9 ms·

It's practically impossible for regular people to buy Bitcoin

110 points by pieterhg 13y ago

aw3c2 13y ago
Same experience here. I wanted to grab some Litecoin last week as people started speculating with them as well but I won't totally give up my privacy to shady websites for some gambling.
- buttsex 13y ago
  Buy BTC at Coinbase -> transfer to BTC-e -> turn BTC into LTC
- deleted 13y ago
  [deleted]
- aestra 13y ago
  The only practical way to buy litecoins right now is buying bitcoins first, then buying litecoins with bitcoins.
  - elliottcarlson 13y ago
    You can also buy LTC on BTCe by using something like MoneyGram - walk in to a CVS/Duane Reade with cash and you will have LTC right away.
deleted 13y ago
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iSnow 13y ago
Considering how the price is doing even though it is really hard to buy the things, I shudder to think what would happen if you could buy them at your local bank branch.
- wcummings 13y ago
  I've paid for BTC with a bank deposit before. Unsure if any exchanges still offer this
  - aestra 13y ago
    Plenty of private sellers still do.
deleted 13y ago
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- fwr 13y ago
  Did you read the article at all? How is mining BTC an option for regular people? Have you attempted to purchase a foreign currency? It's usually a two-click operation at most.
  - spiralpolitik 13y ago
    No where did I suggest that mining bitcoin was for the general public. What I was pointing out was that the generalization of the article ("it's hard for me, so it must be hard for everybody") was incorrect and if the author had framed the article better then it would have made a much more valid point. I totally agree that exchanging cash for bitcoin should be no different to exchanging cash for another currency, but given bitcoins decentralized nature and the fact that none of the major currency exchange companies haven't had the balls to do this means unless you change the regulation so that new companies can move into the space then not much is going to change.
- astrodust 13y ago
  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.
  - rockyleal 13y ago
    yet
    - astrodust 13y ago
      It'll always be harder. I can walk into an exchange place with cash, walk out with cash. I do not need identification, I do not need a computer, an account, anything other than cash in hand. Unless you can convert Bitcoin into a physical item, it will always be harder.
dariopy 13y ago
That's what coinbase is for. Pretty easy to register and get verified... if you happen to be in the US of A (or own a bank account there, anyway).
huangbong 13y ago
localbitcoins.com
RossM 13y ago
At some point, Barclays Pingit (a UK mobile payment service) provided a service to buy Bitcoin by sending cash to services that supported it (you can send cash to a telephone number if it maps up to a bank account). However it was always down when I looked. The only alternative seemed to be wire transfers and escrow which I wasn't interested in dealing with.
wcummings 13y ago
"But verification can take weeks or months and the odds of getting accepted are actually low" This is simply not the case, at least in the US
tzakrajs 13y ago
Coinbase makes it really simple. In a week, without ID verification I received my BTC.
- pieterhg 13y ago
  Coinbase is US-only though?
peteretep 13y ago
?! In the US, Coinbase is easy In the UK, Bittylicious is easy I'm sorry it's so hard in Germany, but your title should be "It's hard to buy Bitcoins in Germany"
- pieterhg 13y ago
  I'm not from Germany, but Netherlands. But your point stands if you're talking about everywhere outside UK/US.
  - maaku 13y ago
    Local bitcoins.
  - guard-of-terra 13y ago
    From Russia (and Ukraine perhaps) it's like very straightforward too. You just set up a btc-e.com account and send in cash via Qiwi. There are a lot of local services mentioned in the comments, so it seems. If there aren't in Netherlands why don't you create one?
- MarcusVorenus 13y ago
  It's not hard in Germany either if you use Bitstamp.
- dblacc 13y ago
  Why is the price so high above the norm on Bittylicious ?
- Geee 13y ago
  It's not true that it's hard. For Europeans, buying from Bitstamp.net is not harder than your typical online store experience. However, there seems to be some kind of problem with verifications currently, which is a separate problem. (I guess they are rate-limiting for some reason)
PaulJoslin 13y ago
This is why I was unable to buy bitcoins when I first read about them on HN in 2010 and similar in 2011 when the price had gone over $1 and actually showed promise. (I have some emails to colleagues / friends showing my frustration at the time of wanting to get some) I always wanted just 1 (still do), but back in 2010 I was just going to spend £100 and see what happens. It seems in the US the people who did similar to what I wanted to do in varying forms made good profits (and had an interesting ride). This is different from 'speculating' (e.g. 'oh I wish I had actually bought some') - I had full intent and wanted to buy them, but just the barrier to entry due to UK regulations were very high. I even tried to arrange peer to peer transactions through reddit or in person but they also seemed difficult. Most people I ever met in person who had any didn't want to sell due to the belief of the ever increasing price.
- leoedin 13y ago
  I had luck buying bitcoins a few times about a year ago through MtGox. Their method of getting money in (UK bank transfer) was shut down about October last year, and since then I've not figured out how to buy more. I have to wonder where the money stoking these recent price rises is coming from. Of course I managed to be highly ineffective at making the most of the bitcoins I had. I think I probably had about 10 bitcoins in my posession at one point, and I probably realised about £150 of real gain out of them. Hindsight is wonderful! Edit: I should add that I opened my MtGox account a few years ago, before there was any requirement for ID or verification. I think the whole process has become a lot harder since.
  - Aqueous 13y ago
    It's coming from China. BTC China has a much lower hurdle and the volume is going up daily in the most populous country in the world. It is a huge potential market for virtual currencies.
  - PaulJoslin 13y ago
