Topic: GUIDE : How to use PAYPAL or INDIAN CREDIT and DEBIT CARDS to purchase Bitcoins (Read 30915 times)

Another one of my old topics that was loved a lot.
Locking on 16th Aug 2018 with 30749 views @ 23:10

Well I was lucky, my big transactions were definitely well beyond $250. But then again, I didnt buy in the recent times & you are right, any delay in recent times would mean HUGE losses. But our local traders are ahem ahem a bit 'egoistic'.

All below 250$ transactions were fast. But when I tried a 1400$ transaction, they blocked it and sent a request to HDFC Chennai for verification. Since HDFC does not send verification like that. Liqpay returned the funds to my card. It took atleast 2 weeks I think to sort it out, in my case. But this was pretty long ago. Like I said, I did make a loss, ie the price rose from 6$ to 11$ approximately within that time frame, so almost a 50% loss. In present cases that is almost intolerable.

cheers

How long did it take ? My 1st 2 large amounts were smooth with them.

Yup legendster, you are correct about the VISA and MASTERCARD difference, I just lurk....I have been around for a long time since before the first bubble...done my fair share of talking.....cheers

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EDIT : I havent used the VISA Card method, though I have bought using MasterCard via Liqpay on btc-e. Has been smooth for small amounts. if you try a large amount then there could be issues, as happened to my first large amount, but was sorted, BTC price rose almost 50% in the meantime. hehe..

ONE MAJOR flaw in your workaround.
That major flaw is why I initially offered my services anyway.
Liqpay or other processors based on liqpay & interkassa servers only accept MASTERCARD credit cards outside the CIS countries.

How do I know this ? well there's a difference between figuring out & trying it out, and trust me I've been on both sides.

To top it off, liqpay servers dont work with Indian mobile carriers - not on the first go atleast - and even after the 'test' correction its easy to lose money to the system lag, which I faced and had $250 stuck in their system which they took 7 days to refund. So not really efficient.

I have talked with liqpay admins themselves, they arent really interested in extending their services beyond the CIS countries, not because they dont want it, but because they cant.


With all that said. I'd still say KROGYAN is a better option to buy coins from.

sorry just read the OP NOW....

Simplest Method, I could figure out......Used it long ago.

Create Virtual Visa Card at Entropay and load using your Debit Card / credit Card etc. ( Instant online webcam card verification )
about 5%.
Putting money via Wire transfer takes lesser fees though.

Now goto BTC-E , deposit liqpay direct or goto 24change and get it deposited to btc-e
Buy Chepaer than the average of all the 4 main exchanges.

..............................................

I trust btc-e a lot. I made a transfer of 1400$ back when the price was 6$ to buy in, the transaction had some issue and had a lot of chats with btc-e and liqpay etc. The issue got sorted out, they refunded me back to my card directly.

The only loss was the price rise to 12$ by the time I got the money back into btc-e.

..............................................

cheers

Yup

legend - you currently selling bitcoins ?

Exactly. Good for long term.

Virwox has weird rules and issues regarding the withdrawal system and not always reliable. The rates are extraordinarily high and hence I myself provide better rates.

I  bought some BTC with my credit card  from virwox one week ago and withrawed.It took 48 hours for the first time as my account was totally new.Again I have bought some BTC today and this time the withrawal is immediate.No second life account is required for withrawal.I havn't used paypal too.Just went to credit/debit card option and bought SLL then BTC,it was processed through skrill.Biut the price is exorbitantly high,I paid $105 today and got BTC worth $76 only.Good for long term investment but not at all for trading.

Thanks for sharing, I still remain the cheapest way for us Indians to buy

After 29th I might be able to introduce rates at 10%+ Btce rates.

There is a new way (still expensive) to purchase btc with plastic:

Buy gift card here:
https://www.jagoo.net/card/7

Redeem gift card for btc:
https://www.giftcoins.me/ (btc rate is difficult to see on the top right)

Someone's experience with the process:
http://www.reddit.com/r/BetterBitcoinBureau/comments/1codzt/giftcoins_bitcoin_gift_card_review_thread/

Probably only worthwhile if someone has used up their Virwox monthly limits.

