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Thread: Headaches from Buying Bitcoins Online

  1. Bitcoin is like a different language to me I completely don’t understand it. I wish that it was easier but it’s so confusing. I see many places accepting that now! Ugh!

  2. #42
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    Quote Originally Posted by pippi222 View Post
    I’ve never used coinbase because many people warned me against it. My suggestion would be to send the bitcoins you already have to your other wallet (if you don’t already have one, there are a lot to choose from. I use GreenAddress. You can google other options). Then go to localbitcoins.com, create an account there, buy the rest of what you need and then send that to the wallet where you have your other bc stored. It’s a pain in the ass suggestion I know, but from what everyone has told me localbitcoins is a far better place to buy bc than coinbase. Hope that helps.
    hi @pippi222, please excuse me butting in on your conversation but thank you for the info about how to go about buying bitcoin using localbitcoins, im also gonna check out GreenAddress. every vendor, if you can find one. wants paid by bitcoin only. its just got to have to do with the pandemic crashing the economies of every county in the world. i dont want to buy bitcoin and have, right up to now, still been trying to find someone to let me pay by bank transfer or even a credit card. i do not trust the whole cryptocurrencies/bitcoin situation, at all. what do all these vendors know which is making them accept bitcoin only. if we have any savings should they be under the mattress and not in a bank that is gonna fall and then shut there doors and we all lose what we have spent years doing without things/stuff, so we could put the money into our little savings stash and we all felt that little bit safer for doing so. the banks wont be held responsible or accountable in any way if they turn round and say " sorry your savings are gone ". they did it after the 2007/2009 crash and we as taxpayers, mortgage holders, people with overdrafts, people living from payday loan to payday loan and more, have basically 13 years later bailed out the banks not once but 8 or 9 times now?, totally used our money to facilitate doing it over and over, everytime again. its terrifying. im getting way worked up so am gonna zip it, get a cup of tea and calm the heck down. i hope its ok for me to continue this, just a very small bit more after a valium and a cup of tea, tbc

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    Lol. That is a cartoon? I think it is more like a short novel! Lol. You’re right; though, it is funny.
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  4. #44
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    Quote Originally Posted by Jamaicaman View Post
    hi @pippi222, please excuse me butting in on your conversation but thank you for the info about how to go about buying bitcoin using localbitcoins, im also gonna check out GreenAddress. every vendor, if you can find one. wants paid by bitcoin only. its just got to have to do with the pandemic crashing the economies of every county in the world. i dont want to buy bitcoin and have, right up to now, still been trying to find someone to let me pay by bank transfer or even a credit card. i do not trust the whole cryptocurrencies/bitcoin situation, at all. what do all these vendors know which is making them accept bitcoin only. if we have any savings should they be under the mattress and not in a bank that is gonna fall and then shut there doors and we all lose what we have spent years doing without things/stuff, so we could put the money into our little savings stash and we all felt that little bit safer for doing so. the banks wont be held responsible or accountable in any way if they turn round and say " sorry your savings are gone ". they did it after the 2007/2009 crash and we as taxpayers, mortgage holders, people with overdrafts, people living from payday loan to payday loan and more, have basically 13 years later bailed out the banks not once but 8 or 9 times now?, totally used our money to facilitate doing it over and over, everytime again. its terrifying. im getting way worked up so am gonna zip it, get a cup of tea and calm the heck down. i hope its ok for me to continue this, just a very small bit more after a valium and a cup of tea, tbc
    I hear you about the bank bailouts, believe me. For me, the key with bitcoins is to only buy as much at one time as I need for a specific order (plus a little extra for the fees), and then get it to the vendor as quickly as possible. Buy it on localbitcoins, send it to my other wallet, then send it to the vendor. Bitcoin is so volatile that the amount you buy can go up or down in value very quickly. There are some good threads here on the forum that can get you started, and there are also some good videos on YouTube. I’m certainly not an expert, but you’re also welcome to PM me if you need help.
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  5. Before the pandemic, I'm quite interested in buying bitcoins. I agree that we can use Paypal and credit cards. Now, I've changed my mind. Investing nowadays is something that we should really give some thoughts first.
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  6. #46
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    Yeah, I too have had good luck with the Cash App. As a rule, I always transfer it to another bitcoin wallet (like Electrum) before making any transactions. That way the company who sold you the coins doesn't know where you're spending them. I know that Coinbase does have certain sites and classes of sites that raise red flags and will get you banned, but if you xfer into another bitcoin wallet before making any transactions you won't have any issues.

