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The general problem with buying bitcoins with credit cards is the fungibility of the good you're buying. In other words, bitcoins are so fungible that buying th

by runeks 13y ago

The general problem with buying bitcoins with credit cards is the fungibility of the good you're buying. In other words, bitcoins are so fungible that buying them with credit cards becomes a problem. When buying anything else with bitcoin, it's generally hard to resell the item, and make your money back. With the amount of credit card fraud, buying bitcoins with a stolen credit card would mean sites offering this service would have too many chargebacks, and they would have to charge a 5% fee on top of the 3% VISA already takes. Few people are going to want to pay an 8% markup on money. Money has a very definite price, they're not like other goods. You can see that you're paying a hefty markup, and people don't like that. Bitstamp allows you to buy bitcoins by wiring money to them: https://www.bitstamp.net/help/how-to-buy/ https://www.bitstamp.net/help/how-to-buy/ It might be me, but I really don't see why wiring money is so hard. I just log into my online banking site and set it up, takes a couple of minutes.

hanley 13y ago
The term "wiring money" still has a connotation of being complicated, probably from all the movies and TV shows that mention wiring money in exchange for hostages, etc. I wish people would just refer to it as a bank transfer.
foxylad 13y ago
Off topic... wiring DOES seem hard. I'm from NZ, where it's very common to do an EFT payment to another bank account. We do this for paying bills, giving money to friends, and even paying for online purchases. I recently set up a US bank account at Wells Fargo. Today I needed to pay someone (in the US) from it, and after fruitlessly searching for a way to transfer money to another account was told by customer support that the only solution was to do a wire transfer. At a cost of $35 and having to visit a branch to set this up. They did have something called SurePay that involved sending someone an email or SMS message, but my beneficiary is a corporate so this isn't really an option. SurePay also seems to be limited to very small amounts. Given this is free and simple to do in every other country I've banked in (NZ, Aus, UK and Canada), I'm still suspicious that I'm missing a something on the internet banking website. Any suggestions?

by runeks 13y ago

hanley 13y ago

The term "wiring money" still has a connotation of being complicated, probably from all the movies and TV shows that mention wiring money in exchange for hostages, etc. I wish people would just refer to it as a bank transfer.

foxylad 13y ago

Off topic... wiring DOES seem hard. I'm from NZ, where it's very common to do an EFT payment to another bank account. We do this for paying bills, giving money to friends, and even paying for online purchases. I recently set up a US bank account at Wells Fargo. Today I needed to pay someone (in the US) from it, and after fruitlessly searching for a way to transfer money to another account was told by customer support that the only solution was to do a wire transfer. At a cost of $35 and having to visit a branch to set this up. They did have something called SurePay that involved sending someone an email or SMS message, but my beneficiary is a corporate so this isn't really an option. SurePay also seems to be limited to very small amounts. Given this is free and simple to do in every other country I've banked in (NZ, Aus, UK and Canada), I'm still suspicious that I'm missing a something on the internet banking website. Any suggestions?