how to buy large amounts of bitcoins

If it’s not very profitable and it’s not always safe, why do it? For Weston, who is the co-organizer of the DC Bitcoin Users’ Group, the appeal is in initiating newbies into the world of Bitcoin.
And as the price as Bitcoin has risen, Weston has stopped trading the actual, physical Bitcoins.
While there’s controversy around this particular Bitcoin exchange, which has twice had assets seized by the Feds, Weston swears by it.
I found Weston on LocalBitcoins, a Finnish company that connects Bitcoin buyers and sellers around the globe.
He also limits seedy transactions by refusing to interact with anyone he suspects of using Bitcoin for illegal activities, like buying drugs on the former black market site Silk Road.
Weston has many regular buyers, some of whom live off the grid and depend on Bitcoin as their only form of currency.

Other exchanges I’ve looked at (such as btc-e, bitfloor, etc) allow incoming wire transfers, however don’t specify how long the processing should take.
So, without any case protecting them, most exchanges aren’t going to be willing to risk it without verifying your identity to help them get in compliance with the KYC/AML laws.
Not the answer you're looking for? Browse other questions tagged exchanges or ask your own question.
π Rendered by PID 27197 on app-243 at 2014-10-19 03:16:26.332926+00:00 running cb7ab6e country code: US.
The author suggests that the "Markus" bot, rather than spending random prices per bitcoin, in fact acquired the coins for free, "and the program that generates the trading logs simply takes whatever value was already there before.
The so-called Willy Report uses leaked logs of activity on the now closed bitcoin exchange to analyse the behaviour of the Willy trading algorithm, which users had noticed in December 2013.
The report's author tracked down all the "Willy" trades, looking for accounts making 10-20 bitcoin transactions every five minutes, and found that $112m had been spent to buy more than 250,000 bitcoin in the course of November.
The total amount of bitcoin that the log shows was bought by Markus and Willy up to the end of November, when the logs end, is 570,000 bitcoin – equivalent to $379m on the average price of bitcoin during the month.
Two algorithms, named Willy and Markus, bought around 650,000 bitcoins in the dying days of the bitcoin exchange, a new report alleges.
Bitcoin prices were being manipulated in late 2013 by a pair of autonomous computer programs running on bitcoin exchange MtGox, according to an anonymously published report.
Wallet and soon-to-be bitcoin debit card provider Xapo has also recently entered the fray, offering deposits in fiat currency that are converted to bitcoin in your account.
Remember, if you’re meeting face-to-face somewhere, you’ll need to have access to your bitcoin wallet.
If you live in a city, prefer anonymity or don’t want bank hassles, the easiest option to acquire bitcoin is to make a face-to-face trade with a local seller.
Other ideas have included bitcoin cards (coming soon), physical bitcoin ‘coins’ with a wallet value pre-loaded, and stored-value cards.
If you don’t like the idea of having to buy and safely store a large quantity of bitcoins, you can turn to an investment trust, such as the Bitcoin Investment Trust (BIT).
Once again, you’ll need to already have a bitcoin wallet (locally stored or online) to use the ATM.
Once you’ve set up your account, you’ll probably need to link an existing bank account and arrange to move funds between it and your new exchange account via wire transfer.
In the bitcoin world they’re called ‘wallets’ but you could also think of them as a bank account.
Now you’ve realized bitcoin is the money of the future, the next step is to get some bitcoins.
Some are full-blown exchanges for trades between paper fiat currencies and multiple other digital currencies, while others are simpler wallet services with a more limited range of trading options.
Bitcoin wallets store the private keys that you need to access a bitcoin address and spend your funds.
Like a face-to-face exchange but with a machine, you insert your cash and receive a paper receipt with the codes necessary to load the bitcoins onto your wallet.
This is because such transactions can easily be reversed with a phone call to the card company (ie: ‘chargebacks’, one of the problems bitcoin is here to solve).
Some existing banks see digital currency as a threat to their business model and have been known to discriminate against anything related to bitcoin.
– People interested in buying bitcoins can do so by fulfilling someone else’s order with their credit card or Paypal account and obtain the equivalent amount in bitcoins.
