Dwolla Archives - On Bitcoin On Bitcoin

An Update from Mt. Gox

Dear Mt. Gox Customers and Bitcoiners,
The reaction since yesterday’s statement regarding the temporary suspension of U.S. dollar withdrawals has had mixed reactions, and raised more than a few questions about why we had to take this step right now. Rather than be subject to inaccurate speculation we’d like to clarify some points here. Due to pending matters we are unable to get into everything in great detail, though we’d certainly love to and are looking forward to the opportunity.
1) The problem with the U.S. withdrawals (and even other currencies for that matter) is that our bank can no longer handle the volume of withdrawals. They struggled in the last two months, and the increase due to the Dwolla separation has made it increasingly more difficult. The pressure we brought onto the bank’s resources finally gave in, and we are now working with them to find an alternative method (hence the suspension). We would have preferred to give notice if we were able to, but it was sudden for us as well.
2) We are now working with new banks and alternative methods for transmitting money to our customers. This does not mean we are stopping entirely within the next two weeks, but it will be slower than we would like. We are literally going to use our manpower to process withdrawals ourselves, manually. This will take more time, but we are dedicated to doing as many per day as possible. We announced a suspension in order to manage expectations while we deliver at a temporary reduced rate. Our goal is to have a new system set up in the next weeks with clarity for both the banks and for our customers.
3) Our previous release was rather vague, but for a reason. Mainly, we don't want to upset our bank! They do great work, but our kind of business is completely new to the banking industry. Processing international wires does not just involve pushing a button. It requires real manpower processing everything individually, even in this modern computer age. While Bitcoin's power lies in its ability to transfer fast and securely through software, the rest of the financial world does not operate like that (contrary to popular opinion). Money is surprisingly analog in many ways, and scarily digital in others.
4) Every customer’s funds are safe, sound, and accounted for. In fact, in our dealings with the Japanese financial regulators we have been assured that we are not under local pressure or suspicion and can operate as usual within normal legal frameworks.
5) Mt. Gox is certainly not a martyr, but it would be hard to argue that we aren’t "taking one for the team" as far as Bitcoin is concerned. We are a big target, and are absorbing the frustrations of Bitcoiners, regulators, banks, and a media that still doesn't quite understand what Bitcoin is. This is a job we are happy to fill, and not just because we are compensated for it. Our hope is that, once Bitcoin finds its place, we will be able to say that we made a difference in sorting it all out in the early days. New exchanges, business models, merchants, traders, and consumers are rising up to innovate and create a whole new way of doing business. A lot of lawyers are getting new cars in the meantime too.
6) As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning.
7) The new trading engine is finished, is smokin’ fast, and is currently undergoing bench tests. We’re looking forward to deploying it very soon.
While not the most in-depth update we'd like to give, we hope that it has at least clarified a few things. In the next few weeks we are planning to do another AMA on Reddit when we’ll hopefully be able to answer many more questions and also shed some light on what’s been going on at Mt. Gox these past months. Thank you for your patience and support.
submitted by WeAreMtGox to Bitcoin [link] [comments]

[Discuss] available and useful payment methods / alternatives to Paypal

Hello! Most of you guys seem to use Paypal. Of course, it is the best known company for money transfers worldwide. But there are alternatives. Maybe you're interested, because I can't imagine that everyone wants to pay a lot of fees just for sending money to another person.
Some of you already use bitcoins, litecoins, dogecoins etc.. There you seem to be flexible. But what about competitives to Paypal?
I already wrote it in my one offer - there are alternatives available for everyone. Sure, there are always some pros and cons, but just using the biggest company is not always the best way. Therefore I want to start a discussion/information thread here, where you can post alternatives. Sure, it is some kind of advertisement, but I think everyone should be interested in, because I don't think you like to lose 10+% of your money just because of sending money to other persons immediately (the use of a middleman included). I also think thats why the prices got so high (besides availability and demand of ships). I'd be happy to use a middleman, for sure, and I'm willing to pay some fees for their services. Thats ok! But I'm not willing to lose a lot of money to a credit institute. And 5-10% is a lot of money (maybe just for me?!). Think about it.
Maybe we can make a short list with pros and cons for mentioned alternatives here.

