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Author Topic: Why is it so hard to buy BTC with USD?  (Read 2270 times)
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April 12, 2013, 04:02:22 AM
 #1

It is really WAY to hard to get USD into any exchange, quickly anyway. I was thinking of buying 1 or 2 btc on bitstamp but there are no quick and easy options to deposit USD. Same with mtgox, btc-e, bitfloor, and really any other exchange you can think of. Its pretty ridiculous, nearly any option requires sending money through EU banks, Wire transfers that take to long and have WAY to high fees, or some obscure Russian payment service. I don't feel safe using most of the services offered, or they cost to much and take to long. I want to buy BTC NOW, not in 2-3 days with a 5% fee. *facepalm*

Currently Mining: Litecoin, Xencoin, and Worldcoin (Just because its fun!, don't yell at me ;_;)
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April 12, 2013, 04:05:44 AM
 #2

Deposit in cash with bitinstant.com.  Just take the print-out cash deposit slip to a bank, CVS, or walmart, and the desired output should happen soon-ish (close to instantly).

P.S. I suggest getting it deposited strait to your bitcoin address.
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April 12, 2013, 04:06:18 AM
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Because the dollar is not a good medium of exchange. It's difficult to transfer even small amounts of dollars to someone else across the world. This is one of the reasons bitcoin is so valuable.
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April 12, 2013, 04:06:24 AM
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I was able to buy BTC in under 1 HR using Localtill>Bitfloor Today
Cash in hand to BTC in wallet
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April 12, 2013, 04:11:34 AM
 #5

Deposit in cash with bitinstant.com.  Just take the print-out cash deposit slip to a bank, CVS, or walmart, and the desired output should happen soon-ish (close to instantly).

P.S. I suggest getting it deposited strait to your bitcoin address.

USD to Bitcoin address?

How does that work?

Currently Mining: Litecoin, Xencoin, and Worldcoin (Just because its fun!, don't yell at me ;_;)
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April 12, 2013, 04:16:58 AM
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Deposit in cash with bitinstant.com.  Just take the print-out cash deposit slip to a bank, CVS, or walmart, and the desired output should happen soon-ish (close to instantly).

P.S. I suggest getting it deposited strait to your bitcoin address.

USD to Bitcoin address?

How does that work?

https://www.bitinstant.com/howitworks/cash

The cash deposit part goes though another company.  They have partnerships with most of these deposit locations.
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April 12, 2013, 04:36:35 AM
 #7

Be careful with Bitinstant, I'm not saying they're a bad service, they've just been getting slammed with buy orders and a lot of people haven't been getting their Bitcoins as immediately as promised. Do your research, there are many stories on this.
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April 12, 2013, 05:02:43 AM
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Be careful with Bitinstant, I'm not saying they're a bad service, they've just been getting slammed with buy orders and a lot of people haven't been getting their Bitcoins as immediately as promised. Do your research, there are many stories on this.

He is right, they are pretty slammed.  As long as you don't need support, you should be fine though.  The big problems right now are when people put the wrong amount in the form when using MtGox Coupons, and thus need to be manually transacted (really, BitInstants fault for having a system that relies on customers being intelligent creatures), which requires you to contact support, which is swamped.
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April 12, 2013, 11:49:09 PM
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I've done 5 transactions with bitinstant and only 1 went through without needing to contact support.  Contacting support took a minimum of 1 day, and usually 2 days to resolve. 
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April 13, 2013, 02:03:53 AM
 #10

Another reason is trust, no-one really trusts each other (which is no necessarily bad, but does create problems), so standard methods of payment like paypal are not used (and paypal's policy on not allowing BTC trades does not help either).


BTC: 15Yb897j2Yrbk1GU5Uwwhg5PFBMXeUAmhS  | I sell $5 Amazon Gift Codes | I also build websites

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April 13, 2013, 02:24:11 AM
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Yes, this is the biggest problem in the Bitcoin community today.

Check out my Bitcoin Business Wishlist (second item) for my proposal on how to solve this:
https://sites.google.com/site/whoissatoshi/bitcoin-business-wishlist

and PM me if you're interested in working on this.
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April 14, 2013, 08:23:57 PM
 #12

https://localbitcoins.com/
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April 15, 2013, 07:31:17 AM
 #13

Buying bitcoins as a beginner seems like it would be a nightmare :|

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April 15, 2013, 07:34:53 AM
 #14

I've done 5 transactions with bitinstant and only 1 went through without needing to contact support.  Contacting support took a minimum of 1 day, and usually 2 days to resolve. 

Wow thats not encouraging... I was just about to give them $500 Im not so sure now.

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June 11, 2013, 07:04:35 PM
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If you are in the US, Look into Coinbase or Dwolla+CampBX. Dwolla and Coinbase link directly to your bank account, and moving money from Dwolla to CampBX is almost instant. Then you can use either Coinbase or CampBX to trade the USD for BTC, and then send it on to your wallet.

Every once in a while somebody pops up with a website selling bitcoins directly paid with credit card, but none of them have lasted very long.

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
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June 11, 2013, 11:08:51 PM
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Why is it so hard to buy BTC with USD?

ummm because around here USD is 100% preminned junk  Wink
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June 11, 2013, 11:32:52 PM
 #17

Why is it so hard to buy BTC with USD?

ummm because around here USD is 100% preminned junk  Wink

LOL

USD is not premined, it's just that the creators can add as much as they want to their own accounts whenever they want.

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
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June 12, 2013, 12:19:26 AM
 #18

Why is it so hard to buy BTC with USD?

ummm because around here USD is 100% preminned junk  Wink

LOL

USD is not premined,

cool link too the mining pool please Wink
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June 12, 2013, 01:11:27 AM
 #19

Why is it so hard to buy BTC with USD?

ummm because around here USD is 100% preminned junk  Wink

LOL

USD is not premined,

cool link too the mining pool please Wink

It is not premined, because it is not mined.

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
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June 12, 2013, 02:08:15 AM
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It is really WAY to hard to get USD into any exchange, quickly anyway. I was thinking of buying 1 or 2 btc on bitstamp but there are no quick and easy options to deposit USD. Same with mtgox, btc-e, bitfloor, and really any other exchange you can think of. Its pretty ridiculous, nearly any option requires sending money through EU banks, Wire transfers that take to long and have WAY to high fees, or some obscure Russian payment service. I don't feel safe using most of the services offered, or they cost to much and take to long. I want to buy BTC NOW, not in 2-3 days with a 5% fee. *facepalm*

I don't agree with this.

BitInstant is incredibly easy, but you'll end up paying multiple fees. BTCquick is another easy to use site, but you'll have to send photo ID and so forth in order to purchase BTC.

There are alternatives to any "easy" service, up to and including private trades with others. Your best bet would probably be to use PayPal or a bank transfer and to get a reputable escrow medium to oversee the transaction. You and the seller will be protected, and it won't take as much time as site verification.

Alternatively, you could do the "freebooter" method of purchasing coins, which is to hit OTC or another gathering place for traders (These forums, for instance), and just trade. You run the risk of scams, but it's also the fastest way to get Bitcoins that I can think of offhand.

DoctorBTC on #Bitcoin-OTC is trustworthy. So are "heavies" like BCB and BigBitz. BigBitz can and will cut you, but that's just business. His prices are to make profit, and that's respectable.

I can't think of too many other sellers offhand that I have had dealings with. Buyers, sure.

Anyway, just be careful. Don't let impatience and/or frustration with exchange sites lead you to make rash decisions. Ask around the community about exchanges/people before making transactions. Reputation is everything. Someone with a spotless record didn't get that way by stealing your money.

Good luck.

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