Failed effort to buy LTC (Litecoins)

[Belly Buster]

Based on anonamoose's post I decided I would chance £250 to get in on the ground floor on Litecoin (LTC). These are similar to bitcoin, and will be added to MtGox in the coming weeks. I think once these hit gox (mainstream) chances are they will start to go up on value.

I had some $$ due to a little spin-up on pokerstars so cashed that out so I'm only risking winnings. I haven't bought bitcoins before. So this is new to me.

So here's where it get's tricky. I look at btc-e. Register an account. Click deposit USD. I get a bunch of shitty choices I've never heard of: interkassa.com, OKPAY, perfect money and bit instant. I've at least heard of bitinstant, so decide to give this a go. (note - there may be more options fos US clients). In the meantime it is clear that btc-e is a Russian-run site, as is interkassa.com.

On to bitinstant. Register an account. Still trying to get my money on. Deposit options are MtGox, bitstamp coupoin, vouchx coupon, or btc-e coupon. I explore a bit further and the bitstamp seems to be the best bet.

On to bitstamp. Register an account. I can use their transfer method to deposit EUR from my bank account. But I need to send a SEPA transfer to some bank in Slovenia. Hmm. My bank only allow domestic transfers. So I investigate further. I can do a transfer using Transferwise from UK to Slovenia.

On to transferwise. Register an account. Put in all the details of the transfer to the Slovenian account. Hit go, and get this message:

http://transferwise.com/blog/2013-04...ers-april-2013

April 22, 2013
Notice to Bitcoin users - April 2013

As you may have noticed, we stopped processing transfers to Bitcoin exchanges this week. We’re very sorry.

In many respects it breaks our heart to have taken this step (we’re a firm that champions financial innovation after all), but we know our banking providers are not comfortable with Bitcoin and want payments to these firms restricted. This is happening everywhere - notably Bitfloor and Bitcoin-24 shut themselves down recently.

The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.

Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and “Know Your Customer” procedures unable to deal with it.

It’s a shame because Bitcoin offers solutions to some of the absurdities of the traditional banking system. For example, a virtual currency like Bitcoin could dramatically speed up and reduce the cost of sending money abroad. It’s ridiculous that it can take four banks (all taking a cut) over a week to send dollars from a UK company to a Chinese producer. Implementing this change alone could save the real economy billions of pounds in card fees and transaction costs every year.

And it’s not just the big guys that would benefit. It could transform the prospects of millions of small businesses. The reduced cost and simplicity of a digital currency could circumvent laborious bank processes and give small merchants quick, fairly-priced access to online and mobile payments.

But to gain any of these benefits, the financial regulators need to take a stand. They have many questions to answer - how should the banks treat Bitcoin? Should it be regarded as cash or something new? Are new and specifically tailored “Know Your Customer” rules necessary? Unless the banks are told what is expected of them, they will happily keep on blocking Bitcoin, and consequently blocking our hope for financial innovation.



by Kristo Kaarman, TransferWise co-founder

IT'S A FUCKING FAIL!

[BeerAndPoker]

So we got Litecoins now? If the internet gets several brands of these it will just over saturate the market and maybe only one will be lucky enough to survive.

[4Dragons]

Belly Buster got pied by LOLvania. Funds probably would have went to redecorate Dracula's Coffin anyway.

[anonamoose]

Based on anonamoose's post I decided I would chance £250 to get in on the ground floor on Litecoin (LTC). These are similar to bitcoin, and will be added to MtGox in the coming weeks. I think once these hit gox (mainstream) chances are they will start to go up on value.

I had some $$ due to a little spin-up on pokerstars so cashed that out so I'm only risking winnings. I haven't bought bitcoins before. So this is new to me.

So here's where it get's tricky. I look at btc-e. Register an account. Click deposit USD. I get a bunch of shitty choices I've never heard of: interkassa.com, OKPAY, perfect money and bit instant. I've at least heard of bitinstant, so decide to give this a go. (note - there may be more options fos US clients). In the meantime it is clear that btc-e is a Russian-run site, as is interkassa.com.