1. Yapital

A credit institute based in Luxembourg and Germany/EU. It is called Yapital. Some of the Germans might know it already, because Yapital started a big collaboration with the REWE group (and some others) for paying via smartphone at the checkstand (using the Yapital App). The whole progress is still in alpha stage, but the companies force to expand their influence fast.
pros: * much cheaper than Paypal (no costs for money transfer from Yapital -> Yapital); overview see link in text above * easy to use (Paypal clone) * just a single 0.25 Euro fee, if you want to transfer money back to your bank account * somehow the reliability, because it belongs to the Otto Group (big company in Germany) * you're able to classify your account as level 4 account by just writing the support (see disadvantages/cons)
cons: * big disadvantage: not useful for hardcore users, as there's a classification into 4 account levels: level 1: 300 Euro transfer limit per month and year level 2: 450 Euro transfer limit per month and year level 3: 1000 Euro transfer limit per month and year level 4 (maximum level!): 2500 Euro transfer limit per month, max 10,000 Euro yearly transfer limit, 2500 Euro yearly transfer limit from Yapital back to your bank account * available only for EU citizens * as always, most people don't know it * based in Luxembourg and Germany/EU (not physically present in America, Asia or Australia)
additional information: * For registration, you need a valid E-Mail address, a service password (you will be asked for it, when you're calling the service and you have some questions about your account later), a mobile phone number and a bank account.

2. direct bank transfer

pros: * Safest, no third parties implied, can be done from home on your computer depending on your bank/services provided
cons: * Fees, usually higher than paypal, tracability * money transfer is slow; usually takes a couple of days

3. Skrill

Paypal clone (?)
pros: * physically present US, UK, Sweden and Austria. Therefore at least an alternative for UK and US citizens * seems to be a well known and accepted alternative to Paypal (--be aware: the reference for that are Skrill itsself: 40 supported currencies in >200 countries; 36 Mill. customers; >156k traders) * costs/fees: Sending money costs 1% of the amount sent but is capped at a maximum of 10 Euro Receiving money is always free of charge Withdraw funds: approx 3 Euro fee For transactions involving currency conversion Skrill adds a fee of between 2.99% and 4.99% (can putatively avoided by having multiple accounts with multiple currencies (Ivan_SC) more information: https://www.skrill.com/de/privat/fees/ * seems to have high security standards (BUT: reference is just https://www.skrill.com/en/personal/security/)
cons: * no "fee-free" transfer of money (e.g. if you're in the same country)

4. Google Wallet

no experiences yet - PLEASE REPORT

5. Dwolla

pro: * money transfer very cheap: $0.25 / transfer; below $10 no costs
cons: * only available for US citizens

6. Bitcoin

I don't have any experiences yet. But a lot of people seem to use it quiet often here. Therefore, and as there were no complaints till now, it can be seen as an alternative to Paypal. No fees. But be aware - if you want "real" money, you have to change Bitcoins back to your currency. However, PLEASE REPORT YOUR EXPERIENCES! Maybe a short introduction how to transfer money (and change it back to "real" money) and security would be helpful for most people here. And no, "LMGTFY" is no help. (thanks to Loneshade for pros and cons)
pros: * good for the seller, since money is not traceable * no fees (since its comparable to known currencies)
cons: * hard for the buyer to claim a refund if the seller is not cooperative, since he cannot prove a payment was done correctly When using bitcoin, please ensure to have a good virus a anti-malware protection. Since the money is untraceable, its easy to steal off your pc. If you need help with bitcoin, be careful whom you ask.

