how to buy bitcoins in nyc

This can be done as an in-person trade, or you can accept bitcoins for your business using some business tools.

Create your own trade advertisement in United States or try with different search.
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The BTM’s one-way policy didn’t deter River Edge, NJ, resident Chuong Nguyen-Thanh from losing his bitcoin “virginity” to the machine during a lunch outing on Thursday.
People who change cash to bitcoin through a bank may have to wait days for the transactions to clear, but with the Lamassu BTM it’s almost instant, Harvey said.
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Of course, $20 doesn’t buy a lot of bitcoin with one digital coin worth about $522 at the going rate, according to CoinDesk, which tracks prices for the digital currency.
Manhattan’s first bitcoin ATM launched Thursday in the historic West Village — prompting a few curious onlookers to open their digital wallets on the spot.
The 26-year-old co-founder of Vaan Group, a marketing company in Brooklyn, bought $20 worth of the digital currency with the help of staff sent by the machine’s operator, PYC.
The machine allows people to insert cash to be transferred to their bitcoin wallets.
The Lamassu-made machine, which costs a cool $6,500, was installed at Flat 128, a luxury store on Christopher Street that sells UK-styled jewelry and home goods.
That could change in the coming months, however, as Lamassu plans to release that will let the machines exchange cyber currency for cash, said founder Zach Harvey.
As seen in the CNBC Documentary The Bitcoin Uprising.
The most popular method of paying for Bitcoins is to give your bank account information to an exchange and transfer money into a Bitcoin account.
You go to a "cash deposit location" (in my case, a CVS several miles from my house) and use Moneygram to pay a cash-payments service like ZipZap, which then pays BitInstant, which then credits your Bitcoin account.
To deposit money into a Bitstamp account, I had a few options: I could hand over my bank information (nope!), I could use another virtual currency system called Ripple to convert dollars into BTC (too complicated), or I could use a service called BitInstant.
They’re produced by a complex computer processing scheme called "mining." You’d need a Ph.D. in computer science to understand exactly how Bitcoin mining works, but basically, it uses distributed power and complex math formulas to "find" a certain number of Bitcoins every day.
The way it works is: You tell BitInstant how much you want to deposit in a Bitcoin exchange account, which exchange (Bitstamp, Mt.
A Bitcoin functions like a normal currency, with a few exceptions: First, Bitcoins aren’t issued by a government or a central bank.
I was uneasy about giving up my bank information to a sketchy currency dealer, and given that my goal was only to buy a single Bitcoin, I nixed that idea off the bat.
Wall Street analysts are getting questions from their clients about Bitcoins, Bitcoin ATMs are being put up around the world, and the value of all Bitcoins in circulation now stands at $1.6 billion.
The intermediary then takes the cash, converts it to credit, and deposits the credit into a Bitcoin exchange account for you.
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Bitcoin Forum October 19, 2014, 03:22:19 AM Welcome, Guest.
News: Bitcoin Core 0.9.3 has been released.
Interested in other places inside United States? You can also find trades in whole United States.
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It’s too easy for people to merely gloss over your first sentence without giving thought to it, so I’m going to repeat it for posterity: people will be using bitcoin without knowing it and it has a good chance of succeeding because it has a fundamental lower cost structure than other payment networks.
If giant Google — whose Wallet is easy compared to Coinbase — can’t figure out the payment thing, how likely is it that anyone will use Bitcoin to buy pies in New York any time soon? Cash is still king, in accounting and on the street.
I used Coinbase because it’s the easiest on-ramp to the Bitcoin world — but look what I had to do: disclose my bank account information, enable 2-factor authentication by sharing my cell number, and then wait 3 days.
What gives? While the economic appeal of Bitcoin is easy to understand — it’s not tethered to a central bank and can be traded at low or zero cost — it’s not clear if the currency has a place in everyday life.
The first group include libertarians who worry the Federal Reserve and other central banks will debase the national currency and that Bitcoin — like gold — is an independent store of value.
