Silk Road forums
Discussion => Security => Topic started by: ThePhoenix on June 04, 2013, 12:18 am
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I see bitinstant has an option to go right to a bitcoin addresss... does this mean you can send money to a bit coin address, meaning it is purchasing them?
what does this mean?
or should I go the old fashion way...bitinstant > MtGox > bitcoin addresss
and does this require scans?
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Ok, so the way that bitinstant works really isn't easily viewable on the page. It's a terrible site.
Bitinstant is a method for converting USD to bitcoins. This can be done using a large number of various methods, including cash. The direction is very simple, you being a transaction on Bitinstant using your selected method, you fulfill the funds, they send the purchased bitcoins to the bitcoin address you give.
The bitcoin address you give can be a MTGox address, your local wallet maintained on your machine, or even the SR wallet address directly.
I use bitinstant for all of my BTC buying. I use their cash method, which is done through moneygram (or similar) kiosks. The advantage to this is, for amounts under a certain size (I think $1000, but I never go over $500), you don't need an ID. This means that you can give bitinstant any name you want, so long as at moneygram you use the exact same name as the sender.
The only downside to this method is that you have both the bitinstant fee (%3.99) and the moneygram fee (varies, usually around $20). This can, depending on the amount, make the total "fees" be around 10-20%, but you can average it out by doing a larger total transaction instead of many smaller ones.