7. Escrow

escrow.com No experiences yet. PLEASE REPORT YOUR EXPERIENCES! scsecret83 reports: "I've heard a lot of sellers are concerned over chargebacks, especially on larger transactions. If you're ok with paying a slightly higher fee than paypal (or buyer covers fees), you can use escrow.com."
At the end, I want to apologize for my English. I'm not a native speaker. But hopefully you all understand anything which I wanted to say.
(I'll edit this post every time a person shows an alternative to Paypal here. BUT the person has to mention pros and cons of the company, too, so that we're able to discuss about it)
submitted by kellerdrone to Starcitizen_trades [link] [comments]

Why I'm buying Bitcoins

I first saw Bitcoin in December of last year, downloaded and ran the client, saw an exchange at $0.24, and was like, "meh" - another attempt at a currency. Good luck with that. I spent about half an hour, and moved on.
Last week, they came back on my radar, and after about a day of reading, and I decided to buy some (they were at $9.5USD/BTC then). I've seen a whole lot of people argue about a whole lot of different reasons and theories, but frankly, my reasons are simple.
However, the price of a Bitcoin is determined only by demand and utility. If no one wants them, the price goes down, if people do want them the price goes up. Given that that Bitcoins can be accepted by anyone using a computer - I think lots of people all over the world will want to use them, and their price could be extremely high, breaking through 100,1000, or many 10s of thousands or even higher in the months to come.
submitted by jmdugan to Bitcoin [link] [comments]

Why I will buy or sell bitcoins on campbx, not mtgox from now on

The extent of my reddit experience has exclusively been lurking on /bitcoin but I feel like I have to say something for once.
I've been using mtgox ever since I've first been involved in bitcoin. I don't consider myself a day trader but I guess you could call me that: I hold a certain amount of bitcoins long term, I try to buy things with them when possible, and I keep cash in my account to buy on dips and sell a little when I feel we're at a high point for the week or so. Needless to say, today was very scary.
My experience with mtgox hasn't been terrible up until this point but I'm through from now on. Verification wasn't too bad, nor was depositing via dwolla, but the problems from this week have been the last straw. It started when I tried to withdraw some USD, but apparently now the withdrawal is in "error" status but the amount is neither in my dwolla or my mtgox account. But on top of that is a problem that a lot of us dealt with today.
The fact that a rush of new accounts could trigger this panic sell is unacceptable: when lag happens, instead of rationally waiting, all hell breaks loose. This is bad enough for mtgox customers, but the fact that the entire bitcoin community across all the exchanges is thrown into disarray from a problem mtgox has no incentive to fix (they love the huge volume increase from a panic, more commissions for them) is flat out wrong. It's been said that we need to disperse over more exchanges but I feel very few of us have done anything about it. So from today forward I'm moving to campbx for all my USD to BTC and back needs. Why?
-CampBX is an American company in Georgia. As an American, I have more confidence in an exchange from within my country than an overseas one. I know Bitcoin is a global currency, but I can feel a little better too about my money going to an American company.
-Dwolla deposits and withdrawals (the cheapest way for Americans like myself) take a fraction of the time that they do with mtgox. 6 hours tops for either one, provided you're within the transaction limits, which isn't an issue for me.
-There's no additional verification process other than having a valid dwolla for 30 days (I had mine for ~20 and it worked).
-CampBX has a lot more order options (dark pools, etc). You should really check it out if you're well versed in finance.
-They support google two-factor authentication.
And last but not least, while there isn't as much volume (for now), I haven't had any lag issues with CampBX nor have I heard of any others. The price moves a little less, but it's a lot more stable. Unless you're high frequency trading, that's probably what you want.
If you want to give it a try, I'd appreciate it if you use my refer URL, and you'll get a 10% lifetime discount (if you don't want to, I understand completely). But the above are my honest opinions on the matter, and I think that everyone should consider an alternative to mtgox, and I think that CampBX is one of the best out there.
Refer URL
Non Refer URL
submitted by theo_rem to Bitcoin [link] [comments]

