Bitcoin for dummies

[OdieM]

Ok I did the circle.com thing and it was simple. I have already made a order using BTC. I could only order half of my stuff cause it has a 500.00 limit a wk. is there a way around that? Also as soon as I put 450.00 in there it droped to 435.00. That's scary. I would be scared to put 500 in there and wait a week to add more money to complete my order. I would be scared that most of my money would be gone, being that in the 5 mins I had it in there I lost 15.00. Can someone help me out and explain this to me. Also is there a way to use it without using my personal bank account? Like could I use a prepaid Visa card or something?

 

[flenser]

BTC is volatile, something you just have to live with, and coinbase is excruciatingly slow about transferring funds in and out - something I don't plan to live with.

There are some ways to buy bitcoins without having a bank linked to a service like coinbase, but none of them are very convenient. In my case, I opened a Capital One 360 account, and linked coinbase to that. I can then fund the new bank account from my primary account as needed. It takes longer to setup, but prevents coinbase from accessing my primary account. I also get emails from both banks when money moves in or out, and in theory I will have time to call and cancel anything I didn't initiate.

My ACH payment is taking 6 days so far, even though it left my bank less than two hours after I activated it. I've never had a transfer between banks or brokers take more than a single day, and most happen within hours. I don't know what coinbase is doing with my money while it's in their hands, but I suspect it involves interest and profit.

I'm going to look at BTC trading sites and see if they handle transfers any faster.

 

[Bender83]

BTC can fluctuate wildly, that's the risk you take. When I bought it was at like 340 and when I made my purchase it was up to around 380, so I came out a little ahead. flenser is right in that coinbase is slow as shit about doing the transfers, but they are up front about it and tell you that it can take days. What pisses me off about coinbase is that the first two times I tried to buy BTC, I waited the 4 business days and on that 4th day they cancelled the fucking transaction! They said it appeared to be high risk. I had to email their cust support and ask wtf, after that they went through fine.

I added a CC to my coinbase acct so I could enable instant buy (still does the transfer from your bank acct, not the CC.) and bypass the wait. There is initially a low limit on what you can instant buy (I think it was $100) but 30 days after your first purchase, the limit goes up quite a bit, like $1k

I'm pretty sure that I read somewhere that people had used prepaid visa cards on circle, but I don't know if that was true or not.

I have said this before in other threads, but I'll say it again. Transfer your btc to an anonymous wallet before you make any transactions!

 

[OdieM]

Umm... I wasn't aware that coin base took a while. Mine went through immediately and with in an hour the source confined payment.

Thanks for suggesting to transfer BTC to Anonymous BTC. I will be looking into that. I'm guessing that instead of having the Anonymous BTC linked to bank account that you can just have it linked to another BTC that is linked to my bank account?

Sorry guys I'm new to this. That's why I tittled this the way I did. Plus if other members read this it should help them to.

 

[BIGMESC]

My first few coinbase purchases took a while but like bender says after a few the unlock instant access.
I can buy up to 1g instantly but transfer to my offline wallet takes about 15 min.

 

[flenser]

I just opened an account at Circle. If I can get it funded before Coinbase release my funds from the ACH transfer, I'll switch to them. They seem to be more fee friendly than coinbase anyway.

 

[Bender83]

Umm... I wasn't aware that coin base took a while. Mine went through immediately and with in an hour the source confined payment.

Thanks for suggesting to transfer BTC to Anonymous BTC. I will be looking into that. I'm guessing that instead of having the Anonymous BTC linked to bank account that you can just have it linked to another BTC that is linked to my bank account?

Sorry guys I'm new to this. That's why I tittled this the way I did. Plus if other members read this it should help them to.

It onle takes a while when you buy btc, not transfer (again this is until you use them for a bit and they unlock instant buy)

You have your circle acct linked to your bank, and then you have a separate anonymous wallet, such as one from blockchain that you transfer your bitcoins from circle into it. Register it under a different email, preferrably using vpn & or TOR.

 

[Bender83]

It only takes a while when you buy btc from coinbase, not when you transfer btc you own (again this is until you use them for a bit and they unlock instant buy)

You have your circle acct linked to your bank, and then you have a separate anonymous wallet, such as one from blockchain that you transfer your bitcoins from circle into it. Register that wallet under a different email, preferrably using vpn & or TOR.

 

[pumpingiron22]

Also if you want to avoid they bank you can buy coins from ebay.

 

[boston597]

Holy pumpingiron batman .How the heck are you P.I.22

 

[pumpingiron22]

Good brother. Still cutting. And its miserable! Lol. How are ya brother?

 

[boston597]

*Sorry* off subject fellas.havent seen my buddy for a min just wanted to do a drive by . . I was wondering if you had been lerking around under one of your many personality's..haven't seen your blankness for a min.welcome back..

 

[pumpingiron22]

Thanks. Just been focusing on gym and work. But yes I've been lurking around.[emoji102]

 

[boston597]

I'm still on road to recovery. Had a few major setbacks.Haven't thrown in the towel yet.Not sure how long its been at least 5-6 months.. I finally broke 200lbz .50+ lbz since sept....GLAD your back could have used your thoughts a few times....