Yankee (BitInstant)



Offline



Activity: 1078

Merit: 1000





Charlie 'Van Bitcoin' Shrem







LegendaryActivity: 1078Merit: 1000Charlie 'Van Bitcoin' Shrem BitInstant - Recent Service Disruption and New Features October 30, 2012, 01:18:46 AM

Last edit: October 30, 2012, 01:28:49 AM by Yankee (BitInstant) #1



What changed?

Cash deposits via banks has been suspended

Payout to Bitcoin and email addresses (via Coinapult) has been suspended

The cash deposits to banks have been suspended as weve had a number of problems with our partner.

Until these problems are resolved, we wont be accepting the cash deposits at banks.



Its always been our intention to diversify away from the banks, regardless. Indeed, cash deposits are

still available via our non-bank retail locations (Walmart, 7-Eleven, CVS, etc.). Further, we are very close

to adding a host of new payment locations (non-bank) and some very exciting new payment methods

that are far superior to the bank deposits.



Regarding the removal of the payment option to Bitcoin and email addresses (via Coinapult), we know

this is highly inconvenient for many of you. Coinapult is currently building a new, far more advanced

system which acquires and sends coins out to customers, and when this is done, the feature will be

back.



Additionally, this will mean better prices for BTC conversion, faster transactions, and a more diversified

exchange environment (less reliance on one single exchange).



So, please bear with us during these growing pains over the next week or two.



TL;DR

-----

+ For cash deposits, you need to use the retail locations (not the banks) for now

+ Coinapult features (pay to email or Bitcoin address) will be back in a week or two

+ Exciting new payment methods are imminent (more cash locations plus something even more special)

+ When Coinapult is back, exchange rates will be better, with less reliance on one exchange



Thanks!

-The BitInstant Team We wanted to provide a quick update to our users and the community regarding BitInstants inbound and outbound payment methods, which have recently changed.What changed?The cash deposits to banks have been suspended as weve had a number of problems with our partner.Until these problems are resolved, we wont be accepting the cash deposits at banks.Its always been our intention to diversify away from the banks, regardless. Indeed, cash deposits arestill available via our non-bank retail locations (Walmart, 7-Eleven, CVS, etc.). Further, we are very closeto adding a host of new payment locations (non-bank) and some very exciting new payment methodsthat are far superior to the bank deposits.Regarding the removal of the payment option to Bitcoin and email addresses (via Coinapult), we knowthis is highly inconvenient for many of you. Coinapult is currently building a new, far more advancedsystem which acquires and sends coins out to customers, and when this is done, the feature will beback.Additionally, this will mean better prices for BTC conversion, faster transactions, and a more diversifiedexchange environment (less reliance on one single exchange).So, please bear with us during these growing pains over the next week or two.TL;DR-----+ For cash deposits, you need to use the retail locations (not the banks) for now+ Coinapult features (pay to email or Bitcoin address) will be back in a week or two+ Exciting new payment methods are imminent (more cash locations plus something even more special)+ When Coinapult is back, exchange rates will be better, with less reliance on one exchangeThanks!-The BitInstant Team



More about me: Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.More about me: http://CharlieShrem.com

franky1



Offline



Activity: 2898

Merit: 1772









LegendaryActivity: 2898Merit: 1772 Re: BitInstant - Recent Service Disruption and New Features October 30, 2012, 10:18:43 AM

Last edit: October 30, 2012, 10:47:00 AM by franky1 #3 +2

Very grateful for the update. Especially with all your efforts in the legal world concerning banks. and also your work at for instance Las Vegas recently and other financial venues. very much appreciate the time you guys put into bitcoin publicity.



can we also have an update on the prepaid card for withdrawal. its been a couple months. so even if you cant give a deadline date. can you atleast indicate if your stuck at 10% of the way, 50% or nearing 90%.



i have many uses for this. predominantly getting real world merchants to get a card from you so that they can advertise the linked bitcoin address in their shops and instantly accept bitcoin, knowing they will have their FIAT to pay wages and buy stock the same day (within one bitcoin transaction confirmation if i believe what i have read).



i make this next point because if merchants who don't want to keep bitcoins but desire their FIAT, will eat at the FIAT pot.



what protection will you have to avoid everyone just cashing out all their coins. and no mega purchasing of coins to reimburse the FIAT pot. Because what we all don't want to happen is, for instance 10k of people who only withdrew 200 BTC each(within whatever legal AML/KYC limits), where your left holding 2million BTC and there only being a small pot of FIAT left to represent BTC value on the markets. making BTC less then a cent each.

hopefully you will have super strict limits on spending both to prevent value dumping and of-course AML concerns.



hopefully at least on smaller accounts under the KYC threshold, (not requiring photo ID). Putting a limit on one card per household/address. would help both dumping of large amounts a single user has in one go, to avoid rapid drop in BTC value. and also going beyond what AML guidelines require of you.



separate question: a few people have shown interest and contacted yourselves about adopting litecoin, any update on this? again predominantly a litecoin address linked to a prepaid debit card, but secondly a FIAT to litecoin service.



i am a litecoin fan and if any of the your problems/delays with the card-processors are to do with the drugs cartel propoganda. then maybe litecoin debit cards would be the solution. as they haven't been stigmatised (yet, hopefully never)



hopefully next years financial get-togethers will have a litecoin logo along side bitcoin on your advertising. (me dreaming) I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.

Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at