Topic: Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers - page 17. (Read 104490 times)

This is what I meant! I just meant let me know so I could go to you and tell you they were being loaded

There are multiple sellers with multiple balances at each bank. Additionally, sometimes their bitcoins have price points which if penetrated no longer are available for purchase.

I have a couple ideas still rolling around in the head as to how to make a better mousetrap, but I have a couple other more pressing issues which require my immediate attention at this time.

Feel free to reach me directly through the helpdesk if you had any specific questions.

Thanks.

Hey sayultia!

I plan on using your service in the future, and it really seeems like what I've been looking for.

A suggestion though:
Under each bank have a drop down list or something similar of the different coins for sale. A buyer could then click whichever order they want to get and receive contact information for the seller.

Just wanted to chime in and say that I bought bitcoins using this service last week for the first time and it was very easy and very FAST.

Will be doing this every month as past of my ongoing question to acquire bitcoins. 

Or better yet...load them at Bitcoin-Brokers so we can safely broker them to this member safely.

If anyone is looking to unload on Bank of America, Sovereign, Citizens, or Webster - let me know!

An offshoot arbitrage discussion of Bitcoin-Brokers was just started. Since the discussion is trading related, I placed the topic over there, yet as a courtesy to followers of this thread, I wanted each of you to be made aware of the thread's existence in case it was of any interest.

https://bitcointalksearch.org/topic/m.2676740

Hopefully we can keep the arbitrage talk on that thread. Thanks everybody.

Bitcoin-Brokers accepts buyers and sellers and banks from every country.

If you wanted to list your bitcoins and you have a bank account in Europe, Bitcoin-Brokers would direct buyers to visit your bank and make a cash deposit in Euro or British Pound or whatever your native currency happens to be.

SEPA is a transfer which can be recalled for up to something like 30 days, and for this reason it is not accepted. Only cash deposited directly into the seller's bank account.

SEPA is bank to bank transaction.  Why is it needed for this?  Seems like it would be an additional unnecessary step if the deposit is made to the bank account of the coin seller.

do you support european banks? SEPA deposits into european bank accounts?

I just wanted to post to say that I used this service a couple of times in the last few days and it was a very smooth process.

Each time, I simply went to the bank and made a deposit and I the bitcoins were sent to me quickly.

Thank you for a great service from a very happy customer.

Wrong.

Bitcoin-Brokers never touches anybody's cash. Cash is deposited by the buyer into the seller's account directly. Bitcoin-Brokers never comes in contact with a bank account, nor touches ANY FIAT whatsoever.

Additionally:

10 FinCEN's regulations provide that whether a person is a money transmitter is a matter of facts and circumstances. The regulations identify six circumstances under which a person is not a money transmitter, despite accepting and transmitting currency, funds, or value that substitutes for currency. 31 CFR § 1010.100(ff)(5)(ii)(A)-(F).
Looking up the six exemption circumstances in 31 CFR § 1010.100(ff)(5) will return the following:

(ii) Facts and circumstances; Limitations. Whether a person is a money transmitter as described in this section is a matter of facts and circumstances. The term “money transmitter” shall not include a person that only:

(A) Provides the delivery, communication, or network access services used by a money transmitter to support money transmission services;
(B) Acts as a payment processor to facilitate the purchase of, or payment of a bill for, a good or service through a clearance and settlement system by agreement with the creditor or seller;
 (C) Operates a clearance and settlement system or otherwise acts as an intermediary solely between BSA regulated institutions. This includes but is not limited to the Fedwire system, electronic funds transfer networks, certain registered clearing agencies regulated by the Securities and Exchange Commission (“SEC”), and derivatives clearing organizations, or other clearinghouse arrangements established by a financial agency or institution;
 (D) Physically transports currency, other monetary instruments, other commercial paper, or other value that substitutes for currency as a person primarily engaged in such business, such as an armored car, from one person to the same person at another location or to an account belonging to the same person at a financial institution, provided that the person engaged in physical transportation has no more than a custodial interest in the currency, other monetary instruments, other commercial paper, or other value at any point during the transportation;
 (E) Provides prepaid access; or
(F) Accepts and transmits funds only integral to the sale of goods or the provision of services, other than money transmission services, by the person who is accepting and transmitting the funds.


The above two points are also the exact same two points which are the reason why Bitpay didn't need to acquire a Money Transmittor license either.

BCB you are Bitcoin-Brokers competitor.

This is the second time you have ventured onto this thread to throw shade at Bitcoin-Brokers.

There are lots of threads on this forum other than this one, why don't you go find one?

Anytime sayulita is in control of bitcoin or fiat for his US clients he is effective performing money transmission according to Money Transmission Laws depending in which US State his client is located.

I'd also point out that this breaks the peer to peer paradigm you have going. That exposes you to legal risk because now you're the one sending funds and buying coins. You're no longer a disinterested escrow service, you now have your own money in play. I'm certainly not a lawyer, but you probably want to speak to one about the laws and regulations involved for yourself, the buyer, and the seller.

Good point. I do not know what sort of limitations are in place on individual accounts with respect to people making cash deposits on a daily, monthly etc basis.

There are sole proprietors using their personal bank accounts as a deposit option for clients paying their invoices; I know the banks start breaking out the paperwork for cash deposits north of 10K at a time, but beyond that I have no idea. I suppose each bank has its own set of rules.

The problems start to show up when you consider that transaction volumes large enough to make this worth the effort are very likely to cause banks to close one's account.

And the award for best solution goes to..........

That could work!

Bitcoin-Brokers would have to act as the guarantor, but not any more so than what it happening right now. Bitcoin-Brokers already guarantees current buyers that every transaction results in bitcoins in their wallet. This is achieved easily by collecting the bitcoins in advance from the seller. Buyers are only directed to fund the accounts of sellers who have already escrowed their bitcoins. That's why the buyer always is guaranteed to receive bitcoins with Bitcoin-Brokers.

And "yes", Bitcoin-Brokers would be there to complete the transaction on behalf of the seller, with the seller's escrowed bitcoins in case the seller suddently disappeared.  

There's a simpler way a seller could do this using the existing site features:

1) Wire $10,000 to BTC-e.
2) Deposit $10,000 worth of bitcoins with Bitcoin-Brokers
3) Every time you get a sale on Bitcoin-Brokers execute a market order for the same dollar amount on BTC-e
4) Before you run out of bitcoins on BTC-e send another wire transfer from the bank account you're receiving deposits to.
5) Before you run out of bitcoins on Bitcoin-Brokers replenish your account there with the ones you bought on BTC-e.

Seller earns the spread between Mt Gox and BTC-e minus wire fees.