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countrygirl78

Member
Joined
Sep 15, 2022
Posts
20
@nobknee, is your bank involved at all? Thought I saw that on a post? Or can you do it strictly online. Live in tiny town, don't want bank to know I am buying btc. DC

Disclaimer: I set up my Coinbase account a long time ago, so some of the details may have changed since then.

You can do it all online, but it does need to be attached to your bank account because you have to buy bitcoin with actual money, not with credit. (I think the only option to avoid a bank would be to use cash at a bitcoin ATM, but the ATMs have exorbitant fees and aren't widely available.)

When I set up my Coinbase account, you could either use your bank account (higher spending limit, but longer processing time) or your bank card (lower spending limit, but faster processing time). Your spending limit will go up, and the processing time get faster as you make more purchases.

I also had to submit a photo of the front and back of my ID to verify my identity. They may even require you to send a selfie of yourself. That's fine.

Almost all purchasing methods leave a paper trail, and usually it's a much riskier trail than bitcoin. I can't imagine giving a drug dealer my credit card number or my checking account information! Those directly point to you. Bitcoin doesn't---not directly, anyway.***

Buying bitcoin is perfectly legal. Thousands of people buy it as an investment. More and more legal businesses are accepting it because it prevents customer chargebacks.

So, yes, your bank will know. But they won't care. They probably won't even notice. You're just hopping onto the crypto-fad, right? You and millions of other people.

It's like with receiving shipments. Paranoia sets in. It feels like they must know! But millions of parcels cross the globe every day. We're very, very small needles in a very, very large haystack.



***Ok, this part is risking going too fast and maybe freaking you out a bit, but it is important:

The "blockchain" (the route that your bitcoin travels from you to the vendor) is all publicly viewable online. It's hiding right there in plain sight, because (unlike your credit card or checking account), it's just a bunch of random letters and numbers, not your name.
And nobody but you knows the string of letters and numbers associated with your personal wallet (not your Coinbase wallet, your personal Electrum wallet---move all your purchases from Coinbase straight into your personal wallet first).

When you transfer bitcoin, there will be an option to write "notes." Those notes become part of the public blockchain, so leave them blank. Just skip the notes. You don't need them. Your vendor will give you a unique wallet address for each purchase. That's how they know when you've paid and can link it with what you ordered.

I've actually made that mistake and written the name of illicit drugs in the public blockchain. So, obviously, it's not a fatal mistake. I'm still here to tell the tale. But it royally pissed off my vendor.
This is very, very good information.
 

countrygirl78

Member
Joined
Sep 15, 2022
Posts
20
@nobknee, I think you will be my go to for btc info. Last forum had so much advice it confused me, maybe if I have one smart person to help me along would be great! @countrygirl78, do not get nervous, there are still several great vendors who do WU and maybe a few more when we make it to Oz! DC
I figure I’m going to have to get on board with btc sooner or later. @nobknee is probably going to regret he offer to help in facilitating that! Lol.
 

nobknee

Honorable member
Joined
Nov 19, 2019
Posts
380
I figure I’m going to have to get on board with btc sooner or later. @nobknee is probably going to regret he offer to help in facilitating that! Lol.

:sweating: :thinking: :rofl: Oh, it'll be ok, I don't mind. Because, you see, I can't really do more than help someone get to where they can use bitcoin to make purchases. I'm not a crypto expert, and that's my whole point: You don't need to be a crypto expert to use bitcoin.

I think sometimes the crypto experts (real or in their own minds; I don't have the expertise to judge which is which) make the whole process sound more complicated than it needs to be.

There are certainly cheaper exchanges to buy it from than Coinbase, but Coinbase is reliable and particularly newbie-friendly. There are ways to make the blockchain even more difficult to trace (such as "tumbling," where you put your bitcoin into a group with a bunch of other people's bitcoin, and then you draw it back out again, making the chain even more convoluted between your bitcoin purchase and wherever you wind up spending it).

But nobody NEEDS to learn those things in order to use bitcoin. Those things are optional.

It's like a VPN. I did this for years without a VPN and without any problem. Some people go so far as to get a portable hard drive that they remove and take with them every time they log offline. For awhile, when I was first doing this, I thought, "Oh, do I need a VPN? Do I need a portable hard drive?" No.