Bittylicious allows users in Europe (E.E.A.) to buy bitcoins using a credit or debit card, as long as the card is 3D Secure enabled.
The Virtual World Exchange also known as VirWox allows you to buy SLL (Second life Lindens) with all major credit cards which you can then exchange to Bitcoins on VirWox itself.
It is important that you deposit Cryptonit account using your Paypal balance but not a credit card.
While it is risky for sellers to offer this option, seven services now will allow you to buy bitcoins with your credit card.
Note: If you only want to take advantage of Bitcoin’s price volatility You can trade CFDs on Bitcoin via a credit card on sites like AvaTrade or Plus500.
CC2BTC.NET allows users from anywhere in the world to buy Bitcoin vouchers with Credit Card.
Customers from most countries of the world including the US, can use Western Union or MoneyGram to buy Bitcoins with their credit cards.
However, that does not mean it is entirely risk free, if you are from Asia or Africa your funds may be frozen by credit card payment processors for further inspection due to the large amounts of fraud that come from those continents.
CampBX is a United States-based Bitcoin exchange with a number of advanced trading features.
BTCChina is China’s leading Bitcoin exchange, both in terms of trading volumes and the amount of liquidity.
Coinbase is more than just a Bitcoin exchange; it’s a comprehensive digital wallet that can be used to store, spend, buy and accept Bitcoins.
The nature of the Bitcoin marketplace means that there are a lot of other exchanges out there where you can trade Bitcoins with national currencies as well as other cryptocurrencies.
Cryptsy lets you trade over 60 different types of cryptocurrencies, from the more popular cryptocurrencies such as Bitcoin and Litecoin to less-popular cryptocurrencies such as QuarkCoin, ZetaCoin and, yes, Dogecoin.
It combines Forex trading and Bitcoin exchanges into one comprehensive service.
Bitcoin Forum October 19, 2014, 03:16:26 AM Welcome, Guest.
News: Bitcoin Core 0.9.3 has been released.
News: Due to a recently-discovered flaw in the TLS and SSL protocols, you may want to change your password, especially if you accessed the forum using Tor.
As BTC China’s CEO Bobby Lee pointed out, half of all Bitcoin exchanges will close within a year of operation with the average lifespan being about 380 days. The Hong Kong-based GBL exchange lasted just four months, sending $4.1 million in customer and investor funds up in smoke after it suddenly shutdown in late October.
But being outside of the world's financial centers means transferring cash the old way. Cashing out of BTC-e, a popular exchange that trades Bitcoin and an assortment of altcoins including Litecoin, requires not only getting your money out of your account but also out of Bulgaria.
Bitcoin prices across exchanges can vary widely, and are susceptible to fluctuations in fiat currency exchange rates.
And because it remains difficult to fluidly trade bitcoins with other currencies—whether due to exchange backlogs, geographical barriers for fiat currency, or whatever else—bitcoins are worth different amounts on different exchanges.
And if Bitcoin's utility as currency continues to grow—if more people treat bitcoins as money for exchange, rather than an investment to be cashed back into dollars or euros—fluctuations will smooth out.
Alice creates a transaction with the following data: id of the previous transaction (the one in which Alice received her bitcoin, for instance from Bits of Gold), Bob’s bitcoin address, amount to transfer to Bob, and a signature on all of the above data which proves that she is indeed the owner of the money from the previous transaction.
A hacker can listen to the Bitcoin network for a transaction from Alice to Bob, and change the number 42 to 042 and re-send the new transaction.
Now imagine the market taking a steep plunge to $400.00 after you place an order for Bitcoin through Coinbase for $800.00. Had you received your Bitcoin immediately and could trade it in real time, you might have been able to sell it on the way down – at $600.00 for instance – preserving 75% of your initial capital outlay.
So, who offers the best Bitcoin wallet? The answer is that it’s all a “crap shoot.” “You pays your money and you takes your chances.” So grab those bones and let them roll, just keep your eyes open for any who might want to rob you while you’re at the table.
If you are comfortable with such an arraignment, you can learn more about it by searching the internet for the term “Bitcoin wallets.” But what about those of us who have internet connections (or power companies) that cannot be trusted to continue uninterrupted ad infinitum? In such case there is the online wallet.
