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Discussion => Security => Topic started by: Locker on August 22, 2013, 08:04 am

Title: How does VirWoX Work when buying with a credit card?
Post by: Locker on August 22, 2013, 08:04 am
Hi all,
Previously I have been using a friend to get me bitcoins, however now he's unable to do that I was just wondering;
How does VirWoX work? As far as I'm aware its the only site that allows you to buy bit coins with a credit card (which is all I can use atm), and wasn't quite sure how it works. Has anyone else used the service before? If I was to buy say, 1.5 bitcoins from VirWox using my credit card, would there be any other steps?
Also, how long does it take for the bitcoins to be funded into my wallet? Any help would be great, sorry.

Cheers all,
Locker.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: bolorolo on August 22, 2013, 07:12 pm
I use VirWox time to time with a credit card through PayPal. For the first few transactions you will need to wait 48 hours for them to clear, but once you are verified you can purchase instantly.

VirWox does have a lot of fees though, and you have to convert from USD to Second Life Linden dollars to BTC (not hard but an extra step, and they charge fee for each step). They also have daily and monthly limits on certain types of transacations so I dont think you would be able to purchase the amount you wanted (1.5btc) right away.

It is a decent option though and I do use it

Other ways to use credit cards to obtain bitcoins:
Paypal through localbitcoins
Buy a Vanilla Reload or Moneypak with a credit card and convert it on localbitcoins or someone who exchanges these cards for btc on the Road (i like JumboMonkeyBiscuit)
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: offbeatadam on August 22, 2013, 08:50 pm
I have used them with their other one. Sorry the name of the processor slips me, it starts with an S though. I refuse to give paypal any money, even a pittance in fees anymore after what they've done to some charities.

VirWoX is a little misleading, and I only used them a few times after figuring it out because bitinstant had gone down and I didn't have other avenues.

VirWoX is actually NOT a bitcoin exchange persay. You deposit USD through one of the processors, and then you must trade it for second life dollars. From there, you can then convert it again to bitcoin. You can then withdrawal it.

Unfortunately this means that you take double the hit. The markets fluxuate so quickly on both "dollars" that you very easily could end up with a double loss. In other words, you could deposit your money thinking you get x amount, but instead you take a hit when you convert to SLL because its value changed, and then you take a hit again because its value against bitcoin changed.

VirWoX is nice because of the fact they take credit cards. They are useful in that end. For a time, this was the only place I could use a credit card to get bitcoins, especially a credit card that I use with cash. At this point though, I've had to reexamine my methods and take an option that provides me a much greater rate of success, at the cost of a little identity discovery. I use BTCQuick now.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: Locker on August 23, 2013, 11:15 am
I use VirWox time to time with a credit card through PayPal. For the first few transactions you will need to wait 48 hours for them to clear, but once you are verified you can purchase instantly.

VirWox does have a lot of fees though, and you have to convert from USD to Second Life Linden dollars to BTC (not hard but an extra step, and they charge fee for each step). They also have daily and monthly limits on certain types of transacations so I dont think you would be able to purchase the amount you wanted (1.5btc) right away.

It is a decent option though and I do use it

Other ways to use credit cards to obtain bitcoins:
Paypal through localbitcoins
Buy a Vanilla Reload or Moneypak with a credit card and convert it on localbitcoins or someone who exchanges these cards for btc on the Road (i like JumboMonkeyBiscuit)
+1 to both of you, thanks for your responses,
What sort of verification process do they make? Of course this is my own card, but I fail to see what they could do, apart from call the owner, to check that you are using their card, and maybe a location check to find out. Would I not be able to buy these bitcoins through tor? (As really, this would be preferable).

Thank you for your alternatives, and regarding Moneypak, can they be bought online? Because as far as I'm aware they are only available to buy in store in the US.
Also, are there any bitcoin services that accept Western Union money transfer online? As that would seem to be a much easier way, and I have heard of company's accepting WU in the past.

Cheers,
Locker.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: bolorolo on August 23, 2013, 01:17 pm
Good Morning :)

I can't remember the details of the verification for VirWox but it wasn't much if any compared to MtGox, Dwolla, Coinbase, etc. I think you just needed to wait the 48 hours for your first few transfers

I dont believe you can buy MoneyPaks online, but if you check localbitcoins some people accept Vanilla Reloads, Reloadits, OKPay (this doesnt allow US members so I cannot comment, but you may want to look into it)

Regarding WU, i tried to do the transfers online and they froze my account. my card got declined even though i was nowhere near my credit limit, and even when I verified the charge they still wouldn't accept it. Another time I tried on MoneyGram and they called me and asked what the payment was for and why was I sending money to someone in another state.

I like localbitcoins because you can find options that work for you. some people accept paypal which you can fund with a credit card. what country are you in?

nevertheless, you will be paying a premium if you want to use CC, so these are all fairly good options. if you want bitcoins with cash though, i really like coinbase.
+1to you and offbeatadam

have a great weekend
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: Locker on August 23, 2013, 01:54 pm
Good Morning :)

I can't remember the details of the verification for VirWox but it wasn't much if any compared to MtGox, Dwolla, Coinbase, etc. I think you just needed to wait the 48 hours for your first few transfers

I dont believe you can buy MoneyPaks online, but if you check localbitcoins some people accept Vanilla Reloads, Reloadits, OKPay (this doesnt allow US members so I cannot comment, but you may want to look into it)

Regarding WU, i tried to do the transfers online and they froze my account. my card got declined even though i was nowhere near my credit limit, and even when I verified the charge they still wouldn't accept it. Another time I tried on MoneyGram and they called me and asked what the payment was for and why was I sending money to someone in another state.

