For Canadians, there is Cavirtex. I had no problem becoming verified with them, and it was as simple as becoming say PayPal verified.
It's practically impossible for regular people to buy Bitcoin
91–100 of 140 posts
Re: It's practically impossible for regular people to buy Bitcoin
#92Earlier quoted context omitted.
You're right, it should be easier, there's some startups trying to fix this (coinbase, most notably), but there's still a long way to go. >I dont hand my ID or "get verified" to amazon when buying stuff or other currencies either . http://en.wikipedia.org/wiki/Know_your_customer This is for legal compliance w/ anti-money laundering laws that many financial institutions, currency transmitters etc have to follow
Pardon my ignorance, but I thought bitcoin was supposed to be an anonymous cryptocurrency. I've read recently that there was a large bitcoin transfer (which had to happen in public due to the nature of the currency), and now all the sites are requiring highly sensitive IDs to function (eg passport scans). I'm honestly confused. This all seems more restrictive and less anonymous and groundbreaking than cash would be i…
Don't confuse exchanges with bitcoin. If you were to buy a loaf of bread from me with btc, I give it to you after you transfer a small amount to me.
Converting one currency to another is entirely different. Exchanges are only nodes where currencies meet. Leave btc aside for a moment. Lots and lots of fraud goes on in these nodes among regular money. Say you run a drug cartel and you need to transfer money to your Swiss accounts. One way to launder it would be to trade it through a series of other currencies via currency exchanges. Muddies the trail and "cleans" the money.
So what we have right now are exchanges being setup for bitcoin. Mostly they've been done by none-banking people. A few years have gone by, and in efforts to be legitimate the professional ones are conforming to existing banking laws to facilitate the ease of converting between currencies and bitcoin.
The true success of btc will be seen when it is used entirely to facilitate economic transactions, rather than as a financial speculative instrument.
Re: It's practically impossible for regular people to buy Bitcoin
#93Earlier quoted context omitted.
Same here...localbitcoins was very easy.
Is this really practical for mainstream use though? If I want to buy a single bitcoin, I need to meet a stranger and bring $1,000 in cash? If this is the recommended method of acquiring bitcoins, it deserves to fail.
It's the recommended method for obtaining Bitcoin (semi) anonymously, ever since exchangers started complying with AML regulations. That, or cash-in-mail sent with a fake return address.
Re: It's practically impossible for regular people to buy Bitcoin
#94Earlier quoted context omitted.
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.
I think that's the result of anti-money laundering laws and know your customer regulations.
Re: It's practically impossible for regular people to buy Bitcoin
#95Serious 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…
As modeless said chargebacks. Think about it this way: If you can buy Bitcoins online without verification you are basically opening up a goldmine to people with stolen credit cards. A user may make 100 fraudulent purchases on 100 different cards through 100 different accounts to 100 different Bitcoin addresses from 100 different IPs. You are stuck with 100 chargebacks, and he is stuck with a nice chunk of anonymous money. Now if you can find a way to avoid that, you have hit the jackpot :)
Re: It's practically impossible for regular people to buy Bitcoin
#96I have been trying to buy Bitcoins for a few years, it's way too hard. When I was in high school learning programming I wanted to buy them because I heard you could trade with Python scripts. They were $0.30 at the time and I tried to put in ~$50 (if only!). Today I still want to put in $50 - $100 but I can't because as a college student I don't have proof of residence. I have a passport and bank account but I still…
localbitcoins.com
Re: It's practically impossible for regular people to buy Bitcoin
#97Serious 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 - $200 per bitcoin if they…
Even if you weren't bankrupted by chargebacks, which you definitely would be, the credit card companies would shut down your account. They don't want people buying bitcoins; it's a threat to them.
It's simpler and less conspiratorial than that. It's the same reason you can't buy a money order or cashier's check with a credit card. You're not selling a product, you're creating a situation where your customer can get a cash advance on a line of credit that you did not approve.
Re: It's practically impossible for regular people to buy Bitcoin
#98Earlier quoted context omitted.
Kraken.com: Up to 10.000$ a month _without_ the need to be verified (SEPA transfer). I signed up and had my EURs on the platform after two days of SEPA transfer.
Minimum withdrawal amount is eur 500 fee 1%, minimum fee = eur 100 100 EUR fee for a bank transfer? that's insane.
Where are you seeing that? The FAQ says
EUR SEPA Withdrawal (0.09€)
EUR Bank Wire Withdrawal (10€)
Re: It's practically impossible for regular people to buy Bitcoin
#99Re: It's practically impossible for regular people to buy Bitcoin
#100Earlier quoted context omitted.
Same here...localbitcoins was very easy.
Is this really practical for mainstream use though? If I want to buy a single bitcoin, I need to meet a stranger and bring $1,000 in cash? If this is the recommended method of acquiring bitcoins, it deserves to fail.
There are multiple online options for buying on localbitcoins so you don't have to meet in person.