    It's coming from China[1]. A LOT OF MONEY from China. Like $millions. That's how all these early adopters in the USA are being able to cash out millions and the price is not crashing. They seem to like the fact it separates them from the US dollar, as well as allowing Chinese residents more control over their money and a potential store of wealth comparable to gold (although far more volatile). Of course I still believe this is unsustainable, but in a strange form this is a wealth rebalancing act on a global scale... the rich Chinese giving money to the US citizens. As long as the rest of the world doesn't go bitcoin mad and let the Chinese cash out again, then if it ever pops there will be a lot of wealth lost in China. [1]http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1-000-as-virtual-money-gains-wider-acceptance.html http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1...
wereHamster 13y ago
I didn't have any trouble at all. Signed up on bitstamp.com, took two days to verify my account. Money which I sent to them (via bank transfer) was credited to my account the next day. All in all a pretty painless experience. Edit: I live in Switzerland, Bitstamp based in UK or Slovenia.
celticninja 13y ago
It is not practically impossible to buy bitcoins. It may take a little effort that is all and even then it is minimal effort if you spend any time at a computer. Localbitcoins.com – You can buy bitcoins from other individuals either in person or using bank transfer. There is an escrow system in place for protection of buyer and seller. Using bank transfer you dont even need to leave your house, you can do it via online banking. BTC-e.com – This exchange does not require verification to deposit money or trade but you may need to provide verification before you withdraw. I sent pictures of my photo driving licence and a photo of a utility bill and was verified within 48 hours. Bitstamp – you need to be be verified before you can deposit money. Follow the rules they lay down re: high quality scan and photo and you will be fine. MtGox – Same as above, follow the rules and it is fine. Verification did at one time (April bubble) take a few weeks, it is much more reasonable now. These are 3 of the exchanges but there are others such as Kraken, Coinbase etc.
- pieterhg 13y ago
  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.
  - coldtea 13y ago
    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.
    - gaadd33 13y ago
      I think that's the result of anti-money laundering laws and know your customer regulations.
      - coldtea 13y ago
        The "send your password scan" perhaps, the "to some obscure web services" though is not.
thinkcomp 13y ago
Keep in mind that there are no legally compliant Bitcoin exchanges that support deposits or withdrawals in the United States. This means that their (and your) assets could be frozen by regulators at any point in time with no prior notice.
mrb 13y ago
Here are options the author, and people in general, fail to consider: 1. Sell a good/service on craigslist and require payment in bitcoins. You will find a buyer in a big city. If necessary, even buy an item typically in high demand by bitcoin owners (eg. computer gear) specifically for the purpose of reselling it! 2. Or buy coins directly from people, see https://localbitcoins.com https://localbitcoins.com
- jethro_tell 13y ago
  This is kinda true but at lease on your first point still not for regular people. My brother wants to buy some and If I told him, "yeah just go get a pile of asics and sell them on craigslist" I'm sure that would be just as difficult for him. Then he needs to keep a wallet, regular backups and a marginal level of network security.
  - mrb 13y ago
    By computer gear I mean a mouse, monitor, hard drive, etc. Not ASICs.
habosa 13y ago
I 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 can't get on Mt. Gox. Sure I can get on Coinbase and buy, but why would I buy something I can't register to sell?
- dariopy 13y ago
  What are you talking about? You can buy AND sell in coinbase.
  - XorNot 13y ago
    If you're in the US and if you don't get denied as a high risk transaction and then maybe a few weeks later you might see some money. The story of Bitcoin is practically no-one seems able to cash out at the reported rates - you're lucky to get about 1/3rd of that.
    - antocv 13y ago
      Its the "exchanges" and "trade platforms" of BTC that are the driving force of the scam.
- freework 13y ago
  localbitcoins.com
josephagoss 13y ago
Try CoinJar in Australia, very good company for buying and selling Bitcoin. Remember do not use their wallet service for holding large amounts of Bitcoin, even the owner of the business recommends keeping most of your coin in a cold wallet.
- SyneRyder 13y ago
  Yup, I've been experimenting with CoinJar too. While I haven't actually clicked "Buy" just yet (today's Bitcoin prices seem tulip-bulb ridiculous to me), I've been impressed with everything from the website, support, deposit process, bank account verification, usability. The money showed in my CoinJar within 24 hours after depositing at the bank, ready to click buy. They're requiring identification for sell orders from December 1 though, which could complicate things.
- prawn 13y ago
  I and four friends have grabbed BTC through Coinjar. One went the ID route, the rest took cash to a NAB branch and deposited which is the quicker path. Three of us have since transferred some BTC to BTC-E to grab a few LTC. That was a pretty quick process.
- Springtime 13y ago
  Hmm, from some posts on the bitcointalk forums it seems to be run by a previous scammer. Some people have had luck using it though, so ymmv I guess. Edit: yup, see all the links here: http://www.reddit.com/r/Bitcoin/comments/1gb0d4/coinjar_filler_the_cheapest_way_to_buy_bitcoins/camlhmz http://www.reddit.com/r/Bitcoin/comments/1gb0d4/coinjar_fill...
  - josephagoss 13y ago
    I use it for transfer only and never store Bitcoins on their server.
berkes 13y ago
This is mostly because people confuse a trading-floor with an exchange. When you travel to, say, Thailand for a holiday, you don't walk into Wallstreet to trade some Dollars for Baht. Instead, you exchange some at an airport of office around the corner. MtGox (and the likes) are like that wall-street. Whereas there are a lot of smaller places to actually buy some BTC, alike that office at the airport. Yes. When you exchange Dollars for Baht, you will pay a lot more then the average rate that goes on Wallstreet at that moment. And yes, you cannot trade millions of Dollars for Bazillion of Baht. In .nl, for example, there are places where you can buy with a Dutch bank account. Works fine if you want to trade a few tens of Euros. Stop pointing people to full-blown trading-platforms when all they want is a few BTC. Instead, point them to alternatives, including your personal wallet on your android :). I, usually, explain people that they can have a few millibit, but not for Euro: the'yll have to sell me something: a bottle of wine, crate of beer, stuff that I would buy anyway. So that I can say that I bought beer with Bitcoin, and to show others that there is actually stuff you can buy for it, rather then purely some get-rich-quick-stockmarket.
