Silk Road forums
Discussion => Silk Road discussion => Topic started by: JForce on July 10, 2012, 04:04 pm
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Hey,
While depositing GBP funds to a Mt. Gox account through bank transfer it says it'll take from 1-3 days.
What's the average time it takes the GBP funds to hit the account? Just wondering as it's the same method as Intersango use but it only takes them about 2 hours.
Cheers
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Hey,
While depositing GBP funds to a Mt. Gox account through bank transfer it says it'll take from 1-3 days.
What's the average time it takes the GBP funds to hit the account? Just wondering as it's the same method as Intersango use but it only takes them about 2 hours.
Cheers
Hi JForce,
Firstly if I may plug my wares for a moment - I operate a service to people in the UK selling Bitcoins for cash in the mail. Not only is this one of the few safe ways to obtain Bitcoins safely as the initial purchase of Bitcoins can't be traced back to you, but my current turnaround times are less than two days from the time you send the cash to it being in your wallet.
Anyway that's my advertising out of the way, on to your question.
Although I have deep suspicions about MtGox given they've openly agreed to cooperate with requests from law enforcement, there service does seem to be running more often than Intersango. Funds transfers in the UK take several working days to progress however after complaints from various consumer watchdogs who realised that those of us who work in banks (ha ha!) were effectively getting an interest free loan, a faster payments system was put in place (we already had one in place for businesses named CHAPS but as often happens with private customers they weren't made aware of this).
Intersango also boasts that all transactions are checked half an hour. This is because Intersango is a bedroom operation and there turnover only amounts to a few thousand Bitcoins a month, so it is reasonably easy to keep tabs on new transactions. I suspect that MtGox employ batch processing whereby they have their bank generate a CSV sheet of all deposits every 24 hours or so and then import it into their own software - this is just a guess but it's how I would operate such a large exchange.
Do bear in mind that by using MtGox it will be possible to link the coins to you and as such at the very least I'd suggest making a cash deposit in one of the quick payment points at Barclays and sending your BTC to Bitcoinfog before buying anything illegal. Of course all these problems disappear when you use cash to buy your coins - I am not just saying this as I want you for a customer, go to one of my rivals by all means , I'm just thinking of your safety! :-)
V.
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Hey,
While depositing GBP funds to a Mt. Gox account through bank transfer it says it'll take from 1-3 days.
What's the average time it takes the GBP funds to hit the account? Just wondering as it's the same method as Intersango use but it only takes them about 2 hours.
Cheers
Hi JForce,
I had heard initially of deposits taking 3-5 days, that was several months previously. Understand recently depsists can now be in in Mt Gox a/c in a day, certainly no later that 2 days. Hope this helps. cheers
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When cash depositing to MT GOX via Barclays make sure that the cashier inputs your ref number in CAPS else it will get held up.
Makes a difference apparently! :o
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bank transfer actually takes about24 hours.
mtgox is japanese so the time difference is maasive hence the lenght of time taken to proces deposits. atleast that is the line mt gox support have always given me.
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Firstly if I may plug my wares for a moment - I operate a service to people in the UK selling Bitcoins for cash in the mail. Not only is this one of the few safe ways to obtain Bitcoins safely as the initial purchase of Bitcoins can't be traced back to you, but my current turnaround times are less than two days from the time you send the cash to it being in your wallet.
A HUGE +1 for Mr. Vlad. Top man, and very, very helpful.
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Thanks for the replies everyone :)
Vlad - for the moment I'm fine buying my own bitcoins as I'm only buying quantities that qualify as personal use. I would consider your service if I was buying anything in bulk but that's not my game. Thanks for the explanation though and if anyone comes to me are anxious about buying their own coins I'll send them your way :)
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Thanks for the replies everyone :)
Vlad - for the moment I'm fine buying my own bitcoins as I'm only buying quantities that qualify as personal use. I would consider your service if I was buying anything in bulk but that's not my game. Thanks for the explanation though and if anyone comes to me are anxious about buying their own coins I'll send them your way :)
Thanks JForce,
I don't want to make you overly paranoid but it's not so much the amounts that matter (although large sums moving through your account can prompt further investigation) but it's the method you use to obtain your Bitcoins. I'm honestly not saying this just to get your business - go to one of my rivals by all means. The risk is low but I think it's important to make it clear that only buying smaller amounts will not provide you with an automatic safety buffer - on the contrary in my opinion it's safer to buy larger amounts of Bitcoins less frequently - I say this to my customers as it actually works out much cheaper for them this way too! :-)
V.