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Author Topic: Is buying bitcoin really this complicated?  (Read 2023 times)
MrTeal
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February 22, 2012, 12:40:56 AM
 #1

So, I've been mining for a couple weeks just to keep my computer from feeling lonely, and I'm now looking to build a small single machine mining rig. I have a seller lined up for some cards, and he would like payment in BTC.

My limited newb understanding is that the most traditional way is to open something like a Dwolla account, link it to my bank account, and then do a transfer into it. Once the transfer if through in a couple days, use Dwolla on MtGox or similar to trade Dwolla for BTC. Is that about right? I know there's very little chance of getting someone to accept Paypal in exchange for BTC, but it seems like I must be missing something and there is a simpler was that doesn't take days to move money.
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bittenbob
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February 22, 2012, 12:43:03 AM
 #2

DialCoin can help you. Of course there are fees for convenience.
nmat
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February 22, 2012, 12:49:24 AM
 #3

Quote
Is buying bitcoin really this complicated?

Yes. There is no "cheap and fast" solution.
MrTeal
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February 22, 2012, 03:16:39 AM
 #4

Quote
Is buying bitcoin really this complicated?

Yes. There is no "cheap and fast" solution.

Apparently not even that easy, since Dwolla isn't available outside of the US. So, for a newbie what is the best way of transferring money into BTC from traditional currency? Would it be best to open something like a CryptoXChange account and use wire transfers?
the joint
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February 22, 2012, 03:24:48 AM
 #5

Quote
Is buying bitcoin really this complicated?

Yes. There is no "cheap and fast" solution.

Apparently not even that easy, since Dwolla isn't available outside of the US. So, for a newbie what is the best way of transferring money into BTC from traditional currency? Would it be best to open something like a CryptoXChange account and use wire transfers?

I think wire transfers are with CryptoXChange are temporarily down due to changes/updates they're making with the site.  Otherwise, when they get back up and running with those, it's a good option because it's a $5 flat rate in and out of the exchange (they swallow the typically-outrageous wire fees).

You could also consider selling something of value on this forum first to get BTC. 

Hunterbunter
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February 22, 2012, 03:27:52 AM
 #6

It takes days because the only things you can trust (for now) with bitcoins, are those you've learned to trust, and the blockchain's intergrity.

With money, you only accept it because you're used to accepting it (and supposedly trust someone else will take it off your hands in the future), and with buying bitcoins, it's ironic that it's the USD that people don't trust (eg paypal - people chargeback and it's all over, bitcoins lost forever).
Nefario
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February 22, 2012, 03:38:06 AM
 #7

It depends where you are, if based in the US then the cheapest/easiest option is CryptoXchange/ Intersango. It's just an internal wire transfer which AFAIK is fairly fast and cheap.

If you're based in a Euro area then MtGox and Intersango Euro are the best, both have SEPA, Intersango has customer service, gox doesn't.

If in the UK then Intersango is the best option.

For smaller amounts, MtGox(USD) is a terrible choice as the transfer fee will eat up most of what you send out. Because MtGox(USD) is based in Japan you have to pay the full international wire fee. Try to avoid that.

Nefario.

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the joint
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February 22, 2012, 03:40:26 AM
 #8

Do you have anything interesting to sell that you think we might be interested in?

notme
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February 22, 2012, 03:50:41 AM
 #9

Do you have anything interesting to sell that you think we might be interested in?

This.  Sell things for bitcoin, buy them with fiat.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
bittenbob
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February 22, 2012, 03:51:49 AM
 #10

DIALCOIN!

Did you not try that one? If I am not mistaken I believe you can buy Bitcoins with CC if your country is supported.
MrTeal
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February 22, 2012, 03:58:16 AM
 #11

I'm in Canada, so really none of those areas Nefario. Bank transfer to Crypto for a $5 fee seems like a good bet if it's working, I'll have to look into exactly what option would be the cheapest.

Really, I have nothing of similar value of to sell that I really feel like getting rid of. I've contacted to seller to see if he'll accept USD, but that kind of feels like missing the whole point of the system.

I've set up accounts at most of the major exchanges, perhaps after I play around with it the system will become a little easier for me to use.
MrTeal
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February 22, 2012, 03:59:18 AM
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DIALCOIN!

