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Author Topic: Best way to get bitcoin?  (Read 12617 times)
jesmurf
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January 14, 2011, 02:21:08 AM
 #1

Hi everybody!

I had a bet with a friend of mine, which he lost. He's a real pro-liberty type who runs a number of businesses and I was pushing Bitcoin, so naturally I bet him in Bitcoins. The trouble he's having is it's almost impossible to get bitcoins to pay me with! This is a real big problem for the community, since we're all about micro-payments. I'm having trouble avoiding a $15 - $50 bank or Wester Union or Moneygram fee to do a transfer in some reasonable time. Somebody must know a way?

I'm just wondering what the best way to go is? I sent $200 to a very reputable dealer in cash last month and it's supposedly lost in the mail. (I'm not mentioning any names since I keep hoping it will turn up.) So I can't recommend a cash based dealer to the guy.

I was thinking there must be a lower risk way. Like buying a re-loadable visa card with cash, then using that on AlertPay or some other source to buy Liberty Reserve on exchangezone.com. Then using LR to buy BTC on mtgox? That should be less risky than sending cash in the mail. Once you get Liberty Reserve then it's easy to get BTC. It's getting away from the refundable nature of the banking system thats the hard part.

TL:DR:
How does he go about getting $10 USD turned into bitcoins without spending $15 on transfer fees? Or is this just impossible?

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January 14, 2011, 02:37:36 AM
 #2

Hi everybody!

I had a bet with a friend of mine, which he lost. He's a real pro-liberty type who runs a number of businesses and I was pushing Bitcoin, so naturally I bet him in Bitcoins. The trouble he's having is it's almost impossible to get bitcoins to pay me with! This is a real big problem for the community, since we're all about micro-payments. I'm having trouble avoiding a $15 - $50 bank or Wester Union or Moneygram fee to do a transfer in some reasonable time. Somebody must know a way?

I'm just wondering what the best way to go is? I sent $200 to a very reputable dealer in cash last month and it's supposedly lost in the mail. (I'm not mentioning any names since I keep hoping it will turn up.) So I can't recommend a cash based dealer to the guy.

I was thinking there must be a lower risk way. Like buying a re-loadable visa card with cash, then using that on AlertPay or some other source to buy Liberty Reserve on exchangezone.com. Then using LR to buy BTC on mtgox? That should be less risky than sending cash in the mail. Once you get Liberty Reserve then it's easy to get BTC. It's getting away from the refundable nature of the banking system thats the hard part.

TL:DR:
How does he go about getting $10 USD turned into bitcoins without spending $15 on transfer fees? Or is this just impossible?

http://coinpal.ndrix.com  or http://bitcoin-otc.com/


sorry to hear you had a bad experience with the us mail....
mndrix
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January 14, 2011, 02:52:11 AM
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Slight URL correction, http://coinpal.ndrix.com It only sells up to 20 BTC at the moment.  I hope to raise the limit to 40 BTC tomorrow afternoon.
jesmurf
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January 14, 2011, 06:16:31 AM
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Thanks for the tips! I placed a 20 BTC order via CoinPal just to check if it's legit and now I have BTC! It's great!

I'll join up at #bitcoin-otc too.

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jesmurf
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January 14, 2011, 06:19:00 AM
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Yeah, it sucks to lose $200 to the mail system (or the exchanger.) This was just a small test to check the integrity of the exchange before I sent them some real cash. I'm glad I got burned on a smaller amount. Now I see why Western Union can afford to charge people $20 to send cash somewhere. I really really wish I would've paid them.

Anyway, thanks for the help guys. CoinPal looks like exactly what I was looking for.

Now to just find a way to transfer larger amounts safely...

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nanotube
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January 14, 2011, 06:27:31 AM
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Yeah, it sucks to lose $200 to the mail system (or the exchanger.) This was just a small test to check the integrity of the exchange before I sent them some real cash. I'm glad I got burned on a smaller amount. Now I see why Western Union can afford to charge people $20 to send cash somewhere. I really really wish I would've paid them.

Anyway, thanks for the help guys. CoinPal looks like exactly what I was looking for.

Now to just find a way to transfer larger amounts safely...

well, that's why it pays to use delivery confirmation on mail that's worth > $100. things are much less likely to get lost that way, for only a few bucks more.

as for larger amounts... mtgox takes bank wire and ach transfers in for larger chunks of usd, so that's probably your best bet.

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January 14, 2011, 06:51:38 AM
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The trouble he's having is it's almost impossible to get bitcoins to pay me with! This is a real big problem for the community, since we're all about micro-payments. 

I'm glad you found a solution. Micro-payments aren't a problem for bitcoin, but they are for the dollar  Cheesy 

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January 14, 2011, 09:59:33 AM
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I'm glad you found a solution. Micro-payments aren't a problem for bitcoin, but they are for the dollar  Cheesy 

Yep! Micro-payments are easy!  I have bitcoin, and pay people all the time in bitcoin.  It really is easy.

