Finally Figured out Bitcoin

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Withnail said:
If using Coinbase to deposit funds from your bank, use Coinbase Pro (same login details as Coinbase)
Coinbase pro will scare the life out of you at first glance, but deposit your funds there, then move them back to the regular Coinbase account. There are no fees to transfer between the two variants.

The rates are much better. Note: Credit/Debit cards cost you a lot more than a wire transfer from your bank.

I am in the EU, and send funds (SEPA Transfer) from my bank account (Not my card) to Coinbase pro and the funds are usually there within a couple of days max.

I'm now trying to get my head around using Coinbase Pro for all transactions as all of the rates are so much better.

Hope this helps, and for what it's worth I also spent months trying to figure out Bitcoin and Crypto, then one day the penny just dropped!!
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Oh my gosh, when I first opened a coinbase account to do very small trading, it was a little overwhelming when you move to coinbase pro. But there are alot of youtube videos that can help and I need to use my account more. I haven't traded anything in a long time.
 
Im not the sharpest knife in the drawer and find this so complicated. Also because I'm a little older I find all the terms and technology stuff very over whelming. If you've managed to crack it well done- A little bit jealous(y)
 
biglil54 said:
Im not the sharpest knife in the drawer and find this so complicated. Also because I'm a little older I find all the terms and technology stuff very over whelming. If you've managed to crack it well done- A little bit jealous(y)
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There is nothing too complicated, its just jargon used by long time users which might put you off. 5-10 minutes is all it takes to get a hang of things.
 
The thing that frightened me the most in learning this "vehicle" is if you make a mistake, the funds are just gone. Finally realized to try sending small enough amounts that I'm not feeling so stressed about. Not to mention when I first set up a coinbase account -when I first made the purchase and didn't look at it for a while, was right when the bottom dropped out, cutting my "investment" by almost 2/3rds...o_O

Still, it took me quite a while with messing with this stuff to finally feel comfortable, but I'm still going to try cashapp over coinbase since it appears to take less time to have the transfer of funds TO one's account approved.

All I know is I feel like a lot more doors have opened by finally getting on board with this method. (y)
 
@jaders That's what realised too, with coinbase it shows the hour, day and month etc, I do check that to see if there's any red flags. Other than funds I have no intention of using, the funds are in and out my account within 5-10 minutes. The rest just sits in a wallet and I don't calculate it, x amount is x amount so it depends on many variables like exchange rates etc too.

The vendor takes a similar risk, I take a screenshot when I send, although I've only had one vendor try to pull a fast one (or so it seemed, plus a new vendor too me then too.) I sent the screenshot and they acted all 'oh, thats cool' I wonder what the attitude would be if I hadn't taken the screenshot (although you have receipts on your accounts too if you need one?)
 
@biglil54 Go to the BTC threads and people will help. I'm the P.R technophobe and I learnt it all on here. Coinbase operates in $'s too so not too complicated; then you sent to a wallet, then send the same amount again to the vendor. Its good to practice with sending $10 a day to reassure yourself.
 
Thank you- I think I may have taken over your title though (P.R technophobe):giggle:
I think that's really good advise.
 
@biglil54 We can share it, I'm nice like that 🤣. You can be technophobe 2.0, then we're all happy.

U tube is helpful too, there are a ton of videos with advice, but I stuck to here since you can end up with info overload. Better for us phobes to stick to 1-2-3, job done 😅.
 
A gas station near me has a bit coin machine, I wonder how easy they are to use?
 
Little Alex said:
A gas station near me has a bit coin machine, I wonder how easy they are to use?
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They're very easy to use, but very expensive, imho. I think you put in your cash, choose BTC and it'll print out a receipt that you then take home and create a coinstar account and enter the info off of that receipt, which loads the BTC into that account. I did it one time a few years ago, but 20 bucks netted me around 13 dollars, so I never messed with it again. Maybe I did something wrong but I don't think so. I just think they're expensive...
 
