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10-23-2018, 10:11 PM
(This post was last modified: 10-23-2018, 10:20 PM by Salty.
Edit Reason: needed to add last sentence.
)
Just wanted to post some thoughts on this. More and more vendors prefer it, however, if you want to use a cryptocurrency app which is basically free with no or little charges, the best one I've found takes a couple days to get verified and connect your bank account or debit card up and available to "buy" the cryptocurrency. It's like the stock market so you might deposit $100 or rather buy $100 of bitcoin cash (BTC) and hours later or a day later it might be $98 or $104. Doesn't fluctuate much, but it does. The other thing that is a con for me is that it takes 17 days from the time I buy it until the time I can send it as cash to a vendor. I don't know why. Haven't received an acceptable response other than it differs from banking institutions. Not all credit cards will allow you to buy cryptocurrency, but the process going that route is much faster. The con is, there are fees involved. Probably from both the cryptocurrency app and your credit card company. I don't understand it well enough yet, but Coinbase is supposed to be one of the best free apps. It does take me 17 days to use my deposit, even though it's withdrawn within two days from my banking account. They are hard to communicate with and I still am not satisfied with their response for the delay. Just know you probably need to plan ahead and almost consider it a separate banking account if you use the internet to purchase mags. Western Union has a great app that allows you to send as much to anywhere in the world, ahead of actually going to a Western Union outlet to deposit the money. It's available immediately to the vendor once paid to WU for a fee of $5 so you can't beat that. It's brutal having to wait 17 days to use Bitcoin cash but without $10 or more in fees to use a credit card, I don't know how else to do it. If there ever comes a time when you want to close it, you can just convert it and deposit it back into your bank account. Again, since the currency value fluctuates, it may not be the same amount you deposited.
There are remarks that sow and there are remarks that reap.
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That is not my experience. I have been using Coinbase for 2-3 years. The Bitcoin or BitcoinCash is there and ready to go within hours or next day at most. I use CoinbasePro. CoinbasePro is just another website for the same company but with different functions, it doesn't cost anything extra to use for what I do with it. CoinbasePro used to be called GDAX.
Anyhow yeah I buy some BitCoin or BCCash (with fees), I get it within hours, I drag it over to CoinbasePro (for free), and then I send it somewhere (for free or nearly free). Bitcoin sometimes moves slow, like a day or two slow, but usually not. Anything that isn't Bitcoin itself is nearly instant.
Note: If you are doing something and want to be nearly anonymous, you need another wallet in between. So you get BTC in your Coinbase wallet, you send it to another wallet, then you send it on to the final destination. Otherwise someone can look at the public ledger and see that Bitcoin you bought went to a magazine-seller. But the middle wallet, if it isn't connected to you, is just another strange person out there that you sent it to. And then they buy magazines with it.
Other note: Bitcoin is no longer really anonymous, it can be traced even if you use a tumbler. But I dont think anyone needs to worry too much about it any time soon unless your using bitcoins for illegal business in the tens of thousands. I think Monero is the only truly anonymous, untracable crypto. And you can't get it with Coinbase. I don't think you can get it anywhere for cash you need to buy another crypto and change it into monero.
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I agree, and do this, my coinbase is linked to my account, but it takes 6 days for money to be able to send out, will have to look into this coinbase pro. Thanks for the info. I have noticed you can put your money into the usd wallet if you dont want it to fluctuate
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When I wrote that, I forgot about the change to Coinbase. I just did a transaction and I can't just buy BTC instantly anymore. I have to send normal money from my bank to Coinbase and they say it can take a certain number of business days and THEN when that money is with Coinbase I can buy BTC instantly. I guess other countries and banks might take several days. Months ago I could just buy BTC instantly with a bank transfer or Paypal or something, but that has changed.
I also couldn't buy everything I wanted. Lost a whole lot either in transfer fees or bad exchange rate.
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Anybody have any experience buying crypto with a prepaid cc? Using a debit card when buying and then moving it to another wallet provides some sense of comfort, but of course that debit card is linked to you. Apparently there are btc Atm's that will accept cash as well.
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04-08-2019, 09:34 PM
(This post was last modified: 04-08-2019, 09:36 PM by RetroElectro1980.)
No, MoJim, but that's an interesting idea
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I have heard there are crypto atms but not sure where, I no of one alt coin that has several business that except there coin as payment. But I have not been able to use coinbase on a gift card or like a preloaded card
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samppk, I really like the idea of paying with a prepaid card thanks for sharing this info.
Sudsy
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Excellent, thanks for testing it out Samppk. I've used prepaid cc's in the past, but if you want to use it more than once, they want personal info. So, I guess the grn dot would be a one and done deal, destroy after using, correct? The fees start to add up between loading the card and transferring crypt0 though. Seems well worth it for anonymity.
