What's going on with Cavirtex? 89 CAD per BTC? - page 2.

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Quote from: adamstgBit on August 16, 2013, 04:20:53 PM

Quote from: Kupsi on August 16, 2013, 04:15:16 PM

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

Quote

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

this is gr8!

Yes! But not good for your e-penis Grin

adamstgBit

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Quote from: Kupsi on August 16, 2013, 04:15:16 PM

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

Quote

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

this is gr8!

Quote from: ArticMine on August 16, 2013, 04:17:09 PM

The reason BitPay can offer a merchant great rates and a 0.99% fee to merchants in Canada is because they do not sell their BTC in Canada.

i just told you virtex usually trades above other markets.

ArticMine

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The reason BitPay can offer a merchant great rates and a 0.99% fee to merchants in Canada is because they do not sell their BTC in Canada.

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

http://www.paymentssource.com/news/bitpay-reaching-2m-milestone-in-march-cuts-fees-3013622-1.html

Quote

BitPay is also reducing its fees. The company will now process Bitcoin transactions and support settlement into 11 local currencies at a rate of 0.99% for all merchants. Previously, there were separate conversion fees on top of the 0.99% processing fee, so the company has essentially waived the currency conversion charges.

adamstgBit

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Quote from: ArticMine on August 16, 2013, 04:09:17 PM

BitPay used to charge extra for settlement in fiat when they started I believe it was around 2.5% but they changed to a flat 0.99% fee.

Virtex is a great exchange with excellent customer service that is not the issue; however for most of its existence it has been overrun with polar bears. This makes it a great place to buy BTC and a lousy place to sell BTC. Canada has both plentiful energy resources and a cold climate creating the perfect environment for Bitcoin mining. Do the math.

It use to be 4% for settlement in CAD
how did they get rid of this fee?? crazy

virtex was trading well over other exchanges for a long time, i think this will be the case again soon enough...

ArticMine

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BitPay used to charge extra for settlement in fiat when they started I believe it was around 2.5% but they changed to a flat 0.99% fee.

Virtex is a great exchange with excellent customer service that is not the issue; however for most of its existence it has been overrun with polar bears. This makes it a great place to buy BTC and a lousy place to sell BTC. Canada has both plentiful energy resources and a cold climate creating the perfect environment for Bitcoin mining. Do the math.

adamstgBit

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Quote from: Kupsi on August 16, 2013, 03:54:25 PM

Quote from: adamstgBit on August 16, 2013, 03:51:57 PM

no you are wrong Grin

Hmm...

PS: I changed my forum post when you replied Wink

trust me

0.99% fee is just for the bitcoin shopping cart thing

if you set your account to keep the Money in BTC then you will only hit this 0.99% fee

converting is another fee

you quote is irrelevant.

their home page says

"low fee - Processing as low as 0.99%"

make an account and try to sell bitcoins for CAD and then tell me its only 0.99%

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Quote from: adamstgBit on August 16, 2013, 03:51:57 PM

no you are wrong Grin

Hmm...

PS: I changed my forum post when you replied Wink

adamstgBit

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Quote from: Kupsi on August 16, 2013, 03:46:53 PM

Quote from: adamstgBit on August 16, 2013, 03:30:41 PM

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

You are wrong Adam. The 0.99% fee is for $ in your bank.

no you are wrong Grin

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Quote from: adamstgBit on August 16, 2013, 03:30:41 PM

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

You are wrong Adam. Smoking again? Cheesy

The 0.99% fee is for $ in your bank.

Quote

BitPay Fee
0.99 %
includes guaranteed exchange rate

Quote

Convert to Bank Deposit

If you choose to have bitcoins converted to your local currency, BitPay will convert the funds and send a direct deposit to your bank account every business day to clear out your accumulated balance.

Conversion and Settlement is offered for no additional charge.

adamstgBit

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Quote from: ArticMine on August 16, 2013, 03:20:29 PM

Quote from: adamstgBit on August 16, 2013, 02:06:40 PM

Quote from: ArticMine on August 16, 2013, 01:57:05 PM

Quote from: adamstgBit on August 16, 2013, 12:33:09 PM

not sure where you get this %5 hit from

bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.

its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

BitPay charges 1% where does it say they charge 5%. I have bought goods and service using Bitcoin via Bitpay and literally saved 2-3% by buying the BTC from Virtex at the same time as the BitPay purchase. Time will tell but I doubt Virtex will be able to match the BitPay rates to a merchant unless they open up the exchange to customers outside of Canada.

bitpay charges 1% if all you do is use them to process bitcoin payments.

there's another fee for converting the bitcoins to $ in your bank.

we'll we will have to wait and see.