dfraser992 13y ago
this guy is not doing something right, or the fact he lives in 10 different places around the world is a factor. I had no trouble at all, beyond waiting a few days for MtGox to verify me (when they were swamped at the time), and Bitstamp was a day's wait after I fixed the PNG they wanted (not enough dpi for their automated document scanner). That was just a week or two ago. so to me, all his reasons are specious ones. Maybe I'm just old enough to know how to deal with all the paperwork the Man / the Matrix wants.
- pieterhg 13y ago
  I'm a Dutch citizen with a Dutch bank account (with online banking) who can do European transfers with ease. It doesn't matter where I live, as far as this concerned I'm the same as any Dutch/European citizen.
antocv 13y ago
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 buying stuff or other currencies either. Bitcoin is the worlds biggest scam. EDIT: Aside from the verification many of the exchanges actually dont deliver BTC to your own wallet but provide the kind "service" of keeping "your" wallet at their servers.
- user24 13y ago
  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 or "get verified" to amazon when buying stuff or other currencies either. I agree. I used bitbargain which was essentially as easy - and documentation free - as using my internet banking to transfer some funds to some bloke's bank account, who then released coin to me. It made me nervous doing it (what other system asks you to log in to your internet banking and xfer funds to some guy's account, simply trusting that they will deliver?) but it's about as easy as it gets currently. It's a new frontier, it's bound to be rough around the edges. And make no mistake, buying BTC is the edge. Once you've passed that hurdle, the simplicity is beautiful.
  - jethro_tell 13y ago
    So is the easy way to do it an escrow service that can protect you from getting jacked using the same method?
    - user24 13y ago
      I'm not sure escrow services exist (yet). I don't know how exchanges work, having only bought on bitbargain, and never sold.
krelian 13y ago
It was too much of hassle to buy back when I first heard about it. They were $3 at the time. I didn't really believe it would take off but if it were easy to buy I would have definitely bought $50 worth "just in case".
Fuxy 13y ago
Does coinbase work in the UK? I thought it was US only.
snitko 13y ago
I would like to point everyone's attention to the fact that the difficulty of buying bitcoins has to do with the current banking system and regulations, not with Bitcoin itself. If you could buy bitcoins by swiping your card, its price would currently be more like $100k, not $1k. Accepting Bitcoin and trading in Bitcoin are the easiest things in the world.
- SyneRyder 13y ago
  Accepting Bitcoin isn't quite that easy, if your customers are expecting instant real-time online fulfillment. Bitcoin 'merchant accounts' are showing up to make things easier than they were years ago, but there's still some code integration required on a website's backend to make it all happen.
josu 13y ago
Although I agree with many things that the author says, I wouldn't say practically impossible. I, myself, have bought bitcoins and set up wallets for two friends and a family member, regular people as the author would say. After seriously warning them, and letting them know that chances are that they will lose all their investment, they transferred me the money and I gave them the instructions for the wallet. However, I believe that the more the bitcoin economy grows the easier will be for people to acquire them. I also hope that people will start spending them, instead of just keeping them as an investment.
foobarqux 13y ago
When the primary way of trading bitcoin is through unregulated exchanges based in Slovenia and Bulgaria the bigger concern should be your ability to get your money out in the future.
notdrunkatall 13y ago
A few months ago, I decided to buy some bitcoin. I did a little research, ended up on coinbase, and linked my bank account and my phone number, and a few days later, I owned a few bitcoin. It was a pretty straightforward process, and as far as I know, they're the only straightforward way to buy bitcoin. I predict that in a few years, Coinbase will be a billion dollar concern as long as they keep doing a good job and their system isn't compromised. Keep it up!
koevet 13y ago
I don't agree. The first time I acquired bitcoins it was through this website: https://localbitcoins.com 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 account.
- mpg33 13y ago
  Same here...localbitcoins was very easy.
  - Guest2931 13y ago
    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.
    - clamour 13y ago
      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.
    - mpg33 13y ago
      There are multiple online options for buying on localbitcoins so you don't have to meet in person.
    - nathan_f77 13y ago
      You don't need to buy a whole bitcoin. These aren't shares in a company. You can bring $50 and buy a fraction of a bitcoin.
  - agashka 13y ago
    I am a Canadian resident, and went through canadianbitcoins.com about 3 months ago. It was relatively easy and didn't take much time to get my bitcoins.
wellboy 13y ago
Not really, just use http://virwox.com/ 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.
- dingaling 13y ago
  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.
  - wellboy 13y ago
    Yeah you don't buy BTC upfront, you buy Linden Dollar and exchange that into BTC on virwox, that's how it works.
- rsiqueira 13y ago
  I've just tried VirWox and unfortunately I was not able to buy bitcoins there since there is a minimum of bitcoins that I need to buy (this was not informed in their FAQ). So I'm requesting that they refund my paypal payment. Let's see what will happen..
  - rsiqueira 13y ago
    EDIT: Fortunately VirWox was nice to refund the Paypal payment that I made since the amount that I deposited there was not enough to buy Bitcoins with it.
    - wellboy 13y ago
      Why didn't you wait another day, deposit the same amount and then buy the minimum amount, I think it's 0.1 BTC, is it?
  - 13y ago
awidegreen 13y ago
what about https://safello.com/ https://safello.com/ ? worked perfect for me - at least here in sweden.
Havoc 13y ago
Its even worse outside the US. Most places require a (US) bank transfer. That just isn't feasible for me...I need at least a SWIFT code and would still get hit with heavy fees.
