Silk Road forums

Discussion => Security => Topic started by: Heyenezz on January 07, 2012, 04:40 am

Title: Reduce Transaction Fees?
Post by: Heyenezz on January 07, 2012, 04:40 am
Hello, I'm new to bitcoin and need advice reducing transaction fees.

I signed up for Crypto Xchange (https://cryptoxchange.com) and opted to deposit $200 USD to buy bitcoins. The site then tells me to deposit the money to a bank account with Bank of America.

Crypto Xchange charges $15 per transaction, so I'd pay $30 depositing the funds then withdrawing the bitcoins.

My bank only told me of two option for electronically transferring funds: wire and bill pay. Wire transfers are $20 and bill pay might not be available for Bank of America. That would mean I would have $150 worth of bitcoins at most.

I haven't deposited any money into the Crypto Exchange.

What would you do in my situation?
Title: Re: Reduce Transaction Fees?
Post by: zifnab on January 07, 2012, 04:53 am
MG > exchanger (hygold comes to mind...) > LR > MtGox > tumble through the ether > SR

EDIT: You'll still get hit with +-10% exchanger fees no matter what so it really comes down to how much cash you're moving. MG fees are determined by your location relative to the destination so pick an exchanger close to you to minimise your costs.
Title: Re: Reduce Transaction Fees?
Post by: CrunchyFrog on January 07, 2012, 05:12 am
Quote from: Heyenezz
Hello, I'm new to bitcoin and need advice reducing transaction fees.... What would you do in my situation?
Answers to your question could vary widely depending on what country / continent you're in.  The U.S. service GetBitcoin [ get-bitcoin.com ] will accept cash / certified check / money order by mail -- or in-person deposit to Bank of America or Chase branches -- and charges 5% to purchase BTC.
Title: Re: Reduce Transaction Fees?
Post by: zifnab on January 07, 2012, 05:28 am
and charges 5% to purchase BTC.

Lucky, lucky americans..