Introducing BitSimple. A simpler way to buy and sell bitcoins.

[Jeryx]

Oh I know about the ACH times, I commented on waiting on paypal to get the funds to my bank only as a comparison to how fast you got my funds to my paypal. Funny thing about ACH... they can pull the money instantly from your bank, but it takes half a week (and with fireworks day and the weekend coming, it will be a full week!) for them to put it back in.

But no, the reason I did not initially set up for ACH through Bitsimple, and I mean no offense by this, but I wasnt about to put my bank account into a site that seemed too good to be true. After seeing the quick performance, I am now reconsidering that position.

[DannyHamilton]

I've been searching around a bit and haven't found the following information yet, so I figured I'd ask here...

At what bank does BitSimple receive the wire transfers when a customer purchases bitcoins?

[Blackasaurus]

Any update on when buying and selling will be reactivated? Also wondering why not post on the Tangible Cryptography bitcointalk account?

[BitSimple_Support]

Any update on when buying and selling will be reactivated?

We are changing ACH providers and there was an issue with in implementation at the bank.  To avoid a situation where we would be unable to promptly payout funds owed we disabled bitcoin sales.  Sales will be restored on a limited basis (payment only available by PayPal) within 24 hours and it is expected we will have all withdraw methods restored no later than 07/16.

BitSimple Staff.

Also wondering why not post on the Tangible Cryptography bitcointalk account?

Tangible Cryptography, Inc is an owner but not operator of BitSimple^® .   Exchange services are provided by BitSimple LLC, a South Carolina Limited Liability Company and registered with FinCEN (#31000039896739).

[Blackasaurus]

Any update on when buying and selling will be reactivated?

We are changing ACH providers and there was an issue with in implementation at the bank.  To avoid a situation where we would be unable to promptly payout funds owed we disabled bitcoin sales.  Sales will be restored on a limited basis (payment only available by PayPal) within 24 hours and it is expected we will have all withdraw methods restored no later than 07/16.

BitSimple Staff.

Also wondering why not post on the Tangible Cryptography bitcointalk account?

Tangible Cryptography, Inc is an owner but not operator of BitSimple^® .   Exchange services are provided by BitSimple LLC, a South Carolina Limited Liability Company and registered MSB (FinCEN #31000039896739).

Thank you for the quick reply! I used to trade on fastcash4bitcoins (which was also ran by tangible) when it was active. Was very sad to see it go, but I look forward to trading on Bitsimple when everything is up and running!

[BitSimple_Support]

Update:
On Friday morning (07/11) a dispute made by a customer acting fraudulent resulted in our bank placing a hold on our account.  This unexpected and excessive hold resulted in ACH failures by our processor.  The actions of our bank we used for processing were improper and turned a minor issue into one which affected our operation.  There is an ongoing investigation by both our staff and the bank into why this happened.  BitSimple would like to emphasize that as always (and unlike any traditional exchange) there was no risk of customers losing funds.  BitSimple is the counterparty in every transaction, and as such it is self funded.  It doesn't at any point in time hold an operationally significant amount of our customer's money.  A few users were affected by disrupted payments before we suspended additional sales.  We have contacted them individually to make arrangements to settle the amount owed by alternative payment methods while we resolve the issue.

As of today, the ability for users to sell Bitcoins has been restored in a limited capability.  At the current time the only available payment option is to a PayPal account.  We are working with our ACH processor to restore other payment options and this is estimated to be completed by 07/16/2014.  We will provide further updates as they become available.  Bitcoin purchases are still currently disabled.  They will be enabled for existing customers (those who have completed a prior purchase) within the next 48 hours.  Bitcoin purchases for new customers will be enabled at a later date.  The requirements for enabling purchases for new customers will depend on the outcome of the investigation and steps by the banking partner to prevent such disruptions in the future.

We appreciate the understanding shown by our users while we work to restore payment functionality.  We understand users may have questions however we can not provide further details until both our and the bank's investigation is complete.  

