Bitfloor cash deposit?

[ramus313]

Hey guys, I plan on using Bitfloor as my exchange to buy my first bitcoins, because I have only heard good things about it. I am interested in their cash deposit option. Is this instant? I believe the site claims that the funds will be in my account within 30 minutes. Does anyone have experience with this?

Thanks!

[ramus313]

Should I wire instead? I haven't heard anything about this cash deposit system here on the forums.

[DannyHamilton]

I've used the Cash Deposit method several times.

The funds have always been in my account faster than I could drive home.

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I plan on using Bitfloor as my exchange to buy my first bitcoins, because I have only heard good things about it.
- snip -

You are aware that they lost 10,000 of their user's bitcoins to a hacker back in autumn 2012, right?  That they have claimed that they will pay back these lost bitcoins out of their revenue over time, but that so far they've paid back less than 3% of the lost funds?

[ramus313]

Do you think it is safe to use? I will be buying the bitcoins and transferring to my wallet almost immediately.

[DannyHamilton]

I use it regularly, and haven't had any issues.  There is no way to know if any exchange is "safe to use".  Any of them (MtGox, Coinbase, BitFloor, etc) could get hacked or close up shop and run with the funds at any time if they decided to.  You can reduce your exposure to the risk by minimizing the amount of time you store funds there.

Hopefully someday in the future there will be bitcoin currency exchanges that are both ensured and regulated to protect the user.  Until then, it is difficult to be involved in bitcoin without taking on some level of risk.

[jonchin]

I used the cash deposit just last week.  It was fast and easy.  It's too bad they have the 1-4% fee now.  I used their fee-less cash deposit system a year ago and it worked just as good then.

[ramus313]

Alright thanks guys, Im going to go ahead and try the cash deposit.

[ramus313]

I went over to the bank, did the cash deposit, and by the time I got back, the funds were in my account! Wow I think Bitfloor will be my preferred exchange from now on.

thanks guys!

[DannyHamilton]

I went over to the bank, did the cash deposit, and by the time I got back, the funds were in my account! Wow I think Bitfloor will be my preferred exchange from now on.

thanks guys!

Unfortunately they don't have as much volume as MtGox, so a significant size purchase or sale can send the current price soaring or crashing there quickly.

Also, their web interface is very clunky and buggy.  I've heard that their FIX API is great, but for occasional website use, it leaves a lot to be desired.

EDIT: As of 2013-04-17 BitFloor has ceased all operations.