Topic: Why you shouldn't do business with www.BITINSTANT.com READ IMORTANT (Read 604 times)

Bitinstant is going through some severe growing pains right now do to the massive increase in interest towards bitcoin lately.

The CEO gave a decent interview recently (I forget which news article but I'm sure you can find it on google) talking about the problems they are having.

I really don't believe for one second that Bitinstant is a "scam" or that you won't get you money, I've never actually seen a case of someone never getting their money, just massive delays for some people.

I think the CEO mentioned a big problem for them right now is that when people deposit cash Bitinstant actually doesn't get that money for quite a long time, so they are having to pay people out of their reserves. When there's a huge demand and new people flooding to bitinstant all of a sudden their reserves get tapped out whiel they are waiting for previous to deposits to clear ,  this would certainly explain why some people are having to wait up to a week or two and other people only a few hours.

It would be nice to know why some people get it almost instantly and other people are having to wait 1-2 weeks. If Bitinstant could explain why there is such a drastic difference in wait time for different customers that would help a lot.

Bitinstant isn't the only one struggling right now...it's nearly every bitcoin related service right now.  It's really opened my eyes to just how inmature bitcoin still is and how a lot of things still need massive improvement if bitcoin is ever going to be mainstream.  All the recent increase in interest in bitcoin has been causing crashes and delays and problems across the whole bitcoin industry it seems.

Thanks for the warning!

I was actually going to buy some BTC using bitinstant tomorrow, but now will have to do some more research. Thanks for the thread!

I have used BitInstant a number of times to fund my MT Gox account.  Works like a champ for me.  Before  get home the funds are in my account.  I do know that if you try to use them more than once per (3 days I think) they supposedly hold funds for AML.  I never use it more than once a week.   Well I've used it like 6 times in 9 months.

Do not use bitinstant, they are keeping everyone's money... had $400 of mine for a week still won't give it back and refuse to respond to emails

Incase you guys haven't reviewed the BITINSTANT.com support thread recently, please check the last pages BEFORE you place an order. I'm not trying to flame, just hopefully save some people some money before they lose it. They've been very hit and miss for some time, now they seem to be completely a miss/scam.

Many people including myself have been waiting a week, nearly two in my case for funds that are assured to show the "next business day" as stated by repeated emails from Seth, Rachel, or anyone else. Well they haven't, lol. Here and there you'll see an order go through, but take that chance if you like. I'm only reporting my experience, and after what I've been through with them, I would never use them again, not even if my BTC showed up yesterday lol.

I'm searching for a solid alternative. I will be reporting them to the BBB, and rating them anywhere I can on forums I'm a member of. Hopefully this saved someone $500.


The support thread is here. READ the last pages =D https://bitcointalk.org/index.php?topic=128314.1200

youtube video will follow, glad I have the day off.