    - - - Updated - - -

    As an added bonus, by transferring your coins into a local wallet like Electrum, you avoid the risk of leaving your coins in an online wallet where they can get hacked and stolen. Up to you. Not super difficult to do.
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  7. Is there an option on coin base to have funds immediately available for transfer when you buy? Not very proficient with cyber currency. But annoys me when I had to wait 2 weeks to use as payment

  8. #48
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    @Roccobigs I haven't heard anything good about Coinbase. I have never used it. The way I finally managed success with btc allowed me to purchase enough coin quickly, so I could buy what I needed and use it the same day.

    I used Paxful. Localbitcoin is similar and probably better, but I found it more intimidating.

    Whatever works, right?
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  9. #49
    Quote Originally Posted by JoBobBriggs View Post
    the company who sold you the coins doesn't know where you're spending them.

    - - - Updated - - -
    quoting cab calloway, i.e. porgy and bess/sporting life, "it ain't necessarily so". the part about transferring to electrum ~ and that's too hard for them to figure out. i mean, i do it precisely the way you describe but let's be honest here. if an entity, them, another interested party wished to follow it on the blockchain, rest assured they wouldn't just look at that and say no way, that there goes in the too hard to do box. the best we can do is what we are doing, obfuscating the issue and require them to do a few minutes of research as opposed to gift wrapping it for them.
    speaking of, cashapp, i read on arstec....that they were/are watching~. now what that means exactly, not a clue but just cause they haven't isn't proof they won't. what we got on our side it hardly seems worth the bother at normal levels around here. however coinb... was all over it. speaking of again, cb just released that they will proactively give any entity/agency that wants their database free and unfettered access. those are some lovely mf's there.
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  10. #50
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    Paxful are starting to do tracing now of where coin goes and where it came from into a wallet. Anything that goes over the darknet they think is illegal even if it isn't. Or gambling sites or anyplace they don't approve of. Run it through a large pool like localbitcoins.com and the trackers should be stymied. If not, then all coin will be declared tainted. Its a bunch of nonsense designed to control us and keep bitcoin down.
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  11. #51
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    @wildings I agree, although I do think there are two issues to contend with: giving the sellers of BTC plausible deniability vs. keeping LE off your tail. I was only talking about the first.

    Wildings, I realize that you're IN THE KNOW, so this isn't really for you. This is for those who are NOT IN THE KNOW:

    Xferring into a local wallet and then making a purchase gives the Coinbases of the world enough cover in a court of law to say they don't know what their millions of customers are doing with the coins they sell. But if you go straight to a vendor from Coinbase, their plausible deniability is gone and they have to kick you out.

    But if you're worried about being traced by those with more advanced tools, then you should always mix/blend/obfuscate those puppies! Leave no trail to be followed. It'll cost you a few % of your coins, but your purchases will be safe from prying eyes.
    Last edited by JoBobBriggs; 2 Weeks Ago at 11:27 PM.
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  12. #52
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    I have been using Coin Base for quite a few years to buy bitcoin. I also have a wallet that I keep to make purchases...I buy with my CB account, transfer to the wallet, and make purchases from there. I am definitely no expert, but I have had zero issues with either account. I also have made some profit...it's sort of like the stock market...up and down...but overall, I am in the black. One thing I do know is that if you invest in BC and make a profit, when you sell (convert back to dollars) you must report any profit on your annual tax return. Uncle Sam wants his share! Revenue is one reason the feds are so interested in BTC.
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    Quote Originally Posted by smo1959 View Post
    One thing I do know is that if you invest in BC and make a profit, when you sell (convert back to dollars) you must report any profit on your annual tax return. Uncle Sam wants his share! Revenue is one reason the feds are so interested in BTC.
    Fun slightly off-topic story: an acquaintance of mine (good friend's ex-gf) recently cashed out some BTC she bought in the early $200 days, and made enough to pay for half a $800k home. The problem is that no bank would give her a mortgage for the other half b/c she made her money in btc, even tho she filed the income with the IRS and paid taxes on it. They saw the income as illegitimate, and so no mortgage. When I spoke with her, she was really mad. Really, really, really mad.

    She had a really fancy brand new car, tho.

