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Author Topic: [ANN] Awesome New Way to Exchange BTC <-> USD  (Read 1589 times)
BitcoinOPX
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July 17, 2012, 08:08:46 PM
 #1

Fellow Bitcoiners:

BitcoinOPX was originally a two-part idea for a Bitcoin exchange. While it's taking awhile to establish robust options trading (naturally complex trading), we are pleased to announce the second half of the idea, currency exchange.

While there are great existing exchange services this may be a great option.

We match buyers and sellers of bitcoins using MoneyPaks as the medium of exchange. MoneyPaks can be purchased throughout the U.S. at 7-Eleven, CVS, Walmart stores and more for $4.95. They can then be loaded with dollar amounts up to $500 (and $1,000 at Walmart).

Our rate is .1 BTC (about $0.85) flat for MoneyPak code transfer from buyer to a pre-paid card of a seller.

Compare fees and time delays for existing methods:

A new buyer of bitcoins wants $1,000 worth, and a seller wants to sell that much.

The buyer drives to a local Walmart and buys a MoneyPak for $4.95, loading $1,000 to it.

List the offer on BitcoinOPX.

Buyer exchange amount: $1,000
Total fees: $4.95 + .1 BTC (about $0.85) = $5.80
Time to receive BTC: less than 4 hours

Seller exchange amount: $1,000
Total fees: .1 BTC (about $0.85) = $0.85
Time to receive USD: immediately up to $400 cash per day available at ATMs
______________________

List the offer on Mt.Gox

Buyer exchange amount: $1,000
Total fees: .5% = $5.00
Time to receive BTC: 3-5 days for deposit from bank to reach Dwolla

Alternatively using BitInstant:
Total fees: about 4.49% + $1 = $46.00
Time to receive BTC: less than 1 hour typically

Seller exchange amount: $1,000
Total fees: $5.00 + $0.25 (.5% plus $0.25 Dwolla fee) = $5.25
Time to receive USD: 3-5 days for withdrawal into bank via Dwolla (now requires verified ID)
________________________

List the offer on CoinBase

Buyer exchange amount: $1,000
Total fees: .5% = $5.00
Time to receive BTC: 3-5 days for deposit from bank via ACH*

Seller exchange amount: $1,000
Total fees: .5% = $5.00
Time to receive USD: 3-5 days for withdrawal to bank via ACH*

*Coinbase exchange is not fully operational; ACH clearing times are estimated

As you can see by using MoneyPaks we can offer very fast times and cheap fees for exchange!

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sethsethseth
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July 17, 2012, 09:05:57 PM
 #2

This looks awesome!  Any plans to add Ukash?  Can orders be based on the current exchange rate?

SealsWithClubs poker room has  over 400 players online. Buy in from .01 to 60btc.      BTCSportsMatch lets you bet sports with vig free lines!  Best kept secret in bitcoin....          LocalBitcoins.com is very user-friendly now for bank transfers.  You don't have to live close to trade when in the same currency area.           
Electrum client is awesome. Try it. And please stop sending bitcoins to sites run by security newbies, or don't complain when you lose everything.
BitcoinOPX
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July 17, 2012, 09:20:32 PM
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This looks awesome!  Any plans to add Ukash?  Can orders be based on the current exchange rate?

Thanks, we believe the easier, cheaper, and faster to get into and out of bitcoins the better Wink

We may add other currencies like Liberty Reserve, but that's not a certainty. We believe bitcoins are the future, and what everyone should be using.

Your order can be any price you like.
sethsethseth
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July 18, 2012, 05:25:35 PM
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It is necessary to be able to put in an order in the form (MTgox rate) or (MTgox rate + 2%) for the site to be usable.  Yesterday, the order I see on the book at $8.10 was reasonable, but now it would never be accepted with the price at $9.30.  Had the price gone down thogh, the order would have been taken immediately.  This causes me to have to constantly monitor the exchange rate and update my order to avoid getting a bad deal, and it will cause the order book to get populated with stale orders at prices that are way off.  This used to happen on bitcoin-otc before you could put in a dynamic order.

SealsWithClubs poker room has  over 400 players online. Buy in from .01 to 60btc.      BTCSportsMatch lets you bet sports with vig free lines!  Best kept secret in bitcoin....          LocalBitcoins.com is very user-friendly now for bank transfers.  You don't have to live close to trade when in the same currency area.           
Electrum client is awesome. Try it. And please stop sending bitcoins to sites run by security newbies, or don't complain when you lose everything.
sethsethseth
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August 20, 2012, 08:00:38 AM
 #5

Whats going on with this?  There's no orders on the book!  Get dynamic orders working so I can use it please.

SealsWithClubs poker room has  over 400 players online. Buy in from .01 to 60btc.      BTCSportsMatch lets you bet sports with vig free lines!  Best kept secret in bitcoin....          LocalBitcoins.com is very user-friendly now for bank transfers.  You don't have to live close to trade when in the same currency area.           
Electrum client is awesome. Try it. And please stop sending bitcoins to sites run by security newbies, or don't complain when you lose everything.
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