Silk Road forums
Discussion => Security => Topic started by: Mcrad on July 11, 2013, 08:56 am
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Does anyone have any experince in this? let me know about your transaction experience 8)
much love_mcrad!
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Hey,
I used it once. Even though the transaction itself was easy and fast, it's total bullshit, because from VirWox you can only buy whole Bitcoins (at least it was like that a year ago).
So if you let's say buy 10k linden dollars for your money, and 1 btc is worth 4k linden dollars, you can only buy 2 bitcoins and you are going to sit on the rest of your linden dollars. (The numbers are probably totally wrong, but you should get the problem).
cheers
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its ok!
they no longer require to transfer into whole BTC!
the main issue is the fees and restricted deposits **BUT** these do relax and get much better the more you use the service.
also the best way to make a transfer is to use the 'limit price' rather then 'market price' in order to get preferable exchange rates.
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i also forgot to mention - the first transaction or two will need to be authorised manually, so expect to wait 48 hours before you get your BTC! after that though its a very fast and efficient service that gets cheaper the longer you use it.
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The transactions fees are a pain in the ass....you get dinged 4 times I think: 1. Fee from Depositing Paypal $$ into your Virwox account 2. Transaction fee exchanging $$ into Linden Dollars 3. Transaction fee exchanging Linden Dollars into BTC 4. Finally, a .01 BTC fee to Virwox when you withdraw your Bitcoins to your SR wallet
I haven't added up all of that yet, but I should...it's probably 10-12%
Your first two Virwox withdrawals are subject to a 48 hour manual verification hold which is really annoying so plan ahead before ordering .....
Other than those annoyances, I find it very fast...very convenient, and it has been the only BTC exchange I've used.....(the convenience factor may justify the high transaction fees.)
Cheers...... 8)
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i cant agree more. i first used virwox for 2 separate btc transactions. took 48 hours and a lot of xtra fees
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Not planning on using this method now that everyones told me about their brutal fee's
I talked to DomesticDrops. he's a coin vendor. anyone have any reviews on him?
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The transactions fees are a pain in the ass....you get dinged 4 times I think: 1. Fee from Depositing Paypal $$ into your Virwox account 2. Transaction fee exchanging $$ into Linden Dollars 3. Transaction fee exchanging Linden Dollars into BTC 4. Finally, a .01 BTC fee to Virwox when you withdraw your Bitcoins to your SR wallet
Obviously that idiotic "linden" dollar thing they just invented as a way to charge an extra fee. That's so utterly transparent and fucking greedy.
Why else would they invent a ridiculous new "currency" that's only used in their exchange; well, maybe you can trade them on other exchanges but the point is, why noy just stick with regular dollars, or euros or whatever?
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I know it's ridiculous. -Supposedly- Linden dollars are used in some virtual "Sim-City" like video game for people with too much time on their hands. Allegedly Linden Dollars predated the Bitcoin as currency in some virtual world these people live in b/c their own lives are pathetically banal. I don't know........"Second Life" they call it. Beyond my scope, I guess. Whatever it is, the creators of "Second Life" figured out a way to make some extra money off people needing Bitcoins to get to their own separate, virtual world here on Silk Road .......heh. I guess they are the smart ones.... ::)