foobarqux 13y ago
Anyway have information about withdrawal delays on the different exchanges?
ep3p6 13y ago
For those in Vancouver, we (Coinwaves) just opened a physical Bitcoin exchange in Gastown to address this problem. It seems online exchanges are still dealing with how to balance fraud-protection and customer convenience. We thought that, for now, an in-person approach made a lot of sense. We're focusing not only about helping people purchase Bitcoins easily, but also educating them on the technology and methods of safely storing and using Bitcoin. We're also keen to impart the notion that Bitcoin is more than a mere speculative instrument, but a potentially world-changing technology. Any Bitcoin enthusiasts in town, whether or not you're looking to buy, give us a shout! Link: http://www.coinwaves.com/ http://www.coinwaves.com/
aosmith 13y ago
I'm yet to hear of anyone denying verification. I've had accounts at BTC-E, CampBX, Bitstamp, and Coinbase to name a few. Haven't had a single issue getting verified anywhere and most took less than a week.
jotaass 13y ago
How about a Bitcoin ATM machine? https://lamassu.is/ https://lamassu.is/
Ellipsis753 13y ago
Hello. I'm happy to sell bitcoins to anyone who is within the UK. If you're near Brighton we can trade face-to-face for cash. Otherwise just email we and we can do a bank transfer. My email is Shanee753@gmail.com . I have a large number of reviews which I can provide. Personally I normally buy my own from an IRC channel on Freenode called bitcoin-otc-uk. Feel free to ask me any questions. It's not too tricky to trade but can be a bit difficult to get into.
- antihero 13y ago
  I too am in Brighton,! Don't have any cash at the moment, but I'm definitely interested in Bitcoin as a thing once I have some surplus money.
vsviridov 13y ago
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?
- smackfu 13y ago
  There are certainly degrees of risk. Like buying something from craigslist for cash is riskier than buying the same thing from a retailer.
sixQuarks 13y ago
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.
- modeless 13y ago
  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.
  - cdcarter 13y ago
    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.
- lucaspiller 13y ago
  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 :)
  - sixQuarks 13y ago
    True, I didn't think about stolen credit cards.
mamcx 13y ago
I was to buy my first bitcoin. Then the bank tell me is absolute forbidden to make bank transfer to any thing that look alike a forex stuff. Or get money for them. Criminal, you are... Here, in Colombia, all banks do the same.
drcross 13y ago
The very first sentence shows that the author does not know what he's talking about. Tulips manic is not an accurate comparison because the number of Bitcoins can't be increased except through mining which is a predetermined rate. Tulips can easily be increased by planting more.
- gwern 13y ago
  > Tulips can easily be increased by planting more. Please see https://news.ycombinator.com/item?id=6763421 https://news.ycombinator.com/item?id=6763421
teringnering 13y ago
People in the EU should really try bitcoin.de. This is a reputation based marketplace. First level of verification is not hard, taking 2 days.
spiralpolitik 13y ago
Should be retitled "It's practically impossible for people in my country to buy Bitcoin" as the generalization defeats the point of the article as at least for 300 million people (some of whom are "regular"), the process of buying bitcoin is no more difficult than the process of signing up for a PayPal account. If you are not one of these countries then contacting your representative/member of parliament and asking them to campaign the legislation changed is generally a much better way of getting the situation resolved than writing whiny articles on the internet.
xeroxmalf 13y ago
For Canadians, there is Cavirtex. I had no problem becoming verified with them, and it was as simple as becoming say PayPal verified.
nocoin 13y ago
Coinbase? https://coinbase.com/?r=508ae579ead0660200000066&utm_campaign=user-referral&src=referral-link https://coinbase.com/?r=508ae579ead0660200000066&utm_campaig...
lucb1e 13y ago
I never had any of these problems, nor does anyone I know have them. My and everyone's applications at Mt.Gox and Bitstamp and elsewhere have always been accepted, as far as I know. And there are of course alternatives like Localbitcoins or in the Netherlands you can pay using iDeal (e.g. at bitonic.nl) which is extremely easy. A 5 minute deal the first time around. I also never encountered any trouble buying Bitcoin simply for being European. So far I actually thought the people in the US would be having a harder time with the MtGox trouble.
sixQuarks 13y ago
Could I setup a small kiosk at a heavily populated area and sell bitcoins for cash and/or money orders? Any regulations in SF against something like this?
- nathan_f77 13y ago
  I think you could, and you should.
warrenmiller 13y ago
Just got to https://localbitcoins.com/ https://localbitcoins.com/ and buy some online by bank transfer, it takes about 15 minutes. It's not rocket science.
- imrehg 13y ago
  Good luck with that if there are no-one in your "local" selling coins, just buying. That's my case.
thom 13y ago
Easiest way I've found in the UK is buying Magic: the Gathering Online tickets via PayPal and trading them for Bitcoin. I dunno if this is the way the future was supposed to be, but it works for me.
zik 13y ago
This is only really true in America. I've bought bitcoins two different ways in Australia. It wasn't that hard.
je2f101 13y ago
Why are prices for bitcoins so drastically different on the different exchanges? Shouldn't arbitrage fix this nearly right away.
bernatfp 13y ago
This is actually a good analogy to doing a startup. Many people want to buy bitcoins, but only the ones that are really commited to doing so succeed. It's very easy to say you wanted to buy Bitcoin, but did you really try that hard?
bit4coin 13y ago
For exactly this reason we have founded https://bit4coin.net https://bit4coin.net in Amsterdam - an easy-to-use bitcoin gift voucher service. Customers can buy vouchers online (later also in retail shops), and we ship them to their doors. They can then redeem them for bitcoins. We felt we had to make bitcoin more tangible for new users and put it in a form they are already familiar with and attribute value to: gift cards. Would love to get some feedback from you guys!
drawkbox 13y ago
If there was ever a time for Coinbase to go global, this is their moment to take over.
vldr 13y ago
http://bitmymoney.com http://bitmymoney.com is an easy way to get bitcoins in the Netherlands (and possibly Europe)

