Topic: Introducing BitSimple. A simpler way to buy and sell bitcoins. - page 2. (Read 14382 times)

Bitsimple Support, Every bank is going to do this to you anytime there is any suspected fraud of  asizable amount unless you implement all the same KYC/AML that big banks and brokerages do. Without those kinds of changes, you should expect this kind of thing to happen again.

Price alert: BitSimple ($624) is currently offering a higher price (after exchange fees) than either BitStamp ($623) or Coinbase ($620) for your coins.

Not at this time.  There are some fraud related issues to resolve and we may need to implement enhanced identity verification.  As soon as we have an ETA will will provide an update.

We are still working with our processor to restore ACH and Wire withdraws, and updated ETA is by the end of next week (07/25).  We apologize for the delay and have added an option to receive payment by company check in the interim.  Payments can either be requested by first class mail or overnight mail.

Any ETA on sales to new customers?

BitSimple has resumed the sale of bitcoins to existing users.  Sales to new customers (including users which have not previously completed a sale) are still on hold at this time.  

Thank You,

BitSimple Staff

There was a short outage in transaction reporting last night due to bitcoind crashing.  It has been restored and all transactions should be properly reporting now.  If you continue to experience a problem please contact the help desk: https://support.bitsimple.com.

Update:
On Friday morning (07/11) a dispute made by a customer acting fraudulent resulted in our bank placing a hold on our account.  This unexpected and excessive hold resulted in ACH failures by our processor.  The actions of our bank we used for processing were improper and turned a minor issue into one which affected our operation.  There is an ongoing investigation by both our staff and the bank into why this happened.  BitSimple would like to emphasize that as always (and unlike any traditional exchange) there was no risk of customers losing funds.  BitSimple is the counterparty in every transaction, and as such it is self funded.  It doesn't at any point in time hold an operationally significant amount of our customer's money.  A few users were affected by disrupted payments before we suspended additional sales.  We have contacted them individually to make arrangements to settle the amount owed by alternative payment methods while we resolve the issue.

As of today, the ability for users to sell Bitcoins has been restored in a limited capability.  At the current time the only available payment option is to a PayPal account.  We are working with our ACH processor to restore other payment options and this is estimated to be completed by 07/16/2014.  We will provide further updates as they become available.  Bitcoin purchases are still currently disabled.  They will be enabled for existing customers (those who have completed a prior purchase) within the next 48 hours.  Bitcoin purchases for new customers will be enabled at a later date.  The requirements for enabling purchases for new customers will depend on the outcome of the investigation and steps by the banking partner to prevent such disruptions in the future.

We appreciate the understanding shown by our users while we work to restore payment functionality.  We understand users may have questions however we can not provide further details until both our and the bank's investigation is complete.  

Thank You,

BitSimple Staff

Thank you for the quick reply! I used to trade on fastcash4bitcoins (which was also ran by tangible) when it was active. Was very sad to see it go, but I look forward to trading on Bitsimple when everything is up and running!

We are changing ACH providers and there was an issue with in implementation at the bank.  To avoid a situation where we would be unable to promptly payout funds owed we disabled bitcoin sales.  Sales will be restored on a limited basis (payment only available by PayPal) within 24 hours and it is expected we will have all withdraw methods restored no later than 07/16.

BitSimple Staff.

Tangible Cryptography, Inc is an owner but not operator of BitSimple^® .   Exchange services are provided by BitSimple LLC, a South Carolina Limited Liability Company and registered with FinCEN (#31000039896739).

Any update on when buying and selling will be reactivated? Also wondering why not post on the Tangible Cryptography bitcointalk account?

I've been searching around a bit and haven't found the following information yet, so I figured I'd ask here...

At what bank does BitSimple receive the wire transfers when a customer purchases bitcoins?

Oh I know about the ACH times, I commented on waiting on paypal to get the funds to my bank only as a comparison to how fast you got my funds to my paypal. Funny thing about ACH... they can pull the money instantly from your bank, but it takes half a week (and with fireworks day and the weekend coming, it will be a full week!) for them to put it back in.

