It's practically impossible for regular people to buy Bitcoin • Hacker News Board

Re: It's practically impossible for regular people to buy Bitcoin

#31

Post by antocv » Thu, Nov 28, 2013, 5:21 PM UTC

Even these comments here are full of obstacles. Its like techies are so into btc they cant comprehend an article stating a real problem witb bitcoin. Its supposed to be easy but it isnt, all these btc exchanges/markers/sites are worse than normal banking/trade sites.

No I havent handed my photo to my bank and I wont do so for all the shady btc sites mentioned here. I dont hand my ID or "get verified" to amazon when buying stuff or other currencies either.

Bitcoin is the worlds biggest scam.

EDIT: Aside from the verification many of the exchanges actually dont deliver BTC to your own wallet but provide the kind "service" of keeping "your" wallet at their servers.

Re: It's practically impossible for regular people to buy Bitcoin

#32

Post by Aqueous » Thu, Nov 28, 2013, 5:22 PM UTC

leoedin wrote: post #24

PaulJoslin wrote: post #14

This is why I was unable to buy bitcoins when I first read about them on HN in 2010 and similar in 2011 when the price had gone over $1 and actually showed promise. (I have some emails to colleagues / friends showing my frustration at the time of wanting to get some) I always wanted just 1 (still do), but back in 2010 I was just going to spend £100 and see what happens. It seems in the US the people who did similar t…

I had luck buying bitcoins a few times about a year ago through MtGox. Their method of getting money in (UK bank transfer) was shut down about October last year, and since then I've not figured out how to buy more. I have to wonder where the money stoking these recent price rises is coming from. Of course I managed to be highly ineffective at making the most of the bitcoins I had. I think I probably had about 10 bitc…

It's coming from China. BTC China has a much lower hurdle and the volume is going up daily in the most populous country in the world. It is a huge potential market for virtual currencies.

Re: It's practically impossible for regular people to buy Bitcoin

#33

Post by regularfry » Thu, Nov 28, 2013, 5:23 PM UTC

PaulJoslin wrote: post #14

This is why I was unable to buy bitcoins when I first read about them on HN in 2010 and similar in 2011 when the price had gone over $1 and actually showed promise. (I have some emails to colleagues / friends showing my frustration at the time of wanting to get some) I always wanted just 1 (still do), but back in 2010 I was just going to spend £100 and see what happens. It seems in the US the people who did similar t…

The UK is problematic. What's now Intersango - britcoin - used to be a pretty good way of buying them, and that's how I got mine. Just a bank transfer to get the GBP in, then a moderately active exchange. I presume someone's whacked them round the head with some banking regulations, because they don't accept GBP transfers at all any more.

Re: It's practically impossible for regular people to buy Bitcoin

#34

Post by coldtea » Thu, Nov 28, 2013, 5:23 PM UTC

pieterhg wrote: post #23

celticninja wrote: post #16

It is not practically impossible to buy bitcoins. It may take a little effort that is all and even then it is minimal effort if you spend any time at a computer. Localbitcoins.com – You can buy bitcoins from other individuals either in person or using bank transfer. There is an escrow system in place for protection of buyer and seller. Using bank transfer you dont even need to leave your house, you can do it via onli…

So I tried Bitstamp 3 times and was denied all the times. I'm not a noob in this respect, I know what a good scan is and I've used this passport scan (front+back) for many other services. They're just not good at verifying docs there.

Not to mention that the requirement sending hi quality scans of your passport and other personal details to small, obscure websites, like Bitstamp and MtGox, is BS in the first place.

Re: It's practically impossible for regular people to buy Bitcoin

#35

Post by krelian » Thu, Nov 28, 2013, 5:23 PM UTC

It was too much of hassle to buy back when I first heard about it. They were $3 at the time. I didn't really believe it would take off but if it were easy to buy I would have definitely bought $50 worth "just in case".

Re: It's practically impossible for regular people to buy Bitcoin

#36

Post by [deleted] » Thu, Nov 28, 2013, 5:25 PM UTC

aw3c2 wrote: post #2

Same experience here. I wanted to grab some Litecoin last week as people started speculating with them as well but I won't totally give up my privacy to shady websites for some gambling.

[deleted]

Re: It's practically impossible for regular people to buy Bitcoin

#37

Post by dfraser992 » Thu, Nov 28, 2013, 5:26 PM UTC

pieterhg wrote: post #23

celticninja wrote: post #16

It is not practically impossible to buy bitcoins. It may take a little effort that is all and even then it is minimal effort if you spend any time at a computer. Localbitcoins.com – You can buy bitcoins from other individuals either in person or using bank transfer. There is an escrow system in place for protection of buyer and seller. Using bank transfer you dont even need to leave your house, you can do it via onli…

So I tried Bitstamp 3 times and was denied all the times. I'm not a noob in this respect, I know what a good scan is and I've used this passport scan (front+back) for many other services. They're just not good at verifying docs there.

I had a bit of trouble depositing money (my fault) and their customer service I thought was fine. Did you ask for any help?

Re: It's practically impossible for regular people to buy Bitcoin

#38

Post by Fuxy » Thu, Nov 28, 2013, 5:26 PM UTC

Does coinbase work in the UK? I thought it was US only.

Re: It's practically impossible for regular people to buy Bitcoin

#39

Post by PaulJoslin » Thu, Nov 28, 2013, 5:26 PM UTC

leoedin wrote: post #24

PaulJoslin wrote: post #14

This is why I was unable to buy bitcoins when I first read about them on HN in 2010 and similar in 2011 when the price had gone over $1 and actually showed promise. (I have some emails to colleagues / friends showing my frustration at the time of wanting to get some) I always wanted just 1 (still do), but back in 2010 I was just going to spend £100 and see what happens. It seems in the US the people who did similar t…

I had luck buying bitcoins a few times about a year ago through MtGox. Their method of getting money in (UK bank transfer) was shut down about October last year, and since then I've not figured out how to buy more. I have to wonder where the money stoking these recent price rises is coming from. Of course I managed to be highly ineffective at making the most of the bitcoins I had. I think I probably had about 10 bitc…

It's coming from China[1]. A LOT OF MONEY from China. Like $millions. That's how all these early adopters in the USA are being able to cash out millions and the price is not crashing.

They seem to like the fact it separates them from the US dollar, as well as allowing Chinese residents more control over their money and a potential store of wealth comparable to gold (although far more volatile).

Of course I still believe this is unsustainable, but in a strange form this is a wealth rebalancing act on a global scale... the rich Chinese giving money to the US citizens.

As long as the rest of the world doesn't go bitcoin mad and let the Chinese cash out again, then if it ever pops there will be a lot of wealth lost in China.

[1]http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1...

Re: It's practically impossible for regular people to buy Bitcoin

#40

Post by maaku » Thu, Nov 28, 2013, 5:27 PM UTC

pieterhg wrote: post #26

peteretep wrote: post #13

?! In the US, Coinbase is easy In the UK, Bittylicious is easy I'm sorry it's so hard in Germany, but your title should be "It's hard to buy Bitcoins in Germany"

I'm not from Germany, but Netherlands. But your point stands if you're talking about everywhere outside UK/US.

Local bitcoins.