110 points by pieterhg 13y ago

aw3c2 13y ago

Same experience here. I wanted to grab some Litecoin last week as people started speculating with them as well but I won't totally give up my privacy to shady websites for some gambling.

buttsex 13y ago
Buy BTC at Coinbase -> transfer to BTC-e -> turn BTC into LTC
deleted 13y ago
[deleted]
aestra 13y ago
The only practical way to buy litecoins right now is buying bitcoins first, then buying litecoins with bitcoins.
- elliottcarlson 13y ago
  You can also buy LTC on BTCe by using something like MoneyGram - walk in to a CVS/Duane Reade with cash and you will have LTC right away.

deleted 13y ago

[deleted]

iSnow 13y ago

Considering how the price is doing even though it is really hard to buy the things, I shudder to think what would happen if you could buy them at your local bank branch.

wcummings 13y ago
I've paid for BTC with a bank deposit before. Unsure if any exchanges still offer this
- aestra 13y ago
  Plenty of private sellers still do.

deleted 13y ago

[deleted]

fwr 13y ago
Did you read the article at all? How is mining BTC an option for regular people? Have you attempted to purchase a foreign currency? It's usually a two-click operation at most.
- spiralpolitik 13y ago
  No where did I suggest that mining bitcoin was for the general public. What I was pointing out was that the generalization of the article ("it's hard for me, so it must be hard for everybody") was incorrect and if the author had framed the article better then it would have made a much more valid point. I totally agree that exchanging cash for bitcoin should be no different to exchanging cash for another currency, but given bitcoins decentralized nature and the fact that none of the major currency exchange companies haven't had the balls to do this means unless you change the regulation so that new companies can move into the space then not much is going to change.
astrodust 13y ago
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.
- rockyleal 13y ago
  yet
  - astrodust 13y ago
    It'll always be harder. I can walk into an exchange place with cash, walk out with cash. I do not need identification, I do not need a computer, an account, anything other than cash in hand. Unless you can convert Bitcoin into a physical item, it will always be harder.

dariopy 13y ago

That's what coinbase is for. Pretty easy to register and get verified... if you happen to be in the US of A (or own a bank account there, anyway).

huangbong 13y ago

localbitcoins.com

RossM 13y ago

At some point, Barclays Pingit (a UK mobile payment service) provided a service to buy Bitcoin by sending cash to services that supported it (you can send cash to a telephone number if it maps up to a bank account). However it was always down when I looked. The only alternative seemed to be wire transfers and escrow which I wasn't interested in dealing with.

wcummings 13y ago

"But verification can take weeks or months and the odds of getting accepted are actually low" This is simply not the case, at least in the US

tzakrajs 13y ago

Coinbase makes it really simple. In a week, without ID verification I received my BTC.

pieterhg 13y ago
Coinbase is US-only though?

peteretep 13y ago

?! In the US, Coinbase is easy In the UK, Bittylicious is easy I'm sorry it's so hard in Germany, but your title should be "It's hard to buy Bitcoins in Germany"

pieterhg 13y ago
I'm not from Germany, but Netherlands. But your point stands if you're talking about everywhere outside UK/US.
- maaku 13y ago
  Local bitcoins.
- guard-of-terra 13y ago
  From Russia (and Ukraine perhaps) it's like very straightforward too. You just set up a btc-e.com account and send in cash via Qiwi. There are a lot of local services mentioned in the comments, so it seems. If there aren't in Netherlands why don't you create one?
MarcusVorenus 13y ago
It's not hard in Germany either if you use Bitstamp.
dblacc 13y ago
Why is the price so high above the norm on Bittylicious ?
Geee 13y ago
It's not true that it's hard. For Europeans, buying from Bitstamp.net is not harder than your typical online store experience. However, there seems to be some kind of problem with verifications currently, which is a separate problem. (I guess they are rate-limiting for some reason)

PaulJoslin 13y ago

This is why I was unable to buy bitcoins when I first read about them on HN in 2010 and similar in 2011 when the price had gone over $1 and actually showed promise. (I have some emails to colleagues / friends showing my frustration at the time of wanting to get some) I always wanted just 1 (still do), but back in 2010 I was just going to spend £100 and see what happens. It seems in the US the people who did similar to what I wanted to do in varying forms made good profits (and had an interesting ride). This is different from 'speculating' (e.g. 'oh I wish I had actually bought some') - I had full intent and wanted to buy them, but just the barrier to entry due to UK regulations were very high. I even tried to arrange peer to peer transactions through reddit or in person but they also seemed difficult. Most people I ever met in person who had any didn't want to sell due to the belief of the ever increasing price.

leoedin 13y ago
I had luck buying bitcoins a few times about a year ago through MtGox. Their method of getting money in (UK bank transfer) was shut down about October last year, and since then I've not figured out how to buy more. I have to wonder where the money stoking these recent price rises is coming from. Of course I managed to be highly ineffective at making the most of the bitcoins I had. I think I probably had about 10 bitcoins in my posession at one point, and I probably realised about £150 of real gain out of them. Hindsight is wonderful! Edit: I should add that I opened my MtGox account a few years ago, before there was any requirement for ID or verification. I think the whole process has become a lot harder since.
- Aqueous 13y ago
  It's coming from China. BTC China has a much lower hurdle and the volume is going up daily in the most populous country in the world. It is a huge potential market for virtual currencies.
- PaulJoslin 13y ago
  It's coming from China[1]. A LOT OF MONEY from China. Like $millions. That's how all these early adopters in the USA are being able to cash out millions and the price is not crashing. They seem to like the fact it separates them from the US dollar, as well as allowing Chinese residents more control over their money and a potential store of wealth comparable to gold (although far more volatile). Of course I still believe this is unsustainable, but in a strange form this is a wealth rebalancing act on a global scale... the rich Chinese giving money to the US citizens. As long as the rest of the world doesn't go bitcoin mad and let the Chinese cash out again, then if it ever pops there will be a lot of wealth lost in China. [1]http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1-000-as-virtual-money-gains-wider-acceptance.html http://www.bloomberg.com/news/2013-11-27/bitcoin-surges-to-1...