Edit:
I redeemed a 15 $ card, cost of the card was 18 usd after charges but the actual amount transacted was 14 usd not 15 usd which got 0.10029 btc when the price on the site was 139 usd/btc (gox @ 119 usd.) The site is ok for a quick purchase (the code verification takes about 5 minutes during which the redeem button doesn't work) but Virwox limit orders are better for someone willing to wait for price drops.

When Gox goes $60 its still costs around $90 at Viwox :/





But From coming week I should be able to regularly provide good rates and steady service and I can say there would be only 2 places online that'll sell cheaper than me, 1: Gox 2: btc-e   I will sell at +14% ~ 12%  (Its my rough estimate but the internet's too big to guarantee anything)

what are the charges to buy from there?

I dont think its necessary to download the game and stuff. You can just buy Bitcoins directly from Virwox through paypal. But to do this all you have to do is purchase SLL and then convert it to BTC. Thats how I did it..

Thanks for confirming !

Yes I know, use the Limit Market to minimize this.
I was able to buy at 18500 SLL per BTC today.

Did my second transaction to capitalize on the dip to 55.

Apparently, Virwox has a 45-50 usd hike over gox rates after all their transaction fees are accounted. When gox was at 70, I effectively traded at 120 usd (my first trade on virwox was when gox was at 100 and my trades on virwox ended up being priced at 147 usd/btc after charges.)

Yes, you are right. Verification is ONLY needed if you wish to use the SLL within the game.

A LOT !

You will end up paying around 25% - 30% extra.

The SLL/BTC rates there are very stable and is not that severely affected by any Mt Gox or BTC-e fluctuations.

You are better off buying coins from users here (like me)

But if you want to do it you can go right ahead, it can prove beneficial for long term inve4stments, this guide is essentially for people that say its 'Impossible' to buy coins through Credit Card or Paypal or Skrill.

So how much more does it cost?? in INR per btc how much extra cash do i have to spend??

So probably this verification is for transferring your SLL money to the game maybe.. So unless we need that I THINK we can get away with it.

nope, doesnt seem to be new. I've had an account for over  3 months, never been asked to validate a SL avatar.
All you do is just enter some random name for your SL user.

I can't register without registering a second life character (doesn't take more than 5 minutes) on the second life website. No need to download and install the game, you just have to register a character on the second life site.

I used to use oDesk and that e-mail was de-activated ages ago so Skrill locked me out since my card was somehow connected to an outdated oDesk address. Paypal seems to have lower charges to deposit fiat anyway.

Buying bitcoin after transaction charges and exchange commissions ends up having a 40-50 % mark up above mtgox current rate. When gox is at 100 usd/btc, the minimum that can be exchanged for btc ends up being 15 USD (850 INR) for about 0.1 btc.

Some details:
Can only exchange fiat for SLL in whole numbers. 5.25 USD is not accepted but 5 USD is accepted.
Minimum of 0.1 BTC to be traded for SLL

those two tied up tightly, just fun, but on mtgox fluctuation you can make real money

Is this a new inclusion, no SL avatar verification needed?

I bought some, one night before the crash, at 223.
I had earlier bought at 40.
together, the cost price was around 90, and i managed to sell at 183. so in good profit % overall, but considering the quantities (of btc), not really that much.
I do a bit of trading on btc-e with ltc/btc. Lost some, gained some, hedged some, etc.
I trade on btc-e mostly for fun, as those are the funds i can afford to lose.


currently holding about 0.45 btc and about 10 ltc in btc-e. Rest stashed in my "savings" address, for long term. thats about 0.5 btc for now .

lol so you're saying that you 'SOLD' during the crash ?