I like localbitcoins because you can find options that work for you. some people accept paypal which you can fund with a credit card. what country are you in?

nevertheless, you will be paying a premium if you want to use CC, so these are all fairly good options. if you want bitcoins with cash though, i really like coinbase.
+1to you and offbeatadam

have a great weekend
Thank you, great response +1,
I am in the UK, and after a bit of research I have realized that all the bitcoin services that accept WU have clearly stated that they do NOT take online tranfers, I assume for protection against fraud :/

Does virwox charge before or after the verification? Just so that I could use my card during the 48 hours and not worry about it getting too low and being cancelled, as I expect that would make the verification take longer in the future.

Thanks all, VirWoX isn't exactly desired but it seems to be one of few options, I am currently looking into Vanilla Reloads etc, as I do not have the cash available to me, just on my card.

Thanks all,
Locker.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: offbeatadam on August 23, 2013, 03:34 pm
VirWoX verification period is a little interesting. The time periods are actually a little different than you might expect.

When you join, you have limits imposed. Those limits last for quite a while - you have a limit of how much you can do per month. I think it was $180, I could be wrong though. That is in USD, and they do keep track of conversion rates. No way around this one I'm afraid.

In addition to that, the first couple of times you do a BTC withdrawal, it has to be verified by a real human admin/moderator. The site states this process can take up to 48 hours. The first one I did, took 47 hours and 30 some odd minutes. The next one was a bit faster, but not much, it was closer to about 36 hours. I've not yet done one that didn't require human intervention.. by my third transaction I'd moved to BTC Quick.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: Locker on August 24, 2013, 12:04 am
Wow, well that was a joke;
I just tested the service out and have realized how bad the fees are, just trying to buy 0.1btc must have cost me += £12, as I had to go through about 3 lots of fees, and then had to top it up with another £2 to counter the fees. Then by the time I went through these again, the £2 was not enough and I needed to add another £2 (minimum), just because the minimum you can buy is 0.1btc -.-

Well, I'm high right now and just spent twice as much for my bitcoins than I had anticipated. You can definitely see that they're the only service providing bitcoins through paypal with them fees...
Oh, and to add to this I now have £1.20 left over due to the £2 minimum limit.

Next time I am going to have to plan it out extremely well before I buy in bulk (which Is going to be difficult with their limits) -,-

Hell, you could make a fortune if you made a similar service and got rid of even 50% of the fees...
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: offbeatadam on August 24, 2013, 04:54 am
Wow, well that was a joke;
I just tested the service out and have realized how bad the fees are, just trying to buy 0.1btc must have cost me += £12, as I had to go through about 3 lots of fees, and then had to top it up with another £2 to counter the fees. Then by the time I went through these again, the £2 was not enough and I needed to add another £2 (minimum), just because the minimum you can buy is 0.1btc -.-

Well, I'm high right now and just spent twice as much for my bitcoins than I had anticipated. You can definitely see that they're the only service providing bitcoins through paypal with them fees...
Oh, and to add to this I now have £1.20 left over due to the £2 minimum limit.

Next time I am going to have to plan it out extremely well before I buy in bulk (which Is going to be difficult with their limits) -,-

Hell, you could make a fortune if you made a similar service and got rid of even 50% of the fees...

The problem that I particularly have with them is the misleading advertising. They advertise themselves as a bitcoin site. They are, if you are a Second Life gamer. They are really a site for buying Second Life dollars, and you can convert SL to various currencies. Through that market, you can buy bitcoins by buying SL on the site. That is the kicker with the fees because each transaction has fees, and then you also face the change in value on the trades too. It's ridiculous.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: blster666 on August 24, 2013, 04:52 pm
I use VirWox time to time with a credit card through PayPal. For the first few transactions you will need to wait 48 hours for them to clear, but once you are verified you can purchase instantly.

VirWox does have a lot of fees though, and you have to convert from USD to Second Life Linden dollars to BTC (not hard but an extra step, and they charge fee for each step). They also have daily and monthly limits on certain types of transacations so I dont think you would be able to purchase the amount you wanted (1.5btc) right away.

It is a decent option though and I do use it

Other ways to use credit cards to obtain bitcoins:
Paypal through localbitcoins
Buy a Vanilla Reload or Moneypak with a credit card and convert it on localbitcoins or someone who exchanges these cards for btc on the Road (i like JumboMonkeyBiscuit)

Please instruct me how to get coins using paypal? I still can't figure this out.
Title: Re: How does VirWoX Work when buying with a credit card?
Post by: monesty on August 24, 2013, 05:16 pm

Please instruct me how to get coins using paypal? I still can't figure this out.

Go to localbitcoins.com and search for sellers that accept paypal.