Fully agree, people will be using bitcoin without knowing it and it has a good chance of succeeding because it has a fundamental lower cost structure than other payment networks.
Many of these people would jump at the chance to buy Bitcoin — as an alternative currency that won’t deflate, and that is hard for the government to confiscate.
If exchanges get liquid enough you could easily have credit and debit cards or mobile wallets that are nominated in a fiat currency but use the bitcoin network with it’s reduced risk of fraud, lower fees, reduced risk of identity-theft, global coverage and minimal infrastructure requirements.
I’m not one of those apocalypse people and believe that fiat currency will ALWAYS exist, but I believe there is a place for Bitcoin.
These include bankers, hustlers and executives who just like the trading game — but also some unsavory types who hope to induce and profit from Bitcoin bubbles or to use the currency for criminal ends.
And today, online apartment search marketplace RentHop announced in a press release that it will be accepting Bitcoin from people advertising NYC apartments on its site.
A tipster recently sent along a listing for a $2,580/month one-bedroom sublet in 99 John Deco Lofts, accepting Bitcoin, which hit the market last month.
In order to encourage people to adopt the currency, RentHop is offering a 60 percent discount to Bitcoin-using landlords and agents.
Listings paid for with boring old U.S. dollars cost $2, but spare the landlords and agents the anguish of trying to figure out how to use Bitcoin.
In May, the owner of a Trump Soho condo listed his apartment and announced that he would be accepting only Bitcoin as payment.
A listing paid for with Bitcoin will cost 0.833 milli-bitcoin (1/1000th of a Bitcoin), which comes out to $0.76 at current exchange rates.
Bitcoin is a somewhat mysterious, fairly confusing type of digital currency that, until recently, you could use to buy large amount of drugs on the internet.
But now you can use Bitcoin for something (arguably) even better than drugs: New York City real estate.
These are not the first proposed Bitcoin real estate transactions in New York, however.
The owner of a one-bedroom home in the Trump SoHo "condo-hotel" listed the unit on Thursday with the provision that it be bought exclusively in the money-substitute known as Bitcoin.
The owner of a one-bedroom home in the Trump SoHo "condo-hotel" listed the unit on May 2, 2013 with the provision that it be bought exclusively in the money-substitute known as Bitcoin.
Listed on the "Bitcoin luxury marketplace" BitPremier, the 741-square-foot suite with one-and-a-half bathrooms was on the market for 18,547.617 bitcoin, the equivalent of $1,947,500, on Thursday afternoon.
Firms must, at a minimum, when opening accounts for customers, verify their identity, to the extent reasonable and practicable, maintain records of the information used to verify such identity, including name, physical address, and other identifying information, and check customers against the Specially Designated Nationals ("SDNs") list maintained by the U.S. Treasury Department’s Office of Foreign Asset Control ("OFAC").
BitLicense, a plan that’s been in the works for nearly a year, would require these cryptocurrency banks to verify the identity of customers and, in some cases, ask for more information from "high-risk customers, high-volume accounts, or accounts on which a suspicious activity report has been filed." But that’s not necessarily a bad thing, not for everyone anyway.
Coinbase offers three important features: an online wallet to store Bitcoin; a merchant platform that allows services to accept Bitcoin as payment; and a service that allows individuals and merchants to buy/sell Bitcoin into fiat currencies.
"The challenge here with a lot of the reluctance of financial institutions to provide banking services for Bitcoin companies, it’s because they need guidance from the regulators, too," says Bruce Wallace, the chief operations officer at SVB Financial Group, parent of Silicon Valley Bank in Santa Clara, Calif.
"You combine the decentralized nature with the open ledger and the ability for two parties who don’t know each other to transact without having to have a trusted intermediary, and it really does open up the possibilities for Bitcoin being used as a way to clear certain types of asset transactions," says Barry Silbert, CEO of the New York broker-dealer SecondMarket.
As for Silvergate’s CEO, Lane, he isn’t banking any Bitcoin startups yet but he says he’s been talking with Coinsetter, a virtual currency exchange with a compliance program he finds impressively rigorous.