A Much more concise, pictorial guide is available here:

http://howdoyoubuybitcoins.com/with/credit-card/

you DO NOT NEED a SL account.

withdrawals will be processed immediately UNLESS:
1. your account is new ( < 30 days )
2. your account is not new, but you have tried to make more than a certain number of withdrawals.

After your account crosses the 60 day age, small withdrawals are immediate.
Larger ones need a manual step.
Have not done too many transactions, so not sure of the actual  numbers.

I had done some calculations earlier, and the fees for conversion are in the range of about 8 - 12 %, including withdrawal fees, commission, currency conversion fees, tax, service tax and whatever else credit card companies charge.

That could have gotten covered overnight a few days ago

48 Hours

Whatever you do DO NOT withdraw to rbitco.in

You need an SL account. The verification panel is ingame and your avatar needs to verify identity.

Try & withdraw and let me know if it works out. You cant withdraw unless you link & confirm that with SL

Dont call me sir, i m only 21

Thank you sir. Very helpful indeed.

**NOTE**
AT ANY POINT I WILL NEVER DIRECTLY OR INDIRECTLY BE REWARDED FOR YOUR USE OF THIS GUIDE OR THE WEBSITES MENTIONED



1ST of all you must decide which type of card you want to use to fund your accounts, You can use any type of ATM cards from SBI,HDFC,ICICI etc I personally use VCC2 Visa verified ATM Debit Cards from Bank of Baroda

CASE 1 : ATM CARDS
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Step 1

With the card ready, head over to www.entropay.com it is preferable you use a VISA verified card but American Express, Maestro and Master Cards are also currently* supported.
Then sign up verify and link your physical card with the website.



Step 2
Create VIRTUAL Credit Cards through the site's interface, these are VISA verified cards and can be used with PAYPAL and SKRILL (i use them personally)

Fund your virtual cards with your real card and you are ready to shop or use them at any online store.

*These virtual cards are not acceptable at any Indian web store except ebay.in*



Step 3
Add the newly created Virtual Card to your paypal account (create one if you do not have one yet at www.paypal.com)


Step 5
Head over to https://join.secondlife.com and Sign up. NOTE the user id you create there.

Download their application & install it, it should take around 20 minutes to download & install.
Second Life is a game-like application similar to IMVU, you must have a Second Life avatar/account in order to use and verify your Virwox account (you may uninstall the application after you are done with verification)


Step 6
Head over to www.virwox.com and register
Use your Second Life avatar id to fill into the registration form when asked.

Confirm your Virwox using Second Life's application interface
(read the guides at Virwox.com to understand better about the verification process & how to do it - its simple basically)




Now you are ready to fund your Virwox account with your entropay virtual credit card using paypal.

*Virwox only accepts payments from verified Paypal accounts so make sure you verify your paypal account with the virtual Credit card*


Once you have funded your virwox account you must use the site's interface to buy SLL (Linden Dollars), you can use these SLL's to exchange with BTC

*Currently 1 BTC = 16400 SLL*

Once your orders are executed your account will have it's balance in BTC and you can transfer it to any bitcoin wallet that you may have.





CASE 2 : CREDIT CARDS
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Basically the same process just link your real Credit card with paypal directly & fund your virwox account with it, no need to sign up with Entropay



CASE 3 : KROGYAN
------------------

Most of you already know I operate a very minuscule forum exchange by the name Krogyan, and I would be happy to sell BTC, LTC and TRC (only) to my Indian brothers & their sisters

THIS METHOD SHOULD ALSO WORK FOR OTHER COUNTRIES AS WELL



*NEW TIP*

Signup for a NETELLER account it supports Indian VISA and MASTER Debit cards, this way you can avoid the hefty charge of Entropay.



**IF YOU FOUND THIS GUIDE HELPFUL THEN CONSIDER SENDING SOME COINS TO ME AS A TIP **
BTC: 1C5voy2et9odzmocDxirb4S6GrTJ6MeqsW
TRC: 18pokYsWUKkTtFq93WH2wW4heMZ5mF2cCu