I eventually opted to get a VPN, because they're inexpensive and have other advantages, but I didn't NEED one, and the amount of protection it actually offers is debatable. After all, the most likely way people get caught is by opening their mouths---talking to the cops, or telling their friends, or telling their doctor (which, amazingly enough, some people actually do).

Same with all the fancy things you can learn and do with bitcoin. If you're into that, great! But it's not essential.

People who have anxiety about using bitcoin usually need the process to be as simple as possible when they first get started. That's the part I can help with, and I'm happy to do so to pay it forward because others helped me get started.

If, from there, people want to learn how to use other types of exchanges, or other types of crypto, or how to tumble....there are tons of resources out there to learn that. But I think that stuff just increases the anxiety of crypto-newbies by adding unnecessary layers of complexity to the process.

Learn the basics first, before your favorite vendor goes bitcoin-only. There's always time later to learn everything else you ever wanted to know about it.

It's kinda like electricity. You can use it without ever knowing exactly how it works. But if you're overwhelmed because everybody's telling you how to rewire your house, you might be too intimidated to learn how to just flip a switch and turn the lights on.
 

jaders

Exalted member
Joined
Feb 1, 2012
Posts
3,917
I have coinbase, but I finally got signed up with Cashapp as well for BTC. Have yet to use it, but it sounds even easier or more straightforward. Not to mention the $500 I purchased to sit in coinbase is - well, less than half that now. So I'm letting it sit for a long time til I either lose it all or come back to even.

But anyway, wondering what folks' experience using cashapp for BTC is?
 

donewiththis

Honorable member
Joined
Sep 23, 2011
Posts
345
I have coinbase, but I finally got signed up with Cashapp as well for BTC. Have yet to use it, but it sounds even easier or more straightforward. Not to mention the $500 I purchased to sit in coinbase is - well, less than half that now. So I'm letting it sit for a long time til I either lose it all or come back to even.

But anyway, wondering what folks' experience using cashapp for BTC is?
I have had good luck with Cashapp since I started using it last year. I have been able to send $$ from my cashapp bitcoin wallet to whomever I am dealing with. Their fees are a little higher but you don't need to use a middle wallet. At least that's been my experience so far. I have read about people's Cashapp being shut off but for me so far it has been fine. Much easier than having to use coinbase-blockchain -vendor, etc...
If anyone needs help with btc send me a PM and I will try to help also to pay it forward. It's really not that difficult once you understand how it all works. I have been using btc for the last few years and its so much easier than the money xfer services.
 

nobknee

Honorable member
Joined
Nov 19, 2019
Posts
380
I have had good luck with Cashapp since I started using it last year. I have been able to send $$ from my cashapp bitcoin wallet to whomever I am dealing with. Their fees are a little higher but you don't need to use a middle wallet. At least that's been my experience so far. I have read about people's Cashapp being shut off but for me so far it has been fine. Much easier than having to use coinbase-blockchain -vendor, etc...
If anyone needs help with btc send me a PM and I will try to help also to pay it forward. It's really not that difficult once you understand how it all works. I have been using btc for the last few years and its so much easier than the money xfer services.

If you're using bitcoin, you're using blockchain. It's not unique to Coinbase. Virtually all cryptocurrency uses blockchain technology. It's not the same thing as a private wallet.

Coinbase has their own platform-hosted wallets, too, but sending directly from them means that the platform has a record of how much you're sending and the wallet that you're sending it to, which they could be compelled to turn over to law enforcement.

Platforms and vendors have both been known to blacklist customers for that shit, which you're apparently already aware of, so I can't imagine why you would continue to take such an easily avoidable risk. It's kinda like walking into the bank with your drug dealer, withdrawing some cash, and conducting your transaction right in front of the bank teller. Sure, the teller might not be paying attention, but why would you risk that?

Electrum wallets are free. The fee to transfer from your preferred platform to your personal wallet is minimal. There's just no good reason for skipping that extra little step to help protect yourself and your vendor.

Really, using a private wallet helps protect all of us from the kind of crackdowns that we've seen with money transfer services.
 
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