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Nikkomama

Got Paxful... do I now need a wallet? Help please

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scrtlvrby
6 hours ago, delawaredrew said:

 

1st rule of using btc as we do...  get a separate wallet, one where you alone you have the keys to your account. I don't use paxful or blockstream wallets so not sure about them but if they didn't give you a seed phrase (usually 12 words), you don't really have control over your btc. That seed phrase allows you to access your btc from ANY wallet or wallet app that allows importing seeds. 
Personally I like Electrum Wallet but there are many others.

As for transferring out of paxful/coinbase/gemini or wherever to another wallet, it's not so much about being discreet as it is ensuring that no one can lock your account if they detect what they consider shady use of btc. BTC is easily traceable as every transaction is public by nature so some sellers seem to monitor customer usage of the btc they buy. Coinbase did this to me a few years ago when I ordered electronic parts from china. 

I doubt most people are letting the Bitcoin sit in a wallet.  Most of us are buying it and using it immediately.  With that said, I don't disagree with anything you said.

 

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delawaredrew
Posted (edited)

You're right for most users, however I'd still advise to buy and hold safely in a non-custodial wallet when BTC is low if they have the money, even if it's more BTC than strictly needed. If it's all spent that's fine, but any left may gain value and be a bonus next time. It may go down, it's a gamble; but it may gain. For instance I bought another $400 a while back and it rose to be worth  almost $600 when I needed it. After an order I still had $300 left, which I used for another order instead of paying out of pocket. 
Also if wherever it's bought does ban you and you've done kyc it's permanent. Start looking for a new source.
 

Edited by delawaredrew

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vitruviusbeard

Check out the Bitcoin advice part posted by me earlier in the year. If Coinmama is not working for you then use Shake Pay, it uses etransfers instead of credit cards. Both the transfer and bitcoin purchase took less then a minute. You have to send it to your electrum wallet via mobile app but it was so easy once you follow the steps and they charge the lowest fee I have ever seen. 

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porkandbeansboy

@vitruviusbeard hmm... I've been using Coinmama and they recently "partnered with Simplex" which takes a huge Fee on top of Coinmamas Fee. Every other alternative place I've checked is shady etc. maybe Shakepay could be an option.

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03mt

Atomic Wallet is great. Electrum is good too and then Ive also had good luck with Wasabi Wallet.

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