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Intro to bitcoin and wallets walkthrough


droppin23

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Hello!    I’ve noticed that a nonzero amount of members are either hesitant to get payments set up with bitcoin, or have had a difficult time setting themselves up to purchase or transfer bitco

I wanted to mention if I can that that is also true for me.  BUT - it’s weird it dropped my primary bank direct from my account (savings) and would not reconnect with it the other day.  It acted like

I am so sorry this happened to you.  If the vendor doesn't want to try to get Btc Cash or doesn't know how, then I believe it will sit there until claimed.   Here are some solutions you may have alrea

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Please feel free to ask other questions related to bitcoin or other currencies and I will do my best to explain them! Also let me know if you feel I was unclear in any part above and I will elaborate. This stuff is really easy to use once you get a little experience!

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This is the awesome! It's the guide I wish I'd had when I made my first bitcoin transactions!

I do have a few questions:

1) The first time I used Coinbase, it took 11 days before my bitcoin was released. (Yes, 11, not some sensible number like 7 or 14, or even 5 or 10.) I almost didn't use it again, but still felt too shaky to try anything else. All my subsequent transactions have been released within a matter of hours. Is that normal for Coinbase? I've heard similar stories from other Coinbase users.

2) Is the security rigamarole necessary (a password manager and worrying about SIM swapping...and ok, I do use 2-factor authentication, but I use that on everything) if you simply don't keep any coin in your Coinbase or personal wallet? I only buy the amount I'm going to spend and I transfer it immediately when it becomes available. Do I really need anything more than 2-factor authentication? (I did Google SIM swapping and it seems hard to believe that a nobody like me would be the target of something like bribing cellular company employees. I mean, if you want my collection of obnoxiously cute photos of my pets, you could just ask me. Although I do appreciate having learned about it either way!)

3) How secure is Coinbase in terms of: (a) stability---I've stuck with them partly because they're reputable and I trust them not to take my money and vanish and (b) random account closure? I once sent money overseas to a friend who was getting married. Western Union promptly suspended my account, claiming illegal activity. I could only get my account by providing them with a laundry list of details about my friend and myself, and I was so pissed off I refused to do it. I haven't been able to Western Union since. Do you think we'll encounter something like that with Coinbase in the future?

4) What are our tax obligations with bitcoin? One minor reason I never keep any in my wallet is because if the value goes up, I assume I would owe capital gains tax on that. Otherwise, I can't see how the transaction would be any different than any other purchase. But, again, I've stuck with Coinbase because, if that transaction should be taxed, I assume (perhaps naively) that they're established enough to assess the appropriate taxes.

5) Could you explain tumbling and what's your advice as far as using it? I was surprised you mentioned buying in-person and via ATMs (both of which are not options for a large number of people), but not tumbling. Is that not really so great an option for added anonymity?

Thanks again! This guide was AWESOME!!!

 

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iheartsleep

Hey man thanks for this post it actually motivated me to try out all this crypto stuff but I have one question, What type of wallet should I create in electrum? (Standard, two factor, etc)

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@Jesse yep, super normal for Coinbase to take forever the first transaction. 
 

2. All of the security stuff is NOT necessary in any way for 99% of people. Realistically no one is going to be trying anything like some swapping to get a random Coinbase account, especially when you use it in the way you do(I do not hold anything in Coinbase either). 2FA sms or Authenticator will prevent any issues. I prefer Authenticator, only because I have a ton of websites set up to use it. 

 

3. Coinbase is extremely stable, not gonna go anywhere. The account closure part is harder to gauge as they will close account they feel are operating illegally. I would say avoid sending transactions for legally ambiguous things directly from Coinbase. For the risk of random closure, I would say 0%. I personally just don’t buy anything from my Coinbase address, but I would say most of their user base uses them as the direct sender for purchases.
 

4. You are SUPPOSED to treat each purchase and sale(aka every transaction) as a taxable event. This is insane and i do not do this. I have found the govt is more than happy with exclusively reporting if you ARE using crypto currencies as an investment. So only report if you are holding and the value jumps significantly and that encourages you to sell or convert to another crypto. 
 

5. I actually meant to get into tumbling but got a bit sleepy lol. Btc tumbling or mixing is a waste of everyone’s time in my opinion. Using a wallet associated to you that sends btc to a mixer kinda adds to the “you’re doing something illegal” narrative if legal issues ever do arise. You theoretically can also still be tracked through tumbling if someone really needed to track you(more a concern for large financial crises but still). Tumbling also takes a few out of your original amount and no one likes that. 
 

the only true fully secure crypto is Monero, but it doesn’t seem to be accepted by many people in any application.

Edited by droppin23
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@iheartsleep I have standard, as I pretty much use it to hold btc for 10-20 seconds. Up to you and 2FA will always be more secure.

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Heavenlee

@droppin23 I'm embarrassed to say I never have used bitcoins. Thank you for your help and if I need any help someone is usually around to help. Your explanation was helpful.

