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

[NewLiberty]

Nicely done, congratulations for that.

[1714815881]

1714815881

[1714815881]

1714815881

[monbux]

Looks great, might buy a few.  Doesn't look secure though.

[KyrosKrane]

I'm curious now.  How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers?  And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

[sayulita]

I'm curious now.  How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers?  And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

[niner]

It seems like every other Canadian company that was offering
cash bank deposits for coins has rescinded the offer.

What's different about this one?

[Stephen Gornick]

What's different about this one?

With an exchange, all deposits are made to the same account number.

With Bitcoin-Brokers, cash is deposited directly into the seller's account.

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit).   Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

[NewLiberty]

What's different about this one?

With an exchange, all deposits are made to the same account number.

With Bitcoin-Brokers, cash is deposited directly into the seller's account.

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit).   Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Yes exactly, so the sellers bear the risk of account closure rather than B², and since this risk is distributed across all sellers it is further reduced and also manageable by the individual sellers.
For my accounts, (where I get cash deposits from bullion buyers all over as a routine matter), it would be almost indistinguishable from this activity.

[justusranvier]

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit).   Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

[FullLife]

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit).   Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions.  I'm hoping I won't run into any problems.

[justusranvier]

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions.  I'm hoping I won't run into any problems.

The account I got a call about has not been used for any third-party bitcoin sales. I've just been depositing dollars into it and buying bitcoins via Coinbase. They seemed to be satisfied when I told them it was personal use and not a business, but I was surprised that they are watching Coinbase so closely.

[marcus_of_augustus]

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions.  I'm hoping I won't run into any problems.

The account I got a call about has not been used for any third-party bitcoin sales. I've just been depositing dollars into it and buying bitcoins via Coinbase. They seemed to be satisfied when I told them it was personal use and not a business, but I was surprised that they are watching Coinbase so closely.

"They" are not watching anything ... their systems that are running 24/7 are watching everything, all "they" need to do is ask the systems the right questions.

[cardcomm]

I'm curious now.  How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers?  And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

Thanks for the more detailed explanation. As a buyer, I'm pretty happy with the bank deposit option, but it's nice to have choices.

One question though: Would the use of WU payments make it possible to purchase bitcoins on the weekend? Not that I'd want Dan or anyone else to have to work weekends But there have been a couple of times it would have been worth some extra cost to be able to buy on Saturday. Just a thought...

[sayulita]

I'm curious now.  How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers?  And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

Thanks for the more detailed explanation. As a buyer, I'm pretty happy with the bank deposit option, but it's nice to have choices.

One question though: Would the use of WU payments make it possible to purchase bitcoins on the weekend? Not that I'd want Dan or anyone else to have to work weekends But there have been a couple of times it would have been worth some extra cost to be able to buy on Saturday. Just a thought...

At this point, I think it is just going to be offered Mondays-Fridays. If that changes I will make it known here.

[sayulita]

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit).   Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions.  I'm hoping I won't run into any problems.

I think you should be fine.

[Driice]

I'm a happy customer of a few bitcoin-brokers transactions now. They're a great way to do fast, anonymous btc purchases.

[sayulita]

I'm a happy customer of a few bitcoin-brokers transactions now. They're a great way to do fast, anonymous btc purchases.

Much appreciated!

[btcforall777]

mt gox price plus 2%???

[bernard75]

Chile and no EU?

[sayulita]

Chile and no EU?

I wish I could assist people in the EU. Chile is the same timezone effectively as the rest of the USA.

[Trance]

This is fine if you are just starting up but:

site is not even https secured?

site is not even a real company? can't find info on Mexbill Pay the organization who registered the domain according to these docs. also do real companies use yahoo addresses on their contact info? i'm just trying to prevent anyone from getting scammed until we know the legitimacy of your company.


source: http://www.networksolutions.com/whois/results.jsp?domain=bitcoin-brokers.org

Domain ID:D168910502-LROR
Domain Name:BITCOIN-BROKERS.ORG
Created On:09-Jun-2013 18:16:48 UTC
Last Updated On:09-Jun-2013 18:16:49 UTC
Expiration Date:09-Jun-2014 18:16:48 UTC
Sponsoring Registrar:eNom, Inc. (R39-LROR)
Status:CLIENT TRANSFER PROHIBITED
Status:TRANSFER PROHIBITED
Registrant ID:c62ce1fd8b7363bf
Registrant Name:Daniel Brown
Registrant Organization:Mexbill Pay
Registrant Street1:9395 Dolphin Ave
Registrant Street2:
Registrant Street3:
Registrant City:Richmond
Registrant State/Province:BC
Registrant Postal Code:V6Y1C7
Registrant Country:CA
Registrant Phone:+1.7788797659
Registrant Phone Ext.:
Registrant FAX:
Registrant FAX Ext.:
Registrant Email:konaandcooper8@yahoo.com
Admin ID:c62ce1fd8b7363bf
Admin Name:Daniel Brown
Admin Organization:Mexbill Pay
Admin Street1:9395 Dolphin Ave
Admin Street2:
Admin Street3:
Admin City:Richmond
Admin State/Province:BC
Admin Postal Code:V6Y1C7
Admin Country:CA
Admin Phone:+1.7788797659
Admin Phone Ext.:
Admin FAX:
Admin FAX Ext.:
Admin Email:konaandcooper8@yahoo.com
Tech ID:c62ce1fd8b7363bf
Tech Name:Daniel Brown
Tech Organization:Mexbill Pay
Tech Street1:9395 Dolphin Ave
Tech Street2:
Tech Street3:
Tech City:Richmond
Tech State/Province:BC
Tech Postal Code:V6Y1C7
Tech Country:CA
Tech Phone:+1.7788797659
Tech Phone Ext.:
Tech FAX:
Tech FAX Ext.:
Tech Email:konaandcooper8@yahoo.com
Name Server:NS1.BIGCOMMERCE.COM
Name Server:NS2.BIGCOMMERCE.COM
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
Name Server:
DNSSEC:Unsigned