Newbie Questions about Liberty Reserve and Bitcoin

[mdosi]

Please excuse this newbie questions.

Question 1: Is there a convenient  way to purchase Liberty Reserve that is both low fees (as opposed to western union fees plus 3% to 9% charged by the various Liberty Reserves exchanges http://www.libertyreserve.com/en/exchangers) and Fast?

Question 2: Is there a place one can purchase Liberty Reserve using Bitcoins?

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[barbarousrelic]

For question #2, you can sell Bitcoins on MtGox and transfer the dollars from MtGox to Liberty Reserve.

[mdosi]

For question #2, you can sell Bitcoins on MtGox and transfer the dollars from MtGox to Liberty Reserve.

Thanks that was very helpful.

[Stephen Gornick]

For question #2, you can sell Bitcoins on MtGox and transfer the dollars from MtGox to Liberty Reserve.

Though technically, Mt. Gox doesn't mess with Liberty Reserve anymore.  Though their withdrawal form still shows Liberty Reserve, what it does is lets you create a Mt. Gox redeemable code that is used to trade for Liberty Reserve at AurumXChange company, less the fee.  

There is another Bitcoin exchange, CryptoXChange which does the same thing at Mt. Gox does but AurumXChange's fee for this method is less:
 - https://www.aurumxchange.com/rates

For buying bitcoins:
 - http://en.bitcoin.it/wiki/Buying_bitcoins

[mdosi]

For question #2, you can sell Bitcoins on MtGox and transfer the dollars from MtGox to Liberty Reserve.

Though technically, Mt. Gox doesn't mess with Liberty Reserve anymore.  Though their withdrawal form still shows Liberty Reserve, what it does is lets you create a Mt. Gox redeemable code that is used to trade for Liberty Reserve at AurumXChange company, less the fee.  

There is another Bitcoin exchange, CryptoXChange which does the same thing at Mt. Gox does but AurumXChange's fee for this method is less:
 - https://www.aurumxchange.com/rates

For buying bitcoins:
 - http://en.bitcoin.it/wiki/Buying_bitcoins

This was incredibly helpful information. Aurumxchange and CryptoXchange completely fit my needs. Thanks for helping a newbie.

[Stephen Gornick]

Aurumxchange and CryptoXchange completely fit my needs.

Glad I was be able to help.

What is fascinating is the network effect starting to occur.  Previously there were all the niches, few of which had any sufficient volume where we'ld know about them, where they could be offered to a wide enough customer base, and where they could be offered at a price that was affordable.

Bitcoin is the common denominator linking so many various niches and as a result each niche that connects to Bitcoin makes the network and Bitcoin ecosystem stronger.  Bitcoin is starting to become quite a machine.

[symbols]

Could someone with experience with liberty reserve clarify what exactly they are? How do you receive them/spend them? I'm interested because it seems liberty reserve is the primary way to fund btc-e, which seems to have an average of 2% better rate than mtgox.

On the liberty reserve site I see most of the points of sale are based in nigeria, a fact which does not give me great confidence in its non-scamminess.

[Stephen Gornick]

Could someone with experience with liberty reserve clarify what exactly they are? How do you receive them/spend them?

Details on Liberty Reserve in the Bitcoin wiki:
 - http://en.bitcoin.it/wiki/Liberty_Reserve

I'm interested because it seems liberty reserve is the primary way to fund btc-e, which seems to have an average of 2% better rate than mtgox.

There is a 1% fee with each move LRUSD.  (e.g., someone sends you $100 you receive $99).  This might help to explain part of that price differential.

[arby]

lol

There are many decent exchangers (ecardone for example located in the Czech Republic), goldexpay (located in Slovenia) from which you can buy LibertyReserve. Thats if you are from Europe.

LibertyReserve transfers are non-reversable (like bitcoin transfers), so make sure you really want to send that money before you send it, because you will not be able to get it back, and without a court order from the government of Costa Rica, LibertyReserve will not help you.

LibertyReserve however is not a scam, but there are many scam websites taking advantage of the fact that transactions are not reversable, so first find a reputable exchanger that fits your needs.

As the person above said, when you receive LR, they take 1% from your funds, but not more than 2.99, so basically if you receive over $299 (e.g. 5000) dollars in one transfer, you will not pay more than $2.99 in fees.

Could someone with experience with liberty reserve clarify what exactly they are? How do you receive them/spend them? I'm interested because it seems liberty reserve is the primary way to fund btc-e, which seems to have an average of 2% better rate than mtgox.

On the liberty reserve site I see most of the points of sale are based in nigeria, a fact which does not give me great confidence in its non-scamminess.

[theymos]

I used to use Centregold to get LR via credit card. I haven't needed any LR in the past year or two, though, since Bitcoin is now useful enough to replace it.

I've also used ecardone successfully. (Nanotube and I combined our orders to save on wire transfer fees.)

[LeRoy]

Please excuse this newbie questions.

Question 1: Is there a convenient  way to purchase Liberty Reserve that is both low fees (as opposed to western union fees plus 3% to 9% charged by the various Liberty Reserves exchanges http://www.libertyreserve.com/en/exchangers) and Fast?

Question 2: Is there a place one can purchase Liberty Reserve using Bitcoins?

http://e-forexgold.com

[malaimult]

also you can try wm-center.com and also okpay.com and check the LR exchangers from your account.

[malaimult]

dwolla or btc?

[koin]

public service message:
 

If you do not have a history of previous transactions with this person, or otherwise do not trust your counterparty, there are several mechanisms you can use to mitigate the risk of fraud:

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Risk_of_fraud

[MoneyIsDebt]

I never hear of Liberty Reserve before I tried to actually get hold of some bitcoins. Is it really a necessary evil?

[MoneyIsDebt]

What do you mean by necessary evil ?

I mean necessary because for many (outside the US) it is the best or only way to get money onto an exchange so you can buy bitcoin, and evil because of the fees the LR merchants are charging. Fees that do not help the bitcoin economy in any way.

[malaimult]

cush31  you better try and accept as exchange alternative methods beside paypal. that will increase your profits 

[malaimult]

try dwolla, mtgox codes, bitcoins since this is a bitcoin forum. you will get more positive reactions to this exchanges