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  14. Quote Originally Posted by JoBobBriggs View Post
    Fun slightly off-topic story: an acquaintance of mine (good friend's ex-gf) recently cashed out some BTC she bought in the early $200 days, and made enough to pay for half a $800k home. The problem is that no bank would give her a mortgage for the other half b/c she made her money in btc, even tho she filed the income with the IRS and paid taxes on it. They saw the income as illegitimate, and so no mortgage. When I spoke with her, she was really mad. Really, really, really mad.

    She had a really fancy brand new car, tho.

    Banks would see BTC as an "unknown" source of income and that's always identified as a high risk factor when giving out loans.

    I got lazy and started using coinbase and also started sending BTC directly to vendors instead of using a second wallet just to see what would happen. Been over a year now and so far so good
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  15. Bitcoin seems like such a pain. I tried it out once and gave up because I had no idea where to start. Is there a decent guide to this stuff?

  16. #56
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    Quote Originally Posted by Synergistic View Post
    Bitcoin seems like such a pain. I tried it out once and gave up because I had no idea where to start. Is there a decent guide to this stuff?
    The short answer is that it's easy to buy bitcoin and make a *public* transaction, like to buy a 4-pack of Yoo-hoo chocolate soda from an online retailer. Get the Cash app (made by Square so you know it's legit), link your bank account, buy bitcoin through the app, and then use the long-ass number attached to your bitcoin to make a purchase somewhere else. That's for completely above-board, legitimate transactions, and a record of your transaction will be able to be traced back to your Cash app wallet.

    If you want to be more secure, or perhaps make a *secret* transaction (for instance you want to make an anonymous donation to a privacy organization like EFF) it's definitely more complicated. But basic bitcoin is really as simple as my instructions above.

    For more info, you can go to the Bitcoin for Beginners subReddit: https://www.reddit.com/r/BitcoinBegi...for_beginners/
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  17. Quote Originally Posted by JoBobBriggs View Post
    The short answer is that it's easy to buy bitcoin and make a *public* transaction, like to buy a 4-pack of Yoo-hoo chocolate soda from an online retailer. Get the Cash app (made by Square so you know it's legit), link your bank account, buy bitcoin through the app, and then use the long-ass number attached to your bitcoin to make a purchase somewhere else. That's for completely above-board, legitimate transactions, and a record of your transaction will be able to be traced back to your Cash app wallet.

    If you want to be more secure, or perhaps make a *secret* transaction (for instance you want to make an anonymous donation to a privacy organization like EFF) it's definitely more complicated. But basic bitcoin is really as simple as my instructions above.

    For more info, you can go to the Bitcoin for Beginners subReddit: https://www.reddit.com/r/BitcoinBegi...for_beginners/
    Thanks a bunch! It's been a few years since I've tried, seems like it's a tiny bit easier now at least.
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    Got into the bitcoin craze back in 2013 and I can say without a doubt that the Cash app is the easiest way ever to buy bitcoin. Back in the day, it required doing like a zillion forms of identification, weeks of waiting to verify, random transactions would get kicked back, and then the company would just poof go out of business and you'd have to do it all over again! On the upside, a bitcoin was $150.
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  19. If your using bitcoin as a payment can you use different types of crypto currency to pay? Say I have $150 in bitcoin and $150 in bitcoin cash...do they combine the two if I'm sending say $275 to someone's wallet? So lost on crypto

  20. #60
    This is probably a stupid question, but I’m not up to snuff on crypto. If you used Coinbase, or Cash App, to buy coins, then switch it to “cold storage” like a usb wallet, then your transactions are available on the blockchain, but if you used the usb wallet to pay someone that Coinbase, or Cash App has flagged, they wouldn’t see anything other than your original purchase, and transfer to your own wallet. Correct?

    I’m trying to get myself enough knowledge to jump in to this, but apparently you can get yourself locked out of your own account, and money, if the original exchange doesn’t like what you do, as this thread mentions. I understand the scrutiny, as if you invest in say Bit Coin, and it goes up, the gov wants their piece of your gain. But monitoring who you send to, seems overboard, but I guess the gov wants them to watch for illegal activity. I guess I understand this, but it seems to defeat the whole purpose.

    Quick question for anyone that can answer. If an exchange locks your account because you sent money to a “flagged” entity, do they close your account and return your money? I can’t see putting any kind of real money in this, if you are at the mercy of draconian account freezes. It seems like there is no due process, based on what I can see on this thread. If I send a personal friend $100 from my Coinbase wallet, and he is flagged for something I don’t even know about, my account is frozen? If somebody could elaborate. Do they close it, and give you your money back, or is your money in limbo, even if you did absolutely nothing wrong? Thank you!
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