wereHamster 13y ago

I didn't have any trouble at all. Signed up on bitstamp.com, took two days to verify my account. Money which I sent to them (via bank transfer) was credited to my account the next day. All in all a pretty painless experience. Edit: I live in Switzerland, Bitstamp based in UK or Slovenia.

celticninja 13y ago

It is not practically impossible to buy bitcoins. It may take a little effort that is all and even then it is minimal effort if you spend any time at a computer. Localbitcoins.com – You can buy bitcoins from other individuals either in person or using bank transfer. There is an escrow system in place for protection of buyer and seller. Using bank transfer you dont even need to leave your house, you can do it via online banking. BTC-e.com – This exchange does not require verification to deposit money or trade but you may need to provide verification before you withdraw. I sent pictures of my photo driving licence and a photo of a utility bill and was verified within 48 hours. Bitstamp – you need to be be verified before you can deposit money. Follow the rules they lay down re: high quality scan and photo and you will be fine. MtGox – Same as above, follow the rules and it is fine. Verification did at one time (April bubble) take a few weeks, it is much more reasonable now. These are 3 of the exchanges but there are others such as Kraken, Coinbase etc.

pieterhg 13y ago
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.
- coldtea 13y ago
  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.
  - gaadd33 13y ago
    I think that's the result of anti-money laundering laws and know your customer regulations.
    - coldtea 13y ago
      The "send your password scan" perhaps, the "to some obscure web services" though is not.

thinkcomp 13y ago

Keep in mind that there are no legally compliant Bitcoin exchanges that support deposits or withdrawals in the United States. This means that their (and your) assets could be frozen by regulators at any point in time with no prior notice.

mrb 13y ago

Here are options the author, and people in general, fail to consider: 1. Sell a good/service on craigslist and require payment in bitcoins. You will find a buyer in a big city. If necessary, even buy an item typically in high demand by bitcoin owners (eg. computer gear) specifically for the purpose of reselling it! 2. Or buy coins directly from people, see https://localbitcoins.com https://localbitcoins.com

jethro_tell 13y ago
This is kinda true but at lease on your first point still not for regular people. My brother wants to buy some and If I told him, "yeah just go get a pile of asics and sell them on craigslist" I'm sure that would be just as difficult for him. Then he needs to keep a wallet, regular backups and a marginal level of network security.
- mrb 13y ago
  By computer gear I mean a mouse, monitor, hard drive, etc. Not ASICs.

habosa 13y ago

I 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 can't get on Mt. Gox. Sure I can get on Coinbase and buy, but why would I buy something I can't register to sell?

dariopy 13y ago
What are you talking about? You can buy AND sell in coinbase.
- XorNot 13y ago
  If you're in the US and if you don't get denied as a high risk transaction and then maybe a few weeks later you might see some money. The story of Bitcoin is practically no-one seems able to cash out at the reported rates - you're lucky to get about 1/3rd of that.
  - antocv 13y ago
    Its the "exchanges" and "trade platforms" of BTC that are the driving force of the scam.
freework 13y ago
localbitcoins.com

josephagoss 13y ago

Try CoinJar in Australia, very good company for buying and selling Bitcoin. Remember do not use their wallet service for holding large amounts of Bitcoin, even the owner of the business recommends keeping most of your coin in a cold wallet.

SyneRyder 13y ago
Yup, I've been experimenting with CoinJar too. While I haven't actually clicked "Buy" just yet (today's Bitcoin prices seem tulip-bulb ridiculous to me), I've been impressed with everything from the website, support, deposit process, bank account verification, usability. The money showed in my CoinJar within 24 hours after depositing at the bank, ready to click buy. They're requiring identification for sell orders from December 1 though, which could complicate things.
prawn 13y ago
I and four friends have grabbed BTC through Coinjar. One went the ID route, the rest took cash to a NAB branch and deposited which is the quicker path. Three of us have since transferred some BTC to BTC-E to grab a few LTC. That was a pretty quick process.
Springtime 13y ago
Hmm, from some posts on the bitcointalk forums it seems to be run by a previous scammer. Some people have had luck using it though, so ymmv I guess. Edit: yup, see all the links here: http://www.reddit.com/r/Bitcoin/comments/1gb0d4/coinjar_filler_the_cheapest_way_to_buy_bitcoins/camlhmz http://www.reddit.com/r/Bitcoin/comments/1gb0d4/coinjar_fill...
- josephagoss 13y ago
  I use it for transfer only and never store Bitcoins on their server.

berkes 13y ago

This is mostly because people confuse a trading-floor with an exchange. When you travel to, say, Thailand for a holiday, you don't walk into Wallstreet to trade some Dollars for Baht. Instead, you exchange some at an airport of office around the corner. MtGox (and the likes) are like that wall-street. Whereas there are a lot of smaller places to actually buy some BTC, alike that office at the airport. Yes. When you exchange Dollars for Baht, you will pay a lot more then the average rate that goes on Wallstreet at that moment. And yes, you cannot trade millions of Dollars for Bazillion of Baht. In .nl, for example, there are places where you can buy with a Dutch bank account. Works fine if you want to trade a few tens of Euros. Stop pointing people to full-blown trading-platforms when all they want is a few BTC. Instead, point them to alternatives, including your personal wallet on your android :). I, usually, explain people that they can have a few millibit, but not for Euro: the'yll have to sell me something: a bottle of wine, crate of beer, stuff that I would buy anyway. So that I can say that I bought beer with Bitcoin, and to show others that there is actually stuff you can buy for it, rather then purely some get-rich-quick-stockmarket.

