• Please take a moment to review some of the most important new forum features here and here

Headaches from Buying Bitcoins Online

Recommended Pharmacies on Pharmacy Reviewer

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,504
@Seychelle You need to provide ID (passport/DL and a bank account to open an account. So its definitely not 'anonymous' at this stage. We then need to transfer to a 3rd party before we forward to a vendor which you can do without the ID. If the software got hacked they could potentially see where the funds went?
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
When you want to cash out your coins you have many options. You can use them to buy things, more and more businesses are accepting btc including some everyone has heard about. You may have to dig a little or ask them directly but many companies have an account with square or some other service where they can instantly convert coin into cash and avoid the chance of it going down.

Besides that, you can always sell to a private party, there are escrow services that charge little or nothing so that no one gets swindled. Just for example bitrated.com where you do not have to give up your ID, passport or anything else. There are other anon or semi anon sites as well

Then of course we have the commercial sites like coinbase, gemini, etc which do demand ID. They charge a small fee which can be reduced by setting a price just above spot and other tactics. All those methods are completely legal including the anonymous ones.

I plan to sell a few coins through gemini either late this year or next year to buy property in another country. I will pay taxes on my profit and everything is totally legal and above board. If anyone asks where I got the money, I have a perfect paper trail. Government just wants the tax, thats all they care about.

You can order many things online with btc, from consumer goods to drugs, sometimes big things too. If you don't want the seller to know who you are, simply run your coins through a site which has a community pool of coins, take them back out and the trail back to you is erased. There are sites that for a percent or two will do exactly that, but if you look around you can do it for free and safely.
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,504
@Gullible I've opened a coinbase account because it seemed the most basic/uncomplicated one to open. The process was straight forward with my passport and used my DC to transfer funds. I'm now going to open up a another 'middle-man' type of account to keep it as anonymous as possible.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
Keep in mind that simply passing coin through another wallet does not obscure the origin of it. You want to put it into a pool of other people's coin, then take it out later. If localbitcoins is operating in your area, that is a good place to do it. Or any online store that takes coin, they should allow you to deposit btc. Then you can't find what you want and take it back out the next day.

The way you can tell if its been washed or not is to take the receiving wallets address and check it on blockchain explorer. It will show all deposits and where they came from. If you trace out the coin you had sent and gotten back, it should show many many possible origins and no way to know where it came from originally.

But simply taking coin from coinbase to your home wallet and then spending it will not cover your tracks if that was what you were trying to do. Its perfectly legal but they could see it came from coinbase if they looked for that. Using the trick I just mentioned will erase those tracks
 
Top
AdBlock Detected

Ad blocking browser plugins interfere with some features of this forum. For the best site experience please disable your ad blocker.

I've Disabled AdBlock    No Thanks