Bitfloor cash deposit? | Bitcointalksearch.org

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: ramus313 on April 17, 2013, 03:25:59 PM

I went over to the bank, did the cash deposit, and by the time I got back, the funds were in my account! Wow I think Bitfloor will be my preferred exchange from now on.

thanks guys!

Unfortunately they don't have as much volume as MtGox, so a significant size purchase or sale can send the current price soaring or crashing there quickly.

Also, their web interface is very clunky and buggy. I've heard that their FIX API is great, but for occasional website use, it leaves a lot to be desired.

EDIT: As of 2013-04-17 BitFloor has ceased all operations.

ramus313

newbie

Activity: 14

Merit: 0

I went over to the bank, did the cash deposit, and by the time I got back, the funds were in my account! Wow I think Bitfloor will be my preferred exchange from now on.

thanks guys!

ramus313

newbie

Activity: 14

Merit: 0

Alright thanks guys, Im going to go ahead and try the cash deposit.

jonchin

newbie

Activity: 7

Merit: 0

I used the cash deposit just last week. It was fast and easy. It's too bad they have the 1-4% fee now. I used their fee-less cash deposit system a year ago and it worked just as good then.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

I use it regularly, and haven't had any issues. There is no way to know if any exchange is "safe to use". Any of them (MtGox, Coinbase, BitFloor, etc) could get hacked or close up shop and run with the funds at any time if they decided to. You can reduce your exposure to the risk by minimizing the amount of time you store funds there.

Hopefully someday in the future there will be bitcoin currency exchanges that are both ensured and regulated to protect the user. Until then, it is difficult to be involved in bitcoin without taking on some level of risk.

ramus313

newbie

Activity: 14

Merit: 0

Do you think it is safe to use? I will be buying the bitcoins and transferring to my wallet almost immediately.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

I've used the Cash Deposit method several times.

The funds have always been in my account faster than I could drive home.

Quote from: ramus313 on April 17, 2013, 06:14:48 AM

- snip -
I plan on using Bitfloor as my exchange to buy my first bitcoins, because I have only heard good things about it.
- snip -

You are aware that they lost 10,000 of their user's bitcoins to a hacker back in autumn 2012, right? That they have claimed that they will pay back these lost bitcoins out of their revenue over time, but that so far they've paid back less than 3% of the lost funds?

ramus313

newbie

Activity: 14

Merit: 0

Should I wire instead? I haven't heard anything about this cash deposit system here on the forums.

ramus313

newbie

Activity: 14

Merit: 0

Hey guys, I plan on using Bitfloor as my exchange to buy my first bitcoins, because I have only heard good things about it. I am interested in their cash deposit option. Is this instant? I believe the site claims that the funds will be in my account within 30 minutes. Does anyone have experience with this?

Thanks!

Topic: Bitfloor cash deposit? (Read 486 times)