Silk Road forums

Discussion => Silk Road discussion => Topic started by: ascent5154 on January 01, 2013, 06:04 pm

Title: Ways to convert USD to bitcoin without fees
Post by: ascent5154 on January 01, 2013, 06:04 pm
I find that bitinstant is very easy to use and the store I go to doesn't ask for ID when I use bullshit information. I get the bitcoins within minutes but the problem is that I pay an extra $7 in fees between the zipzap price and the moneygram transfer before I have bitcoins on here to spend. Is there a way around exchange fees? This thread isn't to spam me with offers but to educate me.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: sooowooo on January 01, 2013, 06:10 pm
i use mercaBit.eu there is a little fee but am sure its better than wat ur getting and u have to buy ukash to exchane thee dude name is alex i use him now an then
Title: Re: Ways to convert USD to bitcoin without fees
Post by: heavysmoker on January 01, 2013, 06:14 pm
mylocalbitcoins may work for you.  I dont think there are any fees, but you do have to agree on a price with the person selling the bitcoin.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: ascent5154 on January 01, 2013, 06:17 pm
mylocalbitcoins may work for you.  I dont think there are any fees, but you do have to agree on a price with the person selling the bitcoin.

How does local bitcoin trading work? Do I have to meet with the person? Does the transaction involve cash deposits at banks with paper trails? I want to hear people share their experiences.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: heavysmoker on January 01, 2013, 06:21 pm
I have never used the service myself, there is no one located close enough to me with reasonable prices. 

Other people who have used the service have met up a coffee shop or some public place and exchanged cash for the bitcoin.  No information has to be exchanged at all.  Given the nature of bitcoin i would guess the person selling the bitcoin would like to remain as anon as possible as well. 
Title: Re: Ways to convert USD to bitcoin without fees
Post by: ShakeNbake on January 01, 2013, 06:53 pm
Yeah I was browsing at that site earlier. I have many in my area selling and it does elude you can meet up for cash transactions  ;D
I would also like to hear from anyone who has used this process.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: sadclown on January 01, 2013, 06:59 pm
the only anonymous method i know and can is paysafecard but the fees are off the roof, thats why i am asking for a loan on the offers page!
Title: Re: Ways to convert USD to bitcoin without fees
Post by: ascent5154 on January 01, 2013, 09:17 pm
For those of you that mentioned local trading or are familiar with it, how do I know the person won't scam me?  How will I know that I am getting bitcoins after I hand him cash? I would think that this method has fees as well since the guy selling needs to make a profit.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: elijah on January 01, 2013, 09:42 pm
face to face better wear a disguise, the more anonymous the more expensive the fees!
Title: Re: Ways to convert USD to bitcoin without fees
Post by: CrazyBart on January 01, 2013, 09:45 pm
Localbitcoins works. You meet up with the person usually at a coffeeshop or something, where there is wifi. Make the trade right there, they send the bitcoins you hand them the cash.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: heavysmoker on January 01, 2013, 09:48 pm
To avoid being scammed, wait until you see the btc show up in your acount and see some confirmations before handing over all the cash.

The person selling the btc will probably be happy to sell at the mtgox avg because they pay fees as well at the exchanges.  Meeting localy cuts out the middle man and both parties save a small percentage. 
Title: Re: Ways to convert USD to bitcoin without fees
Post by: CrazyBart on January 01, 2013, 09:52 pm
To avoid being scammed, wait until you see the btc show up in your acount and see some confirmations before handing over all the cash.

The person selling the btc will probably be happy to sell at the mtgox avg because they pay fees as well at the exchanges.  Meeting localy cuts out the middle man and both parties save a small percentage.

So we should wait around for possibly 3 or 4 hours until the coins are in our wallet? Wrong. As soon as it is sent and shows up on blockchain there is no way to reverse it.
Title: Re: Ways to convert USD to bitcoin without fees
Post by: heavysmoker on January 01, 2013, 10:19 pm
I thought you were suppose to wait for at least one confirmation to protect against double spends.   If you include a tiny transaction fee the first confirmation takes less than 10 min most of the time. 
Title: Re: Ways to convert USD to bitcoin without fees
Post by: ChiEfsMokemLoT on January 01, 2013, 10:27 pm
I got real lucky there is 4 sellers Within 10 miles of me listed on Localbitcoins the lowest price I've seen out of the four sellers was $13.34 per point I can buy as little as five and as much as 100 BTC

And as for remaining anonymous Would you not have the coins deposited into a Ewallet then transferred to a another Ewallet and for the super paranoid another Ewallet then to SR?

And can't you make your own wallet on a USB drive  I am a total newbie and all of this is just the information I have been reading here on the forms and on the hidden wiki so don't know if what I'm saying is plausible.

Would like to hope that it is
Title: Re: Ways to convert USD to bitcoin without fees
Post by: D1rtR0ad on January 01, 2013, 10:38 pm
Go with the cheapest and safest method possible. LE is not worried about people purchasing small amounts of btc. LE is looking for people who have large amounts of btc to spend. More often than not people with large amounts of btc acquired them in an illegal manor. LE would rather catch someone cashing 20k a month than someone buying a few hundred dollars a month. The small fish buys and the big fish needs to launder. Use whatever method you are comfortable with that, its that simple.