Topic: Dwolla vs Paxum & MtGox vs Tradehill - for US bitcoiners - page 2. (Read 3446 times)

Yes, bitcoin blockchain wasn't rolled back.  mtgox and all other exchanges and most online services do their own internal bookkeeping while incoming BTCs reside in their wallet, once you ready to pull out your BTCs, funds are dispersed from their wallet to yours.

Not btcs are moved until you withdraw or deposit them. They sit in a pot and Mtgox just uses the monetary figures in your account to simulate a trade.

No, not a grey area.  The list is prohibited activities, not prohibited entities.

Well you are not using paypal with a currency exchange... you are using it with a private user. Paypal and the bitcoin.eu never interact.  I generally send the user an ebook or something. Or ask for information etc.
It is on the grey area and I don't want to jeapordize my paypal account because I do a lot of business with it for audio video work world wide  and it's been a godsend.  That's why I am looking on how to get in on the exchanges.

I guess a check is best but then you have to wait and wait. Wire transfers cost $50 and don't seem to be any faster. Why oh why are wire transfers not instant from your bank to them? Makes no sense. Paxum seems very shifty and want so much information and who are they? Yeah let me give you a retina and ass scan while I'm at it.

Thanks for the tips though. Please others chime in with how you work it.

"Prohibited Activities
You may not use the PayPal service for activities that relate to transactions that are associated with the following Money Service Business activities: currency exchanges."
 - http://cms.paypal.com/us/cgi-bin/?cmd=_render-content&content_ID=ua/AcceptableUse_full

That is pretty cut an dried.  They may not know the purpose of a payment, but that doesn't mean the transaction doesn't violate their terms (acceptable use policy):


The most convenient method might be to just mail a check.

ExchB:
 - http://en.bitcoin.it/wiki/ExchB
and HelloBitcoin:
 - http://en.bitcoin.it/wiki/HelloBitcoin

Both will accept a check by mail for deposit of funds into your account.

For withdrawals, both will send you a check and both provide a way to withdraw funds directly to your bank with ACH.

Of course, if the delays are ultimately the issue, mailing a check is no faster and may even be slower.  Sending a bank wire then is still about the only way to be able to get to trade on those funds within about a day.

You might find someone to trade with locally:
 - http://en.bitcoin.it/wiki/Category:Directories

I am having a hard time figuring out which is the best course of action for US based bitcoin users who want to partake in buying and selling them.  I have done some small trading on https://bitmarket.eu which has been fairly successful and it seems they always carry a higher value due to the fact that they in certain instances allow for paypal which is the fastest method, and since you are using paypal privately with other users for any service you are not technically violating paypal terms. This is I suppose what fuels the higher prices.

I have wanted to get on one of the more major trading sites or several of them but Tradehill forces U.S. users to only use paxum which I didn't like the looks of at all nor the ridiculous fees.  I am not fond of going to MtGox either as I'm not sure how I feel about the whole hack/rollback scenario.  Some say it increased their security but who knows... and how can they just 'rollback' prices I though once bitcoin blocks go they go?  But anyway, I'm sure there are a billion other threads on that.

Currently what are U.S. users doing to get money in and out of USD?  It seems like an incredible pain in the boot with excessive fees and middlemen no matter how you go.

Dwolla looks like the only other option but I am hearing a lot of bashing on it as well.

Would just like to hear what some of your opinions are and your "workflow" for converting bitcoins to USD and USD to bitcoins.

For instance, I had some extra funds laying around and I wanted to buy a bunch of coins when it hit the recent low, but there was no way for me to do it because of all the delays.. middle men.. and only dwolla or paxum.  Or does Mt Gox take direct bank wires in and out?  Is that safe?  How do American banks respond? How do they respond to dwolla?  Paxum looks a bit too creepy for me.

Experiences and workflow, and some sample amounts of trades and fees would be greatly appreciated.