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drjimmy1964
On 1/25/2020 at 4:50 PM, Jesse said:

 once sent money overseas to a friend who was getting married. Western Union promptly suspended my account, claiming illegal activity. I could only get my account by providing them with a laundry list of details about my friend and myself, and I was so pissed off I refused to do it. I haven't been able to Western Union since.

 

@Jesse I hope this is ok with moderator to ask.   

I know this is an old thread, but I was doing a search on W U and found your post and was curious - did they really say “illegal activity” ?  And you never sent the laundry list right ?  I’m being little nosy because I’m having sort of similar issue but not illegal I was told I travel too much down south o the bore derrr...    and I was wondering if since you posted this maybe you resolved your stance problems with WU ?  (I guess that would mean you’d have to give laundry list eh?).  It really does seem intrusive 

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13 hours ago, drjimmy1964 said:

@Jesse I hope this is ok with moderator to ask.   

I know this is an old thread, but I was doing a search on W U and found your post and was curious - did they really say “illegal activity” ?  And you never sent the laundry list right ?  I’m being little nosy because I’m having sort of similar issue but not illegal I was told I travel too much down south o the bore derrr...    and I was wondering if since you posted this maybe you resolved your stance problems with WU ?  (I guess that would mean you’d have to give laundry list eh?).  It really does seem intrusive 

I don't recall the exact wording anymore. They didn't really beat around the bush. As I recall, they did use the phrase "illegal activity," but worded it such that they weren't directly accusing me of it....while basically accusing me of it. In other words, if you couldn't provide this laundry list of things about your friend, they would assume you were sending money for kiddie-🤮 or drugs or whatever. I don't recall what the questions were, but they might not have been things I necessarily knew about acquaintance-type friends getting married overseas. No, I haven't made any attempt to resolve it, but I don't use WU overseas very much anyway, and I doubt I'll try in the future if I have some other option.

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Clarissa

I had a similar experience today with WU. Before they would approve my transfer, I got an email requesting additional information and that I had to call within 12 hours or my transfer would be cancelled. WU asked a lot of questions, but the customer service agent helped me with some of the answers. They said it was to prevent fraud and scams. I had to confirm the receiver name, my relationship to them, and the description of funds (he gave me multiple choice like Gift, Donation, Repayment on a loan etc). Then I had to verify my card number and the last time I used WU. It ended up being approved, but next time I’d much rather use BTC. The problem was I only get a weekly spend amount of $300 on Coinbase. Hopefully I can find a way to increase that limit soon. 
 

I actually downloaded CashApp based on chat in another thread, but purchasing BTC almost seems too easy. It took me hours to get verification from Coinbase ( I have an expired driver license thanks to COVID). CashApp just asked for my phone number and bank account and I was able to go to Investments and buy BTC. I didn’t go through with it though. I figured there must be some catch. I’ll need to do more research. 

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DoomKitty

@Clarissa The “catch” with Cashapp and KYC stuff (proof of identity, etc) is they don’t require it to buy bitcoin but you have to go through it if you want to withdraw/spend any.  Or at least that’s how it was when i was using it. 

Edited by DoomKitty
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6 hours ago, Clarissa said:

The problem was I only get a weekly spend amount of $300 on Coinbase. Hopefully I can find a way to increase that limit soon. 
 

I actually downloaded CashApp based on chat in another thread, but purchasing BTC almost seems too easy. It took me hours to get verification from Coinbase ( I have an expired driver license thanks to COVID). CashApp just asked for my phone number and bank account and I was able to go to Investments and buy BTC. I didn’t go through with it though. I figured there must be some catch. I’ll need to do more research. 

Nope, I haven't found any catch with CashApp. Coinbase does get quicker after the first time you use it. The first time took me about a week or so, but now I can transfer it within a matter of hours usually. If there's any catch, it's probably that I've found CashApp to be quicker, but with slightly higher fees.

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Clarissa

@Jesse How do I increase my weekly spend amount on Coinbase?  I also hear people getting kicked out for "inappropriate" spending.  It doesn't sound very decentralized to me.  I studied this entire topic -- Blockchain and Bitcoin -- in college (like 4 years ago), but they never taught us about the spending limits.  All we learned about was mining and creating contracts which is pretty useless here.  I even got a gov't grant to research applications for the blockchain but it's too confusing for most normal industries to understand.

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Clarissa

@DoomKitty So if I want to buy a lot of BTC on CashApp, then I need to do the whole identity thing to send the money or move it to a wallet?  I don't want to spend all this money on BTC and have it stuck somewhere unable to access it.

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DoomKitty

@Clarissa Yes you have to do the KYC identity stuff in order to transfer it to another bitcoin address, so its best to go through all the hoops prior to purchasing to make sure you can do that!

Also, the reason Coinbase makes spending limits and such is to fully and overly comply with banking laws and to prevent any money laundering or fraud and to mitigate other illegal activity.  It has nothing to do with the blockchain itself!  There is a tab somewhere on their website where you can provide additional info to increase your purchase limits.

Edited by DoomKitty
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