This entry was posted in Uncategorized and tagged Bitcoin, Bitcoin investment, Bitcoin wallet, Bitcoin wallets, Coinbase, StrongCoin.
So, before I am allowed to buy Bitcoin like a big boy at Coinbase, I must wait at least 30 days.
When deciding upon a Bitcoin wallet, I decided to use Coinbase This is not a recommendation of Coinbase mind you, it’s just a fact.
Strangely enough, I was informed by Coinbase that I could buy more than 10% of one Bitcoin, even before buying “some bitcoin” and waiting 30 days.
You cannot buy any larger amount of Bitcoin from Coinbase instantly until you advance to Level 2” and submit even more personal information.
Now the possibility: you place an order for Bitcoin through Coinbase for $800.00. Coinbase will not immediately deliver your Bitcoin.
You will have to do a Bitcoin transfer to a trading site like BTC-e and swap your Bitcoin for the other cryptocurrency of your choice.
The site isn’t really designed around what a Bitcoin power trader would need and there are several trading restrictions.
You buy an amount of Bitcoin with your linked bank account and either get them in four business days or instantly if you have a linked credit card.
If the price of Bitcoin goes down during the four business days it takes to complete the transaction you could lose money.
I was looking for a Bitcoin trading site big on security.
When it comes time to sell your Bitcoin, the proceeds of the sale will be transferred back to your bank account.
Do you have concerns about your computer crashing or your Bitcoin wallet being erased because you forgot to back it up? They essentially solve this problem by letting you have a fully functional “cloud” or online wallet.
Coinbase might not be perfect, but it does offer an easy and convenient way for someone to jump into the Bitcoin market.
There are many other platforms out there that would be better suited for someone looking for unlimited Bitcoin trading.
This site was designed for the beginner centering around buying and selling Bitcoin.
You can also see in real time how many confirmations have occurred of the transaction across the Bitcoin network.
To get access to this service you need to verify your bank account, cell phone number, your identity (takes a minute or two) and link a credit card.
A purchase looks like this: view the list of available sellers, start the transaction(s), transfer the money, ask the seller to verify your payment, and finally receive your bitcoins! The whole process takes just a few clicks and our tutorial makes it easy to get started.
If the Bitcoin community – or a reasonable subset thereof – agreed that the kill switch ought to be neutralized by any means possible, it would be a fairly straightforward matter to declare the hoarders persona non grata and collectively agree to use modified Bitcoin clients (let’s call them Bitcoin-P) which act as if the particular coins currently held by A, C-F, H-K, and M-S were not bitcoins at all.
They vigorously deny the possibility that Bitcoin has a removable “floor,” which might one day “fall out” and permanently transfer ever penny’s worth of traditional money, precious metal, alpaca socks, cocaine – and everything else which has been exchanged for bitcoins – into a handful of pockets.
But the most damning fact revealed in the paper is not the extreme top-heaviness of the Bitcoin ownership pyramid, but rather the elaborate lengths to which the hoarders went in order to conceal their existence from “rank and file” users.
And it would appear that most of the non-circulating coins are in the hands of a very small number of people – who, one may reasonably suspect, were involved from with building and propagandising Bitcoin from its very beginning.
And I’d bet serious money that “R” and “S,” with their astronomical transaction frequencies, are botnets specializing in the theft of CPU/GPU cycles for mining (and unguarded Bitcoin wallets.) These are known to exist.
Evil sells his gigantic mass of bitcoins at some critical moment, the entire bitcoin project will collapse wiping out countless small bitcoin holders? I guess it’s possible, sort of like if China decides to dump all its US bonds onto the market at once.
Yet now you come along to tell people that there is a catastrophic problem with one of the central ideas of the Bitcoin “currency” as a currency.
But the real problem with Ponzi schemes – and the reason why they are considered a legally-actionable type of fraud in every civilized country – is not the abstract unfairness of some clever fellow getting “something for nothing.” Rather, it is the fact that such schemes come with a built-in self-destruct mechanism, whereby at a certain point, those who sit on the apex of the pyramid decide to cash out, pocketing nearly all of the meatspace wealth previously invested into the system.
