Thoughts on Bitcoin as payment?

[Zobra]

I like the idea, but I'm a fan of crypto currency in general. It's less of a "hallucination" than our US dollars that are backed by nothing and can be printed out of thin air. It has been that way since 1971, after it was no longer backed by gold.

But this isn't a debate about that. We're talking about our merchants. Some merchants accept credit cards, believe it or not, which I reluctantly have used. I've also used Western Union and I think the fees are pretty high. Other than that it's ok, but it requires someone on the other end to physically go to pick up the payment, which could conceivably delay shipping. Crypto is nearly instant, and vendors are beginning to accept more than BTC, at least the top 10 or so. Once you get started with an account it's really easy to trade them back and forth with minimal cost. One word of caution for anyone wanting to try this out. DO NOT PAY ANYONE THROUGH YOUR COINBASE ACCOUNT. You will most likely get flagged and banned from Coinbase for ever after. You can buy your funds through CB, then send it to your own personal wallet, and then proceed from there.

[schmok]

 One word of caution for anyone wanting to try this out.  DO NOT PAY ANYONE THROUGH YOUR COINBASE ACCOUNT.  You will most likely get flagged and banned from Coinbase for ever after.  You can buy your funds through CB, then send it to your own personal wallet, and then proceed from there.

^seconded.  I have definitely made questionable purchases with my coinbase acct so I am not above reproach but doing the very same got me booted from circle a few years back.

[relaxme]

There are much more alternatives than coinbase

[TeknoFunk]

I personally have no clue how to use or pay with bitcoin, nor am I really interested in learning at this point. Maybe down the line it may seem practical and I guess if you already are investing in bit and the rest and can pay with that as a monetary payment, then it's worth something to you. My brain works with paint and music and bitcoin and I just look like glazed eyes at each other.

[dynalift]

I used it back in January and found the fees exorbitant compared to WU/MG. Yes, you can choose to pay lower fees, but they make it sound like if you don't attach a "healthy" percentage (which ended up being roughly 8-10% at that time), the payment won't be processed in a timely fashion. I found the whole experience distasteful.

[Chicci]

I Think it is a payment option that is easy to use and much safer then giving out your cc info.
But I have noticed that with most vendors the price goes up a bit when you use Bitcoin.

[Skink]

I Think it is a payment option that is easy to use and much safer then giving out your cc info.
But I have noticed that with most vendors the price goes up a bit when you use Bitcoin.

and in some cases there is a discount... I am buying from a vendor today @ 15% off and will be loading my wallet via a local bitcoin atm... The event of a ATM's and free Greenbits app for Android makes Bitcoin a LOT easier for me now...

There is a fee to the ATM but it is small and worth it for what Chicci said CC and Bank info in this Identity Theft World we live in!!!

[Mr. HIND]

I've been reading on bitcoin as a means to bypass WU and MG for those vendors that accept it, quicker and more convenient for the vendor, I think we'll be seeing a steady increase in this as an option over the next year or so.

I have been reading about it and have to understand it better. I'm looking for a bitcoin wallet that makes sense and then best way to purchase bitcoin and transfer to the wallet. 

Can someone PM me a link or suggestions on what worked for them on best way to set this up and cheapest means to purchase low amounts of bitcoins? 

Thanks - I have a fairly good idea but just curious for those that have had success with it and what worked for them. Or a web link that walks you through it step by step, I have read several - I just get a bit confused and want to make sure i do it securely and safely.

I'll post info here as it's common knowlege online and nothing new for unwanted infiltrators to learn.

 I recommend anyone start with either coinmama or coinbase and go through the process of creating and verifying an account. This includes giving bank or Debit card details, as this is required to tranfer funds for the purchase of cryptocurrency. No different than Paypal confirmation process. I suggest using bank info as cards can be quite finniky.

 Then learn how to navagate the user interface. Coinmama is mainly a place to purchase Bitcoin, Litcoin, Ethereum etc. But I'll use coinmama for a purchase example here:

 Say for instance one needs $150.00 USD in Bitcoin you select the bitcoin Button at the top of the page and this will bring up the Bicoin purchasing page. At the bottom right under 'USD' enter the amount of US Dollars you need to purchase and hit the purchase button. The next screen that pops up will ask for the wallet ID you want to tranfer the funds too.

 You could use your own wallet ID, which is suggested, but a little trick is to eneter the wallet ID a vendor sends you, after a purchase. Copy n  paste the vendor wallet ID. Next you go through the payment options. Once the purchase has been made Coinmama will send you an email to verify all info is correct before moving ahead with the actual purchase.

 The confirmation email is to make sure you have selected 1) the correct currency and 2) correct wallet address ID. When you are certain everything matches up hit confirm and you will get another email confirming the purchase showing the total amount and the wallet ID the currency was sent too.

 This final confirmation email can be forwarded to the vendor if needed. It dispalys the funds sent to their wallet with hash info etc. Also a .pdf can be printed anytime showing the transaction details.

 And Finally, the transaction has a pending time, so if you mess up you can go back in to coinmama and cancell the tranfer a start all over.

Good luck and take care

[LilRaquel]

My advice......
Research and then Research more.
There are forums, review sites, and magazine articles. Take a few hours and read it, take it all in.

I use and love it.

[Mr. HIND]

@ Former Lurker,
The VPN is the issue. The IP. Did you try validation without the VPN? Should work fine.

I would suggest NOT doing this "trick", as it potentially ties your info to the vendor's BTC wallet address. Not exactly something that I want my information to be associated with. I know that you can use a reloadable card or whatever  but I still think this is a really bad idea.

Everyone's blockchain info is stored and analyzed. IF. BIG IF, LE is gonna dump funds and human resources into the forensiics it's not going to be for small fish. I do see your point but do you think you'll receive a knock on the door because of questionable spending habbits?

---

Above all else, use a crypto payment method you feel the most comfortable with. Crypto curriency is new for most people and it can be a bit of a challenge, even stressfull getting up and running then making that first transaction. What I layed out above, a tutorial of sorts, works for myself and many others but may not be for everyone. As was suggested prior, It's probably best to take the time to educate yourself and maybe watch some how to videos on how Bitcoin transactions are performed. The more you watch or read the smoother your first transaction will go.