Re: Bitfloor is very expensive...

I have not had a chance to try Bitfloor yet, but I did finally get bitcoins through btcquick. I like their business model.

Re Bitfloor.

I used their service once. Please fill me in if I'm looking at this the wrong way.

Their service seems to be extremely expensive.

The transferring of money from a cash deposit at a local Bank of America wasn't bad.

But once the money was in my account, I had to trade for Bitcoins, and the rate was terrible.

Our of a $500 cash deposit, I ended up with about $440 dollars worth of bitcoins.

Whereas with BitInstant, a cash deposit at Walmart, through ZipZap yeilded me with about $480 dollars which immediately was transferred into my MtGox account, and the trade there was at the market rate, which gave me abouit $480 worth of Bitcoins.

So even though the transfer fees through Bitfloor were low, their 'Market Rate' for buying Bitcoins was expensive.

I lost about $40 out of my $500 compared to using BitInstant and MtGox.

Am I going about this wrong?

Thanks. Iz.

I'm obviously incredibly biased, but for any service of this sort the important thing is that the bitcoins are purchased at market rate on a high volume exchange. Most of our traffic ends up going through gox for example.

Gareth,

I prefer to use BitInstant, and out of about 10 transactions, I've Been happy with all of them. The longest I've had to wait is overnight. Now all of my transactions have involved transferring money into MtGox. I used to use the Dwolla into MtGox, but that seems to be more troublesome than Cash through ZipZap into MtGox.

Obviously there are some concerns right now with BitCoin. Because of that I initiated a Bank Wire transfer to MtGox last week, and I'm still waiting for that to clear.

I'd like to continue using BitInstant, and would like to hear your thought and recommendations regarding which service from BitInstant is likely to be the safest and least troublesome.

Is Dwolla to MtGox working now? I remember there were a lot of 'Account Verification failed' type errors that required me asking for help on this forum to get the transaction to go through. Out of five or six different transactions, only one went through direclty without asking for help. I'd like to be able to use that service and skip the step of making a cash deposit at Walmart.

Going that route of making a cash deposit at Walmart has always gone through immediately without any additional help. I'm concerned though that this, so far bullet-proof type of transaction could fail. Is it likely to remain working?

What do you recommend?

Thanks, Iz.

If you find cash deposits easiest then use cash, of course if you ever have issues then get in touch and we'll fix it.

No, I prefer to use the Dwolla transaction. I use BitInstant to move dollars from my Dwolla Account to MtGox. The one time it worked perfectly for me I had money in my MtGox account within an hour. It didn't involve cash at all and I didn't have to leave my desktop.

That would be my preference, but as I said five out of six times the transaction was interrupted by an error such as 'Account Verification Failed'. In which case I would come to the forum here and ask Yankee for help and whatever he would do would push through the transfer to MtGox. One weird thing about those transactions is that the funds would immediately leave my Dwolla account, even though 'account verification failed'. They just wouldn't get to MtGox untill Yankee did whatever he did.

Now I've been hesitant to use the Dwolla transaction since you started having major problems a week or two ago.

Are you having trouble with the Dwolla transactions currently? Can you tell me when was the last time one was processed on BitInstant? Is anyone using that service now?

It would be my preference if it worked. What do you recommend?

Thanks, Iz.