On to bitinstant. Register an account. Still trying to get my money on. Deposit options are MtGox, bitstamp coupoin, vouchx coupon, or btc-e coupon. I explore a bit further and the bitstamp seems to be the best bet.

On to bitstamp. Register an account. I can use their transfer method to deposit EUR from my bank account. But I need to send a SEPA transfer to some bank in Slovenia. Hmm. My bank only allow domestic transfers. So I investigate further. I can do a transfer using Transferwise from UK to Slovenia.

On to transferwise. Register an account. Put in all the details of the transfer to the Slovenian account. Hit go, and get this message:

http://transferwise.com/blog/2013-04...ers-april-2013

April 22, 2013
Notice to Bitcoin users - April 2013

As you may have noticed, we stopped processing transfers to Bitcoin exchanges this week. We’re very sorry.

In many respects it breaks our heart to have taken this step (we’re a firm that champions financial innovation after all), but we know our banking providers are not comfortable with Bitcoin and want payments to these firms restricted. This is happening everywhere - notably Bitfloor and Bitcoin-24 shut themselves down recently.

The banks – just like everyone else in the sector – are nervous because they don't know what to think of Bitcoin. The regulators and politicians’ silence on the topic leaves us all in the dark.

Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and “Know Your Customer” procedures unable to deal with it.

It’s a shame because Bitcoin offers solutions to some of the absurdities of the traditional banking system. For example, a virtual currency like Bitcoin could dramatically speed up and reduce the cost of sending money abroad. It’s ridiculous that it can take four banks (all taking a cut) over a week to send dollars from a UK company to a Chinese producer. Implementing this change alone could save the real economy billions of pounds in card fees and transaction costs every year.

And it’s not just the big guys that would benefit. It could transform the prospects of millions of small businesses. The reduced cost and simplicity of a digital currency could circumvent laborious bank processes and give small merchants quick, fairly-priced access to online and mobile payments.

But to gain any of these benefits, the financial regulators need to take a stand. They have many questions to answer - how should the banks treat Bitcoin? Should it be regarded as cash or something new? Are new and specifically tailored “Know Your Customer” rules necessary? Unless the banks are told what is expected of them, they will happily keep on blocking Bitcoin, and consequently blocking our hope for financial innovation.



by Kristo Kaarman, TransferWise co-founder

IT'S A FUCKING FAIL!

There's an option that says "pay to bitcoin address" on bitinstant. You use that and insert the bitcoin address btc-e gives you. I don't understand why you went through this long convoluted way when I gave you exactly what to do in my post.

[anonamoose]

So we got Litecoins now? If the internet gets several brands of these it will just over saturate the market and maybe only one will be lucky enough to survive.

There's already a million different ones

bitcoin
litecoin
novacoin
namecoin
feathercoin
IOcoin
peoplecoin
terracoin


I know I'm missing like 3 others.

[BeerAndPoker]

So we got Litecoins now? If the internet gets several brands of these it will just over saturate the market and maybe only one will be lucky enough to survive.

There's already a million different ones

bitcoin
litecoin
novacoin
namecoin
feathercoin
IOcoin
peoplecoin
terracoin


I know I'm missing like 3 others.

I knew of a few of them but didn't know their were that many.

I'm surprised their isn't micoin yet.

[anonamoose]

There's already a million different ones

bitcoin
litecoin
novacoin
namecoin
feathercoin
IOcoin
peoplecoin
terracoin


I know I'm missing like 3 others.

I knew of a few of them but didn't know their were that many.

I'm surprised their isn't micoin yet.

