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I want to purchase on the order of $10k of Bitcoin in USD. I can't seem to a find a way of accomplishing this in less time than multiple weeks.

I've been looking at the major exchanges, and it seems to be bad news all around.

Mt.Gox requires you to verify your account before allowing incoming wire transfers. This could take 5 days. Then you are required to wait at least 5 business days for it to be processed, then wait an unspecified period for their AML checks to be completed.

Other exchanges I've looked at (such as btc-e, bitfloor, etc) allow incoming wire transfers, however don't specify how long the processing should take.

What is the quickest way I could theoretically accomplish this?

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This might be your best bet... https://localbitcoins.com/

  • For 10k of bitcoins? I think most localbitcoins exchangers deal in much smaller amounts. – Nick ODell Apr 12 '13 at 21:57
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    @NickODell: I've seen in person BTC transactions of that size take place at San Francisco Bitcoin meetups. – David Schwartz Apr 13 '13 at 5:07
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The AML laws in the US deliberately make this hard. Suddenly moving $10K of USD into BTC is exactly the kind of thing that makes the government worry about money laundering. So, without any case law protecting them, most exchanges aren't going to be willing to risk it without verifying your identity to help them get in compliance with the KYC/AML laws.

My personal opinion is that Bitfloor might be the fastest now, but I haven't tried everyone. But, even that is going to take a few days. And I started there with a smaller sum of money. $10K might hit some triggers that slow it down.

Or you could try to put several smaller transactions through bitinstant or localbitcoins, if you are more tolerant of fees and hassle. Those "non exchanges" won't be as concerned about AML.

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