Topic: too many choices, none of them easy (Read 1181 times)

Thanks everybody! I have developed a plan. :-)

there is some good members who can make it for you, like DannyHamilton, with good feedback in exchange subcategorie.

I agree with this.

However, carefully deal when you are exchanging for westernunion and paypal. okpay might be an added advantage.

It looks like majority of people at localbitcoins have dozens and hundreds of transfers without any negative feedback. Pretty decent results actually.

Hey try with localbitcoins or try buy sell section on this forum. You get lot of reputed people who are seriously exchanging btcs for other currencies.

You can try Okpay . Recently they added BTC  and LTC ! Most of the exchanges accept Okpay.

Thank you for taking the time to answer these questions. The answers can seem obvious to an experienced person, but to a person who has never made a transaction the answers are not always obvious.

Not to hijack, but does anyone have any experience with coinbase?  They seem easy to deal with.

Yes.  You're also taking a big chance sending a nameless, faceless person 0.10 bitcoin and trusting that they'll send you the cash you are expecting. Now you are beginning to see why the process can seem difficult and complicated when the transaction isn't between two entities that already trust each other.  localbitcoins reduces some of that risk with an escrow feature and peer rating.


Yes.  localbitcoins has a peer rating system.  bitcointalk.org has a peer rating (trust) system.  There is also the IRC #bitcoin-otc channel's WOT rating system.


Exactly.


In my experience only the receiver's name and address are required.  The sender does not need to supply any identifying information.

Yes, but at exchange you can get better price.

So what site would be the trust worthiest when it comes to selling bitcoins? Would I be ok on localbitcoin?

http://www.teambitcoin.com/bitcoin-exchange-list/

there are some on that list do accept CC payments,

PS: Do your diligence before dealing with any exchangers!

Thanks for the detailed info - it's just the sort of thing I was looking for...I'm just trying to understand how it all works so I can get my feet wet with making a few purchases. (I do live in a remote area, but I don't think I was using the localbitcoins.com search correctly, because I went back and got different results.)

What you describe sounds simple enough, but what safeguards are there that the person isn't going to rip you off? Isn't it taking a really big chance to send a nameless, faceless person $100 and trust that they'll send you the bitcoin you're expecting? Isn't there some sort of peer rating or something?

And if I choose a seller who wants money deposited to a specific bank - how does that work? Do I go to any branch of that bank, say Wells Fargo, and deposit my cash into a bank account number the seller specifies?

Or if the purchase is made using a postal money order - don't they require filling out the names of the sender and receiver?

Sorry for all the questions.

No.  Definitely not personal check.  Cash. Like $20 bills (or $50 bills, or $100 bills).  And yes, thru the mail is one option.  A better option is face-to-face exchange.


It sounds like you are in the U.S.

I find it quite surprising to hear that there is anywhere in the U.S. that is more than 500 miles from the nearest person listing bitcoins on localbitcoins.com

Regardless, you'll find that there are many people offering bitcons on localbitcoins in exchange for MoneyGram, Western Union, GreenDot MoneyPak, or cash deposit into their bank account.  With these options there is no need for them to be within 500 miles of you.


I generally avoid the exchanges.  They are more hassle than I want to deal with.


Transferring bitcoins is extremely easy. It's the paying with USD in a non-reversible manner that is difficult. The system of payments set up by the financial industry for USD is simply too easy to take advantage of for fraud.  This is one of the many benefits that bitcoin provides that gives it value.


I eliminate all the middlemen by paying for my bitcoins directly.  I find someone who has bitcoins and wants USD.  I give them USD.  They give me bitcoins.  No middle-men to take fees, and no hassles.  Not complicated at all.

If you like, you can send me some money, and I'll send you bitcoins.  Here's a link to my thread with the price and payment methods that I accept:

Thanks Danny. :-) 

I was working on a response when you replied:


Danny, you have also listed cash (personal check?) - so I would assume this would be done thru the mail?

I did check out localbitcoins.com, but there's nothing within 500 miles of where I live.

I notice that the great majority of exchanges are outside the US, and that makes it more complicated for me. I'm thinking my best bet might be to go with a US exchange such as CampBX (accepts personal checks & postal money orders) or Kraken (could set up wires, depending on fees).

I didn't realize that it was going to be so hard to just get going with this. :-(  And I didn't understand there would be multiple middlemen (the exchange and the payment service) between me and my bitcoin. Why does it have to be so complicated?

The best options in order of preference are:

• Physical cash
• U.S. Postal money order
• Western Union or MoneyGram

Most of these methods are not available with the major exchanges such as MtGox, BitStamp, BTC-E, and campBX.

As such, I suggest you take a look at:

localbitcoins.com

Anything with easy charge back (credit cards, paypal) is not best for Bitcoin purchase - too much risk for Bitcoin seller

I'm not doing the work for you, but you've found one option. The next most regular option is probably ACH bank transfers, followed by a few brokerage services like bitcoin-brokers.

What other options are there? How do you set them up? I've spent HOURS on this and am just as lost as when I started.

Credit card charges are reversible, but bitcoin isn't.

Prepaid credit cards are harder to reverse, the terms are dependent on the exact card you choose. I'd advise you to read up on several prepaid cards if you decide to go that way.