[ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant!

[Gladamas]

Thank you soooo much for this! 

[cbeast]

"Virtual World Services GmbH" is going to be rich as fuck pretty soon, if they aren't already. At least until PayPal boots them out.

Let's bet: How long until they are forced to cease operations that are even slightly Bitcoin related? I give them 4 months, tops.

I agree, even though PayPal assumes no risk, they will still bully baby Bitcoin. When Bitcoin grows up, he will remember who the bullies are.

[Yankee (BitInstant)]

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

$94.00 in your Paypal account

[Serge]

The funds will come from 'Virtual World Services GmbH'.
They have been using Paypal for withdrawals for over 5 years, and they are (as far as our research tells us) the only approved virtual currency account.

last i've checked PP's terms and UA about month ago there were no mention of "virtual currencies" but they do prohibit currency exchange services utilizing their network

[justusranvier]

The best measure of end-to-end fees would be to start with $100 cash and an empty PayPal account, convert the cash to bitcoins, sell the bitcoins, deposit the result in a PayPal account, use a PayPal debit card to withdraw the money from an ATM and see how much cash you end up with at the end. (assume a theoretical ATM that could produce exact change)

[SuperTramp]

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

$94.00 in your Paypal account

Thanks for the prompt response. nice math fail eh? 

[giszmo]

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board.

Well … don't know official policies but for tis long awaited feature it's the right board. Move it else where in a week.

[Jan]

You did it again. Awesome! Is there such a thing as too many good news?

[SimonL]

You guys are on fire with what you are doing for btc, I doubt if I will need this service but I bet there are many who will. The more options the better methinks, I hope you can get some services in Australia sometime too.

I for one second this. Spendbitcoins.com is good but their 10% fee almost kills any incentive to buy Bitcoins in the first place. A 4-6% fee would be far more attractive, and if there were a variety of services competing in AU, I'd be practically throwing money at them to get Bitcoins to buy stuff .

[evoorhees]

You did it again. Awesome! Is there such a thing as too many good news?

We'll be testing that soon... many exciting things still in the pipeline

[Raoul Duke]

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board.

Well … don't know official policies but for tis long awaited feature it's the right board. Move it else where in a week.

Long awaited feature that Tangible Cryptography have available for at least 2 months and that Spendbitcoins.com have available for more than 6 months? Is that what you're talking about? Doesn't seem the slightest bit innovative to me.

https://bitcointalk.org/index.php?topic=90240.0
https://bitcointalk.org/index.php?topic=54896.0

Also, this is my personal opinion, take as you wish.
Bitinstant is NOT bitcoin. Their service is NOT a long awaited feature as it clearly existed long before.
Their PR is better? Probably, but maybe that is because they are posting their threads in the wrong place.

[giszmo]

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board.

Well … don't know official policies but for tis long awaited feature it's the right board. Move it else where in a week.

Long awaited feature that Tangible Cryptography have available for at least 2 months and that Spendbitcoins.com have available for more than 6 months? Is that what you're talking about? Doesn't seem the slightest bit innovative to me.

https://bitcointalk.org/index.php?topic=90240.0
https://bitcointalk.org/index.php?topic=54896.0

Also, this is my personal opinion, take as you wish.
Bitinstant is NOT bitcoin. Their service is NOT a long awaited feature as it clearly existed long before.
Their PR is better? Probably, but maybe that is because they are posting their threads in the wrong place.

I don't use paypal but read of difficulties with bitcoin-paypal all the time here. If this is old news why did nobody put this feature in context? what is better? what is worse?

[556j]

I was using bitinstant to fund paypal months ago. For a lower fee as well. You transfer from your exchange to virwox (0.89% fee from bit instant. 1% btc deposit fee from virwox) Then just withdrawl from virwox to paypal (2% fee+ 1 USD) for a total of 4.89% in fees on $100. If you withdrawl more than $100 the fee is less because the dollar is fixed. Why would anyone do it this way for 6%? I guess it could be handy for really small deposits. Maybe there is an amount that will work out to have greater than 6% fee if the withdrawl is small enough. You should add a volume discount. The 6% is just insulting to those who use the same service from the same company for an average of 2% less.