dfraser992 13y ago

this guy is not doing something right, or the fact he lives in 10 different places around the world is a factor. I had no trouble at all, beyond waiting a few days for MtGox to verify me (when they were swamped at the time), and Bitstamp was a day's wait after I fixed the PNG they wanted (not enough dpi for their automated document scanner). That was just a week or two ago. so to me, all his reasons are specious ones. Maybe I'm just old enough to know how to deal with all the paperwork the Man / the Matrix wants.

pieterhg 13y ago
I'm a Dutch citizen with a Dutch bank account (with online banking) who can do European transfers with ease. It doesn't matter where I live, as far as this concerned I'm the same as any Dutch/European citizen.

antocv 13y ago

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 buying stuff or other currencies either. Bitcoin is the worlds biggest scam. EDIT: Aside from the verification many of the exchanges actually dont deliver BTC to your own wallet but provide the kind "service" of keeping "your" wallet at their servers.

user24 13y ago
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 or "get verified" to amazon when buying stuff or other currencies either. I agree. I used bitbargain which was essentially as easy - and documentation free - as using my internet banking to transfer some funds to some bloke's bank account, who then released coin to me. It made me nervous doing it (what other system asks you to log in to your internet banking and xfer funds to some guy's account, simply trusting that they will deliver?) but it's about as easy as it gets currently. It's a new frontier, it's bound to be rough around the edges. And make no mistake, buying BTC is the edge. Once you've passed that hurdle, the simplicity is beautiful.
- jethro_tell 13y ago
  So is the easy way to do it an escrow service that can protect you from getting jacked using the same method?
  - user24 13y ago
    I'm not sure escrow services exist (yet). I don't know how exchanges work, having only bought on bitbargain, and never sold.

krelian 13y ago

It was too much of hassle to buy back when I first heard about it. They were $3 at the time. I didn't really believe it would take off but if it were easy to buy I would have definitely bought $50 worth "just in case".

Fuxy 13y ago

Does coinbase work in the UK? I thought it was US only.

snitko 13y ago

I would like to point everyone's attention to the fact that the difficulty of buying bitcoins has to do with the current banking system and regulations, not with Bitcoin itself. If you could buy bitcoins by swiping your card, its price would currently be more like $100k, not $1k. Accepting Bitcoin and trading in Bitcoin are the easiest things in the world.

SyneRyder 13y ago
Accepting Bitcoin isn't quite that easy, if your customers are expecting instant real-time online fulfillment. Bitcoin 'merchant accounts' are showing up to make things easier than they were years ago, but there's still some code integration required on a website's backend to make it all happen.

josu 13y ago

Although I agree with many things that the author says, I wouldn't say practically impossible. I, myself, have bought bitcoins and set up wallets for two friends and a family member, regular people as the author would say. After seriously warning them, and letting them know that chances are that they will lose all their investment, they transferred me the money and I gave them the instructions for the wallet. However, I believe that the more the bitcoin economy grows the easier will be for people to acquire them. I also hope that people will start spending them, instead of just keeping them as an investment.

foobarqux 13y ago

When the primary way of trading bitcoin is through unregulated exchanges based in Slovenia and Bulgaria the bigger concern should be your ability to get your money out in the future.

notdrunkatall 13y ago

A few months ago, I decided to buy some bitcoin. I did a little research, ended up on coinbase, and linked my bank account and my phone number, and a few days later, I owned a few bitcoin. It was a pretty straightforward process, and as far as I know, they're the only straightforward way to buy bitcoin. I predict that in a few years, Coinbase will be a billion dollar concern as long as they keep doing a good job and their system isn't compromised. Keep it up!

koevet 13y ago

I don't agree. The first time I acquired bitcoins it was through this website: https://localbitcoins.com 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 account.

mpg33 13y ago
Same here...localbitcoins was very easy.
- Guest2931 13y ago
  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.
  - clamour 13y ago
    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.
  - mpg33 13y ago
    There are multiple online options for buying on localbitcoins so you don't have to meet in person.
  - nathan_f77 13y ago
    You don't need to buy a whole bitcoin. These aren't shares in a company. You can bring $50 and buy a fraction of a bitcoin.
- agashka 13y ago
  I am a Canadian resident, and went through canadianbitcoins.com about 3 months ago. It was relatively easy and didn't take much time to get my bitcoins.

wellboy 13y ago

Not really, just use http://virwox.com/ 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.

dingaling 13y ago
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.
- wellboy 13y ago
  Yeah you don't buy BTC upfront, you buy Linden Dollar and exchange that into BTC on virwox, that's how it works.
rsiqueira 13y ago
I've just tried VirWox and unfortunately I was not able to buy bitcoins there since there is a minimum of bitcoins that I need to buy (this was not informed in their FAQ). So I'm requesting that they refund my paypal payment. Let's see what will happen..
- rsiqueira 13y ago
  EDIT: Fortunately VirWox was nice to refund the Paypal payment that I made since the amount that I deposited there was not enough to buy Bitcoins with it.
  - wellboy 13y ago
    Why didn't you wait another day, deposit the same amount and then buy the minimum amount, I think it's 0.1 BTC, is it?
- 13y ago

awidegreen 13y ago

what about https://safello.com/ https://safello.com/ ? worked perfect for me - at least here in sweden.

