Buying Bitcoin with a Credit Card at VirWox
VirWox.com (Virtual World Exchange) is a currency exchange website based on “Linden dollars” (SLL), or the currency of choice in the virtual world of “Second Life,” an RPG virtual world/reality whose digital currency can be converted into other, real-world currencies. Linden Dollars can be converted via VirWox.com to USD, EUR, and other virtual or digital currencies, including Bitcoin (BTC), and then sent to a user’s wallet, personal bank account, or other online currency depository service such as Skrill, etc..
The real value and usefulness of the site is for those looking to purchase bitcoin, especially for the first time, with a credit card or Paypal account. The selling point being that there is almost no identification or verification required to use the service. Other sites such as CoinMama, 247exchange, and CEX.IO, have time-consuming verification processes which require the upload of one or several private documents such as a driver’s license or a passport in order for verification to take place. This, of course, can compromise user security, privacy and also ease of bitcoin purchase. VirWox cuts through all of this and lets the you get straight to buying your coins.
As always, buyer beware. Upon the first transaction, VirWox requires a possible 48 hour verification window before the transaction can be validated. The main complaint I have heard about this site from other users is that the security is overly sensitive, and sometimes freezes accounts during this period, refunding money to PayPal or debit/credit card, but not coming through on the finally delivery of the currency requested.
While user reviews of this site are quite polarized, with either very poor reviews, even going so far as to call the site a “scam,” or comments and reviews claiming that the service has works very well and consistently, and has for years, I had no real problems using the service to buy bitcoin. After about 24 hours, my first transaction was verified and the bitcoin I withdrew from my Virwox account was delivered successfully to my wallet.
The only major drawback I experienced with the site were the exchange rates and fees, which add up after you are forced to convert your purchased SLL to USD or EUR, and then back again to BTC, before finally sending the currency to your own personal bitcoin wallet.
VirWox is an interesting service whose major drawbacks are a sometimes hard-to-understand security system, and steep conversion fees. The major benefits being ease of purchase, instantant currency conversion, and minimal identification requirements. You can set up a free account here and see what you think.