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Topic: Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers - page 22. (Read 104466 times)

sr. member
Activity: 295
Merit: 250
Apparently the 2% is worth it to some buyers.  The price is set by MTGOX so there really is only transfer of cost to the extent that bitcoin-broker affects the MTGOX published price.  In other words, not much until some effective arbitraging occurs.  It is a cost to the BTC buyer though.
It is rather difficult at the moment to convert cash in hand to/from bitcoins in a way that is fast, easy, and cheap.  All the methods I've seen so far have at least one downside.  2% certainly falls in the cheap side compared to alternatives like BitInstant ($4 + 4% to buy BTC, something insane to withdraw cash).  If I understand what this company is doing, they're effectively acting as an escrow firm with a Web interface.  There's no need for verification or even any real ID.  I imagine you could sign up with a fake name if you really wanted to stay anonymous. That's pretty easy to understand and manage -- or it will be when they work out the kinks on their site.  And it looks like trades are clearing in a day when they have stock, which is also pretty fast compared to other options that require several days to verify.

I'm not willing to endorse them wholeheartedly yet, as the crux of their business lies in whether you trust them to act as escrow.  (My transaction hasn't gone through yet as they've run out of bitcoins. Cheesy ) But what I've seen so far is promising, if distinctly amateur.  This has the potential to become something big once they smooth out and get a decent clientele lined up.
hero member
Activity: 881
Merit: 500
CyberTrade
well I got something in processing for 313.Might be from someone?If it is,should be posting more coins up @ bitcoinbrokers.com 

J Socal, that deposit is from a buyer for your bitcoins. As soon as you give me the green light I will release them. The deposit slip has been emailed to you for your inspection.

Thanks.

PS-I have a bunch of buyers now lined up to buy so the more you can send over the better. (Obviously at whatever pace you are comfortable with.)
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
this explanation is missing something important. whats in it for you?
I already asked, post 11 & 13
The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.
than why does the title of this thread say "zero fees"?
I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.
lol that cost will still be passed on by the buyer to the seller in the form of higher lower prices. a fee to either party effects both parties equally in the transaction.
FTFY

Apparently the 2% is worth it to some buyers.  The price is set by MTGOX so there really is only transfer of cost to the extent that bitcoin-broker affects the MTGOX published price.  In other words, not much until some effective arbitraging occurs.  It is a cost to the BTC buyer though.
hero member
Activity: 495
Merit: 500
well I got something in processing for 313.Might be from someone?If it is,should be posting more coins up @ bitcoinbrokers.com 
sr. member
Activity: 295
Merit: 250
Ok, I'm feeling adventurous. I'll go ahead and buy J.Socal's 3 BTC.  Honestly not sure if I can get to a bank today before close, though.
sr. member
Activity: 364
Merit: 250
I am wanting to unload hundreds of thousands of USD, this seems new and untested. Looks like I'd have to do it in small pieces to protect myself...?
hero member
Activity: 881
Merit: 500
CyberTrade
I would like to announce that Bitcoin-Brokers has now added the UK onto the website. If you are a seller of bitcoins in the UK, and would like to sell your bitcoins on our website for free, and have British Pounds deposited directly into your bank account, then feel free to contact Bitcoin-Brokers.

Barclays, HSBC, Royal Bank of Scotland and Lloyds are now listed on our website as available banks.

You will be paid current MtGox rates based on the British Pound.
legendary
Activity: 1722
Merit: 1217
this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.

lol that cost will still be passed on by the buyer to the seller in the form of higher prices. a fee to either party effects both parties equally in the transaction.
hero member
Activity: 881
Merit: 500
CyberTrade
this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?

I would respectfully point out that the title says "Bitcoin to cash with zero fees".  This is an accurate title because the sellers of bitcoin will be able to convert their bitcoin to cash with zero fees incurred. It is only the buyer who incurs fees, which is 2%.
legendary
Activity: 1722
Merit: 1217
this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.

than why does the title of this thread say "zero fees"?
hero member
Activity: 881
Merit: 500
CyberTrade
this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13

The website makes a 2% commission which is paid by the buyer of the bitcoins. This is what is "in it" for Bitcoin-Brokers.
sr. member
Activity: 364
Merit: 250
this explanation is missing something important. whats in it for you?

I already asked, post 11 & 13
hero member
Activity: 881
Merit: 500
CyberTrade
Ok sent 3 btc along with bank info.Let see what happens.

Your bitcoins have now been listed for sale on our website as Sell Order #2786 and can be seen here:

http://www.bitcoin-brokers.org/buy-bitcoins-at-bank-of-america/

Anybody who contacts us  via Bitcoin-Brokers can now purchase these 3 BTC of J. Socals at any Bank of America with a cash deposit.

Thanks for your first order with us J. Socal.
hero member
Activity: 495
Merit: 500
Ok sent 3 btc along with bank info.Let see what happens.
hero member
Activity: 495
Merit: 500
Trying it out.I'll post feedback when trade is done.
legendary
Activity: 1722
Merit: 1217
this explanation is missing something important. whats in it for you?
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
Checks often include significantly more information.

And...Signature
hero member
Activity: 881
Merit: 500
CyberTrade
While I do like the idea of this service, I'd be very nervous giving out my bank account info to strangers. This is pretty much the same type of info required to do an electronic transfer cleaning out the account. If I were to try this, I'd create a brand new account (one of those "no fees, no requirements" types) and empty it out after every successful transaction.

The only information which is provided to a buyer is:

Name of the bank of the seller
Name of the seller
Bank account number of the seller
ABA routing number of the seller

All this information is the exact same information which is presented at the bottom of any personal check. There is no risk in telling a buyer this information. Buyers can NOT do anything with this information other than deposit cash into the bank account of the seller.
sr. member
Activity: 295
Merit: 250
While I do like the idea of this service, I'd be very nervous giving out my bank account info to strangers. This is pretty much the same type of info required to do an electronic transfer cleaning out the account. If I were to try this, I'd create a brand new account (one of those "no fees, no requirements" types) and empty it out after every successful transaction.
legendary
Activity: 2128
Merit: 1002
I would like to take this time to announce that Bitcoin-Brokers has now opened the service to residents of Canada. If you bank at any of the top banks in Canada, Bitcoin-Brokers will now list your bitcoins for sale on our site for free.

Canadian sellers of bitcoins will receive cash payments for their bitcoins deposited directly into their personal Canadian bank account.

www.Bitcoin-Brokers.org


Would be a good service to start in Malaysia, Singapore and Indonesia.
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