But no, the reason I did not initially set up for ACH through Bitsimple, and I mean no offense by this, but I wasnt about to put my bank account into a site that seemed too good to be true. After seeing the quick performance, I am now reconsidering that position.

Thank you for the feedback.  I have made a note to have the withdraw page clearly indicate the fee (if any) will be deducted from the amount withdrawn.  I don't see why it can't also who the "net amount".  You asked how long it will take to get funds from PayPal to your bank.  PayPal uses ACH so it isn't going to be any faster or slower than any other ACH.  Depending on the timing it is usually three to four business days (excluding weekends and bank holidays like the 4th of July). 

Making an ACH withdraw directly from BitSimple is cheaper (normal ACH has no withdraw fee) and if you need funds faster our bank processor offers overnight ACH for a nominal fee.

I wanted a way to exchange BTC for USD that didnt involve sending my ID and Soc# off (no one gets that number, period). Bitsimple sounded too good to be true, but the replies I've seen by their support staff in this thread made me think they were worth a chance, so I gave them one.

I signed up, verified paypal (wasnt giving them my bank info) and moved a tiny amount of coin through them. 2 hours later it was in my paypal. So then I moved a whole bitcoin through them, which is also now sitting in paypal. All within a few hours. Now I need to wait a week to get it from PP to my bank! I wanted to ask how long it normally takes, as someone had an unanswered open question on their support page for over a month. I tried the live chat and went 40 minutes waiting for someone to "be with me soon..." that I gave up when I saw the payment go through.

My one caution is about the withdrawal fee. Theres no warning of how it actually works, but it is subtracted from the amount you withdraw, not added to it. My initial deposit converted to $15 and change, and when Iw ent to withdraw it there was a 30 cent fee. I had over $15.30 so went ahead. What actually happened was it sent $14.70 to my paypal. A minor annoyance to be sure but if anyone from Bitsimple reads this, you might want to put a "total to be sent" field on that page so people can take the fee into account when choosing how much to pull out. Knowing this when I went to withdraw the whole coin worth, I just withdrew all available.

So a fairly big (for me anyway) transaction went off without a hitch. I wont say you can trust these guys blindly and their support section needs some work and attention, but the service itself seems fairly solid and worth a chance. You certainly have less to lose than one of the sites that demand your soc#. I've not tried to verify my bank info but I'll be doing that soon to skip PP in the future.

Chat is online and there is at least one rep standing by.  I am not sure why you had an issue connecting.  If the problem continues please send me a PM or an email to [email protected].

Anyone able to help on online chat.  I have been waiting for close to 10 minutes.  Thanks. 

BitSimple ( https://bitsimple.com ) now supports US residents in the state of CA and NY.  What better timing if you are looking to sell some Bitcoins.  Our rate is dynamic based on available supply and demand and subject to change at anytime.  At the time of the post we are offering $581 per BTC, better than Coinbase ($580.72 after trading fees) and comparable to BitStamp ($585 or $570 after withdraw fee).  Remember the price quoted is the price paid; BitSimple never charges an exchange or trading fee. 

Need your funds quicker?

BitSimple now offers next day ACH as a withdraw option.  There is a fee of $12.99 per withdraw but funds will post to your bank the following business day if the request is made by 7PM Eastern.  Requests made after 7PM, on a banking holiday, or on a weekend will be processed the next business day and will post one business day later.

Standard ACH (3-4 business days) will continue to be available at no cost.

Update:

We have null routed non-essential sites (including tangiblecryptography.com ) as we investigate the attack.  Users may notice a delay of up to 5 seconds when first accessing BitSimple created by the DDOS mitigation put in place.  As part of the DDOS measures some IP addresses have been blacklisted.  If your IP address is blacklisted and you believe it is in error please contact support. Users should access the site directly from the url https://bitsimple.com.  If you notice any errors please log out of your BitSimple account and then login again.  If you continue to experience problems please contact support at https://support.bitsimple.com or by email at [email protected]


Thank You,
BitSimple Staff