Where to buy the cheapest bitcoin when your Country does not support it.Last updated: December 3, 2017 at 18:44 pm
This is a followup from my Previous article where I describe why I choose these options. fast, secure, as cheap as possible
Please be carefull and check your laws of your country, what can happen if you do so!!!
If you still would like to get your hands on the Bitcoin, it will be pretty costly, but there is a way via the internet I ll explain it here downward.
Sorry to hear you arrived here, since this is the worst possible scenario using Virwox. As you will Loose like 23 % conversion costs at least !!!
But hey I tried it for you so you can see all what I did. I assume you already have a block Chainwallet Created. and you found a way already to deposit money towards Virwox.
Note though that you do not need to give any kind of identification on virwox.. although your paypal/credit cards details will reveal who you are.
This place is a legal provide that can be used to Buy Lindens, another digital currency which you can use to convert those into Bitcoins.
Less restrictions, no need to show ID and etc, just showing you an other possible way for you to convert money into Bitcoins.
I have gone trough the whole process to make sure i can tell what i have done.
So Here goes the challenge we have 20$ on the creditcard, and we want to see how much bitcoin we can buy from it. to give an small tutorial way.
In the beginning your limited to buy bitcoins, but gradually you will receive a higher amount and a discount to buy bitcoins.
I WOULD NOT RECOMMEND but yes in many countries(including bolivia) it is the only way to get BItcoins.
WirWox FEES/ commisions
you need to go trough the following steps in summary to get your Bitcoins.
1) Deposit money with PayPal: EUR 0.35 + 3.4%, Alternative by creditcard trough skril: 1.19%
2) Convert USD to SLL: SLL 50 + 2.9%. PS: You can’t convert fractions of an euro.
3) Convert SLL to BTC: 50 SLL + 2.9%. PS: A minimum of 0.020 BTC is required.
4) Send money from one Bitcoin account to another (they call it withdrawal): BTC 0.005.
remark : Limit order fees: 3.90% Market Order fees: 50SLL + 2.9%
see the difference between market order and limit order.
market orders are directly filled,
limit orders take time to somebody else buy it at the price you suggest. depends your hurry.
Example what we did
change you local currency in lindens
What are the fees?
we placed 2 orders
SELL 10.000000000 USD/SLL at 241.5 SLL per USD = 2415 lindens
SELL 8.000000000 USD/SLL at 241.9 SLL per USD = 1935 lindes
4350 lindens -50 = 4300 – 3.5% = 4149.9 received
we place Limit orders to have it cheaper
4949.9 lindens converted to Bitcoin
and still have 0.81$$ on the account and 49.9 lindens
endresult 20 $ becomes
0.071BTC and 49.9 lindens and 0.81 left in acount.
If we want to transfer they discount another 0.005 BTC
so we should receive only 0.066 BTC
Whereas i would have received 0.086 Bitcoins with direct depositing by the other methods..
That is a cost of conversion
1- 0.066/ 0.086 = 23.35 %
But at least we have showed the possible option to BUY BitCoins, even in a country where that is not supported.
Check my previous Article Where to get cheapest Bitcoin
Note: For security reasons, the first withdrawal of bitcoins will always be delayed by 48 hours on VIRWOX !!!.
END RESULT WIRWOX 20$ becomes
here is the formula i used to calulate it for 20$
=(B5*0.91) – (((B5*0.91) *0.029) – 50/$B$2) – (((((B5*0.91) *0.029) – 50/$B$2)*0.029) -50/$B$2) – $B$3*0.005
Of course the small amount we bought doesnt weight up against the heavy fixed costs. 0.005 BTC to transfer it towards another wallet is about 2$ which is already 10% of the total cos
WAY TO HIGH FEES BUT IF YOU DON’T HAVE A CHOICE TO BUY BITCOINS by bankwire, iT IS an option when nothing else work 🙂
Side Note: wish i would have left more bitcoins on the account. since the 0.81$ that was left on this test account is now a lot more worth !!!
If you like this, buy me a small coffee as gratitude.
Thanks for joining me on this adventure, and i hope you enjoyed it.