It can bypass bank transfers on Bitstamp and LakeBTC?

zinger

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Quote from: Nrcewker on September 16, 2014, 03:39:27 AM

Quote from: BTCjust on September 12, 2014, 05:18:08 AM

Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.

ripple deposit/withdraw on bitstamp is not cheap

I love using ripple. Sturdy as it is, Bitcoin is still my #1 coin.

Jamacn

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Quote from: profitofthegods on August 15, 2014, 04:57:55 AM

Quote from: peeveepee on August 15, 2014, 03:19:11 AM

What is the fee to transfer between bitstamp and lakebtc?

Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other.

Is bitstamp withdrawal free via ripple?
It seem to 0.2% + your fee schedule, the same as deposit.

Nrcewker

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Quote from: BTCjust on September 12, 2014, 05:18:08 AM

Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.

ripple deposit/withdraw on bitstamp is not cheap

BTCjust

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Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.

Nrcewker

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LuckyDiamond.io - FLAT 50% Deposit Bonus!

Quote from: peeveepee on August 15, 2014, 03:19:11 AM

What is the fee to transfer between bitstamp and lakebtc?

deposit on lakebtc via ripple is free, withdraw is 1-5%.

deposit/withdraw on bitstamp via ripple is 0.2% plus your trading fee accord to the fee schedule.

you can see: https://bitcointalksearch.org/topic/bitcoin-exchange-reviews-collection-the-most-complete-695082

efreeti

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Quote from: johnyj on August 15, 2014, 11:41:48 PM

Quote from: Razick on August 15, 2014, 05:52:32 PM

Quote from: johnyj on August 15, 2014, 05:33:22 PM

Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp

There are reported case of cash deposit being able to reverse. How do you deal with scammer on localbitcoin?

johnyj

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Quote from: Razick on August 15, 2014, 05:52:32 PM

Quote from: johnyj on August 15, 2014, 05:33:22 PM

Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp

Razick

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Quote from: johnyj on August 15, 2014, 05:33:22 PM

Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

johnyj

legendary

Activity: 1988

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Beyond Imagination

Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin Huh

profitofthegods

sr. member

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Quote from: peeveepee on August 15, 2014, 03:19:11 AM

What is the fee to transfer between bitstamp and lakebtc?

Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other.

peeveepee

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What is the fee to transfer between bitstamp and lakebtc?

profitofthegods

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I've used it and it works. I don't remember there being any fee at all for Ripple deposits or withdrawals, although I can't be 100% sure now.

theblacksquid

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Ripple uses a Hawala-type system of value transfers between users and market makers in the network. One takes the burden of counterparty risk by accepting an IOU from one user for a certain amount of money, and gives its cash equivalent to another user, and deducting that user's balance in that currency.

https://ripple.com/ripple-mm.pdf

The legality of it though, is something I don't have any idea about...

Bejkn

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In addition, is this legal?

Bejkn

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LakeBTC is an ripple gateway now, and Bitstamp has be a gateway for long time ago. (http://www.xrpga.org/gateways.html )

The coindesk article says "Lets Users Bypass Bank Transfers with Ripple" (http://www.coindesk.com/lakebtc-users-bypass-bank-transfers-ripple/ )

How is it done to bypass the bank?
If I deposits/withdrawals cash/bitcoin with ripple on Bitstamp/LakeBTC, is it really that I don't need to have any contact with any bank?

Does anyone tried it? how about it and how much the fee?

Topic: It can bypass bank transfers on Bitstamp and LakeBTC? (Read 3269 times)