Did you not try that one? If I am not mistaken I believe you can buy Bitcoins with CC if your country is supported.

Unless I'm mistaken, Canada isn't one of the countries supported by Dialcoin.
bittenbob
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February 22, 2012, 04:01:06 AM
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Nope, you are not mistaken. I didn't see the Canada part.
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February 22, 2012, 04:28:34 AM
 #14

https://www.cavirtex.com/

Apparently you can do an online bill payment or send it directly as a cash payment from RBC. Problem solved.
Kluge
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February 22, 2012, 04:34:13 AM
 #15

https://www.cavirtex.com/

Apparently you can do an online bill payment or send it directly as a cash payment from RBC. Problem solved.
As a US citizen, reading through that site earlier today made me jealous. Those are some very generous rates (unless I'm missing hidden fees somewhere, it's cheaper than Gox, bank->exchange fees nonexistent through most accepted deposit methods).

Don't mix your coins someone said isn't legal
the joint
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February 22, 2012, 04:34:50 AM
 #16

You could do a cash deposit at a bank through BitInstant into an exchange like Mt. Gox, CryptoXchange, Intersango, or Bitcoinica.

Edit:  I think...maybe it only applies to US banks.

BTC-tester
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April 17, 2012, 09:48:18 PM
 #17

This is my first post so HELLO EVERYBODY! 

I got few questions...

you are recommending:

USD ----> CASH DEPOSIT ---->  BitInstant ----> CryptoXchange ----> BTC

any ways to do it online? to make this cash deposit I need to visit bank, right?
is there any other (cheaper) way? what if I'd like to buy lets say 10 BTC - just to try? it would be 10BTC=~50$ and what about fee/commissions and such fools Tongue

I'd like to make comparison about buying bitcoins - IMO bitcoin wiki is useless for that, one big mess and according to wiki we can buy using PayPall and/or plastic cards! And that's why I'd like to gather some info about possible ways of buying bitcoins.



for instance in Europe it looks like this:

EUR ----> S€PA TRANSFER ----> Intersango ----> BTC

or:
OTHER ----> wire transfer ----> Intersango or other -----> BTC
currency . . . . to local bank . . . . local exchange/market


I know that local bank transfers are free: fee = zero
I'm not sure about SEPA if fee = single euro? (1€) :-P
anyway both can be done online, without a trip to a bank ;-)
Namworld
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April 18, 2012, 12:43:27 AM
 #18

Since you're in Canada, I'd have to agree about Cavirtex for direct payment.

Alternatively, if you have Paypal funds: VirWoX
It's the only place I think big enough to accept Paypal and sell bitcoins. Probably because of their size and established trustworthiness, Paypal don't accept "I haven't received my virtual currency!" for disputes. One of my favorite place for a few quick bitcoins.  Wink

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bitvirtiser
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April 18, 2012, 10:32:27 AM
 #19

the way u described is time taking in my sense
u an always go for other exchanges like direct cash deposit with Bitinstant or Mtgox
BTC-tester
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April 18, 2012, 10:50:07 AM
 #20

I think I'll create new supplemented post soon. Current subject "IS BUYING BITCOIN REALLY THIS COMPLICATED?" This can be answered, yes! like a hell!!! but not everywhere - depends where are you from :-)


when I gather more (confirmed) data I'll create new topic and it will be something like: WHAT TYPICAL MORTAL HAS TO DO TO BUY BITCOIN and how much will it cost?   LOL  for currencies like: USD, JPY, EUR, CAD, AUD..... (??-any other requests-??) and also included info about these PayPal clones you need to sign-up to be able to use online bitcoin exchange. So feel free to write any ideas and suggestions.


VirWoX - quite spooky, but let's try :-)

first problem :-( line 3 - what's this? OMG and its required! I cannot skip this step :-( screenshot below ;-/

http://img809.imageshack.us/img809/7912/registr.png

anyway PPay and plastic are most desirable method by all (maybe except sellers) :-P

-------------

cavirtex site looks like written 100 years ago, but it's not spooky :-) deposit funds looks also fair enough - screenshot:

http://img16.imageshack.us/img16/5605/cad1.png

it seems it also can be done online without a "trip to a bank" (but let someone confirm / or deny that)

CAD ----> online transfer ----> Cavirtex ----> BTC
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