Buy BTC with Credit Cards!

[OROBTC]

...

I just saw that https://www.trucoin.com/ is now selling BTC by credit cards.  I wonder if this may jump-start BTC a little more in that it appears that it is now very easy to buy them...

I am not affiliated with them, so I did not place this topic under "Service Announcements".

I will probably try them out soon.

[Sydboy]

thanks for finding and posting that. I thought credit cards and bitcoin were frowned upon due to the chargeback risk. maybe this company hasn't figured it out yet

[moni3z]

Blog seems to indicates they are still in private beta. This is a noble effort but will be frauded out of existence. I'm surprised they could even find a merchant account/payment gateway to allow this high risk.

[dadas15]

I think you can check this site;
http://npay.pro/

[brunner]

thanks for finding and posting that. I thought credit cards and bitcoin were frowned upon due to the chargeback risk. maybe this company hasn't figured it out yet

I would argue the opposite.  It's true that there is a significant chargeback risk when accepting card payments for bitcoin, but we've spent a tremendous amount of time and money developing a fraud mitigation system that minimizes this risk.  Thanks to this, it's possible for us to offer the general public the ability to set up an account in less than two minutes, and then take delivery of bitcoin within seconds of placing each order.

If you're in one of our eight states, I'd love to hear your feedback after trying it out.

[Sydboy]

i'm in Australia otherwise i would definitely test it out
can you go into more detail why it is only supported in 8 states ? I am interested now.

you must have some user verification system by the sound of it.

[OROBTC]

...

After some jumping through hoops (ID had to be scanned & sent to them, they had to make sure my DEBIT card was OK, etc.), I bought 0.15 BTC (almost $100) or so just this afternoon.  They charge some 5% for the service.

All went well.  I resent my received BTC on to the two mixing services I use.

A comment above referred to another service (buying BTC by credit card I presume), but I have not heard of them.  trucoin.com was mentioned at reddit last night, so I gave them a try.

***

They are starting with just the eight states, but will apparently be in 25 or more pretty quickly.

YES, Mike told me that they were very busy today!

I am NOT affiliated with them in any way, but I do like the ability to buy BTC when I want, without having to deal with an exchange (note that I have not explored using any of the exchanges yet, still a beginner).

[Baitty]

Sadly these services are all for the US. I wish more companies like this would be selling in europe.

[Sniar]

So this service are only for the citizen under US ?

[desticy]

Too expensive fee, not worth to do.
Exchange is the best way to buy bitcoins, and kraken or bitfinex has a lower fee, and bitstamp and lakebtc is more vocational

[OROBTC]

...

I bought some more BTC from trucoin.com today.

I think that are limited to just eight states either because they have the regulations all ironed out with them, or maybe they do not have enough people or presence (??) in other states.

I am going to guess that they are not outside of the USA now because of money-laundering laws (probably both US laws and other countries' laws).

***

I took a more careful look at my receipt today.  Yes, they charge 5%, but there seems to be some other small charges (or else they sell BTC at the "Ask" price, I do not know which), so perhaps it would be best to assume that the "TOTAL FEES" would be about 6% - 7%.  Considering how hard it is for me to buy them (esp. for cash), that seems reasonable.

Disclaimer: I have NOT checked out exchanges or other BTC providers or other possible competitors.

[justforbtc]

Too expensive fee, not worth to do.
Exchange is the best way to buy bitcoins, and LakeBTC or Bitfinex has a lower fee

Bitfinex has lower fee but not lakebtc, lakebtc has 0.5% trade fee for small volume and charge 0.3% btc withdraw fee. How can you said lakebtc has lower fee?!

[imBLACKjack]

...

I bought some more BTC from trucoin.com today.

I think that are limited to just eight states either because they have the regulations all ironed out with them, or maybe they do not have enough people or presence (??) in other states.

I am going to guess that they are not outside of the USA now because of money-laundering laws (probably both US laws and other countries' laws).

***

I took a more careful look at my receipt today.  Yes, they charge 5%, but there seems to be some other small charges (or else they sell BTC at the "Ask" price, I do not know which), so perhaps it would be best to assume that the "TOTAL FEES" would be about 6% - 7%.  Considering how hard it is for me to buy them (esp. for cash), that seems reasonable.

Disclaimer: I have NOT checked out exchanges or other BTC providers or other possible competitors.

Any website that sells bitcoin via credit cards is simply going to have to charge a big markup because of the massive amount of fraud that will be attempted against them.

[onezerobit]

Can anyone provide information on where the Charge on the Credit Card is being made from?

COIN.mx does the same, but the charge on the Credit Card statement shows up from Ajerbaijan in Eastern Europe, do trucoin do something similar?

Also, is the service available for NY State?

and seriously, how the hell did they get a Merchant account?

[OROBTC]

...

Today I wanted to buy more BTC from trucoin, but that "beta period" just finished (eight states).  Now they want to expand their service, but until they do, they will NOT be selling BTC.  There is a link that one of their guys gave me via their chat that it will be weeks (unknown number of weeks), and then they will again be offering the service (and to more states).

Well, I suppose that any of us (inc. me) will just have to wait.