BitCoin funding options

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RTMoney
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BitCoin funding options

Couldn't find an active topic on Bitcoin.  I can't belive how draconian the fees and forms of funding are for all the services I've looked at. I would like to keep a small amount of chump change in the system for that "just in case" scenario and I'm going to be traveling through Europe this summer and want to have that option available to me in case stuff happens while I'm there.  I got interested a few weeks ago, did some research and opened a couple accounts but didn't like the fees so didn't fund the accounts.  Then the market started moving so I bit the bullet paid the fees and purchased my first coin to see how it all worked.  I wasn't impressed.  I used BitInstant to fund an MTGox account and basically the fees amounted to a little over 10% for the transaction.  It took BitInstant almost 24 hours to credit my MTGox account and in that time the market moved about 10%.  I haven't gone through the trouble of trying to go in reverse yet, may just sell it to a live person.  I signed up for a coinbase account and every time I try to buy a coin they say they are at their daily limit.   In my research I've noticed that most of the funding methods are more European friendly.   I'm curious if any other US based Turdites have had similar experiences or if I just haven't found the right way to go about it yet...

Edited by admin on 11/08/2014 - 06:15
Grublux
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Coinbase

Has worked for me.  But I completed my transaction with them a few months back.  Maybe things are different now.

RTMoney
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Coinbase

I was finally able to get through on Coinbase.  Transaction costs seem to be the most reasonable of the other options I've looked at.  Setup and verification took a few days but was relatively painless.  I like the ease of use once it finally worked, don't mind waiting for delivery a few days right now, just glad I got the price today and not the price in a week.  It seems as if there really isn't an infrastructure in place for fast processing yet, and if it is ever going to be a viable alternative currency I would think that would be something that needs to happen.

I wonder if they have just had a massive amount of volume in this runup?  The google trend for "buy bitcoins" is highest in the US right now

*Edit*

Seems that the link cut off the rest of my comment.  At any rate it seems that the regional interest in the US is as high as its ever been right now but that it is higher in Europe than it is here.  Interest in S&P 500 is still way higher and interest in Silver is higher yet.  It is in the adoption phase right now, I wonder what happens when Joe Six-Pack gets interested in bitcoin?  What happens when it is actually a widely accepted form of payment?  What kind of controls will get put on?  Will they shut down peer to peer computing?  Will they put up massive fire walls making transactions almost impossible?  Will they legislate it's use away?  Will they have a massive media campaign against it? 

BIGNASTY
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I've read several articles

I've read several articles and have followed some of the arguments set forth on the interwebz. Seems like a great idea but like whiskey,precious metals , oil etc the Gov't/TPTB have always found a way to regulate and get there hand in our breadbasket.

I don't see how this can go on forever w/out gov't intervention. The fact that they are not seen historically as a store of wealth makes me leery. I'd use them as a way to move $ but not to stack and hold. Also the fact that we have to access  the net to make transactions scares me because we don't have access to the switch, the TPTB do. If enough people move into BC the MAN will intervene ask Sadam and Moammar how their defiance was addressed?

Look forward to seeing this topic discussed on this link, thanks for putting this together.

Admiral Ag Bar
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I've been watching from the sidelines

It must be one of those hindsight is 20-20 things.  I remember when the Turdite 'Mantis' was talking Bitcoins in January at 13.  Now it is at 93!  WTF!!!?!1111!???

It really is disheartening to watch a 7-bagger go right before my eyes.  Especially with my underwater silver for almost two years, I feel like I can't win.

I'll keep watching on the sidelines.  I still really don't understand how it works, and I can't see myself jumping in now.  If I had bought at 13, I would be jumping out now - that is for sure.

chart.png?width=940&m=mtgoxUSD&SubmitBut

Good luck to you guys.

AstroTurd
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Yep, Feel the Same

Yep, same experience but not buying some.  I'm out of cash cuz I bought silver at $30.34, down already (again).

Logically I agree 100% with TF, have for couple years now.  But how I wish I'd bought some Bitcoin only two weeks ago at $45.  My gut says it will continue to rise until regulated or faith is lost in it, but SOMEONE is buying, and I wonder when market makers will start buying thousands at a time, driving up / down the price, etc.

I believe few are buying with Bitcoin, they are buying and stacking for wealth preservation.

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victori
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Good Discussion

I appreciate the open and sincere discussion.

RTMoney
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Tulips?

The mainia around Bitcoin the last couple weeks has been astounding.  For those still interested here is something interesting to ponder:

http://www.visualcapitalist.com/bitcoin-the-encryption-standard

And could this signal the end?

http://www.zerohedge.com/news/2013-04-10/bitcoin-parabola-not-enough-here-comes-bitcoin-opportunity-fund-time-leverage

Prize Fighter
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I think 2-3 of years ago I

I think 2-3 of years ago I tried mining with an old PC just to see how it worked but it wasn't more than a day or two at most.  This was when they were just a few bucks so i thought I might get a coin or two.  I realized after about 6 hours of my PC working that I had only earned a very small fraction of one coin it would require an all-or-none approach in terms of investment.  I wasn't that curious or committed so I just let my basic PC continue to do it's thing for a day or two until I turned it off.  I think that was probably one of the last things I did with it before packing it away and going to a laptop full time.  I can't remember how many coins it mined but I need to break it out and check.  I don't even think it was one full coin but I could be surprised.

