Silk Road forums
Discussion => Newbie discussion => Topic started by: vintagepioneer on March 25, 2013, 02:54 am
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I am still having trouble finding the safest, easiest, and cheapest way of transforming this green paper-y notes with arbitrary values assigned to them into bitcoins.
Halp please.
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Bitcoins are not illegal to purchase.
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As long as you're not buying shit loads of product or moving tons of money around, I really wouldn't worry about it.
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All of the exchanges have certain threshholds for $ amounts where they want detailed personal information to open an account (differs by exchange, but typically $1000 per day). As long as you stay under those amounts it's not a problem at all, and then generally only something to be concerned about if you are exchanging bitcoins for $. $ to bitcoins is easy, legal, and you shouldn't be concerned about it at all. You could be buying any number of legal items with bitcoins or just investing in them for all anyone knows. These days, SR is a pretty small percentage of the overall bitcoin economy, so no need to worry about it.
Mt. Gox is the largest volume exchange which gives you some advantages (easier and quicker to excecute large trades). But if you're in the U.S., Mt. Gox fees are pretty high and the options for getting funds in and out are very restrictive. They also have the most strict requirements about identification and detailed information to open an account. I would recommend checking out some of the smaller U.S. based exchanges, particularly if you are just looking to use one to buy bitcoins. A lot cheaper than BitInstant. You may have to plan a little further ahead to get your dollars credited to an account.. But once you have a $US balance in one of the exchanges, you can trade in and out of bitcoins at real market rates (not the bad exchange rates at BitInstant) and the fees are a lot lower as well. CampBx is one that I've had good experience with. Very professional and good options for getting funds in and out.