Say you want to buy some bitcoins. It turns out that it’s a major pain in the ass, but one route is VirWox. Here’s what you’re looking at when you go this route:
- Deposit money with PayPal. VirWox takes EUR 0.35 + 3.4%
- Convert dollars to SLL. VirWox takes 3.5%
- Convert SLL to BTC (bitcoins). VirWox takes 3.5%
- Withdraw bitcoins. VirWox takes 0.02 BTC (currently, about 40¢) as a fee, and holds the transfer for 48 hours.
It’s a lot like the old company towns: once you get your money in, they charge you for everything that you do with it. Luckily, this was just an experiment for me, and I didn’t put any real money into this. If you’re smart, you won’t, either. VirWox is a con.