Topic: Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers - page 6. (Read 104466 times)

Bitcoin-Brokers is the best option for buying bitcoin same day, reliably and without weird business decision risks.

The issues I've had with Coinbase are
1) Arbitrarily reversing trades due to "high risk" despite thousands of trades with them, a too high percentage of purchases get reversed when the price rises between purchase and fulfillment.
2) A major bank cancelled my account shortly after the first Coinbase ACH trade.  They bank did not provide a reason (they aren't required to do so), but there was nothing other than those Coinbase transactions that had changed.

Coinbase may be too high-profile for its own good.  If US banks decide they don't like bitcoin companies, it stands out.  I'm getting an account with Simple.com (which reputedly does like Bitcoin companies) set up with Coinbase to test how that goes, but this still won't resolve the issue #1 of unreliability.

The account closure option doesn't happen to everyone, yet, but it is common enough to be a concern if you want to keep your bank account.
http://www.coindesk.com/capital-one-closes-bank-account-bitcoin/
http://vr-zone.com/articles/bitcoin-businesses-getting-banned-banks-us/64047.html
http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/
http://www.reddit.com/r/Bitcoin/comments/1rytlm/wells_fargo_investigating_use_of_coinbase/
http://www.sfgate.com/business/article/Bitcoin-hasn-t-yet-gained-currency-with-banks-5042604.php

A big thanks to the above poster for the hints about using the Zendesk ticketing system.  I was familiar with such systems having used them in other efforts, but they might not be as obvious to everyone.  Hints like this can go a long ways toward helping others.

Bitcoin-brokers seems in theory to be a pretty tight system.  In practice as well.  The most obvious failure mode is if the operator took off with the sellers coins which are in escrow.  That he uses a ticketing system like Zendesk is something I considered comforting.  I don't know if it is true or not, but hopefully Zendesk has DOX on the operator and would cooperate in hunting him down if he was running an obvious scam using their service.

When I used this service I found the responsiveness of the operator to be similarly impressive.  And the results to be fantastic.  I now use Coinbase mostly but will not hesitate to use this services again and may do so even if Coinbase remains performant.

Love this service.

I tried to buy $400 worth of Bitcoin on Saturday, and so I followed the directions and sent my bank receipt and teller card scans in a reply to Bitcoin Broker's email.
It ended up never going through (didn't get a reply) so I ended up sending 2 more follow up emails on Sunday and Monday. My mistake in communication. After I didn't receive the reply, I should have assumed something was wrong with my email service (getting flagged by Zendesk) and immediately pm'ed sayulita on the forums. His initial reply to my ticket was on the order of ~5 minutes, so I had no reason to assume he would have been late replying. Again, I messed up.

But this didn't matter. Even after failing so badly on my part with communication and following the directions he sent me (deposit by 6pm on Saturday, that was my limit), after I sent him a pm via forums and then replied through Zendesk's system (not my email), he was promptly able to fix everything.

The best costumer service I've ever had.


And for anyone out there who will be using this service in the future, use the Zendesk system. Once you get your initial reply, setup an account with the email address you used and make all future replies through that system.

Happy Holidays to everybody!

It isn't necessary because I am on the help desk between the hours of 7:00am-7:00pm PST Monday-Saturday.

You will never have a hard time reaching me.

At this moment, there are zero tickets unattended.

Usual response times are within minutes, though on very heavy sales days, a client might have to wait up to an hour for a response.

I think that's about as good as it gets in the industry to speak to a live person don't you?

Would be helpful if you could put a online status indicator for when someone is available to answer the buy requests.

I usually use localbitcoins and you guys but don't want to make a request then cancel if you happen to be afk.

Understood. Thanks!

Thanks for your help.

Thanks for the explanations, it is much more clear now.

Sounds like both are true. 
1) BB holds the coins in escrow. 
2) Depositor buys coins. 
3) BB askes seller for new coins to replenish escrow.
and repeat...

This is an ever changing world so things will probably change in the future. Yet, at this moment, if you want to become a seller at Bitcoin-Brokers. I am only interested in sellers who can commit to at least $5000/month worth of bitcoin. Additionally, as a seller you will need to offer at least one high volume bank and preferably more than one (BOA, Wells, Chase, Suntrust, Key etc.

I sell a ton of bitcoin every week, and considering the amount of energy required to get a new seller set up in the system, it isn't worth any amount less than that.

Hopefully that helps.

Here is a quick explanation as to how things work here:

The bitcoins that we sell you have been placed for sale on our site by individual sellers. The sellers provide us with their personal banking information. Bitcoin-Brokers handles the sale of the bitcoins, handles the communications and directs buyers to make cash deposits into these seller's bank accounts.

By setting it up this way, Bitcoin-Brokers never touches the cash. The buyer simply pays the seller directly.

That's it. There is no sign up, or registration. We do not collect any ID.

Sellers have their bitcoin priced in relation to specific exchanges (such as MtGox +4%, or Bitstamp +8%). This is always based on current (last) price on the specific exchanges.


When ordering I need to know three things from you:

1)How much in dollars would you like to purchase?
2)What bank would you like to pay at? (currently bitcoin is available most frequently at Bank of America, Chase, Wells Fargo)
3)What is your bitcoin wallet address?

Once I have that information I can prepare a quote for you.

After you have made a cash-only deposit into the seller's bank account you will need to collect proof of the deposit you have just made. You will need to obtain the deposit receipt, as well as the business card of the teller.

Those two items will need to be photographed and then uploaded as an attachment to the same ticket used to request the quote. Once that is forwarded to Bitcoin-Brokers, I inspect it, and then forward it to the seller as confirmation of the deposit. It is at this time that I also make a request from the seller to release the escrowed bitcoin. Once this authorization is granted, I transfer your bitcoin to your wallet.

The seller has 24 hours to authorize a release of the bitcoin, though 99% of the time the bitcoin is authorized to be released much sooner than 24 hours.

On the off chance that the seller fails to reply to the request, Bitcoin-Brokers already has the bitcoin escrowed in our wallet, and we will simply complete the transfer of the bitcoin to you on behalf of the seller. You are always guaranteed to get your bitcoin when you buy them at Bitcoin-Brokers.

Anyways, I hope that clears that up for you.

What's the current minimum amount of bit coins necessary to be a seller?

So, basically, you are a middle-man to make sure the sellers respect the price quoted? Does it work like LocalBitcoins?

Sellers price their bitcoin in one of two different ways:

1)The timestamp which is printed on your deposit receipt shall represent the time at which we match up the corresponding price from an exchange.

2)The time at which the bitcoin is transferred to your wallet shall represent the time at which we match up the corresponding price from an exchange.

Do you guarantee to accept the order even if the price has had too much change in the meantime (within the day of the quote)?