Silk Road forums

Discussion => Newbie discussion => Topic started by: noobgasm on September 19, 2013, 05:59 am

Title: anyone ever use ripple.com/ripple wallet to buy bitcoins?
Post by: noobgasm on September 19, 2013, 05:59 am
I searched on this topic in the forums and found nothing about ripple.com/ripple wallets. I was wondering if anyone had experience using this method to fund their bitcoin wallet? I used to use bitinstant but that is obviously down so now I am looking for another method to fund my wallet. I'm already verified with bitstamp and would like to be able to use their services.

This is the method I found to fund a wallet with bitcoins from a bank account:
1) Setup a Ripple account.
2) Fund it with SnapSwap.
3) Send the money to Bitstamp using Ripple. The deposit money page when you're logged into Bitstamp will have the Ripple address to send money to in order to fund your account.
4) Buy bitcoins with the newly funded account.
5) Send bitcoins to your wallet (optional)

I've read a lot about ripple being evil because it could destroy bitcoin and/or have potential scam problems. I was hoping someone could provide some first hand experience using ripple. I was wondering if anyone has been scammed, the likely hood of scams happening,  is there a better method?

Reasons this method is appealing to me:
Allows me to use bitstamp even though I am not from Europe.
Totals fee are less than 2% in total from USD to bitcoin.
Does not use mt. gox
Allows for direct bank transfers.
Localbitcoins.com isn't an option for me.
CampBX (DWOLLA) has to hold your money for 31 days the first time you use it and I don't want to have to wait that long.
Coinbase is a possibility but I would have to get verified again and wouldn't be able to use bitstamp with this method.

Anyone have any advice?

Update: Found out this method also uses dwolla. So coinbase here I come.