Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers - page 8.

sayulita

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Quote from: FullLife on September 07, 2013, 10:49:18 PM

Quote from: justusranvier on September 07, 2013, 02:31:01 PM

Quote from: Stephen Gornick on September 07, 2013, 02:05:42 AM

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit). Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions. I'm hoping I won't run into any problems.

I think you should be fine.

sayulita

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Quote from: cardcomm on September 09, 2013, 06:47:48 PM

Quote from: sayulita on September 06, 2013, 06:00:33 PM

Quote from: KyrosKrane on September 06, 2013, 05:48:45 PM

I'm curious now. How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers? And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

Thanks for the more detailed explanation. As a buyer, I'm pretty happy with the bank deposit option, but it's nice to have choices.

One question though: Would the use of WU payments make it possible to purchase bitcoins on the weekend? Not that I'd want Dan or anyone else to have to work weekends

But there have been a couple of times it would have been worth some extra cost to be able to buy on Saturday. Just a thought...

At this point, I think it is just going to be offered Mondays-Fridays. If that changes I will make it known here.

cardcomm

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Quote from: sayulita on September 06, 2013, 06:00:33 PM

Quote from: KyrosKrane on September 06, 2013, 05:48:45 PM

I'm curious now. How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers? And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

Thanks for the more detailed explanation. As a buyer, I'm pretty happy with the bank deposit option, but it's nice to have choices.

One question though: Would the use of WU payments make it possible to purchase bitcoins on the weekend? Not that I'd want Dan or anyone else to have to work weekends

But there have been a couple of times it would have been worth some extra cost to be able to buy on Saturday. Just a thought...

marcus_of_augustus

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Eadem mutata resurgo

Quote from: justusranvier on September 08, 2013, 12:21:39 AM

Quote from: FullLife on September 07, 2013, 10:49:18 PM

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions. I'm hoping I won't run into any problems.

The account I got a call about has not been used for any third-party bitcoin sales. I've just been depositing dollars into it and buying bitcoins via Coinbase. They seemed to be satisfied when I told them it was personal use and not a business, but I was surprised that they are watching Coinbase so closely.

"They" are not watching anything ... their systems that are running 24/7 are watching everything, all "they" need to do is ask the systems the right questions.

justusranvier

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Quote from: FullLife on September 07, 2013, 10:49:18 PM

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions. I'm hoping I won't run into any problems.

The account I got a call about has not been used for any third-party bitcoin sales. I've just been depositing dollars into it and buying bitcoins via Coinbase. They seemed to be satisfied when I told them it was personal use and not a business, but I was surprised that they are watching Coinbase so closely.

FullLife

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Quote from: justusranvier on September 07, 2013, 02:31:01 PM

Quote from: Stephen Gornick on September 07, 2013, 02:05:42 AM

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit). Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

I opened business checking accounts with a couple major banks just to use exclusively for bitcoin buying/selling because of the volume of transactions. I'm hoping I won't run into any problems.

justusranvier

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Activity: 1400

Merit: 1013

Quote from: Stephen Gornick on September 07, 2013, 02:05:42 AM

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit). Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Banks are starting to do the investigative legwork.

I got a call from Wells Fargo because I had been using my personal account to buy bitcoins from Coinbase. They knew Coinbase was affiliated with Bitcoin, and then asked me if I was buying bitcoins for business or personal use.

It could be that Wells Fargo is more alert than other banks because of the Bitfloor incident, but it's still a trend to keep an eye on.

NewLiberty

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Gresham's Lawyer

Quote from: Stephen Gornick on September 07, 2013, 02:05:42 AM

Quote from: niner on September 07, 2013, 12:14:24 AM

What's different about this one?

With an exchange, all deposits are made to the same account number.

With Bitcoin-Brokers, cash is deposited directly into the seller's account.

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit). Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

Yes exactly, so the sellers bear the risk of account closure rather than B², and since this risk is distributed across all sellers it is further reduced and also manageable by the individual sellers.
For my accounts, (where I get cash deposits from bullion buyers all over as a routine matter), it would be almost indistinguishable from this activity.

Stephen Gornick

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Quote from: niner on September 07, 2013, 12:14:24 AM

What's different about this one?

With an exchange, all deposits are made to the same account number.

With Bitcoin-Brokers, cash is deposited directly into the seller's account.

