Silk Road forums

Discussion => Newbie discussion => Topic started by: corduroy on July 30, 2013, 06:22 am

Title: Getting BTC: OK to use an exchange with ID verification?
Post by: corduroy on July 30, 2013, 06:22 am
I've seen this mentioned but can't find a thread specifically on this topic, so here goes...

I don't live in the US. All the legit exchanges I know of that I can use here (e.g. MtGox) now require ID verification - i.e. you send them copies of your ID and some other supporting documents before you can deposit cash.

Any opinions on the safety of this for exchanging small amounts of money (~$100/month)? Do any of you guys get BTC from ID verified exchanges?

There are a couple walk-in places here that sell bitcoins for cash, totally anonymous and no questions asked, but it costs an extra 20% or so over ID-verified exchange. So far this is how I've gotten bitcoins, but I'm paying a pretty steep price for anonymity when I'm only making small transactions and unlikely to ever be investigated.... on the other hand, maybe I'm paying a pretty LOW price for not ending up in jail :)
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: chefwaffles on July 30, 2013, 06:28 am
There is nothing illegal about buying bitcoins...  Showing your ID wouldnt be much of a concern. 
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: waldo33 on July 30, 2013, 07:41 am
Dont use Gox.  Seems they are out of money and its only a matter of time before they go bankrupt. 
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: lifesucks on July 30, 2013, 12:57 pm
bitbargain doesn't require ID other than an email address (or it didn't when I signed up)
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: CoinBank on July 30, 2013, 01:14 pm
Ya getting bitcoins are a bitch nowadays. I only buy them under the name BTCBank.
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: NoQuarter_merchant on July 30, 2013, 05:14 pm
Have you tried localbitcoins.com?
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: Thekla1 on July 30, 2013, 06:54 pm
Unless bitbargain have flip-flopped again, they require verification now. Had to do so about 4 weeks or so ago. But frankly apart from the inconvenience of sorting out the verification, I don't have a problem with using a legit exchange with verification to buy BTC, they are perfectly legal. If you are only using small amounts, flip 'em around a few wallets and so on, LE have more urgent priorities than tracking weenie amounts of digital currency. They are too busy recording everyone's phone call metadata, for starters. Not aware of a single instance of BTC being tracked into/out of SR that led to trouble for anyone. It would be at least on the forums, and very probably in the newspapers, certainly in Europe the financial reporters on broadsheets are jonesing for new SR/BTC stories, and would be on it like flies on sherbert. Keep your guard up, but remember that there are 10 million+ BTC in circulation already. Take a lot to make waves in that sea of transactions.

Now those Winklevoss twins, wonder how much gear they are buying with the $11 million of BTC they are sitting on....

Take care.
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: corduroy on July 31, 2013, 02:33 am
I feel a little better about signing up with a legit exchange after some of these replies, thanks people :)

localbitcoins.com is where I found the OTC places, but all the listings in my area have really harsh exchange rates. The "real" exchanges I'm looking at are selling at about $15 less per bitcoin than the absolute lowest price on localbitcoins.

I checked out bitbargain.co.uk since a couple people mentioned it, and it actually does say in their FAQ that you do not need ID below a "certain volume" of purchases... but the payment methods are mostly things like bank transfers that aren't anonymous anyway, and most are UK-specific. As an aside, browsing their website with Tor keeps redirecting to this image: http://i.imgur.com/1wUOZ.jpg ...totally unprofessional, but lol
Title: Re: Getting BTC: OK to use an exchange with ID verification?
Post by: lifesucks on August 01, 2013, 09:34 am
Bitbargain is a very fast way of getting coins, admittedly you need to send money via a bank transfer but so what, BTC aren't illegal and more online traders accept them so their use isn't just for illicit purchases. A few sellers might ask you for more info before they sell but if you just buy small amounts it isn't a problem. If you need a larger amount just buy small amounts from several sellers