I decided to check out bitcoin 3 weeks ago. And I have yet to buy my first bitcoin. It took a week to get a Dwolla account. Now when I go to MtGox to buy I find I need to go through even more hoops. I am starting to think that Bitcoin is just some kind of myth. A great idea but if you can not get the they are useless.
Dwolla imposed a 30-day probationary period for new accounts. After your first funds have been added to Dwolla from your bank account, you then cannot trade those funds with a Bitcoin exchange for 30 days.
Dwolla did that to prevent hackers or other scammers from getting cash out of an innocent person's bank account before there is time for the individual to notice.
There are a lot of individuals who are not considered bitcoin exchanges who will gladly trade their Mt. Gox USD funds for your Dwolla USD funds:
If you want an alternate method, there are numerous. Since you are using Dwolla, then presumably you are in the U.S.
BitMe accepts cash deposited through Chase:
The next fastest and convenient method is BitInstant:
But once you are through the 30-day Dwolla probationary period, then Dwolla works pretty well for moving funds to and from the exchanges. Camp BX, Intersango, and Mt. Gox all accept Dwolla USDs for their market exhanges. Bit-Instant accepts Dwolla for direct purchases of bitcoins.
If none of those options work well for you, you can also try doing an in-person trade:
Great for buying directly from bank account, very cheap fees, but only allows 100$ worth/day at this point I believe.
I just wanted to update this post, having just been through the arduous process of getting money into my bitcoin wallet. I didn't have to wait 30 days to send from Dwolla to bitcoin, but the process was no cakewalk:
- Signed up at Dwolla
- Linked bank account and verified (took almost a week!) 3.Transferred money from my approved account to Dwolla (took almost another week!)
- Set up a bitcoin wallet at blockchain.info
- Went to bitinstant and selected to send from Dwolla to my bitcoin wallet address.
- Was prompted by a Dwolla plugin to scan and upload a photo ID.
- Called Dwolla and pleaded with them to approve my photo immediately and not make me wait more "business days" for this process.
- Dwolla called me back in an hour to say they had approved my photo.
I was then finally able to send money from Dwolla to my bit coin wallet via bitinstant. In fact, Dwolla/bitinstant will now allow me to send directly from my approved bank accounts to my wallet.
Long story short, 30-day waiting period is either no longer in effect, or bypassed by this method. But it's still a slog.
If you're in the US (which AFAIK you must be if you could open a Dwolla account), I'd say your best bet is to use the services of BitInstant.
You can also wire funds directly to Mt. Gox, but that could be more expensive for small amounts.
Another option: Aurumxchange.com
I have used them for SEPA transfers and it worked like a charm.
If you live in the Netherlands, you can get Bitcoins very easily via Bitonic. You pay via iDEAL.