The bank has no idea that the cash deposit transaction was Bitcoin-related, so it becomes much harder for them to prevent this activity without scrutinizing all cash deposits (e.g., asking for ID from the person making the deposit). Of course, a large seller will have many cash deposit transactions and that alone might put them in the spotlight but the bank wouldn't necessarily know that the deposits were the result of a Bitcoin sale without doing much more investigative legwork.

niner

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You are here ---------> but you're not all there.

It seems like every other Canadian company that was offering
cash bank deposits for coins has rescinded the offer.

What's different about this one?

sayulita

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Quote from: KyrosKrane on September 06, 2013, 05:48:45 PM

I'm curious now. How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers? And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

I am happy you asked.

The Western Union payment option is a payment made directly to Bitcoin-Brokers as compared to a payment into the seller's account with bank deposits. These WU bitcoin will be sourced from an exchange by Bitcoin-Brokers, and will be sold at current MtGox rates.

There will be the normal Bitcoin-Brokers fee of 2%.

The buyers will bare the all the associated costs with sending the payment by Western Union.

The WU payment option comes at a higher cost to the buyer than any of the bank deposit options.

As a result, WU should not come into direct competition with the existing sellers because frankly its not as convenient as the bank method, and it will come at a higher cost by a few points.

Hopefully though it will be an attractive option to people living in other countries where purchasing bitcoin isn't as convenient as it is in the USA or Canada.

KyrosKrane

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Activity: 295

Merit: 250

I'm curious now. How does Western Union work in the B-B framework, given the principle of non-reversible payments that's desired here, and all the fraud associated with WU money transfers? And more generally, what are the fees and limits associated with using WU to buy or sell BTC?

monbux

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Looks great, might buy a few. Doesn't look secure though.

NewLiberty

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Gresham's Lawyer

Nicely done, congratulations for that.

itsBusinessTime

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Quote from: sayulita on September 05, 2013, 11:00:04 AM

Quote from: itsBusinessTime on September 05, 2013, 10:08:46 AM

Hi there!
Sorry if this has been asked before but I see in your first post that Mt.Gox is used to determine prices. When I go to your website there's no reference (that I can find) to which exchange prices are based on. Can you confirm you use Gox prices?

It is in fact MtGox which is used.

Thanks.

Thanks! Looking forward to trying your website!

sayulita

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Activity: 881

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CyberTrade

Quote from: itsBusinessTime on September 05, 2013, 10:08:46 AM

Hi there!
Sorry if this has been asked before but I see in your first post that Mt.Gox is used to determine prices. When I go to your website there's no reference (that I can find) to which exchange prices are based on. Can you confirm you use Gox prices?

It is in fact MtGox which is used.

Thanks.

itsBusinessTime

newbie

Activity: 19

Merit: 0

Hi there!
Sorry if this has been asked before but I see in your first post that Mt.Gox is used to determine prices. When I go to your website there's no reference (that I can find) to which exchange prices are based on. Can you confirm you use Gox prices?

sayulita

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Activity: 881

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CyberTrade

(edit-filled)

sayulita

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Merit: 500

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Bitcoin-Brokers now offers bitcoin for sale in the country of Chile.

Residents of Chile can visit Banco Falabella and make a cash deposit with and receive bitcoin within a day.

sayulita

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Merit: 500

CyberTrade

Quote from: cornish_will on August 27, 2013, 05:14:49 AM

Quote from: sayulita on August 24, 2013, 05:56:05 PM

Quote from: BitCoiner2012 on August 24, 2013, 05:54:11 PM

Quote from: sayulita on August 24, 2013, 04:55:00 PM

Guys......I have been trying to be polite and let this thing burn out on its own but that doesn't seem to be happening.

Can we keep this thread focused on Bitcoin-Brokers please?

Thanks.

Apologies, was just trying to warn people of risk involved with SEPA. I will step away. Regards.

Thanks.

Sayulita we are diascussing payments which was directly or indirectly linked to bit brokers as a payment platform

The payments you are discussing have nothing to do with Bitcoin-Brokers. Bitcoin-Brokers does not service the UK, and all you are discussing is UK payments.

Topic: Buy bitcoin with cash deposits at most banks in the USA with Bitcoin-Brokers - page 8. (Read 104466 times)