Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers

[J.Socal]

Ok sent 3 btc along with bank info.Let see what happens.

[sayulita]

Ok sent 3 btc along with bank info.Let see what happens.

Your bitcoins have now been listed for sale on our website as Sell Order #2786 and can be seen here:

http://www.bitcoin-brokers.org/buy-bitcoins-at-bank-of-america/

Anybody who contacts us  via Bitcoin-Brokers can now purchase these 3 BTC of J. Socals at any Bank of America with a cash deposit.

Thanks for your first order with us J. Socal.

[pontiacg5]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

[sayulita]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

[Anon136]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

[sayulita]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.

[Anon136]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.

lol that cost will still be passed on by the buyer to the seller in the form of higher prices. a fee to either party effects both parties equally in the transaction.

[sayulita]

I would like to announce that Bitcoin-Brokers has now added the UK onto the website. If you are a seller of bitcoins in the UK, and would like to sell your bitcoins on our website for free, and have British Pounds deposited directly into your bank account, then feel free to contact Bitcoin-Brokers.

Barclays, HSBC, Royal Bank of Scotland and Lloyds are now listed on our website as available banks.

You will be paid current MtGox rates based on the British Pound.

[BitCoiner2012]

I am wanting to unload hundreds of thousands of USD, this seems new and untested. Looks like I'd have to do it in small pieces to protect myself...?

[KyrosKrane]

Ok, I'm feeling adventurous. I'll go ahead and buy J.Socal's 3 BTC.  Honestly not sure if I can get to a bank today before close, though.

[J.Socal]

well I got something in processing for 313.Might be from someone?If it is,should be posting more coins up @ bitcoinbrokers.com 

[NewLiberty]

this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.

lol that cost will still be passed on by the buyer to the seller in the form of higher lower prices. a fee to either party effects both parties equally in the transaction.

FTFY

Apparently the 2% is worth it to some buyers.  The price is set by MTGOX so there really is only transfer of cost to the extent that bitcoin-broker affects the MTGOX published price.  In other words, not much until some effective arbitraging occurs.  It is a cost to the BTC buyer though.

[sayulita]

well I got something in processing for 313.Might be from someone?If it is,should be posting more coins up @ bitcoinbrokers.com 

J Socal, that deposit is from a buyer for your bitcoins. As soon as you give me the green light I will release them. The deposit slip has been emailed to you for your inspection.

Thanks.

PS-I have a bunch of buyers now lined up to buy so the more you can send over the better. (Obviously at whatever pace you are comfortable with.)

[KyrosKrane]

Apparently the 2% is worth it to some buyers.  The price is set by MTGOX so there really is only transfer of cost to the extent that bitcoin-broker affects the MTGOX published price.  In other words, not much until some effective arbitraging occurs.  It is a cost to the BTC buyer though.

It is rather difficult at the moment to convert cash in hand to/from bitcoins in a way that is fast, easy, and cheap.  All the methods I've seen so far have at least one downside.  2% certainly falls in the cheap side compared to alternatives like BitInstant ($4 + 4% to buy BTC, something insane to withdraw cash).  If I understand what this company is doing, they're effectively acting as an escrow firm with a Web interface.  There's no need for verification or even any real ID.  I imagine you could sign up with a fake name if you really wanted to stay anonymous. That's pretty easy to understand and manage -- or it will be when they work out the kinks on their site.  And it looks like trades are clearing in a day when they have stock, which is also pretty fast compared to other options that require several days to verify.

I'm not willing to endorse them wholeheartedly yet, as the crux of their business lies in whether you trust them to act as escrow.  (My transaction hasn't gone through yet as they've run out of bitcoins. ) But what I've seen so far is promising, if distinctly amateur.  This has the potential to become something big once they smooth out and get a decent clientele lined up.

[J.Socal]

Oh ok.Its still in processing.But you can go ahead I guess..Should be adding more in amin.

[BurtW]

I may have missed something in the thread.  Why the 30x$10=$300 cap?

Otherwise, this sure seems like a nice tool.

[sayulita]

I may have missed something in the thread.  Why the 30x$10=$300 cap?

Otherwise, this sure seems like a nice tool.

There is no limit on the order size. Once $300 are loaded into the shopping cart, you can simply add to cart additional loads of $300 until you have the exact amount. Sorry for the confusion with the shopping cart.

[sayulita]

I am happy to say that of the first 6 coins loaded over the weekend, we have now sold approximately 5.5 coins. Cash has been deposited into the seller's accounts, and the buyers have all had their bitcoins transferred to their accounts.

We should have another $900 being loaded tonight, but honestly, I think almost the entire batch will be sold to people on a waiting list. With that being said, if anybody has extra bitcoins and wants them sold quickly, now would be a great time to load them on the site.

Thanks.

[sayulita]

I am happy to announce that there are now another 5 bitcoins available for purchase at any Sun Trust Bank in the USA.

[KyrosKrane]

Here are my thoughts on how to improve the site.  This is from the perspective of a buyer.  Please don't take these as fatal criticisms; rather these are honest observations that show how you can improve your service.

1) Do away with the requests for unneeded info.  e.g., lose the address fields. (You already said you plan to do this.)  Streamline the process. Ask the user to fill in one of two fields, either how many dollars they want to spend, or how many BTC they want to buy.  The drop-downs are confusing, which leads me into ...

2) Your purchasing system is meaningless.  If I hadn't seen this thread, I would have assumed that I could buy unlimited bitcoins at $10/BTC.  On its face, that's exactly what your site promises.  You need to clarify that the buyer is specifying how much money in dollars they wish to spend, NOT how many bitcoins they're buying.  You also need to integrate the MtGox APIs to quote the buyer the price of each BTC, and calculate how many BTC they will get for their purchase.  All this has to be shown upfront, and locked in either at time of ordering or at time of consummation.  In turn, that opens up door #3 ...

3) You have to have some way of resolving what happens to orders when the price of currency fluctuates.  e.g., I placed an order today at $100/BTC, but no BTC were available.  Tomorrow the price crashes to $10/BTC, and for whatever reason someone lists some for sale.  What rate do I pay?  Conversely, if the price rises to $200/BTC, what happens then?  This needs to be clearly spelled out for both the buyer and seller.

4) Right now, you use two separate systems, which require two registrations.  This is unneeded friction for your users.  I understand the allure of using a hosted ticketing platform, but you have to either find a way to integrate the logins so that one registration works for both, or else toss out the hosted platform and integrate a ticket module of some sort directly into your main Web site.  (As a side note, the emails from your ticketing system were disturbingly slow.  It took more than a half hour for the registration mails to show up in my inbox.)

5) I haven't tried the seller interface, so this may already be there.  You have to have some kind of price limit system.  Again, using the example from #3, if I list my BTC for sale when the price is $100, maybe I don't want to sell them any more if the price drops to $10.  I'd be all kinds of pissed off if I found my coins sold for a fraction of their value without my consent.

6) How do you handle odd-sized orders?  Say you have two sellers, each listing 3BTC.  A buyer comes along and orders 5 BTC worth.  Does the buyer have to make two deposits in two separate accounts?  What if you get 30 buyers each wanting 0.1BTC? (about $10 each at current rates, so one "unit" that you're advertising.)  Does the seller have to verify 30 individual deposits of $10 each?  I can only see two solutions, though hopefully you can think of others. Either ask the seller to fix the order size and lock that in, or you have to collate the BTC into a single account, accept the buyer's payment into your own bank account, and distribute the funds appropriately to the sellers.  The first option breaks your flexibility paradigm, and the second turns your into a middleman instead of a matchmaker, which has legal consequences.