy2et9odzmocDxirb4S6GrTJ6MeqsW
TRC: 18pokYsWUKkTtFq93WH2wW4heMZ5mF2cCu
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April 12, 2013, 05:58:03 AM
 #2

Thank you sir. Very helpful indeed.
legendster
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April 12, 2013, 06:36:07 AM
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Thank you sir. Very helpful indeed.

Dont call me sir, i m only 21 Grin
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April 13, 2013, 12:08:27 PM
 #4

I don't think you need a Second Life account. I registered without downloading any game.  Huh

Try & withdraw and let me know if it works out. You cant withdraw unless you link & confirm that with SL
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April 13, 2013, 01:15:31 PM
 #5

I don't think you need a Second Life account. I registered without downloading any game.  Huh

You need an SL account. The verification panel is ingame and your avatar needs to verify identity.

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April 13, 2013, 07:37:43 PM
 #6

I don't think you need a Second Life account. I registered without downloading any game.  Huh

Try & withdraw and let me know if it works out. You cant withdraw unless you link & confirm that with SL

I did send a withdrawal request for 0.73 BTC. It only said it needs to check the manual step.

48 Hours

Whatever you do DO NOT withdraw to rbitco.in
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April 14, 2013, 01:31:47 AM
 #7

A Much more concise, pictorial guide is available here:

http://howdoyoubuybitcoins.com/with/credit-card/

you DO NOT NEED a SL account.

withdrawals will be processed immediately UNLESS:
1. your account is new ( < 30 days )
2. your account is not new, but you have tried to make more than a certain number of withdrawals.

After your account crosses the 60 day age, small withdrawals are immediate.
Larger ones need a manual step.
Have not done too many transactions, so not sure of the actual  numbers.

I had done some calculations earlier, and the fees for conversion are in the range of about 8 - 12 %, including withdrawal fees, commission, currency conversion fees, tax, service tax and whatever else credit card companies charge.

That could have gotten covered overnight a few days ago Grin

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April 14, 2013, 02:45:58 AM
 #8

lol so you're saying that you 'SOLD' during the crash ?
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April 14, 2013, 03:31:33 AM
 #9

I bought some, one night before the crash, at 223.
I had earlier bought at 40.
together, the cost price was around 90, and i managed to sell at 183. so in good profit % overall, but considering the quantities (of btc), not really that much.
I do a bit of trading on btc-e with ltc/btc. Lost some, gained some, hedged some, etc.
I trade on btc-e mostly for fun, as those are the funds i can afford to lose.


currently holding about 0.45 btc and about 10 ltc in btc-e. Rest stashed in my "savings" address, for long term. thats about 0.5 btc for now .
Cheesy

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April 14, 2013, 06:15:36 AM
 #10

Is this a new inclusion, no SL avatar verification needed?

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April 14, 2013, 06:26:34 AM
 #11

I do a bit of trading on btc-e with ltc/btc. Lost some, gained some, hedged some, etc.
I trade on btc-e mostly for fun, as those are the funds i can afford to lose.


those two tied up tightly, just fun, but on mtgox fluctuation you can make real money

Tom Waits: We should just start as soon as possible cause we might catch a rabbit before we have our pants on. (Juxtapoz)
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April 14, 2013, 09:28:18 AM
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I can't register without registering a second life character (doesn't take more than 5 minutes) on the second life website. No need to download and install the game, you just have to register a character on the second life site.

I used to use oDesk and that e-mail was de-activated ages ago so Skrill locked me out since my card was somehow connected to an outdated oDesk address. Paypal seems to have lower charges to deposit fiat anyway.

Buying bitcoin after transaction charges and exchange commissions ends up having a 40-50 % mark up above mtgox current rate. When gox is at 100 usd/btc, the minimum that can be exchanged for btc ends up being 15 USD (850 INR) for about 0.1 btc.

Some details:
Can only exchange fiat for SLL in whole numbers. 5.25 USD is not accepted but 5 USD is accepted.
Minimum of 0.1 BTC to be traded for SLL

My latest nickname is Steve_1982
StLucifer
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April 14, 2013, 01:08:21 PM
 #13

Is this a new inclusion, no SL avatar verification needed?

nope, doesnt seem to be new. I've had an account for over  3 months, never been asked to validate a SL avatar.
All you do is just enter some random name for your SL user.

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April 15, 2013, 03:45:32 AM
 #14

So probably this verification is for transferring your SLL money to the game maybe.. So unless we need that I THINK we can get away with it.
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April 15, 2013, 03:37:51 PM
 #15

So how much more does it cost?? in INR per btc how much extra cash do i have to spend??

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legendster
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April 15, 2013, 05:33:45 PM
 #16

So how much more does it cost?? in INR per btc how much extra cash do i have to spend??

A LOT !

You will end up paying around 25% - 30% extra.

The SLL/BTC rates there are very stable and is not that severely affected by any Mt Gox or BTC-e fluctuations.

You are better off buying coins from users here (like me)

But if you want to do it you can go right ahead, it can prove beneficial for long term inve4stments, this guide is essentially for people that say its 'Impossible' to buy coins through Credit Card or Paypal or Skrill.

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April 16, 2013, 03:15:22 AM
 #17

So probably this verification is for transferring your SLL money to the game maybe.. So unless we need that I THINK we can get away with it.

Yes, you are right. Verification is ONLY needed if you wish to use the SLL within the game.

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April 16, 2013, 04:31:36 AM
 #18

Did my second transaction to capitalize on the dip to 55.

Apparently, Virwox has a 45-50 usd hike over gox rates after all their transaction fees are accounted. When gox was at 70, I effectively traded at 120 usd (my first trade on virwox was when gox was at 100 and my trades on virwox ended up being priced at 147 usd/btc after charges.)

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April 16, 2013, 10:09:35 PM
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Did my second transaction to capitalize on the dip to 55.

Apparently, Virwox has a 45-50 usd hike over gox rates after all their transaction fees are accounted. When gox was at 70, I effectively traded at 120 usd (my first trade on virwox was when gox was at 100 and my trades on virwox ended up being priced at 147 usd/btc after charges.)


Yes I know, use the Limit Market to minimize this.
I was able to buy at 18500 SLL per BTC today.
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April 16, 2013, 10:10:25 PM
 #20

So probably this verification is for transferring your SLL money to the game maybe.. So unless we need that I THINK we can get away with it.

Yes, you are right. Verification is ONLY needed if you wish to use the SLL within the game.



Thanks for confirming !
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