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It's practically impossible for regular people to buy Bitcoin

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

#71

Post by dingaling »

wellboy wrote: post #53

Not really, just use http://virwox.com/ and you can Bitcoins through credit card or paypal instantly. There is a daily account limit though of $110 for new accounts, after 10 days of $150 etc.

Paypal shut-down payments to Bitcoin-related accounts as quickly as they find them.

Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used to operate a currency exchange, bureau de change or check cashing business including the sale of bitcoins, bitcoin mining units, and other related bitcoin products.

Via and Mastercard aren't far behind them.

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

#72

Post by rockyleal »

astrodust wrote: post #20
[deleted] wrote: post #5

[deleted]

I can walk into a currency exchange store and get any currency I want within minutes, Rubles or Kroner or whatever. I can go to a bank and get money in several currencies. I cannot do this with Bitcoin. It is a lot harder.

yet

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

#73

Post by vsviridov »

OP seems to fail to grasp the fact that bitcoin is not issued by some bank, but rather individuals in the network.

So to avoid the pitfall of "going to the bank to buy foreign currency" would be buying bitcoin from the individuals. There's #OTC and LocalBitcoins.com and the like that put individuals together to figure out best means of transfer. It carries risks, or course, but what doesn't?

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

#74

Post by smackfu »

vsviridov wrote: post #73

OP seems to fail to grasp the fact that bitcoin is not issued by some bank, but rather individuals in the network. So to avoid the pitfall of "going to the bank to buy foreign currency" would be buying bitcoin from the individuals. There's #OTC and LocalBitcoins.com and the like that put individuals together to figure out best means of transfer. It carries risks, or course, but what doesn't?

There are certainly degrees of risk. Like buying something from craigslist for cash is riskier than buying the same thing from a retailer.

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

#75

Post by user24 »

jethro_tell wrote: post #62
user24 wrote: post #43

Earlier quoted context omitted.

I was with you until the final sentence, which makes you sound emotionally involved rather than putting forward a logical argument. That aside, let me retort; > Its supposed to be easy but it isnt I agree, and I'll be hugely surprised if some enterprising individual doesn't solve the friction soon. > 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…

So is the easy way to do it an escrow service that can protect you from getting jacked using the same method?

I'm not sure escrow services exist (yet). I don't know how exchanges work, having only bought on bitbargain, and never sold.

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

#76

Post by sixQuarks »

Serious question: What's to prevent me, as a US citizen, to buy bitcoins on Coinbase, then setup an online store where I sell bitcoins at a 10-20% markup, payable by credit card?

1. I realize I'd be taking a risk with chargbacks. Any way to minimize this? Perhaps hold onto the bitcoin for a period of time?

Seems like the demand from ordinary people is so high, they wouldn't mind paying $100 - $200 per bitcoin if they can pay with a credit card.

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

#78

Post by modeless »

sixQuarks wrote: post #76

Serious question: What's to prevent me, as a US citizen, to buy bitcoins on Coinbase, then setup an online store where I sell bitcoins at a 10-20% markup, payable by credit card? 1. I realize I'd be taking a risk with chargbacks. Any way to minimize this? Perhaps hold onto the bitcoin for a period of time? Seems like the demand from ordinary people is so high, they wouldn't mind paying $100 - $200 per bitcoin if they…

Even if you weren't bankrupted by chargebacks, which you definitely would be, the credit card companies would shut down your account. They don't want people buying bitcoins; it's a threat to them.

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

#79

Post by mpg33 »

koevet wrote: post #52

I don't agree. The first time I acquired bitcoins it was through this website: https://localbitcoins.com I signed up, posted a request for a meeting and two hours later I met a guy at a main station of a European capital where I got my bitcoins. Few days later I signed up for MtGox. Again, the verification process took around 24 hours and from that point I was able to buy and sell bitcoins using my regular bank accou…

Same here...localbitcoins was very easy.

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

#80

Post by mpg33 »

user24 wrote: post #43
antocv wrote: post #31

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 b…

I was with you until the final sentence, which makes you sound emotionally involved rather than putting forward a logical argument. That aside, let me retort; > Its supposed to be easy but it isnt I agree, and I'll be hugely surprised if some enterprising individual doesn't solve the friction soon. > 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…

> I agree, and I'll be hugely surprised if some enterprising individual doesn't solve the friction soon.

This is one of the upsides to Bitcoin IMO..much more innovation is possible with something like Bitcoin than the current financial system.

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