Thank You,

BitSimple Staff

[BitSimple_Support]

There was a short outage in transaction reporting last night due to bitcoind crashing.  It has been restored and all transactions should be properly reporting now.  If you continue to experience a problem please contact the help desk: https://support.bitsimple.com.

[BitSimple_Support]

BitSimple has resumed the sale of bitcoins to existing users.  Sales to new customers (including users which have not previously completed a sale) are still on hold at this time.  

Thank You,

BitSimple Staff

[Blackasaurus]

Any ETA on sales to new customers?

[BitSimple_Support]

We are still working with our processor to restore ACH and Wire withdraws, and updated ETA is by the end of next week (07/25).  We apologize for the delay and have added an option to receive payment by company check in the interim.  Payments can either be requested by first class mail or overnight mail.

[BitSimple_Support]

Any ETA on sales to new customers?

Not at this time.  There are some fraud related issues to resolve and we may need to implement enhanced identity verification.  As soon as we have an ETA will will provide an update.

[BitSimple_Support]

Price alert: BitSimple ($624) is currently offering a higher price (after exchange fees) than either BitStamp ($623) or Coinbase ($620) for your coins.

[stup2plending]

Bitsimple Support, Every bank is going to do this to you anytime there is any suspected fraud of  asizable amount unless you implement all the same KYC/AML that big banks and brokerages do. Without those kinds of changes, you should expect this kind of thing to happen again.

[MoarCoinz]

(Message shown upon login today)

Important: Limited withdraw options available

At BitSimple we want to avoid unexpected surprises. At the current time we are unable to process ACH or Wire withdraws. Withdraws to your verified PayPal account are still available. BitSimple is working diligently with our ACH processor to restore other payment options. We do not have an ETA at this time but will provide an update once ACH and Wire withdraws have been restored.

Thank you for your understand,
BitSimple Staff

[zhinkk]

How do you manage paypal? They allow you to pay users in bitcoin for selling a digital currency? Sounds like your account would be limited soon...

[FenixRD]

I've been searching around a bit and haven't found the following information yet, so I figured I'd ask here...

At what bank does BitSimple receive the wire transfers when a customer purchases bitcoins?

Bank of America.

[williamj2543]

Im going to try this. Seems like the best btc->paypal and paypal->btc option today. I will see how it goes.

[FenixRD]

Im going to try this. Seems like the best btc->paypal and paypal->btc option today. I will see how it goes.

I've done it before, for a weekend emergency when ACH would have been too slow. Not a fan of 2.2% but that's Paypal. There's not much reason not to, if Paypal's your thing.

[williamj2543]

Im going to try this. Seems like the best btc->paypal and paypal->btc option today. I will see how it goes.

I've done it before, for a weekend emergency when ACH would have been too slow. Not a fan of 2.2% but that's Paypal. There's not much reason not to, if Paypal's your thing.

2.2% is nothing, compared to not having paypal at all. I think I would prefer quickbt.com for purchasing bitcoin (I live in canada, and its pretty much instant with my bank card), but selling bitcoin, I will use this. 2% would decrease the price by 13$, so for every bitcoin sold to paypal, you would lose 13$. For 0.1, that is 1$, which is virtually nothing.

[FenixRD]

Im going to try this. Seems like the best btc->paypal and paypal->btc option today. I will see how it goes.

I've done it before, for a weekend emergency when ACH would have been too slow. Not a fan of 2.2% but that's Paypal. There's not much reason not to, if Paypal's your thing.

2.2% is nothing, compared to not having paypal at all. I think I would prefer quickbt.com for purchasing bitcoin (I live in canada, and its pretty much instant with my bank card), but selling bitcoin, I will use this. 2% would decrease the price by 13$, so for every bitcoin sold to paypal, you would lose 13$. For 0.1, that is 1$, which is virtually nothing.

…yeah

That's Paypal. That's their fee. It sounds like you're trying to sell me on Paypal, haha. Use it if it's useful to you, good sir, idc either way. Your cost/benefit analyses are your own.