Bitcoin

[E-Feezy]

This is a newbie question… but I need some answers. I want to make my first purchase and looking to get some BTC. How do I make an order if BTC keeps dipping? Will the supplier usually keep it at a fixed amount of BTC once I put out my order even if it dips right after?

 

[T&H]

This is a newbie question… but I need some answers. I want to make my first purchase and looking to get some BTC. How do I make an order if BTC keeps dipping? Will the supplier usually keep it at a fixed amount of BTC once I put out my order even if it dips right after?

You should have the option to send the btc in the exact btc amount at the time of checkout. After you send the requested amount chosen by them, any future loss is on them.

 

[E-Feezy]

You should have the option to send the btc in the exact btc amount at the time of checkout. After you send the requested amount chosen by them, any future loss is on them.

Perfect! Thanks for clarifying. So I should just wait to buy BTC after they tell me how many BTC it will come out to?

 

[T&H]

Perfect! Thanks for clarifying. So I should just wait to buy BTC after they tell me how many BTC it will come out to?

Exactly, I would suggest waiting till they give you the total. And send to the required btc address as soon as you buy it. If you wait, you may lose or gain btc in the period before transferring.

 

[MisterSuperGod]

18k and dropping...

 

[Liska]

I've been thinking (despairing) about this problem a lot in recent days as BTC and all other cryptos have not just been on a steady decline but dropping off cliffs in the span of 1-2 hours a few times in the last five days:

If the customer hasn't cryptocurrency on an exchange or wallet already, the exchange process from FIAT can be delayed for several reasons, especially with exchanges regularly requiring repeated verification of identity or locking first transfers for up to 72h before releasing them.

Many exchanges (especially exchange services that use credit card/ATM) obfuscate commissions & transfer fees and/or exchange fiat to crypto at a worse rate for additional profits, which can lead to insufficient funds being sent if these are deducted from the amount transferred instead of added on top. You can compare to the actual exchange rate by entering for example
'100usd in BTC' into Google, they pull data Coinmarketcap at a three minute delay.

Purchasing a legitimate stablecoin like USDC and converting that to BTC etc. at no extra fee (most exchanges offer this) once you are ready to pay for your order can circumvent some of these pitfalls (anonymity of crypto transfers is an entirely different rabbit hole so I'm not considering that here).

While annoying, it's ultimately an insignificant extra step compared to the time and effort spent on planning your cycle and purchase ahead of time.

 

[ruxin32424]

I've been thinking (despairing) about this problem a lot in recent days as BTC and all other cryptos have not just been on a steady decline but dropping off cliffs in the span of 1-2 hours a few times in the last five days:
View attachment 167829
If the customer hasn't cryptocurrency on an exchange or wallet already, the exchange process from FIAT can be delayed for several reasons, especially with exchanges regularly requiring repeated verification of identity or locking first transfers for up to 72h before releasing them.

Many exchanges (especially exchange services that use credit card/ATM) obfuscate commissions & transfer fees and/or exchange fiat to crypto at a worse rate for additional profits, which can lead to insufficient funds being sent if these are deducted from the amount transferred instead of added on top. You can compare to the actual exchange rate by entering for example
'100usd in BTC' into Google, they pull data Coinmarketcap at a three minute delay.

Purchasing a legitimate stablecoin like USDC and converting that to BTC etc. at no extra fee (most exchanges offer this) once you are ready to pay for your order can circumvent some of these pitfalls (anonymity of crypto transfers is an entirely different rabbit hole so I'm not considering that here).

While annoying, it's ultimately an insignificant extra step compared to the time and effort spent on planning your cycle and purchase ahead of time.

It baffles me that more srcs dont accept USDT (tether) as a payment option

 

[Liska]

It baffles me that more srcs dont accept USDT (tether) as a payment option

USDT specifically is the scariest rabbit hole to explore in in my opinion:

https://www.youtube.com/c/Coffeezilla/search?query=tether

 

[AllAmericanRoughNeck]

USDT specifically is the scariest rabbit hole to explore in in my opinion:

https://www.youtube.com/c/Coffeezilla/search?query=tether

Nobody asked for your opinion..

 

[Klimmzugernie]

Just transfer the eur or usd amount. Your wallet will calculate the exchange rate based on the latest rate. Usually that's the reason you have to tell the source the exact BTC amount you transferred.

 

[E-Feezy]

Just transfer the eur or usd amount. Your wallet will calculate the exchange rate based on the latest rate. Usually that's the reason you have to tell the source the exact BTC amount you transferred.

If it okay to use a centralized exchange like voyager to make a purchase from a vendor? Or do I have to use a decentralized exchange?

 

[Klimmzugernie]

Mycelium is my favorite. It switches everytime your wallet address after a transfer has been done.

 

[Jire]

CashApp is really easy to purchase BTC with and has the lowest fees

 

[Klimmzugernie]

CashApp is really easy to purchase BTC with and has the lowest fees

But with this you have to send your ID and bank account right?

 

[Jire]

But with this you have to send your ID and bank account right?

You have to connect a debit, credit, or bank account.

Bitcoin transactions are not anonymous. Instead you should buy Monero, then buy Bitcoin with your Monero, to break the chain for anonymity.

 

[WeightLossBurn]

With BTC dropping, exchange it for Stan's gold bars.

 

[Klimmzugernie]

You have to connect a debit, credit, or bank account.

Bitcoin transactions are not anonymous. Instead you should buy Monero, then buy Bitcoin with your Monero, to break the chain for anonymity.

That's why you should use mycelium. This wallet is anonymous

 

[Iron_Yuppie]

That's why you should use mycelium. This wallet is anonymous

If you’ve bought on an exchange that has KYC and AML procedures then your Bitcoin is essentially digital cash that you’ve written your name on in with a Sharpie. Sending it through an anonymous wallet doesn’t erase that.

 

[Klimmzugernie]

If you’ve bought on an exchange that has KYC and AML procedures then your Bitcoin is essentially digital cash that you’ve written your name on in with a Sharpie. Sending it through an anonymous wallet doesn’t erase that.

True but mycelium changes the wallet address everytime a transition has been done. I am not deep into the technology but it sounds pretty save for me. But please correct me if I am wrong.

 

[Jire]

True but mycelium changes the wallet address everytime a transition has been done. I am not deep into the technology but it sounds pretty save for me. But please correct me if I am wrong.

An address does not provide anonymity, every single transaction's receiving and sending address is public information as part of the blockchain. If your vendor is busted, their receiving addresses will be known, and thus your address will be known which is linked back to your Mycelium account, and thus to your identity.

Monero is a privacy-focused crypto which encrypts transactions bi-directionally with a wallet's private key, meaning the transactions on its blockchain are not public. If a vendor is busted, you remain safe.