Havoc 13y ago

Its even worse outside the US. Most places require a (US) bank transfer. That just isn't feasible for me...I need at least a SWIFT code and would still get hit with heavy fees.

foobarqux 13y ago

Anyway have information about withdrawal delays on the different exchanges?

ep3p6 13y ago

For those in Vancouver, we (Coinwaves) just opened a physical Bitcoin exchange in Gastown to address this problem. It seems online exchanges are still dealing with how to balance fraud-protection and customer convenience. We thought that, for now, an in-person approach made a lot of sense. We're focusing not only about helping people purchase Bitcoins easily, but also educating them on the technology and methods of safely storing and using Bitcoin. We're also keen to impart the notion that Bitcoin is more than a mere speculative instrument, but a potentially world-changing technology. Any Bitcoin enthusiasts in town, whether or not you're looking to buy, give us a shout! Link: http://www.coinwaves.com/ http://www.coinwaves.com/

aosmith 13y ago

I'm yet to hear of anyone denying verification. I've had accounts at BTC-E, CampBX, Bitstamp, and Coinbase to name a few. Haven't had a single issue getting verified anywhere and most took less than a week.

jotaass 13y ago

How about a Bitcoin ATM machine? https://lamassu.is/ https://lamassu.is/

Ellipsis753 13y ago

Hello. I'm happy to sell bitcoins to anyone who is within the UK. If you're near Brighton we can trade face-to-face for cash. Otherwise just email we and we can do a bank transfer. My email is Shanee753@gmail.com . I have a large number of reviews which I can provide. Personally I normally buy my own from an IRC channel on Freenode called bitcoin-otc-uk. Feel free to ask me any questions. It's not too tricky to trade but can be a bit difficult to get into.

antihero 13y ago
I too am in Brighton,! Don't have any cash at the moment, but I'm definitely interested in Bitcoin as a thing once I have some surplus money.

vsviridov 13y ago

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?

smackfu 13y ago
There are certainly degrees of risk. Like buying something from craigslist for cash is riskier than buying the same thing from a retailer.

sixQuarks 13y ago

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.

modeless 13y ago
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.
- cdcarter 13y ago
  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.
lucaspiller 13y ago
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 :)
- sixQuarks 13y ago
  True, I didn't think about stolen credit cards.

mamcx 13y ago

I was to buy my first bitcoin. Then the bank tell me is absolute forbidden to make bank transfer to any thing that look alike a forex stuff. Or get money for them. Criminal, you are... Here, in Colombia, all banks do the same.

drcross 13y ago

The very first sentence shows that the author does not know what he's talking about. Tulips manic is not an accurate comparison because the number of Bitcoins can't be increased except through mining which is a predetermined rate. Tulips can easily be increased by planting more.

gwern 13y ago
> Tulips can easily be increased by planting more. Please see https://news.ycombinator.com/item?id=6763421 https://news.ycombinator.com/item?id=6763421

teringnering 13y ago

People in the EU should really try bitcoin.de. This is a reputation based marketplace. First level of verification is not hard, taking 2 days.

spiralpolitik 13y ago

Should be retitled "It's practically impossible for people in my country to buy Bitcoin" as the generalization defeats the point of the article as at least for 300 million people (some of whom are "regular"), the process of buying bitcoin is no more difficult than the process of signing up for a PayPal account. If you are not one of these countries then contacting your representative/member of parliament and asking them to campaign the legislation changed is generally a much better way of getting the situation resolved than writing whiny articles on the internet.

xeroxmalf 13y ago

For Canadians, there is Cavirtex. I had no problem becoming verified with them, and it was as simple as becoming say PayPal verified.

nocoin 13y ago

Coinbase? https://coinbase.com/?r=508ae579ead0660200000066&utm_campaign=user-referral&src=referral-link https://coinbase.com/?r=508ae579ead0660200000066&utm_campaig...

lucb1e 13y ago

I never had any of these problems, nor does anyone I know have them. My and everyone's applications at Mt.Gox and Bitstamp and elsewhere have always been accepted, as far as I know. And there are of course alternatives like Localbitcoins or in the Netherlands you can pay using iDeal (e.g. at bitonic.nl) which is extremely easy. A 5 minute deal the first time around. I also never encountered any trouble buying Bitcoin simply for being European. So far I actually thought the people in the US would be having a harder time with the MtGox trouble.

sixQuarks 13y ago

Could I setup a small kiosk at a heavily populated area and sell bitcoins for cash and/or money orders? Any regulations in SF against something like this?

nathan_f77 13y ago
I think you could, and you should.

warrenmiller 13y ago

Just got to https://localbitcoins.com/ https://localbitcoins.com/ and buy some online by bank transfer, it takes about 15 minutes. It's not rocket science.

imrehg 13y ago
Good luck with that if there are no-one in your "local" selling coins, just buying. That's my case.

thom 13y ago

Easiest way I've found in the UK is buying Magic: the Gathering Online tickets via PayPal and trading them for Bitcoin. I dunno if this is the way the future was supposed to be, but it works for me.

zik 13y ago

This is only really true in America. I've bought bitcoins two different ways in Australia. It wasn't that hard.

je2f101 13y ago

Why are prices for bitcoins so drastically different on the different exchanges? Shouldn't arbitrage fix this nearly right away.

bernatfp 13y ago

This is actually a good analogy to doing a startup. Many people want to buy bitcoins, but only the ones that are really commited to doing so succeed. It's very easy to say you wanted to buy Bitcoin, but did you really try that hard?

bit4coin 13y ago

For exactly this reason we have founded https://bit4coin.net https://bit4coin.net in Amsterdam - an easy-to-use bitcoin gift voucher service. Customers can buy vouchers online (later also in retail shops), and we ship them to their doors. They can then redeem them for bitcoins. We felt we had to make bitcoin more tangible for new users and put it in a form they are already familiar with and attribute value to: gift cards. Would love to get some feedback from you guys!

drawkbox 13y ago

If there was ever a time for Coinbase to go global, this is their moment to take over.

vldr 13y ago

http://bitmymoney.com http://bitmymoney.com is an easy way to get bitcoins in the Netherlands (and possibly Europe)