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Author Topic: What's the most "legit" way to convert USD to MTGox/Bitcoins?  (Read 6596 times)
generickid
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November 05, 2011, 08:00:25 PM
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I only have a PP account and store my money in a local credit union. I've heard a lot of talk about other ways to send money (wire transfer, western union, bank check??) but I have no clue about any of these things. wtf are these things lol??

I guess I'm just wondering what is the easiest, fastest, and most secure and trustworthy way for both parties in exchanging USD for bitcoins? I know I need to move away from paypal and I hate having to use it right now anyways. if I need to go open an account somewhere or signup for something I'd like to figure it out now so I can start moving money ahead of time.

please excuse my ignorance on the matter since i've barely had the need to interact with this overly-convoluted banking scheme. i'm willing to try anything since it's all probably better than paypal! but i'd like to hear your ideas on the matter and what most people are using today to convert USD into mtgox etc.
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mjcmurfy
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November 05, 2011, 08:38:46 PM
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You don't know what a wire transfer is? Are you just being sarcastic or what? How do you fund your paypal account if you don't have a bank account/credit card? MtGox accept cash deposits to their USA bank if I'm not mistaken.

https://mtgox.com/users/addFunds

It's pretty easy to deposit some cash into MtGox's USA chase bank account. It's easy and fast. but you have to trust MtGox with your personal information as a verified MtGox account is required to do so, according to the site.

You could try to find someone trustworthy on these forums who would sell you bitcoins for cash in person, or by cash in the mail. That is probably the safest and most secure way to go about it.

http://www.bitcointorrentz.com/images/bct_button_117_30.png - BitCoinTorrentz.com: High-speed HTTP torrent downloads. 0.05 btc/gb. Up to 50% discount with free membership!
generickid
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November 05, 2011, 08:46:23 PM
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You don't know what a wire transfer is? Are you just being sarcastic or what? How do you fund your paypal account if you don't have a bank account/credit card? MtGox accept cash deposits to their USA bank if I'm not mistaken.

https://mtgox.com/users/addFunds

It's pretty easy to deposit some cash into MtGox's USA chase bank account. It's easy and fast. but you have to trust MtGox with your personal information as a verified MtGox account is required to do so, according to the site.

You could try to find someone trustworthy on these forums who would sell you bitcoins for cash in person, or by cash in the mail. That is probably the safest and most secure way to go about it.

yes I dont know what a wire transfer is, honestly dude. i hate to admit it but i've never needed to "do" a wire transfer. i get payment directly into paypal for my work and then move funds into my bank accounts.

i've been looking into Dwolla which lets you move cash into mtgox then trade it for btc... is this another option? I feel that moving cash into mtgox may be easier instead of relying on somebody else to do this for me? I just need to know a trustworthy site to try out, Dwolla seems to be one option.

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November 05, 2011, 09:02:11 PM
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Dwolla is legit, and fees are only 25c. Lots of people use it and it's pretty easy.
You have to provide your bank account no. and sort code, and they make two small deposits in order to verify the account.
Then you do an ACH transfer from your bank to Dwolla, and the funds are available after a few hours.
I'm never used it personally as I'm not from the US.

http://www.bitcointorrentz.com/images/bct_button_117_30.png - BitCoinTorrentz.com: High-speed HTTP torrent downloads. 0.05 btc/gb. Up to 50% discount with free membership!
gamer4156
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November 07, 2011, 04:18:01 PM
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Honestly dont waste your time with dwolla/mtgox. They are getting worse and worse everyday. Hopefully we will get an exchange that isnt shit. Mtgox will lock your account and make you provide ids and what not to get your money. I use get-bitcoin.com. They are incredibly fast, usually same day. I have had dwolla deposits take like 5 days to appear.
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November 07, 2011, 04:22:47 PM
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There are also people here who will sell BTC for USD via Paypal or Western Union privately.

BTC: 1CDCLDBHbAzHyYUkk1wYHPYmrtDZNhk8zf
LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
casascius
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November 07, 2011, 06:05:23 PM
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You can also buy physical bitcoins at MemoryDealers.com for PPUSD.  It's very simple, the only tradeoff is it's rather expensive if all you're after is the digital BTC.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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