Virwox is currently the most reliable way to transfer from paypal to btc. There are a lot of fees involved, and time, too. I think the fees come out to be like 11%, and they only sell whole btc (not .05 btc, for example).
Needless to say, it's complicated, expensive, and not really satisfying. Yet, they do a lot of business in BTC, mostly to newbies trying to get some btc by using a credit card or paypal.
So, how have they avoided the issues with Paypal and CC charge backs and freezing accounts? Is it the fact that they make you go to SL linden dollars first?
In my mind, making people go to SLL just gives them another opportunity to charge another fee. First, from paypal, it is like 3.9%, then USD to SLL is 3.5%, then SLL to BTC is another 3.5%, and then finally .02 btc when you want to cash out. And I think there are some minimum fees in there, too.
We need a competitor here, but everyone is scared off by the obstacles from Paypal and CCs (with good reason). So, how is Virwox getting around those obstacles, and how could a competitor get going to provide a better service?
Topic: Why doesn't Paypal shut down Virwox? - page 2. (Read 17858 times)
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