Beastly Stack
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Bitcoin

I am hearing the REGS want in! Enjoy it while it lasts boys

http://tradermartinstake.blogspot.com/2013/04/new-week-on-watch.html

Dagney Taggart
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BitCoin is just another Scam

https://github.com/bitcoin/bitcoin/blob/master/src/main.h

See line 54 of the code: static const int64_t MAX_MONEY = 21000000 * COIN;

So when 21,000,000 bitcoins isn't enough, the programmers can just increase it? How convenient. Where have we seen this scam before??

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rl999
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BTC set up is a PITA

been working on getting set up for well over a week. the amount of security checks and verification is absurd.

send jpeg images of you drivers license or passport.

send jpeg images of your utility bills

verify your email and physical location

link your bank account..routing #, account #, username, password

add a credit card number

wait 30 days.

dwolla is garbage. most of the other dozen sites are equally cumbersome and restrictive. I watched the charts the day it "crashed" from 300$ + down to $260. ltc was at $3. look at those prices today.

Complete and utter horses*

however the 1btc I was allowed to buy on 13nov @ $403 will be sold tomorrow, when I am allowed to do so.

this "market" has the feel of simultaneous pyramid schemes being perpetrated by crack addicts mainlining meth. it seems like everyone knows that the goal is to rush in as soon as possible and then watch the value grow. it'll be funny when the rush for the doors starts.

Lord Henry
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Hi rl999 (and everybody)

Like others here I was a skeptic, and still not really a true believer.   

Nonetheless,  in practice, it would have far better to have been a crypto

believer and not a silver one. I'm quite open-minded, and I think crypto's

might equally have a spectacular rise or fall to zero. Quite an interesting

side-bet at least while PM's are currently a wasteland.

Cryptos are quite complex issues in their own right. I was wondering if

anyone has found a really good site that is a fairly in-depth intro for

beginners. Ideally someplace that makes unbiased comparisons between

the various coins, and talks a bit about the basics of trading and also the

theory about how they are mined.

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rl999
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not so much

I have adopted a very simple strategy - buy some of every single coin and sell it off in tranches as it appreciates. the
"profit" is then held in litecoin LTC or bitcoin BTC until a new coin is introduced.

other than that it is the same as stawks - buy low, sell high.

I have a friend that trades alt coins exclusively and he actively manages his portfolio - moving them from site to site to take advantage of the different prices, trading in and out based on his charts and price points, etc.

I believe in the potential, the idea behind it, however at the same time that makes me feel like it will soon be controlled by tptb. I dont think they want it out there wild and free. there has been chatter recently that hedge funds are moving in, and I believe that is a bad thing. it should cause more opportunities to profit, but it I think they will exacerbate the already high volatility.

Another trend I see developing very soon is a sharp move in LTC. ltc miners are just coming onto the scene, they use more available/common processors and are supposed to be better suited to mining by non-specialized computers. this should mean more ltc becoming available at an increased rate. in a normal world increased supply would lower price.  we sahll see how this plays out however.

I personally prefer ltc over all others. there was an interview on brotherjohnf or sgtreport last couple days that discusses mastercoin, and I find it to be appealing as well.

I made over 20k with quark QRK on a 46,000% appreciation. it moved two zeros closer the decimal.  never underestimate the power of multiplying two large numbers.

I primarily use coinbase to buy my btc, although localbitcoins is a faster alternative. I hold my coins at bter and cryptsy. google and apple are making hteir own coins - I will invest heavily in them asap. google = XRP / ripple.

my coin portfolio is only money I am okay with seeing gone in a puff of smoke. it is incredibly speculative.

rl999
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read something recently that

read something recently that talked about how btc was eventually doomed because the length of the blockchain would grow to gigabytes of data for every transaction. It seems like there are some obvious steps to alleviate that problem, however it will force decisions to be made at some point.

Lord Henry
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Thanks rl999

Your thoughts greatly appreciated. It seems a good idea to have at

least 3 or 4 'irons in the fire'. My very early impression is also that

LTC looks good relative value as well. Having said that, looking at the

LTCUSD chart on bitcoinwisdom, it had a serious fall from 55 bucks

in late november - to below a penny on a horrible downspike day mid 

December. Thats assuming I'm reading the chart right and/or the wisdom

site is accurate. I must admit I dont like looking at altcoins priced in BTC - 

I much prefer seeing them crossed with USD.

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