My recent experiences with Bitinstant, Mt. Gox, Silk Road, and BTC in general

I just wanted to take a few moments to talk about my recent experience with bitinstant and the recent troubles that we’ve all seemed to be having when trying to exchange fiat for bitcoins.
I began exchanging for bitcoins in order to purchase the wekk known nootropic Modafinil over the internet. Over the course of a couple days of serious research, I felt comfortable enough making my first transaction. The process was simple on both the front and back end. Bitinstant worked like a charm and I was able to send the payment to receive my product from the vendor.
I became intrigued because of how well everything went. I knew that soon I would be getting involved as a buyer on the Silk Road so I began making a few more deposits via bitinstant, and soon after I made my first purchase on the SR. Life was good and so was the product… Until I needed to order again.
Around June 18th I tried to do a deposit via Bitinstant, and that’s when I ran into every error possible. Bitinstant seemed to be having issues with one of their “third parties”. I began looking into reasons why this issue could be happening. I tried a lot of different things to remedy this, including registering for an account.
Even after registering for an account I kept getting problems, so that’s when I decided to look at alternative methods of obtaining bitcoins. My first plan of action was to wire transfer money to the evil Mt. Gox. I used them because I had previously been verified after creating an account there when I first got into bitcoins when I didn’t know what I was doing. I personally bank with a credit union and the cost for international wire transfers are $40 USD. I have maintained a great relationship with my credit union and have accrued enough member points to waive the fee for the wire transfer. (hint: banking at a credit union is FAR better than a bank). I was actually able to complete the wire transfer online through a secure portal while communicating via online chat with my credit union rep, cool eh?
Anyways, two days later I got an email and my money was in my Mt. Gox account. I then exchanged the money for bitcoins, moved the bitcoins through a few wallets, and I was ready to go again. That’s when I began looking even further into alternative methods of obtaining bitcoins after having the transaction go through successfully with Mt. Gox. I have since created an account with both coinbase and dwolla as backups. I don’t really see myself using dwolla, but coincase looks very promising to me. I have also heard that coinbase is working on getting a system in place like Bitinstant where customers can make cash deposits for bitcoins.
Now, I set up a secondary checking account to accommodate any future transactions with coinbase. Setting up a secondary account that is exclusively used for online purchases is always a smart idea. If you ever run into any issues, it isolates the problem to an account that doesn’t receive things like direct deposit or have automatic bill payments. I worked many years in a bank and would advise this to everyone.
Though I had a relatively painless experience when using Mt. Gox, I don’t foresee myself using them in the future because of all the negative things I keep hearing about them.
With everything being said, yesterday I was able to successfully transact for BTC via Bitinstant for the first time in nearly two weeks!!!!! I had been in communications with their support staff for over a week because I was having issues with getting my account validated and verified. In hindsight, I’m kind of still pissed off a bit because of how slow they were in responding to my inquires, but I’m sure they had thousands of people flooding them asking for help. There are a lot of things going on behind the scenes that I don’t fully understand, so I don’t want to jump to conclusions.
I don’t really consider myself somebody who should be providing advice to others in regards to bitcoins because I have limited experience with them. The intention of this post is to provide a semi detailed look-in to how my recent experiences have been when trying to get bitcoins.
Hopefully bitinstant continues to work like it did yesterday, as I feel that making a cash deposit is the easiest way for me (and many others) to obtain bitcoins. In the back of my mind I do indeed wonder about the future of BTC as Governments are getting more and more involved in trying to control this beautiful currency.
submitted by srthrowaway54868 to SilkRoad [link] [comments]

Will PayrrApp be useful for LocalBitcoins and OTC Bitcoin trading in the U.K.?

I just read about Payrr, available only from Apple's App store currently:
It allows direct debit transactions between individuals in the U.K.
This might be useful for LocalBitcoins trading and over-the-counter (OTC) trading that occurs as it essentially is an account-to-account (A2A) bank transfer method that works across banks in the U.K.
This would be used similar to how PayPal is used for trading of bitcoins. Except the threshold for reversal of a direct debit transaction is likely much higher. And unlike PayPal, Dwolla, PingIt etc, they've not prohibited using the funds for trading of Bitcoins:
https://gocardless.com/legal/restrictions <-- Nothing about Bitcoin, digital currency, etc.
So this might be useful as an alternative to PayPal for P2P trading of bitcoins.
Underneath PayrrApp is GoCardless. Here's some recent press for them:
submitted by sgornick to Bitcoin [link] [comments]

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