Quote

I'm in Australia and buy through MtGox, the middleman is technocash I think. MtGox supply the details to use the middleman to get money from the bank into the exchange. The middleman takes just less than a 4% cut and then MtGox takes its 0.6% cut.

So going though MtGox is cheaper than this service. 7.5% is huge! I will not move from MtGox until a competing service can get my AUD to Bitcoin for less than a 4% cut.

Indeed, MtGox deposits via their partner Technocash are cheaper, however, we would point out that it's not really a direct comparison because they differ greatly in terms of speed, convenience and anonymity. Depositing via Technocash takes a minimum three business days, you need to have a verified MtGox account which is no small feat - refer the unforgettable analogy posted by QuestionAuthority: "Gox is slow and pretty much want to do a pap smear on your wife before they deal with you."

Some people highly value the pseudo-anonymity of bitcoin so MtGox transfers does not make sense in this regard. Other people, like first-time users of bitcoin, or very occasional low-volume users, might be reluctant to go through the rigmarole of setting up a Gox account just to save what will turn out to be a couple of dollars. Or there may be occasions even for regular bitcoin users where the three-business-day delay is particularly inconvenient.

Having said that - I see your point. For long term established regular users of bitcoin it makes sense to go through the one-time process to register with MtGox, and that's perfectly fine with us because it's not really our target demographic - all in all, we believe there are certain times for certain situations when it makes most sense to use our service.

cheers
Sam

SamuraiHP

Posts

Merits