ArticMine

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Quote from: adamstgBit on August 16, 2013, 02:06:40 PM

Quote from: ArticMine on August 16, 2013, 01:57:05 PM

Quote from: adamstgBit on August 16, 2013, 12:33:09 PM

not sure where you get this %5 hit from

bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.

its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

BitPay charges 1% where does it say they charge 5%. I have bought goods and service using Bitcoin via Bitpay and literally saved 2-3% by buying the BTC from Virtex at the same time as the BitPay purchase. Time will tell but I doubt Virtex will be able to match the BitPay rates to a merchant unless they open up the exchange to customers outside of Canada.

adamstgBit

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Quote from: ArticMine on August 16, 2013, 01:57:05 PM

Quote from: adamstgBit on August 16, 2013, 12:33:09 PM

not sure where you get this %5 hit from

bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather revive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

this is not the rate you actually get... BitPay will keep %5

Virtex is completely unknown how they calculate the exchange rate, and also its very posible that virtex has a better rate then BitPay, not long ago virtex was trading well above other markets.

its almost FOR SURE that Virtex will sometimes have a better rate then bitpay.

Best thing would be to be hooked up to both and go with the best rate at the time of the sale.

ArticMine

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Quote from: adamstgBit on August 16, 2013, 12:33:09 PM

not sure where you get this %5 hit from

bitpay costs %5 fee for canada,
and its not using mtgox price.

BitPay 101.8682 CAD https://bitpay.com/bitcoin-exchange-rates
Virtex 90.02 CAD https://www.cavirtex.com/

Sorry it is not 5% it is more like over 10%. Basically would you rather receive 101.8682 CAD worth of goods and services or 90.02 CAD worth of goods and services for your 1 BTC?

JimboToronto

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Quote from: chriswilmer on August 15, 2013, 10:51:40 PM

My brother organized the Nathan Philips Satoshi Square, he said about 30 people showed up (including a bitcoin startup that came from Waterloo!). Good times. Come to the next one!

Cool. I was hoping there'd be another one soon. Any date set yet? I was out of town for the last one. It pissed me off because I really wanted to be part of an historic event.

I'm curious what prices were like compared to other markets. Also were there any substantial trades (1000s of $$) or just a coin or two, here and there? Do I bring a pocket full of brownies?

CMMPro

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Quote from: JimboToronto on August 15, 2013, 10:46:42 PM

Quote from: CMMPro on August 15, 2013, 07:28:05 PM

I\m tempted to dump a lot of money onto that exchange to buy btc and then transfer it out.

Are you Canadian? Last time I checked, only Canadians could open Virtex accounts.

The arbitrage situation between Virtex and MtGoxCAD is similar to that between Bitstamp and MtGoxUSD.

I missed the Satoshi Square at Nathan Philips Square in Toronto a couple of weeks ago. Anyone here attend? What were the prices like? Closer to MtGox or Virtex? Seems like a possible opportunity to flip some arb coins.

Yes, Canadian. I have a verified account there for quite a while so I can buy there any time and I think I'm good up to $150k.
I bought all my btc there and then moved them around the rest of the bitcoin world so I guess I already benefited from that bit of arb.

Edit: looks like prices are converging with the rest of the market...

adamstgBit

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Quote from: ArticMine on August 16, 2013, 11:00:18 AM

Quote from: adamstgBit on August 16, 2013, 10:12:23 AM

Quote from: ArticMine on August 16, 2013, 12:11:59 AM

Quote from: Adrian-x on August 15, 2013, 11:58:10 PM

Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

BitPay will settle with the merchant in CAD. https://bitpay.com/bitcoin-direct-deposit. So why make your customers take a 5% hit?

not sure where you get this %5 hit from

bitpay costs %5 fee for canada,
and its not using mtgox price.

gog1

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look like you pushed it up, it's now 94.

ArticMine

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Quote from: adamstgBit on August 16, 2013, 10:12:23 AM

Quote from: ArticMine on August 16, 2013, 12:11:59 AM

Quote from: Adrian-x on August 15, 2013, 11:58:10 PM

Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

Here is what is happening :

My VTX stock is up on the news they have launched a Merchant Shopping Cart API.
So I guess new customer are automatically dumping XBT for fiat (I'm thinking BitPay for Canada) so yes if that business grows faster than market demand for XBT, we'll see arbitrage opportunities going forward.
Time to put some cash in.

edit I'm thinking those merchants would rather be using BitPay given the exchange rates. Oh well.

Yes a merchant accepting Bitcoin in Canada would be crazy to use Virtex over BitPay because using Virtex adds 5% to their customers costs, just because of the spread on the exchange rate.

Canadian merchants want CAD not USD, this is why they will use virtex.

BitPay will settle with the merchant in CAD. https://bitpay.com/bitcoin-direct-deposit. So why make your customers take a 5% hit?

adamstgBit

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Quote from: Adrian-x on August 15, 2013, 11:41:14 PM

Quote from: adamstgBit on August 15, 2013, 10:54:22 PM

Quote

What's going on with Cavirtex? 89 CAD per BTC?

i'm on it! the money should be there tomorrow...

i need to find a way to arbitrage this sucker!

The volume is low, but there is a big fish who dumps continuously so you may get lucky.

ya i know, this is why i sent money! Cheesy

but, any minute now they will credit my account...

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