I found a vendor that takes Bitcoin so I’m jumping in, but I have no idea what I’m doing 🙃. ive read through this forum and gotten some good advice, but could use a little more help. Do I need a wallet? How do I go about getting a wallet?

oh and I have cashapp. This vendor isn’t in the us but that shouldn’t matter correct?
 
I
blecher59 said:
I found a vendor that takes Bitcoin so I’m jumping in, but I have no idea what I’m doing 🙃. ive read through this forum and gotten some good advice, but could use a little more help. Do I need a wallet? How do I go about getting a wallet?

oh and I have cashapp. This vendor isn’t in the us but that shouldn’t matter correct?
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I use a offline wallet thru electrum. Very easy to set up altho visually I don’t think they’re all that user friendly. But I’ve also read that some folks send directly to the vendor from cashapp. I’ve been using Coinbase and sending directly from there is a definite no no, according to good advisors.

You could ask the vendor whether they mind you sending directly from cashapp? There are other offline wallets besides electrum too.

I’m sure folks who know much better than I will chime in.
 
@jaders Yeah, great minds think alike. I would never send from CB direct but I use one similar to Electrum, Elecrum confused me with too many addresses and specific dates, my poor head lol. The one I use is one addy and copy/paste, done.
 
@north19 , I have tried so many times I lost count:mad: and with pgp, tails , separate wallets , I cant remember most of it anymore I went mad! I even have some "hidden files" with key codes etc, as if I would have any idea how to use them!
Is there a simplified flowchart some where for dummies like me? Id like to try since it would open some possibilities...
 
Speaking of bitcoin atm's, someone told me once that a bitcoin machine took his money and never gave him the coin. About $5000 was involved and the store said not my problem, he called the number on the machine and they just blew him off.

Buy from an exchange or go to a peer to peer site. You can read reviews on your trading partner, select one, meet up and change dollars for coin. The fee may be 5 to 8%, thats what professional traders usually charge. If they treat you badly you can give a bad review. Sit there until you see the coin showing up on your wallet and no worries.
 
@jaders I started with Electrus then changed to Electrum. So I can use both. I've never sent from C direct, I've always used a wallet there are plenty out there.
 
@Gullible
1) Send a bad review on every platform you can find.
2) ATMs have cameras not to mention the local shops.
3) We have trading standards in the UK, I imagine the US has something similar.
4) Report to the Police (he/she was making an investment, they don't actually need to know that, if the transactions are under x amount, usually 10k), its financial fraud and the bank is culpable. In the UK our money is protected up too £75k per account, I imagine you have something similar.
5) If that fails go see a lawyer, in the UK we have The Citizens Advice Bureau for example (Free service from a voluntary lawyer, they are generally very good). Find something similar in the US or wherever it was.

Bottom line: A crime was committed; fraud and theft to name just two. I hope something on the list helps out. I imagine the store with the ATM has financial insurance, its usually a prerequisite to having a machine since using heavy vans 3.5 ton+ too pull them from the wall isn't unheard of.

I hope it all gets sorted.
 
I recently had a bad experience with Coinbase. I transferred funds from my bank to them and placed it in my USD account. Then when I wanted to send bitcoin, I converted it to BC and requested it to send to my addressee. I had done this several times before. Suddenly I got a message that my account was locked, I had done everything right as far a codes sent to phone etc. So I called Coinbase, gave all my identification and confirmed another code. Guy told me my account was locked for 60 days!! No reason other then that the "system detected fraud". I was pissed. Llike you are talking to me on the phone after screening, I am requesting the transfer, what fraud is going on? You are depriving me of use of my funds! So I send all funds with Coinbase back to my bank (for some reason it wasn't locked from return to customer funds), and the guy actually helped me do it. What an inept system! Will never use them again, word to the wise. Fortunately my receiver accepted paypal with a mark up, so the transaction wasn't scrapped.
 
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