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January 17, 2011, 07:50:18 AM
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The only reliable way(if you are paying cash) is to do a bsnk transfer to mtgox (or similar) for amounts that are not too small, maybe 200-300. There is not really any other reliable method than using a bank transfer.

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January 17, 2011, 09:38:07 AM
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Can always try to sell cash or similar on biddingpond.com

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BitterTea
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January 17, 2011, 05:58:46 PM
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Not entirely an answer to your question, as there is a $5 fee, but...

If you're in the U.S., you can purchase MoneyPark cards for cash at Walgreens, CVS, etc. They are used to refill Green Dot prepaid credit cards, but can also be deposited into PayPal. All that's needed is to encrypt the code from the card and send it to the Bitcoin seller, and they can deposit it into their PayPal account, no reversing charge worries. The only catch is that they will have to provide some info (social security#, etc) to Green Dot in order to do more than $250/year or so.
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January 24, 2011, 10:04:19 PM
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Coinpal is out right now.

LR directed me to this place for the best prices on exchangers: http://www.bsrates.com/

I was hoping to be able to use paypal or a debit card in the US for reasonable fees, but the couple places LR suggested on its page seemed pricey for like $200. I noticed that the random Indian-ran convenience store near me has a sign for free money orders, so maybe I will see how they are for other things like this, or maybe it is better to just go through the hassle of bank wires.

The reviews on the cheapest places at that BSrates for wire transfers doesn't seem good.

morpheus
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January 24, 2011, 10:23:05 PM
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Coinpal is out right now.

LR directed me to this place for the best prices on exchangers: http://www.bsrates.com/

I was hoping to be able to use paypal or a debit card in the US for reasonable fees, but the couple places LR suggested on its page seemed pricey for like $200. I noticed that the random Indian-ran convenience store near me has a sign for free money orders, so maybe I will see how they are for other things like this, or maybe it is better to just go through the hassle of bank wires.

The reviews on the cheapest places at that BSrates for wire transfers doesn't seem good.

I'm now accepting paypal for bitcoin: http://bitcoinmorpheus.tumblr.com/

More direct link: http://bitcoinmorpheus.tumblr.com/how_to_buy_bitcoin_with_paypal

I'm selling Mt. Gox USD and Bitcoin for cash, check or money order in the mail: http://bitcoinmorpheus.tumblr.com/

Check out my 100% decentralized P2P exchange: https://github.com/macourtney/Dark-Exchange
praxeologist
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January 24, 2011, 10:41:03 PM
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I guess I looked away initially because of the $100 limit and 7 day delay. Maybe money order direct to bitcoin will work although I wanted to watch price fluctuations on Mtgox. I've known about bitcoin for a while but finally just started taking a look again about a month ago when the rate was still under .30

3% isn't bad at all. Maybe I will send you payment tomorrow if I don't find a way to get it faster.

edit: guess I am dumb and missed that check/money order also takes 7 days to clear.

What's that saying about something cheap and fast?

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January 25, 2011, 03:19:12 AM
 #15

What about this place https://exchangezone.com/en/Welcome

Anyone use them? I'd have to figure out what rate will get me LR, then 0.65% to Mtgox isn't bad.

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January 25, 2011, 03:58:06 AM
 #16

 I think the best ( and more simple ) way to get bitcoins is to use mtgox , there are people selling MTG$ on #bitcoin-otc .
 You can buy the MTG$ with paypal or moneybookers, and then you can use your MTG$ to buy bitcoins at the market price.

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January 25, 2011, 04:25:43 AM
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If you intend to acquire a larger number of Bitcoin, you can send a wire to the administrator of MtGox and they will exchange that for site credit which will allow you to trade Bitcoin easily. This is the avenue I am currently pursuing.
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February 05, 2011, 10:45:25 PM
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You can buy 10wmz - 150wmz through buywmz.com with a credit card then trade it for LR on exchangezone at 1:1 rate, then use that to fund your Mt Gox account. Or you can fill your own liqpay acount for free for mini exchanges, then trade it with all the Russian exchangers that do liqpay to LR.

As for mailing cash make sure you use tracking, employees will be hesitant to steal something that can be traced to see who handled it. Weed vendors who accept cash by mail have their mail stolen all the time once somebody finds out there's money in there. UPS accepts ID for everything, but would be preferable to use them or DHL/Fedex instead of USPS or Canada Post if you're sending $200+





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February 15, 2011, 06:24:42 AM
 #19

The easiest way to get Bitcoins is to find a Bitcoin owner and trade her something for the Bitcoins.

Tim Manning (http://www.tim-manning.com.au)
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