Here we go

1 Currencies
1.1 Major
1.1.1 Bitcoin (BTC)
1.1.2 Namecoin (NMC)
1.1.3 Litecoin (LTC)
1.1.4 PPCoin (PPC)
1.2 Minor
1.2.1 Tonal Bitcoin (TBC)
1.2.2 IxCoin (IXC)
1.2.3 Devcoin (DEV)
1.2.4 Freicoin (FRC)
1.2.5 I0coin (I0C)
1.2.6 Terracoin (TRC)
1.2.7 Liquidcoin (LQC)
1.3 New
1.4 dead / dying
1.4.1 Qubic
1.4.2 TimeKoin
1.4.3 BBQ BBQCoin
1.4.4 SC Solidcoin
1.4.5 GG Geist Geld
1.4.6 TBX Tenebrix
1.4.7 FBX Fairbrix
1.4.8 CLC Coiledcoin
1.4.9 RUC Rucoin
1.4.10 MMM MMMcoin
1.4.11 Weeds
1.4.12 Beertoken


https://en.bitcoin.it/wiki/List_of_a...yptocurrencies

[BeerAndPoker]

1.4.11 Weeds
1.4.12 Beertoken

If Beertoken or Weeds can't succeed then all these are destined to be doomed imo.

[ftpjesus]

1.4.11 Weeds
1.4.12 Beertoken

If Beertoken or Weeds can't succeed then all these are destined to be doomed imo.

[Belly Buster]

Based on anonamoose's post I decided I would chance £250 to get in on the ground floor on Litecoin (LTC). These are similar to bitcoin, and will be added to MtGox in the coming weeks. I think once these hit gox (mainstream) chances are they will start to go up on value.

I had some $$ due to a little spin-up on pokerstars so cashed that out so I'm only risking winnings. I haven't bought bitcoins before. So this is new to me.

So here's where it get's tricky. I look at btc-e. Register an account. Click deposit USD. I get a bunch of shitty choices I've never heard of: interkassa.com, OKPAY, perfect money and bit instant. I've at least heard of bitinstant, so decide to give this a go. (note - there may be more options fos US clients). In the meantime it is clear that btc-e is a Russian-run site, as is interkassa.com.

On to bitinstant. Register an account. Still trying to get my money on. Deposit options are MtGox, bitstamp coupoin, vouchx coupon, or btc-e coupon. I explore a bit further and the bitstamp seems to be the best bet.

On to bitstamp. Register an account. I can use their transfer method to deposit EUR from my bank account. But I need to send a SEPA transfer to some bank in Slovenia. Hmm. My bank only allow domestic transfers. So I investigate further. I can do a transfer using Transferwise from UK to Slovenia.

On to transferwise. Register an account. Put in all the details of the transfer to the Slovenian account. Hit go, and get this message:

http://transferwise.com/blog/2013-04...ers-april-2013



IT'S A FUCKING FAIL!

There's an option that says "pay to bitcoin address" on bitinstant. You use that and insert the bitcoin address btc-e gives you. I don't understand why you went through this long convoluted way when I gave you exactly what to do in my post.

I don't have funds on bitinstant and the option to deposit at Walmart etc. isn't available to us Euros.

[anonamoose]

There's an option that says "pay to bitcoin address" on bitinstant. You use that and insert the bitcoin address btc-e gives you. I don't understand why you went through this long convoluted way when I gave you exactly what to do in my post.

I don't have funds on bitinstant and the option to deposit at Walmart etc. isn't available to us Euros.

The funds are never on bitinstant. Bitinstant isn't a wallet, you just pay them the money and then they send it to the wallet, like yours on btc-e, that you want it sent to. When you said you signed up for an account it really had me scratching my head because I've never signed up for an account at bitinstant.

Your best bet in europe, from what I've heard, is OKPay. Don't hold me to that though, I honestly don't know. I've also heard Perfect Money is easy to use in europe.

[Belly Buster]

I don't have funds on bitinstant and the option to deposit at Walmart etc. isn't available to us Euros.

The funds are never on bitinstant. Bitinstant isn't a wallet, you just pay them the money and then they send it to the wallet, like yours on btc-e, that you want it sent to. When you said you signed up for an account it really had me scratching my head because I've never signed up for an account at bitinstant.

Your best bet in europe, from what I've heard, is OKPay. Don't hold me to that though, I honestly don't know. I've also heard Perfect Money is easy to use in europe.

Thanks. Will try OKPay.

Yes you're right I didn't register at bitinstant I just thought I had!