Would you use credit cards to fund your trading accounts?

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Quote from: ShaggyB (BitCoinWorldMarket) on July 11, 2011, 07:00:27 PM

What bitcoin really needs is the ability to easily convert from USD (or other currency) to BTC quickly and without the possibility of chargebacks.

Dwolla is fine and good but it take 5-7 days to get that whole process rolling. If that was reduced down to maybe 2 days MAX then I think there would be more people willing to go through the effort.

The delay is with your bank, not Dwolla. Dwolla is actually trying to solve the problem. Their solution, FiSync, will make transfers instant to/from any participating bank. You might encourage your bank to participate.

AyeYo

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Quote from: YoYa on July 12, 2011, 01:11:12 PM

Credit cards?!?

They can never work! It's obviously a Ponzi Scheme! People will never accept pieces of plastic with magnetic tape on the back of them! Geek money! It'll never catch on! An Inflationary model where you owe more then what you originally bought........THAT'S MADNESS!

OMG NO GOLD BACKING!!!

Cheesy

I would use (and have used) a CC to fund a legit trading account. I would not use a CC to fund some hack-ass bitcoin trading site.

YoYa

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Always verify deals with me through my public key!

Credit cards?!?

They can never work! It's obviously a Ponzi Scheme! People will never accept pieces of plastic with magnetic tape on the back of them! Geek money! It'll never catch on! An Inflationary model where you owe more then what you originally bought........THAT'S MADNESS!

Gareth Nelson

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Quote from: bitbot on July 12, 2011, 04:07:58 AM

Quote from: Yankee (BitInstant) on July 11, 2011, 10:08:14 PM

We're workin on it ;-)

BitInstant.com

thats just gonna be a website to steal cc numberss

And, you have proof of this? Or you're simply libelling us both for no reason?

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

Quote from: bitbot on July 12, 2011, 04:07:58 AM

Quote from: Yankee (BitInstant) on July 11, 2011, 10:08:14 PM

We're workin on it ;-)

BitInstant.com

thats just gonna be a website to steal cc numberss

You don't know that we accept cc's. In fact, you don't know anything yet ;-)

bitbot

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Quote from: Yankee (BitInstant) on July 11, 2011, 10:08:14 PM

We're workin on it ;-)

BitInstant.com

thats just gonna be a website to steal cc numberss

Smalleyster

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I yam what I yam. - Popeye

Quote from: rethaw on July 12, 2011, 12:41:39 AM

Quote from: Smalleyster on July 12, 2011, 12:38:17 AM

Or do you work for them?

No, but maybe I should. There are better merchant services but they have a setup/monthly fee that for small transactions wouldn't pan out.

For example, you would have to charge over $1000 to meet 2.75% for a $30 monthly fee, and $30 monthly merchant accounts are hard to find. They also take a small percent of every swipe.

I used to work in the merchant services industry for First Data, the biggest and best.
For that fee you might as well just use paypal.

rethaw

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Quote from: Smalleyster on July 12, 2011, 12:38:17 AM

Or do you work for them?

No, but maybe I should. There are better merchant services but they have a setup/monthly fee that for small transactions wouldn't pan out.

For example, you would have to charge over $1000 to meet 2.75% for a $30 monthly fee, and $30 monthly merchant accounts are hard to find. They also take a small percent of every swipe.

Smalleyster

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I yam what I yam. - Popeye

Quote from: rethaw on July 12, 2011, 12:33:19 AM

Here is one possible way:

1) Set up a free merchant account with Square.

2) Charge your card for however much you like, they take some percent.

3) Withdraw to your bank account.

4) Fund your dwolla account from your bank account.

5) Transfer to an exchange.

Good luck!

2.75% !!!

Are you insane?

Or do you work for them?

rethaw

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Here is one possible way:

1) Set up a free merchant account with Square.

2) Charge your card for however much you like, they take some percent.

3) Withdraw to your bank account.

4) Fund your dwolla account from your bank account.

5) Transfer to an exchange.

Good luck!

Kermee

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Debit, yes.
Charge card, maybe.
Credit card, no.

Cheers,
Kermee

Smalleyster

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I yam what I yam. - Popeye

Quote from: Yankee (BitInstant) on July 11, 2011, 10:08:14 PM

We're workin on it ;-)

BitInstant.com

Cool!

Needs to be two way.

kloinko1n

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Yes I would, and then e-mail to VISA / MASTERCARD that I used their cc to fund my bitcoin account to donate to Wikileaks

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

We're workin on it ;-)

BitInstant.com

imperi

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Yes. I would obviously pay my back my credit card balance, like I always do.

bitbot

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I think it's the other way around but i don't think it really makes a difference

AtlasONo

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If you can do CC transactions you can do Debit Card transactions right?

CurbsideProphet

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Quote from: bitcoinaddict on July 11, 2011, 06:03:07 PM

It's a really bad idea to borrow money for investments. If you don't have the cash to invest.....your financial situation needs more than just bitcoins to help it.

I have found myself, twice in my lifetime, almost incapacitated financially due to debt. Luckily, I've never had to go BK, and was able to pay off one occurrence and am still working on the second (more than half way done).

The only way I would use a credit card to purchase bitcoins is if it was a secured credit card and I had already paid the money.

Kudos to you for stepping up like a man (or a woman I don't know you) and paying your debts rather than walking away.

ShaggyB (BitCoinWorldMarket)

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What bitcoin really needs is the ability to easily convert from USD (or other currency) to BTC quickly and without the possibility of chargebacks.

Dwolla is fine and good but it take 5-7 days to get that whole process rolling. If that was reduced down to maybe 2 days MAX then I think there would be more people willing to go through the effort.

bitbot

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100% of the reason cc's aren't accepted is because of chargebacks and the use of stolen credit cards

Topic: Would you use credit cards to fund your trading accounts? (Read 2622 times)