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Author Topic: Will MtGox ever allow withdrawals using Dwolla?  (Read 1661 times)
CombustibleLemon
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May 06, 2011, 04:37:16 PM
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So MtGox recently implemented an option for Dwolla to add funds to your MtGox account.  A great positive step I think.

But it looks like MtGox's only option for withdrawing funds is still only Liberty Reserve.

I think it would do a lot for market liquidity if MtGox were to allow adding AND withdrawing using a Dwolla account.

Any thoughts on when or if this might be implemented?

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May 06, 2011, 05:48:33 PM
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+1
Stephen Gornick
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May 06, 2011, 05:50:20 PM
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But it looks like MtGox's only option for withdrawing funds is still only Liberty Reserve.

To clarify, withdrawal methods include:
Direct deposit
   - U.S. ACH (when withdrawing $800 or more)
   - Europe, bank wire, 2% fee

Liberty Reserve

Transfer to another Mt. Gox account
  (e.g., trade your MTGUSD with a buyer on #bitcoin-otc marketplace then deliver your MTGUSD within the site)

- http://en.bitcoin.it/wiki/Mtgox#Withdrawing_Funds

if MtGox were to allow adding AND withdrawing using a Dwolla account.

Any thoughts on when or if this might be implemented?

Adding funds via Dwolla was something just added a couple days ago.  Withdrawing through that method is something planned as well, if I remember correctly.  There are multiple bids willing to trade 1:1 for your MTGUSD on #bitcoin-otc:
  http://bitcoin-otc.com/vieworderbook.php?type=BUY&notes=dwolla

  Just remember to follow Secure Trading recommendations: http://en.bitcoin.it/wiki/Secure_Trading   (e.g. seek a trusted party, trade small amounts at a time, etc.)

CombustibleLemon
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May 06, 2011, 07:13:41 PM
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Yeah I can see the method for doing it with ACH (not supported by my bank) and using the bitcoin otc to trade.  But these are pretty unliquid methodologies and not particularly accessible to someone who has only been at this a few months (like me).

An easy in, easy out method like Dwolla would vastly simplify attempts to purchase and sell on MtGox, instead of the USD round robin that is currently used.

Making it easier to convert bitcoins to dollars would only increase the value of bitcoins since people wouldn't be as worried about getting stuck in the one (obviously superior Wink ) currency.

When life gives you lemons, don’t make lemonade. Make life take the lemons back! Get mad! I don’t want your damn lemons, what the hell am I supposed to do with these? Demand to see life’s manager! Make life rue the day it thought it could give Cave Johnson lemons! Do you know who I am? I’m the man who’s gonna burn your house down! With the lemons! I’m gonna get my engineers to invent a combustible lemon that burns your house down!
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May 06, 2011, 10:06:51 PM
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I'm pretty certain Mt Gox is planning to add Dwolla withdrawals
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May 07, 2011, 12:55:53 AM
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The first exchange to do this is gonna make a lot of money.

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May 07, 2011, 01:51:11 AM
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The first exchange to do this is gonna make a lot of money.

btcex.com exchange first proposed such service months ago. But this service has not been claimed because bitcoiners do not want withdraw money - they want to build a pyramid.

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May 07, 2011, 02:02:07 AM
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The first exchange to do this is gonna make a lot of money.

btcex.com exchange first proposed such service months ago. But this service has not been claimed because bitcoiners do not want withdraw money - they want to build a pyramid.

The only thing that matters is when someone gets dwolla working in both ways at an exchange not when someone thinks about it.  The number of customers and the amount of the transactions would be huge.

Currently gox is taking in nearly $1000 a day in fees (maybe more).  If gox get this first it will further cement them as the main exchange (as they are now) but if someone else gets this FIRST it will give them a change to pull many customers away from gox. 

There could be problems, the number of transactions and the volume could 'scare' dwolla and they may not allow it or shut it down. 

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May 07, 2011, 02:53:49 AM
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Arrgh!11 Sorry! I thought you call the US dollars "dwolla" on the american manner. Smiley I mean real dollars.

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May 13, 2011, 07:02:39 AM
 #10

I see that MtGox now supports Dwolla withdrawals.

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