[Yankee (BitInstant)]

I was using bitinstant to fund paypal months ago. For a lower fee as well. You transfer from your exchange to virwox (0.89% fee from bit instant. 1% btc deposit fee from virwox) Then just withdrawl from virwox to paypal (2% fee+ 1 USD) for a total of 4.89% in fees on $100. If you withdrawl more than $100 the fee is less because the dollar is fixed. Why would anyone do it this way for 6%? I guess it could be handy for really small deposits. Maybe there is an amount that will work out to have greater than 6% fee if the withdrawl is small enough. You should add a volume discount. The 6% is just insulting to those who use the same service from the same company for an average of 2% less.

Not sure if you remember this, but our accounts were shut down and over 20k frozen. In order to get this back, we have to pay a middleman. I understand its a premium service, and there are always other options for you to use.

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board.

Well … don't know official policies but for tis long awaited feature it's the right board. Move it else where in a week.

Long awaited feature that Tangible Cryptography have available for at least 2 months and that Spendbitcoins.com have available for more than 6 months? Is that what you're talking about? Doesn't seem the slightest bit innovative to me.

https://bitcointalk.org/index.php?topic=90240.0
https://bitcointalk.org/index.php?topic=54896.0

Also, this is my personal opinion, take as you wish.
Bitinstant is NOT bitcoin. Their service is NOT a long awaited feature as it clearly existed long before.
Their PR is better? Probably, but maybe that is because they are posting their threads in the wrong place.

There is no need to hate on us PSY.

We are providing a service to our customers because they trust our A+ reputation and everything we do for Bitcoin.

If you don't like it, you could leave.

'Bitinstant is NOT bitcoin' - Thats just insulting. We've spent thousands of dollars on Bitcoin sponsorships at events around the world, got Bitcoin more press than ever, and saved everyone when TradeHill went down. We're one of the largest Bitcoin companies by volume and are on the front lines of Bitcoin advocacy. We give jobs to over 10+ people who can put food on their tables. We love what we do.

What do you do for Bitcoin?

[evoorhees]

Psy - TBH, I didn't even know there was a way to withdraw to Paypal prior, and I try to know everything in Bitcoinland.

If BitInstant's not the only ones offering it, then fine, though I do believe BitInstant is still offering something unique here, for you can send to Paypal from any of BitInstants source methods (MtGox/Btc-E/Crypto/BitStamp codes, Liberty Reserve, Dwolla, etc), and the other services do not permit this.

In any case, surely its better for more services to offer more options, no? And to calm your antagonism a bit, I promise the next major announcement BitInstant makes has not been replicated by anyone else

[Raoul Duke]

What do you do for Bitcoin?

I use them: every day! Good enough for you?

Also, I use Bitcoin to avoid fee suckers, not to have 2 more sucking money out of me, so, your suggestion of not using your service is superfluous.

Before someone else starts talking about "calming my antagonism", read this: http://www.nytimes.com/2007/10/07/jobs/07pre.html?_r=1
"My antagonism" only exists in your head, ok?

[btcash]

What do you do for Bitcoin?

I use them: every day! Good enough for you?

Also, I use Bitcoin to avoid fee suckers, not to have 2 more sucking money out of me, so, your suggestion of not using your service is superfluous.

Before someone else starts talking about "calming my antagonism", read this: http://www.nytimes.com/2007/10/07/jobs/07pre.html?_r=1
"My antagonism" only exists in your head, ok?

So BitInstant should offer exchanges for 0%? BitCoin is not exclusive for uncommercial services.
Exchange serives require a lot work/risk and these people deserve to get paid for their input.
It is something different to spend a few hours daily on Bitcointalk or OTC than working a whole day to keep a service running.

[notme]

For BTC->Paypal, spendbitcoins.com is unbeatable.  However, I agree Bitinstant's offering is unique since you can fund it with more than just BTC.

[Elwar]

With the PayPal credit card this is close to the point of being able to keep all of your money in Bitcoins then transfer it to the card when needed.

A good step, but the fees will keep it in the realm of a niche market.

I understand that PayPal fees suck, which is why Bitcoin is necessary. Hopefully the time will come when transfers will be cheap and quick.

[kiba]

Service works, without a hitch.