Bitcoin may invite shadowy actors who wish to transact anonymously (or pseudonymously), but it also boasts a transparent, real-time, detailed public ledger of all transfers between account numbers – a stark contrast to the opacity of the legacy payments system, Dave Birch says.
An analysis last year by Adam Shapiro of Promontory Financial Group found that sending $1,000 from the U.S. to Europe to make a down payment on a vacation rental would cost $15 using the Bitcoin network (including commissions paid to exchangers), compared to $50 for a cross-border credit card payment and $40 to $80 for a bank wire.
Reading a laundry list of about a dozen issues on the department’s radar, Commissioner Jan Lynn Owen mentioned Bitcoin — the Internet currency, payment system and technology that’s been grabbing headlines, igniting controversy and inspiring innovation across the globe.
o get the full sense of why Bitcoin matters, you have to start thinking of it not as a currency, nor as a payment system, but as a protocol—that is, a series of rules for exchange of information among computers in a network.
"Within 60 minutes at the longest, usually less, the money is settled, and it’s settled for good," says Jeremy Allaire, the founder and CEO of Circle Internet Financial, a startup in Boston that aims to make Bitcoin easier to use for consumers and merchants.
Savvier observers have considered Bitcoin’s merits as a global, frictionless payment system—one that offers an elegant answer to many of the questions raised last year in a paper released by the Federal Reserve, in which it called for public comments on how to modernize the country’s disco-era infrastructure for moving money.
"There’s so much vested interest by all the participants for Bitcoin to be successful that even when we approach these types of levels, the system wants to self-correct so as not to cast the whole network in doubt," Luria says.
"It doesn’t rely on the New York Stock Exchange, which can crash and does crash, or the Nasdaq, which can crash and does crash," says Gil Luria, an analyst at Wedbush Securities who has studied the Bitcoin ecosystem.
A true understanding of Bitcoin (uppercase "B" for the payment system and technology, lowercase for the currency) means looking beyond its potential as an alternative form of money.
There have been efforts to develop miniature hardware devices allowing users to store and access their bitcoins offline, and discussions about a model for protecting bitcoin accounts similar to how investments in securities are backed by SIPC, the Securities Investor Protection Corp.
But Bitcoin wallet services and other startups are beginning to focus on how the private sector can offer FDIC-like backing to virtual currency users.
ost news stories about Bitcoin have focused on its more tabloid-esque aspects: the currency’s illicit uses in online black markets; its mysterious creator, who went by the pseudonym Satoshi Nakamoto before disappearing in 2011; the bitcoin’s wildly fluctuating exchange rate with the dollar; its adoption by celebrities like the Winklevoss twins.
This is why the process is called "mining," since it is how new bitcoins are added to circulation, akin to extracting gold or silver from the ground—expect instead of elbow grease, Bitcoin miners expend electricity and processing power.
As Lane witnessed at the California banker meeting, most U.S. banks are still wary of participating in the Bitcoin economy even in the most mundane way: opening deposit accounts for virtual currency exchangers.
I wonder why it is that Bitcoiners become so very hostile and explosively offended that one would suggest a trade of Bitcoin for another limited printing and diminishingly available confederate currency? They are well versed and speak as if they are part of a confederate currency movement but they run back to the United States Dollar in a heartbeat whenever they can.
"A geek like me can look at the source code, we don’t care who wrote it," says Gavin Andresen, the chief scientist at the Bitcoin Foundation, the de facto trade association for the Bitcoin network.
For all of the energy and innovation behind the Bitcoin movement, perhaps the biggest factor separating digital money from bank accounts is that the latter are backed by the Federal Deposit Insurance Corp.
I believe the Bitcoin opportunity for banks in America will lie in re-minting the Bitcoin into a new crypto currency with laws, financial service regulations and customer service.
"Every Bitcoin business has had at least one bank account shut down on them," Tony Gallippi, CEO of the Atlanta payment processor BitPay, said at a conference last summer.
