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Author Topic: Help With MtGox transfers to the UK  (Read 1194 times)
jEli_bAby
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June 04, 2012, 03:49:20 AM
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hi

still a newb so am posting this here!. i have recently needed to get my hands on the small amount of cash, 20gbp, that i hold in mtgox, however after careful reading around i dont believe that i will be allowed to make a bank transfer as i think the minimum is 75 dolars. what i would like to know is if there is any other way to get my hands on my money? I have tried intersango but nobody was buying bitcoins, so used mtgox instead as they sold straight away.

i know that you can withdraw from gox using reedemable codes? can somebody pls explain how this works and if there are limits on it and if so would it be a suitable way to go for me?

  Angry

any help greatly appreciated¬!
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Stephen Gornick
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June 04, 2012, 06:03:13 AM
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I have tried intersango but nobody was buying bitcoins

It is an order book, .. there's always bids, thus there's always someone buying bitcoins.  Did you mean to say the bids were better on Mt. Gox so that's where you sold?

small amount of cash, 20gbp, that i hold in mtgox

There is a $75 recommended minimum for International Wire withdrawal, I think that's because the fees make anything less cost prohibitive.

It doesn't look like under the new Withdraw Center that there is an option to do a domestic GBP bank withdrawal so for bank transfer the International Wire looks to be the only option for that.

i would like to know is if there is any other way to get my hands on my money?

Could you instead accept PayPal withdrawal?

Bitcoin Nordic and Spend Bitcoins both offer a PayPal cash out service.  (You'ld need to do a trade in Mt. Gox to buy back bitcoins using your GBPs first, sorry).

You might also try doing a trade in the #bitcoin-otc marketplace.  There are P2P services, like Barclay's PingIT which you could use to receive a GBP payment in exchange for your GBP Mt. Gox redeemable code.  You could probably find someone willing to do that 1:1 (i.e., no fee).  Do check their trust history on the #bitcoin-otc Web of Trust (WoT) first.  Redeemable codes are useful for escrow so consider using a trusted escrow partner if you have any doubts that the counterparty can be trusted.

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June 04, 2012, 10:31:31 AM
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There's a need out there for a "sweep-to-paypal" service.  Any time you receive BTC at an account, that account is tied to a payable paypal email address and it gets auto-processed (minus fees).

Since the account holder must have a paypal account, that eliminates some fraud. 
Stephen Gornick
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June 04, 2012, 06:26:43 PM
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Since the account holder must have a paypal account, that eliminates some fraud. 

 Huh

How so?

jEli_bAby
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June 04, 2012, 07:37:27 PM
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Thanks for the info you guys, very interesting. You seem to know a lot about this kind of stuff stephen.... Smiley

Im really just trying to find the quickest and most cost effective way of moving by bits around Wink The paypal idea is definitely one i will look into the only thing putting me off is again the time frame involved - usually 3 days to transfer to uk bank.

As for intersango, my point was that mtgox snaps them up whilst Intersango can take hours but in my experience days to close an order......never mind, Im sure Ill figure something out!

There was one interesting point you raised stephen and that was the possibilty of using Ping it. I myself looked into this. I got a gox redeem code but then was stumped - Im still unclear as to how to use them effectively?

Any suggestions for me?

Cheers
Stephen Gornick
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June 04, 2012, 10:08:25 PM
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As for intersango, my point was that mtgox snaps them up whilst Intersango can take hours but in my experience days to close an order......

An order book lists bids (buy orders) and asks (sell orders).  Here's a visual of these:
 - http://btccharts.com/#m=intrsng-BTC-GBP

To get an order to execute immediately, you put in a sell order that is at the price shown for the buy order.  If you are trying to buy a larger amount than the top bid quantity, then you need to go with a lower price even so that your entire sell order gets taken.  It's that simple.  Your order will complete in a minute at most, in most instances.   If you put a sell order and it didn't sell, then your price was too high.  That's the only possible explanation.

There was one interesting point you raised stephen and that was the possibilty of using Ping it. I myself looked into this. I got a gox redeem code but then was stumped - Im still unclear as to how to use them effectively?

You need to found someone that wants to give you PingIT and take your Mt. Gox GBP redeemable code in exchange.

Here's a channel you can start.
 - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer
 - http://webchat.freenode.net/?channels=#bitcoin-otc-eu

But, ... you want to be able to trust the counterparty isn't going to steal your code (by doing a trade and never delivering).  So only deal with those who have authenticated with -otc and have a good trust history.    -OTC authentication requires GPG.  There's a little bit of work to do that, here's a guide:
 - http://www.youtube.com/watch?v=hYJ-GdErX1c
 - http://wiki.bitcoin-otc.com/wiki/GPG_authentication#Third-party_guides

One thing about PingIT, I don't know if it is instant though, for a non-Barclay's customer.  I think it takes at least a day for the funds to clear.

