After getting suspending from Coinbase for being a State of Hawaii resident, I was searching for alternative methods to buy bitcoins. Yesterday, I tried going thru VirWox which allows purchasing with various methods including PayPal. As a new user the limit was $99 USD. With the PayPal and VirWox fees the original $99 became $95.33 for my account fund. Then the conversion to Linden Dollars (SLL), which is required in order to trade to a variety of cryptocurrencies resulted in 22,865.05 SLL. From that only 22,450.84 could be converted to Bitcoins resulting in .049 BTC, $0.33 and 414.21 SLL. It was not explained why the entire amount of SLL could be used for the exchange to Bitcoin. Trying to transfer to remainder out of the VirWox would have cost more fees than the remainder of $0.33 and 414.21 SLL was worth. Sending the .049 BTC costs .002 BTC transfer fee so the actual amount of BTC left after all this entire VirWox process was .047 BTC. From my calculations of the price of BTC from the start of this trial purchase to getting the BTC withdrawal, I estimate that I lost about 25% overall. This is quite a big difference in fees and other costs versus buying thru Coinbase. If you thinking about using VirWox, be prepared to take an immediate bite of 25% off your funds.
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