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Author Topic: Get PAID to buy bitcoins with cash (USA)  (Read 7676 times)
BitPay Business Solutions
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July 24, 2012, 06:57:55 PM
 #1

With Bitfloor's cash deposits, you can deposit cash with any Chase bank branch, for zero fees, and have the money in your exchange account within about 15 minutes.

You can buy bitcoins from an order already on the sell book and pay a 0.4% commission

OR

you can place a limit buy order that gets added to the order book.  When a seller hits it, you earn a 0.1% rebate.

What?  I get paid to buy bitcoins?  yes, that's really how it works

https://bitfloor.com

I wish all of the exchanges would add this liquidity pricing model.  It encourages buyers and sellers to add orders to the order book, creating a more liquid exchange.



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July 24, 2012, 07:07:12 PM
 #2

With Bitfloor's cash deposits, you can deposit cash with any Chase bank branch, for zero fees, and have the money in your exchange account within about 15 minutes.

In addition to cash deposit, USD funds can be added using ING Person-to-person and bank transfer as well (SWIFT).

 - http://en.bitcoin.it/wiki/Bitfloor

Here's the link describing the fees:
 - https://bitfloor.com/docs/#trading-fees

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July 24, 2012, 07:14:00 PM
 #3

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!

Not to knock Charlie, but buying $100 worth of bitcoins using BitInstant would invole 3, possibly 4 middle men

Bank Deposit middlemen
Trust Cash
Bit Instant
Coinapult

Other locations middlemen
ZipZap
Moneygram
Bit Instant
Coinapult

with total fees ranging from 7-8% on a $100 cash purchase.  BitFloor has a 0.1% rebate on a $100 cash purchase.  Am I missing something here?

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July 24, 2012, 07:33:11 PM
 #4

Well, if they can add SEPA payments I'm all sold Smiley

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July 24, 2012, 07:50:55 PM
 #5

Going to give BitFloor a try next time I'm shopping for bitcoins. This looks like a sweet deal.
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July 24, 2012, 07:53:50 PM
 #6

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 24, 2012, 08:10:36 PM
 #7

Well, if they can add SEPA payments I'm all sold Smiley

Guys get on that please!

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July 24, 2012, 11:45:40 PM
 #8

Bitfloor needs more orders!

Oh and btw, WTF WAS UP WITH THAT MASSIVE ASK WALL TODAY!? WTF!?

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July 24, 2012, 11:55:53 PM
 #9

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

Yep, adding Bank of America might help a lot of people.

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July 25, 2012, 12:00:25 AM
 #10

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

Yep, adding Bank of America might help a lot of people.

A friend of mine uses bitcoin AND bank of america so this would help a lot.

Oh and Western Union.

Open question for the bitfloor king. If I have a Chase account can't I just do an account to account transfer from my home or do I HAVE to go down to the teller, withdraw from my account and deposit into your account?

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July 25, 2012, 12:24:55 AM
 #11

Am I missing something here?

Yeah, the anonymity part.

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July 25, 2012, 12:35:20 AM
 #12

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

Yep, adding Bank of America might help a lot of people.

A friend of mine uses bitcoin AND bank of america so this would help a lot.

Oh and Western Union.

Open question for the bitfloor king. If I have a Chase account can't I just do an account to account transfer from my home or do I HAVE to go down to the teller, withdraw from my account and deposit into your account?

Second this. Via Chase Person-to-Person QuickPay(sm) and/or "Use Chase cards to pay at merchant sites"- http://www.chasepayeedirectory.com/chasebiller/home.html - Bitfloor needs to be added to that directory!

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July 25, 2012, 12:38:01 AM
 #13

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

Yep, adding Bank of America might help a lot of people.

This. The closest Chase branch to me is 99.95 miles away.

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July 25, 2012, 01:12:09 AM
 #14

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!
...  Am I missing something here?
There is no Chase within 50 miles of my house.

Yep, adding Bank of America might help a lot of people.

This. The closest Chase branch to me is 99.95 miles away.
Same here.  If they added a US Bank I would probably use bit floor exclusively as there is a branch within walking distance.

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July 25, 2012, 01:22:42 AM
 #15

I only have Key Bank, Community Bank, and NBT Bank AFAIK Sad

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 25, 2012, 01:27:58 AM
 #16

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!

Last time I banked with Chase they took advantage of me.  The current plan is to never bank with them again.
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July 25, 2012, 01:30:33 AM
 #17

Bitfloor needs more orders!

Oh and btw, WTF WAS UP WITH THAT MASSIVE ASK WALL TODAY!? WTF!?

The ask wall of 3500 BTC was me.  I ended up selling the coins to a private buyer off-exchange so i withdrew much of them.

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July 25, 2012, 01:40:03 AM
 #18

I'm not sure why more people in the US don't use this, it seems like a no-brainer to me!

Last time I banked with Chase they took advantage of me.  The current plan is to never bank with them again.

Go on...?

The only thing pissing me off about Chase right now is their forcing me to re-opt out of their privacy violations regularly. There's no option for "until I die, tell nobody anything about me".

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July 25, 2012, 02:29:00 AM
 #19

The thing holding back people from using Bitfloor is the lack of liquidity. Getting a 0.1% rebate hardly matters if the buy price is 50 cents higher than MtGox. They have the right idea to encourage liquidity but I think they need to get a few arbitrageurs active to keep the prices close to MtGox. Or MtGox close to them as appropriate when they increase in volume. To do this a rebate isn't enough. There needs to be an easy way to move money between exchanges without significant loss.

I've checked out Bitfloor a few times and each time the price I could get for selling some BTC was way lower than MtGox. That was the only reason I didn't use it. They say they do ACH deposits and that would be really nice and I would switch in an instant if I could get good prices.

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July 25, 2012, 05:05:17 AM
 #20

The thing holding back people from using Bitfloor is the lack of liquidity. Getting a 0.1% rebate hardly matters if the buy price is 50 cents higher than MtGox.

I routinely sell 1000 BTC there at 2% below gox price.  check the depth, I've been there almost every day for the last 2 months.


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