Or maybe you can find someone nearby willing to trade for cash, in-person (face-to-face)?

jEli_bAby
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June 04, 2012, 10:50:54 PM
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you know what, thanks for that info re: order book, thats like magic dust lol.i havent looked at it properly but probably explains why mine arent selling. must admit i just tick the sell at market price and use the good kill till or whatever its called....Wink

yes as for the rest of it if i can crack how to get rid of my bitties str8 away Intersango will probably fit the bill, that is until i become a bitcoin gazillionaire and start my own bank....mwhahahahah lol

thanks Smiley

just to make one thing clear those redeem codes are they only to be used at mtgox??? im still baffled, sorry! Tongue  i presume that the person involved would have to have an mtgox a/c and then it would be up to them how they withdrew their money? is that right?

 Cool
Stephen Gornick
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June 04, 2012, 11:45:51 PM
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i presume that the person involved would have to have an mtgox a/c

Yup, they are essentially transfers from one Mt. Gox account to another (account-to-account, A2A) except that you don't need to know the destination account to use them.

Here's a little more info on how Redeemable Codes work:
 - http://www.bitcoinmoney.com/post/18506669111

just to make one thing clear those redeem codes are they only to be used at mtgox??? im still baffled, sorry! Tongue  i presume that the person involved would have to have an mtgox a/c and then it would be up to them how they withdrew their money? is that right?

The Mt. Gox USD codes have a little more portablity (e.g., they can be used at BitInstant, AurumXChange, #bitcoin-otc, and a few additional places) versus the Mt. Gox GBP codes. They are essentially a bearer code, anyone who knows the code can redeem it and use the funds to buy bitcoins or to withdraw.  So be careful with what you do with the code.  If you aren't going to use it right away, maybe redeem it yourself so you get the credit back in your Mt. Gox account.  (There are no fees for creating or redeeming the codes).

One of the reasons someone else might want the GBP code is if they are planning on buying bitcoins or adding to their Mt. Gox GBP wallet (for later buying or withdrawing GBPs eventually).   Right now there is a significant price difference between BTC/GBP and BTC/USD.  At a BTC/GBP of £3.50 and a GBP/USD exchange rate of 1.5384 means the equivalent BTC/USD is at $5.38.   Current spot is $5.25 USD, so you'ld probably need to offer your GBP code at a little discount.  Maybe offer to sell it at the rate of £3.40 BTC/GBP if you need to.

Stephen Gornick
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June 04, 2012, 11:54:59 PM
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Im really just trying to find the quickest and most cost effective way of moving by bits around Wink The paypal idea is definitely one i will look into the only thing putting me off is again the time frame involved - usually 3 days to transfer to uk bank.

You don't know anyone in real life who would take a PayPal transfer from you and in exchange they give you cash?

jEli_bAby
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June 05, 2012, 03:07:24 AM
 #10

off topic but how do i reply with quotes!!!! !!!!

yea about the paypal, thers allways a way to get round things isnt there lol

before i let you go Smiley one more thing......when im selling my bitties at intersango which command would you recomend, is the good till cancelled one ok? and what do i do simply look at, the top price on the buy/sell list depending what i need and write that instead of "use market price" which tbh has been useless in the past ??

thanks again!

Stephen Gornick
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June 05, 2012, 05:03:24 AM
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off topic but how do i reply with quotes!!!! !!!!

Over to the right hand side, click Quote.

when im selling my bitties at intersango which command would you recomend, is the good till cancelled one ok?

Yup.  If it doesn't fill in a few minutes, you can cancel it and place another.

and what do i do simply look at, the top price on the buy/sell list depending what i need and write that instead of "use market price"

Yup,  Look at the order book, and match up the quantity you want to sell with the bids.

e.g., if the book shows:


Rate    Quantity
--------  ---------------
3.51         5
3.50         3
3.49         7
3.48         8


So then let's say you want to sell 10 BTC.  So you then set the price for your sell order of 10 at 3.49. 

It will trade five at 3.51, three at 3.50 and the remaining two at 3.49.  And boom, you're done.

jEli_bAby
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June 05, 2012, 08:43:33 PM
 #12

you know what, its simple when you know how isnt it lol................you really are a Hero Member dude Wink

thanks 4 everything!

happy trading Smiley
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