As a payment system, Bitcoin offers an attractive safety feature in that it is a "push" system, requiring an active step by the accountholder each time a payment is triggered.
Jonathan Mohan, the founder of BitcoinNYC, a Bitcoin community networking group in New York, likens colored coins to a stamped envelope—the bitcoin is the stamp that enables the contents of the package to travel through the postal system.
For financial services, an industry predicated on trust in third parties, the long-term implications of Bitcoin’s underlying decentralized technology are staggering.
Lane’s reply: "Well, if they outlaw it, I’m going to lose about $1,200 because I just bought 10 bitcoin." Later, he says, another banker friend teased him, "Uh oh, Alan, you shouldn’t have said that.
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“We struggle with the infrastructure to handle the money we’re making,” adds Waters, who one day believes BitInstant will be a billion dollar company.
People will deposit money with us and we’ll get them bitcoins, often within minutes and usually within an hour.” That’s not quite the definition of “instant,” when compared to contemporary USD, but it’s pretty damn quick compared to the alternatives.
“Most tech startups struggle making money,” Waters told me at BitInstant’s offices.
“There’s no for bitcoin,” he says.
But in recent months, the price has plummeted to half that, due in part to the bankruptcy of the world’s largest Bitcoin exchange after nearly a half-billion dollars in investor money vanished.
Austin Alexander is the director of the Bitcoin Center NYC, just steps from the New York Stock Exchange, where he extols the virtues of this virtual currency.
Nobel laureate Robert Shiller, professor of economics at Yale University, says Bitcoin is gaining traction.
Mondays starting at 6:00 p.m. Bitcoin Center NYC welcomes Satoshi Square for a night of spontaneous Bitcoin trading in a LIVE open outcry trading pit.
Virtual currency systems like Bitcoin are eliminating the need for consumers to wait days to transfer money to other people’s accounts, as well as cutting costs for those transfers, Susan Ashley a Stanford University economics professor, said at the hearing.
“Obviously any attempt to regulate virtual currency is going to have to deal with the dark side of virtual currency,” said Lawsky, noting that earlier this week, the U.S. Attorney’s Office for the Southern District of New York made several Bitcoin-related arrests.
“It is our position that digital currency exchanges should be licensed as money transmitters to do business in the State of New York and therefore come under that regulatory framework,” Vance said.
“The single most important thing that we can do, and that’s sort of collectively, is to get some serious exchanges established here in New York that are focused on being mature trading platforms,” said Jeremy Allaire, founder and CEO of Circle Internet Financial, a digital currency company.
So up to now, virtual currency exchanges have not been required to obtain state licenses, though they have had to register as money service businesses under federal guidelines.
Depending on the rules that are established, virtual currency exchanges may also need to have regulations requiring them to do “enhanced due diligence” to establish the identities of users, Vance said.
However, even though government authorities have successfully uncovered criminal activity linked to online fraud and virtual currency, they face burgeoning use of digital currency and growing potential for international cybercrime, enforcement officials said.
New York is set to be the first state to issue virtual currency regulations, Lawsky said.
Ultimately, lawful business people want a balanced approach to regulation that legitimizes virtual currency without burdening new and growing companies with bureaucracy, panelists said.
No state so far has officially deemed virtual currency exchanges and companies to be transmitters of money.
New York Superintendent of Financial Services Benjamin Lawsky called for the two-day hearing, which began Tuesday, to support a fact-finding investigation started last August that, he said, will lead to state regulations this year.
But the attractive aspects of virtual currency is helping fuel growing acceptance for its use among law-abiding users, emphasized entrepreneurs at the hearing.
The Attorney’s Office has charged Charlie Shrem, CEO at online Bitcoin exchange business BitInstant, and Robert Faiella, the site’s compliance officer, with working to sell more than US$1 million worth of bitcoins to users of the Silk Road contraband website.
A clear, streamlined set of regulations and guidelines would help virtual currency fuel new businesses opportunities, panelists agreed.

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