If that 78% hoard decides to sell their coins, the price dips to pennies, buyers get to buy cheap Bitcoins, and the Bitcoin network continues.
The implication is clear: someone could analyze the transaction history of Bitcoin, determine they are not happy with the concentration of coins and consequently the power to dump them, and not use Bitcoins.
This requires that you already have bitcoins, acquired through some of the more anonymous methods mentioned later in this article, or by using a bank transfer or other payment method at Bitcoin Exchange, MtGox, or another such service.
This exact scenario has played out recently, leading to some drama (search the forum.) In the second scenario, you bear the risk that your dollars will be worth fewer bitcoins by the time they reach Bitcoin 4 Cash.
in an ideal world, you’d be able to anonymously mail an envelope of cash to a trusted, reputable bitcoin exchanger and instruct him where to send your bitcoins.
Bitcoin 4 Cash does in and out exchanges, meaning they buy bitcoins (in exchange for pre-loaded virtual credit cards, pretty cool) and sell bitcoins for cash.
For the average user, the problem is moving fiat currency into bitcoin using an unidentifiable method of payment, thereby breaking the link between you and whatever it is you’re using your bitcoins for.
Silkroad, only accessible via the TOR network, using Bitcoin as its currency, has created a near bullet proof service for buying and selling illegal drugs.
I have been mining using one ATI Radeon card for 3 days 24/24 now and produced about 13 hundredth of one cent (0.00015567 bitcoins)!! I think those who will receive their ASICS late in the game (late July / August / September) will find they are obsolote (not making any money) on arrival.
Competition is on the rise and we are getting close to the end of the good ol’ days of Bitcoin; the time when a desktop computer or two have any real mining capabilities.
Bitcoin mining is very easy to quantify and lots of data is available if you are interested in collecting it, making it an interesting pursuit for the analytically-minded hardware enthusiast.
Towards the end of the run I was getting impatient and ExtremeTech’s Joel Hruska helped me sprint to the finish by giving me access to some of his machines, bringing my mining operation up to a nearly-respectable 2.7Gh/s (gigahashes, billions of hashes per second).
As competition increases, difficulty ramps up, and ASICs become available (hey, it could happen!) these Radeon-powered machines will have little to no impact, spending more on power than they earn mining.
Sounds like BitCoin mining would be more profitable during the winter months when the power consumed would help to heat your home and reduce consumption from your furnace/central heating.
While I have no idea what to do with my Bitcoin (I’m open to suggestions) and I’m not planning on mining in the future, this was a revealing experiment.
Lets face it, bitcoins are great and you can flip those BTC into most any alternative coin at your favorite btc exchange like mt gox or btc-e but the simple facts are bitcoin is not a widely accepted currency outside of the internet.
Sure you can spend your bitcoins on pizza as well as loads of electronic gadgets via an online retailer that accepts cash in bitcoins but perhaps you looking to cash your bitcoins into US Dollars so that you can spend that cash at McDonald’s or Starbucks or the grocery store or any brick and motor store that does not accept cash bitcoins just yet.
These are just 4 of the largest and more popular bitcoin exchanges but one theme remains constant with each exchange, getting your cash withdrawn from the exchange can be slow and painful.
In order to withdraw US funds, several personal verifications must be met and of course there are small fees involved with any transaction on the exchange and any cash withdrawal.
The process of converting bitcoins to cash at an exchange can be terribly slow but if your not in a huge rush, its probably a safe method and you will get a good price for your btc.
From this web site you should be able to locate an individual willing to purchase your bitcoin for cash, check, money order or Paypal.
Due to these limitations, if you do not already have an account setup on an exchange another alternative to cash in your bitcoins may be in order.
Even then, if you buy bitcoin to hold onto it as an investment, you should never keep bitcoin in any online wallet for more than one month, and never large amounts.
There’s an innovative new way to buy and sell bitcoins for cash very easily with anyone very near you… wherever you happen to be at this moment… whether you happen to be in New York or China or London or Germany or Africa today… No one needs any ID, and you don’t have to trust anyone.
For ease of use for shopping and transacting in bitcoin, you’ll need an online wallet.

Tags: ,